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health and human development > business management exam > Flashcards

business management exam Flashcards

1
Q

External professionals

A

highly skilled individuals that businesses hire to provide expertise in a particular area of operation.

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2
Q

Types of external professionals

A

-legal advisors
-accountants
-ict specialists
- marketing advisors
-legal advisors
-finacial advisors

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3
Q

Accountant

A

a professional who manages, updates and analyses a businesses financial information.

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4
Q

role of accountants

A

-create financial reports
-ensure legal compliance
-create budgeted reports

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5
Q

financial advisors

A

a professional who provides expert advice to individuals and business in relation to momentary matters.

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6
Q

The role of financial advisors

A

-manage business personal finances
-analyse and assit management with business expenses
-analyse feasibility of business financial goals and recommend possible investment oppurtunities

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7
Q

ict spealists

A

a professional who develops and maintains technological systems that’re used by businesses to store and retrive data.

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8
Q

The role of ict specialists

A

-set up and maintain a website or customer data base.
-ensure legal compliance related to data managment
-provides training to employees regarding privacy and security policies.

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9
Q

legal advisors

A

a professional who provides expert advice to business regarding their responsibilities

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10
Q

role of legal advisors

A

-provide relating advice to drafting contracts
-protect a businesses trademarks and patents
-provide in house counsel for conflicts between stakeholders

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11
Q

marketing advisers

A

a professional who provides expert advice to businesses in relation to promoting and selling their products.

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12
Q

role of marketing advisers

A

-develop advertising stratergies
-provide branding/design assistance
-develop digital and social media marketing stratergies

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13
Q

legal requirements for establishing a business

A

at the establishment stage of a business its crutial that business owners are aware of their legal requirments and that these upheld.

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14
Q

requirements for establishing a business

A

-registering a business name
-registering a website domain
-trade practices legislation
-business tax compliance
-worksafe insurance

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15
Q

business name

A

the title that a business operates under and what customers use to identify the business

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16
Q

website domain

A

website address that identifies a businesses online site.

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17
Q

trade practices legislation

A

law that governs how a business interacts with customers and competitiors

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18
Q

trade practices legislation obligations

A

-commit to gurantess and warranties
-do not collude
-do not false advertise

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19
Q

tax compliance

A

the extent to which individuals or business meet tax obligations

20
Q

tax obligations include

A

-goods and services tax (GST)
-income tax
-pay as you go (PAYG)

21
Q

work safe insurance

A

compulsory insurance that assists employers to meet their obligation or financially compensating and supporting those who are injured or ill due to work.

22
Q

financial considerations

A

At the establishement of a business, there are many financial requirements managers must consider.

23
Q

Bank accounts

A

Arrangements made with a bank where a business or individual can deposit and withdraw money.

24
Q

Importance of establishing a bank account

A

-enables business to seperate business and personal spending
-Enables a business to properly calculate its bank balance
-enables business to accurately lodge tax returns

25
Q

financial control systems

A

processes and procedures used to direct and monitior a businesses finances.

26
Q

Importance of establishing financial control systems avoids:

A

-large financial losses
-fraud
-financial missmanagement
-low cash flow

27
Q

the importance of budgeting

A

-avoid financial loss
-helps detect fraud
-avoid financial missmanagement
-avoids low cash flow

28
Q

The importance of auditing

A

-avoids large financial loss
-helps prevent fraud
-avoid financial missmanagement

29
Q

Record keeping stratergies

A

methods used to keep track of the financial transactions of a business over a period of time

30
Q

importance of record keeping stratergies

A

-enables a business to accurately keep track of financial transactions
-enables a business to prove financial transactions that need to be reported when lodging tax returns to ATO.
-Enables a business to conduct valid audits
-Enables a business to form accurate business reports

31
Q

The importance of maintaining cash books

A

-keeps track of financial transactions
-proves financial transactions that need to be reported for tax returns
-Enables a business to conduct valid audits
-Enables a business to form accurate business report

32
Q

The importance of choosing appropriate suppliers

A

at their establishement, its important that business owners select appropriate suppliers

33
Q

inputs

A

resources used by a business to produce goods and services

34
Q

outputs

A

the final goods or services produced as a result of a businesses operations, given to delivered or provided to customers.

35
Q

importance of. choosing appropriate suppliers

A

-price
-quality
-reliability
-location
-socially responsible suppliers

36
Q

price

A

business must consider how much suppliers charge for their resources and delivery.

37
Q

quality

A

customer satisfaction has a direct correlation with the goods or service quality

38
Q

negative impacts of low quality inputs

A

-less satisfied customers
-lowered business reputation
-decreased sales

39
Q

reliability

A

business should opt for suppliers that can deliver required inputs at the required time.

40
Q

unreliable suppliers are more likely to

A

-make errors
-be late with deliveries
-cause delays in production

41
Q

location

A

important for business to consider where suppliers are located

42
Q

nearby suppliers

A

-reduce cost in transportation
-minimises carbon emissions
-enhances wellbeing of local community

43
Q

long distnace suppliers

A

-cheaper resources
-increased transport costs
-increased likelihood of late or damaged inputs

44
Q

CSR

A

the ethical conduct of a businesses beyond legal obligations, considering social, economic and environmental impacts.

45
Q

socially responsible suppliers

A

important for business to review CSR objectives when choosing suppliers

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