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vce business 1/2 > U2 AOS1 > Flashcards

U2 AOS1 Flashcards

1
Q

legal compliance

A

the process by which a business ensures that it observes and complies with the external statutory laws and regulations

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2
Q

corporate citizenship

A

acceptance by a corporate entity of its responsibility to stakeholders for actions and decisions

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3
Q

domain name

A

a unique name identifying the website in a web address

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4
Q

licence

A

a document or permit that gives official permission to do, use, or own something

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5
Q

by-laws

A

local government laws/regulations relating to activities within a municipality

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6
Q

occupational health and safety

A

laws concerned with the safety and welfare of people engaged in work or employment

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7
Q

workcover

A

a compulsory insurance scheme that provides employers with insurance cover for the cost of benefits if workers are injured or become ill because of their work

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8
Q

accountants

A

help prepare financial statements, monitor banking, follow up on overdue payments and provide advice

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9
Q

book keeper

A

responsible for maintaining the day-to-day activities of a business

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10
Q

bank managers

A

a valuable source of financial advice and assistance. They can assist with loan applications and managing business bank accounts. They can also give advice on the feasibility of a business expansion

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11
Q

the ATO

A

an excellent source of information regarding taxation matters, with their website providing free accessible information

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12
Q

advertising consultants

A

work on developing product advertising campaigns that attempt to engage new customers

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13
Q

marketing consultants

A

develop campaigns to build a business brand by advising on the best ways to reach engage and retain customers

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14
Q

graphic designers and printers

A

may be employed to design and produce logos, letterheads, pamphlets, business cards, and advertisements

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15
Q

financial management

A

managing financial activities relating to the operation of a business

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16
Q

record keeping

A

maintaining accurate records of all matters related to business activities

17
Q

separate entity

A

involves the separate recording of transactions of a business from its owners

18
Q

cash flow

A

tracking the cash or money coming into and going out of the business

19
Q

source documents

A

documents that provide evidence of transactions

20
Q

cash book

A

one of the simplest forms of financial record keeping; sets out all the cash transactions of a business including receipts and payments

21
Q

balance sheet

A

an accounting report that sets out the assets, liabilities and proprietorship (owner’s equity) of a business at a given date

22
Q

price

A

lower input costs enable a business to produce at a lower cost, thereby increasing competitiveness

23
Q

quality

A

quality inputs enable high quality in a finished product, enhancing competitiveness

24
Q

reliability

A

suppliers who are reliable reduce the risk of production delays. This means increased productivity and business reputation

25
Q

social responsibility

A

environmental sustainability and other social responsibility considerations are also criteria in selection of suppliers

26
Q

policy

A

a written statement detailing the processes, procedures, rules and regulations that are expected to be followed in certain situations

26
Q

procedures

A

the steps used to implement a policy

27
Q

business routines

A

processes that are regularly practiced in a business

28
Q

code of conduct

A

guidelines to regulate standards of behaviour and conduct either within an organisation or within an industry

29
Q

customer database

A

the collection of information gathered from each customer

30
Q

corporate social responsibility

A

relates to a business going above and beyond it’s legal requirements to be socially accountable towards itself, to stakeholders and to society.

31
Q

what a business should do as part of the control over the cash and financial system

A
  • cash registers should be used and cash stores securely
  • cash should be banked regularly, preferably daily
  • if possible, the tasks of handling cash, banking and writing cheques should be completed by different people
  • bank statements and cash books should be checked regularly and balanced
  • correct procedures should be put in place for petty cash
32
Q

advantages of choosing a reliable supplier with high-quality inputs

A

quality, timeliness, competitiveness, innovation, finance

33
Q

strategies to maintain positive relationships with suppliers

A

settle bills on time, allow adequate lead times for orders, maintain transparent, open and frequent communication

vce business 1/2 (3 decks)

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