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2023/24 > chapter 4 business > Flashcards

chapter 4 business Flashcards

1
Q

business name registration

A

ASIC responsible, owner must have an ABN to apply for a business name

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2
Q

Domain name

A

the address of a website on the internet, more easy to find and prevents from other businesses from registering a similar domain name that may confuse customers

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3
Q

Taxation

A

By which the government finances its expenditures by collecting money from individuals and businesses

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4
Q

Australian Taxation Office (ATO)

A

Government body in charge of administrating and collecting tax for federal government

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5
Q

TFN

A

Unique identifier, manages tax, and used by ATO

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6
Q

why do you need business name registration?

A

Gives you full rights and prevents from others registering same name as you

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7
Q

Pay as you go withholding(payg)

A

taken from salary, imposed on employees

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8
Q

GST

A

imposed on suppliers, tax of 10%, only required if they earn 75k or more in a year

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9
Q

fringe benefit tax

A

tax on provision of benefit, such as a low interest loan

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10
Q

stamp duty

A

placed in a document that gives evidence to transactions, such as the purchase of a property

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11
Q

land tax

A

annually levied on the owner of the land

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12
Q

business activity statement

A

form submitted to ATO by business entities to report tax obligations

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13
Q

Local governments have control over

A

land zoning, fire regulation, parking regulation, new development regulation, fire regulation

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14
Q

(local gov requirements)
zoning regulation

A

purpose for which a building or land can b used for a particular reason or business, ensuring business activities dont infringe on residential areas.

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15
Q

(local gov requirements)
Health regulation

A

Ensures owner maintains health standards and meets safety and hygiene requirements

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16
Q

(trade practice legislation)
work health and safety reg

A

oh&s act 2004

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17
Q

(local gov requirements)
worksafe insurance

A

aims to reduce workplace injuries and support workers by covering replacemet of lost income, medican and legal cost

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18
Q

(local gov requirements)
code of conduct

A

written set of guidelines with the aim of helping a business achieve its standards

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19
Q

consumer protection & fair competition - Aus competition and consumer commission:

A

gov body that enforces competition and consumer act 2010, promoting fair and safe trade

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20
Q

(Anti competitive practices)
list 5 strictly controlled or prohibited laws

A
  1. cartel
  2. misuse of market power
  3. exclusive dealing
  4. resale price maintenance
  5. mergers and acquisitions
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21
Q

(Anti competitive practices)
Cartel

A

groups of businesses working together to control market by setting prices and rigging bids to increase their profits

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22
Q

(Anti competitive practices)
Misuse of market power

A

Using its dominant position to take advantage of its customers

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23
Q

(Anti competitive practices)
Exclusive dealing

A

When one business trading with another, imposes restrictions in dealing with other companies

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24
Q

(Anti competitive practices)
Resale price maintenance

A

when suppliers set their prices at which retailers will sell their products

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25
Q

Mergers and acquisitions

A

Merger: when 2 companies or more fuse together to create one company
Acquisition: When one company takes over another company
- leads to reduced market

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26
Q

(Anti competitive practices)
name 8 illegal acts

A
  1. misleading/deceptive conduct
  2. unconscionable conduct
  3. false/misleading representations of G&S
  4. offering prizes in connections to g&s then not providing it
  5. bait advertising
  6. pyramid scheme
  7. referral selling
  8. unfair contract terms
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27
Q

(Anti competitive practices)
8 illegal acts
Misleading/deceptive conduct

A

making false claims

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28
Q

(Anti competitive practices)
name 8 illegal acts
unfair contract terms

A

unfair and unreasonable, taking advantage of customers

29
Q

(Anti competitive practices)
name 8 illegal acts
false/misleding representations of g&s

A

making false statements of products

30
Q

(Anti competitive practices)
name 8 illegal acts
bait advertising

A

advertising goods on discount which results in attracting cutomers, only to find out that they are limited or arent in stock

31
Q

(Anti competitive practices)
name 3 lawful acts

A
  1. unsolicited consumer agreement
  2. lay-by agreement
  3. proof of transaction
32
Q

(Anti competitive practices)
name 3 lawful acts
unsolicited consumer agreement

A

when a company tries to sell a good or service without the consumer asking for it

33
Q

(Anti competitive practices)
name 3 lawful acts
lay-by agreement

A

a way for customers to pay for a poduct or service over time

34
Q

(Anti competitive practices)
name 3 lawful acts
proof of transaction

A

reciepts for all transactions

35
Q

(role of external professionals when establishing a business)
list 6

A
  1. freelancer
  2. bookkeepers
  3. sales professionals
  4. market consultants
  5. info technological technicians (it)
  6. recruiters
36
Q

(role of external professionals when establishing a business)
freelancer

A

independent workers who charge businesses or individuals for work on a per job basis

37
Q

(role of external professionals when establishing a business)
bookkeepers

A

assist a business in keeping and processing a business’s financial records

38
Q

(role of external professionals when establishing a business)
recruiters

A

works to match qualified individuals with open positions

39
Q

(role of external professionals when establishing a business)
sales professional

A

trained in finding and persuading people to consume a product

40
Q

(role of external professionals when establishing a business)
marketing consultants

A

responsible for raising awareness of a business’s products and brands with their target markets

41
Q

(role of external professionals when establishing a business)
Info technological technicians

A

exists to support businesses in the set up of software, programs and services, as well as trouble shooting problems

42
Q

highly recommended that transactions for businesses is made from separate accounts because…

A
  • separate entity: records transactions of the business separately to its owner
  • easier to manage and monitor financial performance
  • easier to calculate business expenses
43
Q

(factors to consider when choosing right bank account)
list 5

A
  1. bank fees
  2. interest rates
  3. overdraft facilities
  4. credit cards
  5. convinience and support
44
Q

(factors to consider when choosing right bank account)
bank fees

A

some banks may charge hidden fees

45
Q

(factors to consider when choosing right bank account)
interest rates

A

will determine how much money a business will earn on the amount of money they have in the bank account
(The higher the interest rate, the faster your hard-earned savings will grow)

46
Q

The higher the interest rate, the faster your hard-earned savings will grow
overdraft facility

A

some may allow a business to withdraw more money than they have in their bank accounts

47
Q

The higher the interest rate, the faster your hard-earned savings will grow
credit cards

A

max amount that can be used, the interest rates on unpaid balances

48
Q

The higher the interest rate, the faster your hard-earned savings will grow
convenience and support

A

ease burden of running a business

49
Q

(financial control system)
list 5

A
  1. budgeting
    2.cash flow
  2. auditing
  3. inventory control
  4. control of account recievable
50
Q

(financial control system)
budgeting

A

establishes the businesses financial performance for a given period of time in the future

51
Q

(financial control system)
cash flow

A

needs cash as a payment for goods and services to keep the business operating and booming

52
Q

(financial control system)
control of account receivable

A

the outstanding payment a business is owed by its customers

53
Q

(financial control system)
inventory control

A

maintains stock

54
Q

(financial control system)
auditing

A

process of testing and evaluating a businesses accounting and internal control which could also provide feedback

55
Q

(record keeping strategies)
list 4

A
  1. source doc
  2. income statement
  3. cashbook
  4. balance sheet
56
Q

(record keeping strategies)
source doc

A

provides evidence of financial transactions and basic data such as addresses and names of parties involved, nature of transaction, and the amount of money

57
Q

(record keeping strategies)
cash book

A

summary of a business’s cash reciepts and payments, keeping control on cash and monitoring cash flow

58
Q

(record keeping strategies)
income statement

A

helps business calculate how much money it has made over a period of time

59
Q

(record keeping strategies)
balance sheet

A

shows a business’s assets, liability and financial position

60
Q

(choosing appropriate suppliers)
what is procurement?

A

process of searching and selecting suppliers, establishing payment terms, negotiating contracts and purchasing of resources that are vital for maintaining production of the business’s goods and services

61
Q

(choosing appropriate suppliers)
list 4

A
  1. price
  2. quality
    3.reliability
  3. csr
62
Q

(choosing appropriate suppliers)
price

A

keep cost low to remain profitable

63
Q

(choosing appropriate suppliers)
quality

A

must inspect goods of its suppliers before commiting

64
Q

(choosing appropriate suppliers)
reliability

A

choosing appropriate suppliers who are constantly delivering goods goods on time, if not reduced sales and reputation may suffer

65
Q

(choosing appropriate suppliers)
CSR

A

taking in consideration of env, social and economic factors

social: labour conditions in manufactuing
economic: cost which meet csr req, economic growth
env: if theres waste or pollution and how much energy and water is being used

66
Q

policy:

A

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

67
Q

procedure:

A

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

68
Q

global issues and affects

A
  • can create opportunities
  • increased competition
  • emerging markets
  • reputation risks
    these could include:oversease suppliers, customers, oversease retailers
69
Q

customer guarantees

A

right to return faulty goods
right to cancel contracts
right to recieve refund or replacement for faulty goods

2023/24 (66 decks)

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