Definitions

Question 1

Code of conduct

Code of practise

Answer 1

Set of ethical standards by which managers and employees should abide

A written set of guidelines that are intended to help a business achieve the standards set by the government (e.g dealing fairly with customers)

Question 2

Progressive tax rate

Answer 2

Is a tax rate that increases as the individual earns a higher income

Question 3

Worksafe Victoria

Answer 3

Is a government agency that aims to reduce workplace injuries and support injured workers

Question 4

Consumer affair Victoria

Answer 4

Government body established to regulate the marketplace, helping ensure fairness for businesses and customers

Question 5

Fair trading act 1999

Answer 5

A Victorian state law designed to complement the federal cca by providing state specific laws, issues covered :

• Warranties and guarantees
• false advertising
• unfair trade

Question 6

Separate entity

Answer 6

Principle that means the owners finances are separate to that of the business and therefore should be recorded separately

Question 7

Financial control systems

Answer 7

Are the processes that allow a business to accurately monitor, manage and report its financial performance

Question 8

Auditing

Answer 8

Auditing is the process of testing and evaluating a businesses internal controls and financial performance. It can be done internally by a member of the business and externally by a professional who will provide valuable feedback

Question 9

Policy

Answer 9

Is an established set of broad guidelines to be followed by all employees

Question 10

Procedure

Answer 10

Is a series of actions that enable a policy to be put into practise

Question 11

Equal opportunity act 2010

Answer 11

Is a law that supports organisations to take action in eliminating discrimination, sexual harassment and victimisation

Question 12

3D printing

Answer 12

Is the production of a physical object from a digital design or model

Question 13

Robotics

Answer 13

Is the engineering behind the design, construction and application of robotics

Question 14

Social media advertising (SMA)

Answer 14

Sma is a form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers

Question 15

Customer data base

Answer 15

Is a bank of information on existing and potential customers, including such details as their personal details, previous interactions, buying habits and preferences

Question 16

Quota

Answer 16

A quota is a restriction on the number of imports from overseas

Question 17

Tariff

Answer 17

A Tariff is a tax on goods produced overseas that are imported into Australia

Question 18

Exporter

Answer 18

An exporter is a local business that manufactures goods for overseas customers

Question 19

Corporate social responsibility

Answer 19

Managing a business in such a way that the broader social welfare of the community, including its employees, customers, suppliers and the environment is taken into consideration when making business decisions