Unit 2 AOS1 Flashcards
1
Q
Outline what happens when a business does not obey the law.
A
- Risk losing customers
- Bad reputation
- Being fined
- Losing the right to continue trading
2
Q
Describe how a business can evaluate their performance.
A
- Observing the law and exceeding legal expectations can lead to improved business performance
3
Q
Outline what the ASIC is.
A
- Australian Securities and Investments Commission
- National business name registration service
4
Q
Outline why the business would need to register their name.
A
- Prohibit any other businesses from trading under a similar name
- Protect customers by allowing them to identify the owner of a business name
5
Q
Outline what an ACN is.
A
- Australian Company Number
- What a company is known by
- Unique number that the ASIC issues to every registered company
6
Q
Explain what a domain name is.
A
- A legal requirement
- Unique address of a business’ website of the internet that represents its activities
- Easy to remember and spell
- Businesses can register multiple ones to help customers find them easily and to prevent other businesses from registering a similar domain name to confuse customers
7
Q
Explain what taxation compliance is.
A
8
Q
Outline key legal requirements
A
