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Question 1

all external professionals for a business

Answer 1

accountants
financial advisors
ict specialists
legal advisors
marketing advisors

Question 2

role of accountants

Answer 2

help a business complete their paperwork
- important financial records such as income statement, balance sheets need to be accurate
- will audit books and prepare reports for tax purposes

Question 3

role of financial advisors

Answer 3

• help reach specific goals
• outline strategies and timelineto help ahieve profitiablty - help you make many decisions as business owner
• assist in deciding investment to make more profit
• if you should take out loans
• identify where youre losing money

Question 4

role of ict advisors

Answer 4

• -set up business intranets, phone system, software to run the business
• important to set up system on first day
• can help troubleshooting and even train stuff to use systems

Question 5

role of legal advisors

Answer 5

• technically a lawyer
  -gives advice on legal matters
  -without a legal advisor business can still seek advice from many sources

Question 6

role of marketing advisors

Answer 6

• analyses the market and implements strategies based of it - can help design marketing campaigns to get maximum exposure
• build brand awarness leading to sale and profit

Question 7

key legal requirements for starting a business

Answer 7

registering name of business
registering a website
laws that need to be followed when trading
taxes that need to be paid
law that ensure the safety of the workplace

Question 8

registering business name

Answer 8

reason of success - people remember your name
- without business name it can be stlen = you can no longer use
- if you want to protect name YOU must register

Question 9

registering website

Answer 9

• a website / domain name is a internet address
• dont have to do it but good for growth -
  90% of all purchases begin online
• registering a domain name early is good and easy
• see if domain name is avaiablel

Question 10

laws that need to be followed when trading

Answer 10

zoning - protects residnetial homes from business infring their rights
waste diposal - business will be required to dipose of waste legally
protection of consumer rights - ensures fair competition in areas such as advertising and falty goods

Question 11

business tax compliance

Answer 11

necessary part of life
obligations include
- having tax file number
- paying tax on income
- colletcing income tax on behalf of ato from eployees
- collecting good and services tax from consumers if business earns over 75k

Question 12

workplace safety

Answer 12

• business responsible for safe environment - consequences
• worksafe inspectors can visit any worksit any time for breachers

Question 13

types of finance system

Answer 13

• bank accounts
• financial control systems
• record- keeping strategies

Question 14

why is record keeping important

Answer 14

business must have seperate bank account for accurate record keeping
- entity concept which states personal and buiness transactions should be kept seperate
- insure research of types of accoutns avaiable

Question 15

financial control system

Answer 15

• all processes of a business that relate to finance
• ensure business has control of its finance at the very start
• to track expenses, record all receipt and payments to prepare reports for stakeholders,
• systems can be made for .. - cash bank - credit terms - keep track of money that is owed and when customers dont pay
• discount for early payment

Question 16

financial considerations

Answer 16

• record keeping is a strategy for efficient and accurate record keeping
• ato requires businesses to keep record of all financial transactiosn for tax purposes - source documents must be kept
• cashbooks recorded
• income stamtents prepared
• balane sheets produced

Question 17

apporpiate suppliers

Answer 17

• price and quality
• exchange rates
• reliability and location
• corporate socially responsible (impact on environemnt, staff wages / treatmeant)

Question 18

policies

Answer 18

written set of guidelines regarding issue - created withinlegal expectations including ohs policies / bullying polices / equal opportunity policies

Question 19

procedure

Answer 19

series of steps must follow and should be clearly laid out for employes to read

Question 20

how are polices and procedures differnt

Answer 20

policies are rules procedures are steps to do with policies

Question 21

customer data base

Answer 21

• organised selection of customer details - customer names, adress, emial, product purchases, preferred brands, time they like to shop - business take advantage of new technology to gain this data - one way is loyalty cards which business can access your purchases

Question 22

overseas retailers

Answer 22

• demand for our products over ases- have to adapt to new laws, packaging, even marketing but includes benefits of potenetial customers = sales profits = wider range of cusomters