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Business management unit 2 > OUTCOME 1 > Flashcards

OUTCOME 1 Flashcards

1
Q

External professionals listed

A
  • accountants
    *financial advisors
    *ict specialists
    *legal advisors
    *marketing advisors
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2
Q

legal requirements listed

A

*registering a business name
*registering a website domain
*trade practices legislation
*business tax compliance
*work safe insurance

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3
Q

financial considerations listed

A

*establishing bank accounts
*establishing financial control systems
*budgeting and auditing
*establishing record keeping strategies

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4
Q

the importance of selecting appropriate suppliers listed

A

*price
*quality
*reliability
*location
*csr

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5
Q

policies and procedures listed

A

*the need for policies
*legislation affecting policies
*policies established for business routine
*the need for procedures

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6
Q

technological and global issues listed

A

*customer databases
*overseas suppliers
*overseas retailers

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7
Q

accountants

A

a professional who manage, updates, analyses and reports a business’s financial info

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8
Q

financial advisors

A

a professional who provides expert advice to individuals and businesses in relation to monetary matters.

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9
Q

ict specialists

A

a professional who develops and maintains the technological systems that are used by businesses to store and retrieve data

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10
Q

legal advisors

A

a professional who provides expert advice to business regarding their legal responsibilities

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11
Q

marketing advisors

A

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

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12
Q

registering a business name

A

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

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13
Q

registering a website domain

A

website address that identifies a business’s online site

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14
Q

trade practices legislation

A

law that governs how a business interacts with customers and competitors

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15
Q

business tax compliance

A

the extent to which an individual or business meets tax obligations

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16
Q

work safe insurance

A

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

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17
Q

establishing bank accounts

A

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

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18
Q

establishing financial control systems

A

processes and procedures used to direct and monitor a business’s finances

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19
Q

importance of budgeting listed

A

*avoids financial loss
*helps detect fraud
*avoids financial mismanagement
*avoids low cash flow

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20
Q

importance of auditing listed

A

*avoid large financial loss
*helps prevent fraud
*avoids financial mismanagement

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21
Q

establishing record keeping strategies

A

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

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22
Q

importance of price with suppliers

A

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

23
Q

quality importance to do with suppliers

A

quality of resources provided by suppliers directly impacts quality of outputs

24
Q

importance of reliability when it comes to suppliers

A

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

25
Q

importance of location when it comes to suppliers

A

important for business to consider where suppliers are located

26
Q

CSR

A

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

27
Q

policies

A

written statements that outline the expected performance and behaviour of employees

28
Q

legislation affecting policies

A

*equal opportunity act
*privacy and data protection act
*occupational health and safety act
*competition and consumer act

29
Q

policies established for business routine

A

*customer service policy
*internet policy
*social media policy
*dress code
*absence and time off policy

30
Q

procedures

A

a series of action that employees must follow in order to abide by business policies

31
Q

customer databases

A

a collection of info about existing and potential customers.

32
Q

overseas suppliers

A

individuals or businesses that sell raw materials or resources in overseas countries

33
Q

overseas retailers

A

individuals or businesses that sell goods and services directly to customers overseas

33
Q

the role of accountants listed

A

*create financial reports
*ensure legal compliance
*create budgeted reports

34
Q

the role of financial advisors listed

A

*manage business owners personal finances
* recommend possible investment and opportunities.
*analyse and assist management with business expenses

35
Q

the roles of an ict specialist listed

A

*set up and maintain a website and customer database
*provides training to employee regarding privacy and security policies

36
Q

role of legal advisors listed

A

*provide advice relative to drafting contracts
*ensure compliance with all relevant laws and regulations

37
Q

role of marketing advisor listed

A

*develop advertising strategies
*provide branding/design assistance
*develop digital and social media marketing strategies

38
Q

trade practices legislation obligations listed

A

*commit to guarantees and warranties
*do not collude
*do not false advertise

38
Q

tax obligations listed

A

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

38
Q

importance of establishing a bank account listed

A

*enables a business to separate business and personal spending
*enables a business to properly calculate its bank balance
*enables a business to accurately lodge tax returns

39
Q

the importance of record keeping strategies listed

A

*enables a business to accurately keep track of financial transactions
*enables a business to conduct valid audits
*enables a business to form accurate business reports

40
Q

importance of maintaining cash books listed

A

*keeps rack 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 reports

40
Q

negative impacts of low quality inputs listed

A

*less satisfied customers
*lowered business reputation
*decreased sales

41
Q

unreliable suppliers are more likely to: listed

A

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

42
Q

nearby suppliers listed

A

*reduce costs in transportation
*minimise carbon emissions
*enhances wellbeing of local community

43
Q

long distance suppliers listed

A

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

43
Q

CSR suppliers considerations listed

A

*fair and ethical treatment of employees
*local suppliers
*ethical sourcing of materials
*use environmentally friendly practices
*choosing supplier with high-quality materials

44
Q

external professionals

A

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

45
Q

legal requirements for establishing a business

A

at the establishment phase of a business its crucial that business owners are both aware oft heir legal requirements and that these are upheld

46
Q

financial considerations

A

at the establishment of a business, there are many financial requirements managers must consider

47
Q

the importance of choosing appropriate suppliers

A

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

48
Q

policies and procedures

A

businesses have rules and processes to guide employees on how to behave appropriately in the work place

49
Q

technological and global issues

A

at the establishment phase, its important for usinesses to consider how technology can be used to collect info

Business management unit 2 (3 decks)

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