Flashcards in Chapter 5 Glossary Terms Deck (30)
is the address of a website on the internet.
is the tax rate imposed on the profit earned by companies. The current rate of company tax in Australia is 30 per cent.
is a government agency that aims to reduce workplace injuries and support injured workers.
Code of Practice
is a written set of guidelines that are intended to help businesses achieve the standards set by the government (e.g. in dealing fairly with customers).
Competition and Consumer Act 2010
is a federal law that specifies what business behaviour is acceptable on a wide range of issues from product safety and pricing to the way in which a business competes in the marketplace.
Australian Competition and Consumer Commission (ACCC)
is a government body which has the role of enforcing the Competition and Consumer Act 2010 and a range of additional legislation, promoting competition, fair trading and regulating national infrastructure.
Fair Trading Act 1999
is a Victorian state law designed to complement the federal CCA by providing state specific laws.
Consumer affairs Victoria
is Victoria’s government body established to regulate the marketplace, helping ensure fairness for businesses and consumers.
Work Health and Safety Act 2011
is a federal law that provides a nationally consistent framework to ensure the health and safety of workers.
Australian Tax Office (Ato)
is the government body in charge of administering and collecting tax for the federal government.
Progressive tax rate
is one that increases as the individual earns a higher income.
is a proportion of a loan that is charged on top of what was borrowed.
Seperate entity Principle
means that the owner’s finances are separate to that of the business and therefore should be recorded separately.
is an arrangement with a bank that allows a business to withdraw more money than they have available in their account.
Financial control systems
are the processes that allow a business to accurately monitor, manage and report its financial performance.
involves the keeping and processing of a business’s financial records.
is the process of testing and evaluating a business’s accounting processes and internal controls.
Equal Opportunity Act 2010
Victoria’s Equal Opportunity Act 2010 is a state law that supports organisations to take action in eliminating discrimination, sexual harassment and victimisation.
A policy is an established set of broad guidelines to be followed by all employees.
A procedure is a series of actions that enable a policy to be put into practice.
Globalisation is the effect of hi-tech communications, lower transport costs and unrestricted trade and financial flows turning the whole world into a single market, producing a more integrated global economic system.
Three-dimensional printing is the production of a physical object from a digital design or model.
Robotics is the engineering behind the design, construction and application of robots.
Social Media Advertising
Social media advertising is a form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers.
An advertisement’s reach refers to the number of people exposed to the message.
The frequency of an advertisement measures the average number of times someone is exposed to its message.
A customer database is a bank of information on existing and potential customers, including such details as their personal details, previous interactions, buying habits and preferences.
An exporter is a local business that manufactures goods for overseas customers.
A quota is a restriction on the number of imports from overseas.