Unit 2 Chapter 4

Question 1

external professionals

Answer 1

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

Question 2

accountants

Answer 2

manage, update, analyse and report a business’s financial information
○ financial reports
○ legal compliance
○ budgeted reports

Question 3

financial advisers

Answer 3

provide expert advice to individuals and businesses in relation to monetary matters, personal finances and potential investments.
○ manage owner’s finances
○ feasibility of goals + opportunities
○ management of expenses

Question 4

ICT specialists

Answer 4

develop and maintain the technological systems that are used by businesses to store and retrieve data.
○ website and customer database
○ legal compliance
○ privacy and security training

Question 5

legal advisers

Answer 5

provide expert advice to individuals and businesses in relation to monetary matters, personal finances and potential investments.
○ contract advice
○ law and regulation compliance
○ protect trademarks and patents
○ in-house counsel

Question 6

marketing advisers

Answer 6

provide expert advice to businesses in relation to promoting and selling their products.
○ advertising strategies
○ branding and design
○ digital marketing strategies
○ public relations strategies

Question 7

business name

Answer 7

the title that a business operates under and what customers use to identify the business.
decide > prepare abn > follow steps > operate

Question 8

website domain

Answer 8

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

Question 9

trade practices legislation

Answer 9

the law that governs how a business interacts with customers and competitors.
○ commit to guarantees and warranties
○ do not collude
○ do not falsely advertise

Question 10

tax compliance

Answer 10

the extent to which an individual or business meets tax obligations.
income tax, pay-as-you-go, gst, tax returns

Question 11

work safe insurance

Answer 11

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

Question 12

WorkSafe Victoria

Answer 12

○ safe work environments
○ OH+S laws
○ prevent work injuries
○ provide WorkCover insurance

Question 13

bank accounts

Answer 13

an arrangement made with a bank where a business or individual can deposit and withdraw money.
visit bank > agree to rates + fees > verify > use

Question 14

financial control systems

Answer 14

processes and procedures used to direct and monitor a business’s finances.
(budgeting + auditing)
avoid: financial loss, fraud, mismanagement, low cash flow

Question 15

record-keeping strategies

Answer 15

methods used to keep track of the financial transactions of a business over a period of time.
(cash books)

Question 16

Corporate social responsibility (CSR)

Answer 16

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

Question 17

policies

Answer 17

written statements that outline the expected performance and behaviour of employees.
investigate laws > assess goals > create > review > present > update

Question 18

policy legislation

Answer 18

○ Equal opportunity act
○ Privacy and data protection act
○ Occupational health and safety act
○ Competition and consumer act

Question 19

procedures

Answer 19

a series of actions that employees must follow in order to abide by the business’s policies.
assess policies + legislation > create > present > review and amend

Question 20

customer database

Answer 20

a collection of information about existing and potential customers.

Question 21

customer database issues

Answer 21

○ Storing customer data
○ Storing sensitive information
○ Accessing customer data
○ Buying data from other companies
○ Generating own customer database

Question 22

overseas suppliers

Answer 22

individuals or businesses that sell raw materials or resources in a country overseas.

Question 23

overseas suppliers issues

Answer 23

○ Legal and government trade restrictions
○ CSR of suppliers
○ Types of inputs offered
○ Language barriers

Question 24

overseas retailers

Answer 24

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

Question 25

overseas retailers issues

Answer 25

○ Legal and government trade restrictions
○ Meeting retailer expectations
○ CSR of retailers