Business Chapter 5 legal requirements and financial considerations

Question 1

Australian Taxation Office

Answer 1

Is the government body in charge of administering and collecting tax for the federal government

Question 2

Progressive tax rate

Answer 2

Is one that increases as the individual earns a higher income

Question 3

Work health and safety Act 2011 (cwlth)

Answer 3

Is a federal law that provides a nationally consistent framework to ensure the health and safety of workers

Question 4

Worksafe Victoria

Answer 4

Is a government agency that aims to reduce workplace injuries and support injured workers

Question 5

Code of practice

Answer 5

Is a written set of guidelines that are intended to help businesses achieve the standards set by the government.

Question 6

Competition and Consumer Act 2010

Answer 6

Is a federal law that specifies what business behaviour is acceptable on a wide range of issues, from product safety and pricing to the way in which a business competes in the marketplace

Question 7

Australian Competition and consumer commission

Answer 7

Is a government body which has the role of enforcing the competition and consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure

Question 8

Fair trading act 1999

Answer 8

Is a Victorian State law designed to complement the federal CCA by providing state specific laws.

Question 9

Consumer Affairs Victoria

Answer 9

Is Victoria’s government body established to regulate the marketplace, helping ensure fairness for businesses and consumers.

Question 10

Seperate entity principle

Answer 10

Means that owner’s finances are seperate to that of the business and therefore should be recorded separately.

Question 11

Auditing

Answer 11

Is the process of testing and evaluating a business’s accounting processes and internal controls.

Question 12

Policy

Answer 12

Is an established set of broad guidelines to be followed by all employees.

Question 13

Equal opportunity Act 2011

Answer 13

A law that supports organisations to take action in eliminating discrimination, sexual harassment and victimisation.

Question 14

Social media advertising

Answer 14

Is a form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers

Question 15

An advertisements reach refers to…

Answer 15

The number of people exposed to its message

Question 16

The frequency of an advertisement measures…

Answer 16

The average number of times someone is exposed to its message

Question 17

Customer database

Answer 17

Is a bank of information on existing and potential customers, including such details as their personal details, previous interactions, buying habits and preferences

Question 18

A quota

Answer 18

Is a restriction on the number of imports overseas

Question 19

Tariff

Answer 19

Is a tax on goods produced overseas for import into Australia.

Question 20

Exporter

Answer 20

Is a local business that manufactures goods for overseas customers