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2023/24 > chapter 4 business > Flashcards

chapter 4 business Flashcards

1
Q

business name registration

A

ASIC responsible, owner must have an ABN to apply for a business name

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2
Q

Domain name

A

the address of a website on the internet, more easy to find and prevents from other businesses from registering a similar domain name that may confuse customers

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3
Q

Taxation

A

By which the government finances its expenditures by collecting money from individuals and businesses

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4
Q

Australian Taxation Office (ATO)

A

Government body in charge of administrating and collecting tax for federal government

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5
Q

TFN

A

Unique identifier, manages tax, and used by ATO

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6
Q

why do you need business name registration?

A

Gives you full rights and prevents from others registering same name as you

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7
Q

Pay as you go withholding(payg)

A

taken from salary, imposed on employees

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8
Q

GST

A

imposed on suppliers, tax of 10%, only required if they earn 75k or more in a year

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9
Q

fringe benefit tax

A

tax on provision of benefit, such as a low interest loan

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10
Q

stamp duty

A

placed in a document that gives evidence to transactions, such as the purchase of a property

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11
Q

land tax

A

annually levied on the owner of the land

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12
Q

business activity statement

A

form submitted to ATO by business entities to report tax obligations

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13
Q

Local governments have control over

A

land zoning, fire regulation, parking regulation, new development regulation, fire regulation

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14
Q

(local gov requirements)
zoning regulation

A

purpose for which a building or land can b used for a particular reason or business, ensuring business activities dont infringe on residential areas.

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15
Q

(local gov requirements)
Health regulation

A

Ensures owner maintains health standards and meets safety and hygiene requirements

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16
Q

(trade practice legislation)
work health and safety reg

A

oh&s act 2004

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17
Q

(local gov requirements)
worksafe insurance

A

aims to reduce workplace injuries and support workers by covering replacemet of lost income, medican and legal cost

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18
Q

(local gov requirements)
code of conduct

A

written set of guidelines with the aim of helping a business achieve its standards

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19
Q

consumer protection & fair competition - Aus competition and consumer commission:

A

gov body that enforces competition and consumer act 2010, promoting fair and safe trade

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20
Q

(Anti competitive practices)
list 5 strictly controlled or prohibited laws

A
  1. cartel
  2. misuse of market power
  3. exclusive dealing
  4. resale price maintenance
  5. mergers and acquisitions
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21
Q

(Anti competitive practices)
Cartel

A

groups of businesses working together to control market by setting prices and rigging bids to increase their profits

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22
Q

(Anti competitive practices)
Misuse of market power

A

Using its dominant position to take advantage of its customers

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23
Q

(Anti competitive practices)
Exclusive dealing

A

When one business trading with another, imposes restrictions in dealing with other companies

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24
Q

(Anti competitive practices)
Resale price maintenance

A

when suppliers set their prices at which retailers will sell their products

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25
Mergers and acquisitions
Merger: when 2 companies or more fuse together to create one company Acquisition: When one company takes over another company - leads to reduced market
26
(Anti competitive practices) name 8 illegal acts
1. misleading/deceptive conduct 2. unconscionable conduct 3. false/misleading representations of G&S 4. offering prizes in connections to g&s then not providing it 5. bait advertising 6. pyramid scheme 7. referral selling 8. unfair contract terms
27
(Anti competitive practices) 8 illegal acts Misleading/deceptive conduct
making false claims
28
(Anti competitive practices) name 8 illegal acts unfair contract terms
unfair and unreasonable, taking advantage of customers
29
(Anti competitive practices) name 8 illegal acts false/misleding representations of g&s
making false statements of products
30
(Anti competitive practices) name 8 illegal acts bait advertising
advertising goods on discount which results in attracting cutomers, only to find out that they are limited or arent in stock
31
(Anti competitive practices) name 3 lawful acts
1. unsolicited consumer agreement 2. lay-by agreement 3. proof of transaction
32
(Anti competitive practices) name 3 lawful acts unsolicited consumer agreement
when a company tries to sell a good or service without the consumer asking for it
33
(Anti competitive practices) name 3 lawful acts lay-by agreement
a way for customers to pay for a poduct or service over time
34
(Anti competitive practices) name 3 lawful acts proof of transaction
reciepts for all transactions
35
(role of external professionals when establishing a business) list 6
1. freelancer 2. bookkeepers 3. sales professionals 4. market consultants 5. info technological technicians (it) 6. recruiters
36
(role of external professionals when establishing a business) freelancer
independent workers who charge businesses or individuals for work on a per job basis
37
(role of external professionals when establishing a business) bookkeepers
assist a business in keeping and processing a business's financial records
38
(role of external professionals when establishing a business) recruiters
works to match qualified individuals with open positions
39
(role of external professionals when establishing a business) sales professional
trained in finding and persuading people to consume a product
40
(role of external professionals when establishing a business) marketing consultants
responsible for raising awareness of a business's products and brands with their target markets
41
(role of external professionals when establishing a business) Info technological technicians
exists to support businesses in the set up of software, programs and services, as well as trouble shooting problems
42
highly recommended that transactions for businesses is made from separate accounts because...
- separate entity: records transactions of the business separately to its owner - easier to manage and monitor financial performance - easier to calculate business expenses
43
(factors to consider when choosing right bank account) list 5
1. bank fees 2. interest rates 3. overdraft facilities 4. credit cards 5. convinience and support
44
(factors to consider when choosing right bank account) bank fees
some banks may charge hidden fees
45
(factors to consider when choosing right bank account) interest rates
will determine how much money a business will earn on the amount of money they have in the bank account (The higher the interest rate, the faster your hard-earned savings will grow)
46
The higher the interest rate, the faster your hard-earned savings will grow overdraft facility
some may allow a business to withdraw more money than they have in their bank accounts
47
The higher the interest rate, the faster your hard-earned savings will grow credit cards
max amount that can be used, the interest rates on unpaid balances
48
The higher the interest rate, the faster your hard-earned savings will grow convenience and support
ease burden of running a business
49
(financial control system) list 5
1. budgeting 2.cash flow 3. auditing 4. inventory control 5. control of account recievable
50
(financial control system) budgeting
establishes the businesses financial performance for a given period of time in the future
51
(financial control system) cash flow
needs cash as a payment for goods and services to keep the business operating and booming
52
(financial control system) control of account receivable
the outstanding payment a business is owed by its customers
53
(financial control system) inventory control
maintains stock
54
(financial control system) auditing
process of testing and evaluating a businesses accounting and internal control which could also provide feedback
55
(record keeping strategies) list 4
1. source doc 2. income statement 3. cashbook 4. balance sheet
56
(record keeping strategies) source doc
provides evidence of financial transactions and basic data such as addresses and names of parties involved, nature of transaction, and the amount of money
57
(record keeping strategies) cash book
summary of a business's cash reciepts and payments, keeping control on cash and monitoring cash flow
58
(record keeping strategies) income statement
helps business calculate how much money it has made over a period of time
59
(record keeping strategies) balance sheet
shows a business's assets, liability and financial position
60
(choosing appropriate suppliers) what is procurement?
process of searching and selecting suppliers, establishing payment terms, negotiating contracts and purchasing of resources that are vital for maintaining production of the business's goods and services
61
(choosing appropriate suppliers) list 4
1. price 2. quality 3.reliability 4. csr
62
(choosing appropriate suppliers) price
keep cost low to remain profitable
63
(choosing appropriate suppliers) quality
must inspect goods of its suppliers before commiting
64
(choosing appropriate suppliers) reliability
choosing appropriate suppliers who are constantly delivering goods goods on time, if not reduced sales and reputation may suffer
65
(choosing appropriate suppliers) CSR
taking in consideration of env, social and economic factors social: labour conditions in manufactuing economic: cost which meet csr req, economic growth env: if theres waste or pollution and how much energy and water is being used
66
policy:
a written set of broad guidelines to be followed by all employees
67
procedure:
a series of actions that enables a policy to be put into practice
68
global issues and affects
- can create opportunities - increased competition - emerging markets - reputation risks these could include:oversease suppliers, customers, oversease retailers
69
customer guarantees
right to return faulty goods right to cancel contracts right to recieve refund or replacement for faulty goods

2023/24 (66 decks)

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