U2AOS1 Flashcards
Define “Trade Practices Legislation”
4A- Legal Requirements for Establishing a Business
Trade Practices Legislation are laws which govern how a business interacts with customers and competitors.
4A- Legal Requirements for Establishing a Business
Define “Tax Compliance”
4A- Legal Requirements for Establishing a Business
Tax Compliance is the extent to which an individual or business meets tax obligations.
4A- Legal Requirements for Establishing a Business
Define “Business Name”
4A- Legal Requirements for Establishing a Business
A business name is the title that a business operates under and what customers use to identify businesses.
4A- Legal Requirements for Establishing a Business
Define “Website Domain”
4A- Legal Requirements for Establishing a Business
A website domain is a website address which is typed in during web searches to visit an online site.
4A- Legal Requirements for Establishing a Business
Define “WorkSafe Victoria”
4A- Legal Requirements for Establishing a Business
WorkSafe Victoria is an independent government body which governs how businesses maintain workplace health and safety.
4A- Legal Requirements for Establishing a Business
Define “Workcover Insurance”
4A- Legal Requirements for Establishing a Business
Workcover insurance is financial protection provided to businesses when employees become ill or injured from the workplace.
4A- Legal Requirements for Establishing a Business
Define “Bank Account”
4B- Financial Considerations
A bank account is an agreement made with a bank where a business or individual can deposit or withdraw money.
4B- Financial Considerations
Define “Financial Control Systems”, and list two.
4B- Financial Considerations
Financial Control Systems are processes and procedures used to direct and monitor a business’s finances.
* Budgeting
* Auditing
4B- Financial Considerations
Define “Record-Keeping Strategies”, and list one.
4B- Financial Considerations
Record-Keeping Strategies are methods used to keep track of the financial transitions of a business over a period of time.
* Auditing
4B- Financial Considerations
Define “Policies”
4D- Policies & Procedures
Policies are written statements which outline the expected performance and behaviour of employees.
4D- Policies & Procedures
Define “Procedures”
4D- Policies & Procedures
Procedures are a series of actions that employees must follow when abiding by business policy.
4D- Policies & Procedures
Define “Customer Database”
4E- Technological and Global Issues
A Customer Database is a collection of information about existing and potential customers.
4E- Technological and Global Issues
Define “Overseas Suppliers”
4E- Technological and Global Issues
Overseas Suppliers are individuals or businesses that sell raw materials or resources in a country overseas.
4E- Technological and Global Issues
Define “Overseas Retailers”
4E- Technological and Global Issues
Overseas Retailers are individuals or businesses which sell goods and services directly to customers overseas.
4E- Technological and Global Issues
Define “Trademark”
4A- Legal Requirements for Establishing a Business
A Trademark is an exclusive right granted over a unique aspect of a business, such as a sound, symbol, number or word, that is used to distinguish the business or its products.
4A- Legal Requirements for Establishing a Business
