legal requirements | FINANCE CONTROL | APPROPRIATE SUPPLIERS | Policies and Procedures | Technological and Global issues |
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What is PAYG?
The acronym for “Pay as you go"
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What is the separate entity principle?
when business and its owners record transactions separately in two separate bank accounts.
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What is CSR?
Going above and beyond legal expectations to benefit the community (including employees) and/or the environment.
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What are policies?
a broad set of guidelines that govern behaviours on a certain area within an organisation, such as tucking in shirts at school.
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What is a customer database?
The gathering of customer data, such as postcodes, and recording the information so that future products and advertising can be more targeted.
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What are local councils
The body responsible for zoning laws, parking regulations, health regulations, business signs, new development laws.
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what are business assets?
property or equipment that a business purchases which generates money.
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What are factors effecting supplier choice?
Factors such as the reliability, price and quality of a distributor
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What are procedures?
a series of steps or actions that support a policy
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What are global issues ?
cultural differences, CSR issues, overseas laws, delivery issues.
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What is GST?
a regressive tax in which 10% is payed on all products sold
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What is owner’s equity?
the value of the business to the owner
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What is price?
if kept low increases consumer demand and overall profit
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What are examples of policies ?
correct uniform, restricting mobile use, and no smoking in particular areas are example of these.
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What is the impact of technology?
the digital effect on manufacturing times, boosts marketing audience and contributes to the production of customer databases.
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what is company tax?
A proportional tax imposed on a business
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what is budgeting?
A business estimation of revenue and expenses over a period of time
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What is proximity?
if kept close can save time, money and support the local area
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What are policies and procedures for?
correct uniform, restricting mobile use, and no smoking in particular areas are example of these.
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what is the privacy act 1988?
the act established by the commonwealth to ensure online privacy
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What is the competition & consumer act 2010?
Is the legislation covering the banning of cartels, exclusive dealing and misuse of market power.
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What is cash flow management?
involves keeping cash books with a cash receipt and payment journal
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What is quality?
product seems reliable and efficient, enticing consumers to buy
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What do procedures do?
may benefit employees as it creates equal opportunity within the workplace
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What are examples of technology?
examples such as 3D printing, smartphone apps and remote cameras.
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