Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management > U2AOS1 - LEGAL REQUIREMENTS > Flashcards

U2AOS1 - LEGAL REQUIREMENTS Flashcards

1
Q

External professionals

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Accountant

A

Manages, updates, analyses, and reports a business’s financial information.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Financial advisers

A

Provides expert advice in relation to monetary matters, personal finances, and potential investments.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

ICT specialist

A

Develops and maintains the technology that businesses use to store and retrieve data.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Legal advisers

A

Provides expert advice to businesses regarding their legal responsibilities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Marketing adviser

A

Provides expert advice to businesses in relation to promoting and selling their products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Why a business should fulfil legal requirements

A

Can avoid any negative consequences to its operation, such as fines, suspensions, or even forced closure.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

The 5 legal requirements

A
  1. Business name
  2. Website domain
  3. Trade practices legislation
  4. Tax compliance
  5. Worksafe insurance
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Business name

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Website domain

A

A website address that identifies a business’s online site.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

auDA stands for…

A

.au Domain Administration

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Trade practices legislation

A

The law that governs how a business interacts with customers and competitors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

2 rights and obligations stated within the CCA

A
  1. Commit to guarantees and warranties.
  2. Do not falsely advertise goods or services.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

ACCC stands for…

A

Australian Competition and Consumer Commission

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

The ACCC is a government agency that

A

Governs business operations and enforces punishments if a business breaches legislation

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Business tax compliance

A

The extent to which an individual or business meets tax obligations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

4 tax compliance obligations

A
  1. Paying tax and collecting income tax
  2. Having a tax file number
  3. Collecting GST
  4. Submitting a BAS (business activity statement)
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Work safe insurance

A

Compulsory insurance that assists employers to meet their obligation of financially compensating employees who become injured or ill because of their work.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Entity principle of accounting

A

States that personal and business transactions should be kept separate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

According to the ATO, a business must store their records for…

A

5 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Why a business should ensure financial considerations:

A

Allows them to achieve business objectives, prevents financial losses, and stay compliant to tax requirements.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

3 financial considerations:

A
  1. Bank account
  2. Financial control system
  3. Record-keeping strategies
23
Q

Bank account

A

An arrangement made with a bank where a business or individual can deposit and withdraw money.

24
Q

Why a business bank account should be established:

A

Enables a business to separate personal and business spending and allows a business to accurately lodge tax returns.

25
Q

Financial control systems

A

Processes and procedures used to direct and monitor a business’s finances.

26
Q

2 common financial control systems

A
  1. Budgeting
  2. Auditing
27
Q

4 things a business can avoid through financial control systems:

A
  1. large financial losses
  2. fraud
  3. financial mismanagement
  4. low cash flow.
28
Q

Record-keeping strategies

A

Methods used to document and keep track of the financial transactions of a business over a period of time.

29
Q

Corporate socialresponsibility (CSR)

A

The ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

30
Q

2 disadvantages of generating contacts with overseas retailers

A
  1. May gain a bad reputation if overseas retailers engage in unethical behaviour.
  2. May lose some control over marketing and how goods and services are perceived overseas.
31
Q

What policies and procedures are for:

A

Helps a business and its employees abide by legislation.

32
Q

Policies

A

Written statements that outline the expected performance and behaviour of employees.

33
Q

Purpose of policies

A

Inform and guide employees to make decisions that meet the business’s expectations and legal requirements.

34
Q

Procedures

A

A series of actions that employees must follow in order to abide by the business’s policies.

35
Q

Purpose of procedures

A

To provide employees with a step-by-step guide on how to act in specific situations or event

36
Q

Customer database

A

A collection of information about existing and potential customers.

37
Q

2 advantages of customer databases

A
  1. Predicts the desires of potential customers and produce goods and services that satisfy these needs, increasing sales.
  2. Allows a business to maintain relationships with existing customers
38
Q

2 disadvantages of customer databases

A
  1. Poor management can lead to private customer information being hacked or leaked, negatively impacting the business’s reputation.
  2. May be time-consuming to gather and record customer information.
39
Q

Overseas suppliers

A

Businesses that sell resources in a country overseas.

40
Q

2 advantages of generating contacts with overseas suppliers

A
  1. Wider range of suppliers to choose from.
  2. Reputation may improve if overseas suppliers provide ethically-sourced inputs
41
Q

2 disadvantages of generating contacts with overseas suppliers

A
  1. May face negative public perception if its overseas supplier engages in unethical behaviour.
  2. Cheaper inputs may be of a lower quality, which can decrease customer satisfaction.
42
Q

Overseas retailers

A

Individuals or businesses that sell goods and services directly to customers overseas.

43
Q

2 advantages of generating contacts with overseas retailers

A
  1. Can save time associated with establishing a store overseas to build relationships and sell to customers.
  2. Can improve its sales by providing goods and services to a larger customer base.
44
Q

The importance of a business protecting its customer database:

A

A well-managed customer database enables a business to effectively identify and satisfy customer needs.

45
Q

4 examples of personal motivation for starting a business

A
  1. Personal independence
  2. Financial independence
  3. To make a profit
  4. To fulfil a market or social need.
46
Q

Personal independence

A

Involves a person being in control of their own decisions and actions.

47
Q

Cash books

A

Manual or electronic books where all cash transactions within a business are recorded (a record keeping strategy)

48
Q

Inputs

A

The resources used by a business to produce goods and services.

49
Q

Outputs

A

The final goods or services produced that are delivered to customers.

50
Q

Factors to consider when choosing suppliers

A
  1. Price
  2. Quality
  3. Reliability
  4. Location
  5. Socially responsible suppliers
51
Q

2 advantages of choosing socially responsible suppliers

A
  1. A business’s reputation can be improved
  2. Employees may be more motivated to work at a socially responsible business
52
Q

2 disadvantages of choosing socially responsible suppliers

A
  1. May have less choice of suppliers that meet their CSR objectives.
  2. Inputs may be more costly due to increased wage costs compared to less ethical suppliers.
53
Q

Employment laws and regulations

A

Rules that govern the relationship between employers and employees.

54
Q

Grievances

A

Issues that may come up in a workplace and give rise to formal complaints being made.

Business Management (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions