business term 2 sac 1

Question 1

registering a business name

Question 2

registering a domain name

Answer 2

the address of a website on the internet

Question 3

taxation regulations

Question 4

local government regulations

Question 5

work health and safety regulations

Question 6

Trade practices legislation - consumer protection

Question 7

Trade practices legislation - fair competition

Question 8

why it is important for businesses to comply with legislation

Question 9

Applicable Acts/legislation and its aims

Question 10

Governing/administering bodies

Question 11

Key compliance requirements/activities

Question 12

Identify the types of external professionals and the services they can provide a business- Freelancers

Question 13

Bookkeepers

Answer 13

the keeping and processing of a business financial records.

Question 14

Recruiters

Question 15

Sales professionals

Question 16

Marketing consultants

Question 17

Information technology (IT) technicians

Question 18

why it is important for a business to establish a separate bank account.

Question 19

factors to consider when choosing the right bank account for a business.

Question 20

financial control systems

Answer 20

the processes, methods and tools that allow a business to accuratley monitor and manage its financial performance

Question 21

why financial controls are important to a business.

Question 22

the 5 common types of financial controls.

Answer 22

1) budgeting
2) cash-flow management
3) control accounts recievable
4) inventroy control
5) auditing

Question 23

financial controls

Answer 23

the processes, methods and tools that alow a business to accurately monitor and manage its financial performance

Question 24

importance of establishing a business.

Question 25

financial control strategies and record-keeping strategies.

Question 26

record-keeping strategies.

Question 27

four common types of record-keeping strategies- Source documents

Question 28

four common types of record-keeping strategies- Cash books

Answer 28

provides a summary of all the business’s cash recipts and cash payments; it is compiled from the recipt and payment source documents

Question 29

four common types of record-keeping strategies- Income Statements

Answer 29

used primarily to help a business calculate how much profit it has made over a period of time

Question 30

four common types of record-keeping strategies- Balance Sheets

Answer 30

shows a business’s assets and liabilities (the financial position of a business) at a point in time

Question 31

procurement

Question 32

how a business can use procurement to gain a competitive advantage.

Question 33

the effects of ineffective procurement

Question 34

the factors to consider when choosing suppliers.

Question 35

the factors a business should consider when choosing socially responsible suppliers.

Answer 35

1) financial/economic impacts
2) social impacts
3) environmental impacts

Question 36

limitations of using suppliers that meet the CSR objectives of the business

Question 37

benefits of using suppliers that meet the CSR objectives of the business

Question 38

policy

Answer 38

a written set of broad guidelines to be followed by all employees

Question 39

procedure

Answer 39

a series of actions that enable a policy to be put into practice

Question 40

policy examples

Question 41

procedure examples

Question 42

importance of establishing policies and procedures and the advantages

Question 43

importance of establishing policies and procedures and the disadvantages

Question 44

the process for developing policies and procedures.

Question 45

Technology in manufacturing

Question 46

Technology in administration

Question 47

Remote working

Question 48

Technology in marketing

Question 49

Establishing customer databases

Question 50

issue of using overseas suppliers and resources, including the benefits and costs of establishing these relationships. l

Question 51

the issue of using overseas customers and retailers, including the benefits and costs of establishing these relationships.