Chapter 5 Glossary Terms

Question 1

Domain Name

Answer 1

is the address of a website on the internet.

Question 2

Company Tax

Answer 2

is the tax rate imposed on the profit earned by companies. The current rate of company tax in Australia is 30 per cent.

Question 3

Worksafe Victoria

Answer 3

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

Question 4

Code of Practice

Answer 4

is a written set of guidelines that are intended to help businesses achieve the standards set by the government (e.g. in dealing fairly with customers).

Question 5

Competition and Consumer Act 2010

Answer 5

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 6

Australian Competition and Consumer Commission (ACCC)

Answer 6

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 7

Fair Trading Act 1999

Answer 7

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

Question 8

Consumer affairs Victoria

Answer 8

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

Question 9

Work Health and Safety Act 2011

Answer 9

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

Question 10

Australian Tax Office (Ato)

Answer 10

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

Question 11

Progressive tax rate

Answer 11

is one that increases as the individual earns a higher income.

Question 12

Interest rate

Answer 12

is a proportion of a loan that is charged on top of what was borrowed.

Question 13

Seperate entity Principle

Answer 13

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

Question 14

Overdraft Facility

Answer 14

is an arrangement with a bank that allows a business to withdraw more money than they have available in their account.

Question 15

Financial control systems

Answer 15

are the processes that allow a business to accurately monitor, manage and report its financial performance.

Question 16

Bookkeeping

Answer 16

involves the keeping and processing of a business’s financial records.

Question 17

Auditing

Answer 17

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

Question 18

Equal Opportunity Act 2010

Answer 18

Victoria’s Equal Opportunity Act 2010 is a state law that supports organisations to take action in eliminating discrimination, sexual harassment and victimisation.

Question 19

Policy

Answer 19

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

Question 20

Procedure

Answer 20

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

Question 21

Globalisation

Answer 21

Globalisation is the effect of hi-tech communications, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system.

Question 22

3D Printing

Answer 22

Three-dimensional printing is the production of a physical object from a digital design or model.

Question 23

Robotics

Answer 23

Robotics is the engineering behind the design, construction and application of robots.

Question 24

Social Media Advertising

Answer 24

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

Question 25

Reach

Answer 25

An advertisement’s reach refers to the number of people exposed to the message.

Question 26

Frequency

Answer 26

The frequency of an advertisement measures the average number of times someone is exposed to its message.

Question 27

Customer database

Answer 27

A customer database is a bank of information on existing and potential customers, including such details as their personal details, previous interactions, buying habits and preferences.

Question 28

Exporter

Answer 28

An exporter is a local business that manufactures goods for overseas customers.

Question 29

Quota

Answer 29

A quota is a restriction on the number of imports from overseas.

Question 30

Tariff

Answer 30

A tariff is a tax on goods produced overseas for import into Australia.