sac revision

Question 1

policy

Answer 1

set of guidelines to be followed by all employees

Question 2

policies need to reflect?

Answer 2

legal requirements as well as business behaviour

Question 3

procedure

Answer 3

set of actions that help enable policies

Question 4

procedures need to?

Answer 4

be clearly explained and identified to ensure policies can take place

Question 5

technology in marketing

Answer 5

Social media advertising: positive results when used in conjunction with traditional methods and inexpensive. However some negatives in terms of lack of control of what customers post online.

Question 6

what does Australian consumer law guarantee consumers?

Answer 6

Prohibits undesirable and misleading practices, making it illegal

Question 7

what’s an example of Australian Consumer Law?

Answer 7

False or misleading representations regarding goods or services: A statement that is untrue, such as claiming that a motor vehicle has a certain fuel consumption performance when it does not.

Question 8

Globalisation

Answer 8

Used to describe how trade and technology have made the world into a more connected and interdependent place.

Question 9

Globalisation impact on suppliers positives?

Answer 9

expanded markets, cost reductions and increased efficiency

Question 10

Globalisation impact on suppliers negatives?

Answer 10

increased competition, supply chain vulnerability and cultural and communication barriers

Question 11

Globalisation impact on competitors negatives?

Answer 11

job displacement, quality variability and economic vulnerability

Question 12

overseas suppliers and resources

Answer 12

Australian businesses access to a globally supply network wider range, more affordable raw materials and finished products.

Question 13

Globalisation impact on competitors positives?

Answer 13

lower prices, convenience and innovation

Question 14

What does the consumer protection and fair competition act (2010) do?

Answer 14

Specifies what business behaviour is acceptable in a number of different areas:
- product safety
- pricing
- competition

Question 15

What does the consumer protection and fair competition act cover?

Answer 15

misleading or deceptive content, unfair practices and conditions and warranties

Question 16

what does anti-competitive practices do?

Answer 16

either prohibits or places strict controls on following activities by businesses

Question 17

what’s an example of anti-competitive practices?

Answer 17

exclusive dealing: Occurs when one business trading with another imposes restrictions on the other’s freedom to deal with other businesses.

Question 18

Financial control system?

Answer 18

Monitor and manage its financial performance. It includes:
- budgeting
- cash flow management
- control of accounts receivable
- inventory control
- auditing

Question 19

why is it recommended to seperate personal and business bank account?

Answer 19

Enables business to seperate business and personal spending

business properly calculates bank balance to understand financial position and business are able to accurately lodge tax returns.

enables owners to engage in and track both cash and cardless transaction.

Question 20

what are the positives of a seperate business bank account?

Answer 20

Easier to calculate business expenses and easier to monitor financial performance of business

Question 21

what are the important aspects to take into account when establishing a bank account?

Answer 21

bank fees
interest rates
overdraft facility
credit cards
convenience and support