Chapter 5: Legal Requirements and Financial Consideration

Question 1

Domain name

Answer 1

Is the address of a website on the internet

Question 2

Australian Tax Office(ATO)

Answer 2

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

Question 3

Progressive tax rate-

Answer 3

Is that the tax rate increases as the individual earns a higher income.

Question 4

Identify Federal Taxes

Answer 4

• > group tax(PAYG), imposed on employees and taxes from salary or wages
• > GST pm 10% nation tax on goods and services, business must register for GST only if it earns above $75,000
• > Fringe Benefit Tax(FBT), Tax on the provision of a benefit to an employee—such as a car for private use,a low-interest loan— in place of a wage or salary. Imposed on employer.

Question 5

Identify State Taxes

Answer 5

• > Stamp Duty: placed on documents that give evidence of a transaction, imposed on individual or business
• > Land Tax: Annually levied on the owner of the land.

Question 6

Work health and safety act 2011(CWLTH)

Answer 6

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

Question 7

WorkSafe Victoria

Answer 7

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

Question 8

Code of practise

Answer 8

Is a written set of guidelines that intend to assist business achieve standards placed by government.

Eg. Dealing fairly with customers.

Question 9

Competition and consumer act 2010

Answer 9

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

Question 10

Australian competition and consumer commission(ACCC)

Answer 10

Is the government body which has the role of enforcing the Competition and Consumer Act 2010 and a range of different legislations, promoting competition, fair trading and regulating nation infrastructure.

Question 11

Fair trading Act 1999

Answer 11

A Victorian state law designed to complement federal CCA by providing state specific laws.

Question 12

Consumer affairs Victoria X

Answer 12

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

Question 13

Seperate entity principle

Answer 13

States that the owner and the business are seperate entities therefore the finances of the owner must be recorded seperate to the business finances.

Question 14

Financial control system

Answer 14

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

Question 15

Bookkeeping

Answer 15

Is the process of keeping and processing of business’s financial records.

Question 16

Auditing

Answer 16

Is the process of testing and evaluating business’s accounting processes and internal control

Question 17

Policy

Answer 17

Is a set of established guidelines to be followed by all employees

Question 18

Equal Opportunity Act 2010

Answer 18

Is a law that supports organisations to take action to eliminate discrimination, sexual harassment and victimisation

Question 19

Procedure

Answer 19

Is a series of actions that enable a policy to be put into place.

Question 20

Robotics

Answer 20

Is the engineering behind the design, construction and application of robots.

Question 21

Social media advertising

Answer 21

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

Question 22

Advertisement’s reach

Answer 22

Refers to the number of people exposed to their message

Question 23

Frequency of an advertisement

Answer 23

Measure the average number of times someone is exposed to its message.

Question 24

Consumer database

Answer 24

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

Question 25

Quota

Answer 25

Is the restriction on the number of imports from overseas

Question 26

Tariffs

Answer 26

Is a tax on good produced overseas for import into Australia