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Business management unit 2 > OUTCOME 1 > Flashcards

OUTCOME 1 Flashcards

1
Q

External professionals listed

A
  • accountants
    *financial advisors
    *ict specialists
    *legal advisors
    *marketing advisors
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2
Q

legal requirements listed

A

*registering a business name
*registering a website domain
*trade practices legislation
*business tax compliance
*work safe insurance

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3
Q

financial considerations listed

A

*establishing bank accounts
*establishing financial control systems
*budgeting and auditing
*establishing record keeping strategies

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4
Q

the importance of selecting appropriate suppliers listed

A

*price
*quality
*reliability
*location
*csr

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5
Q

policies and procedures listed

A

*the need for policies
*legislation affecting policies
*policies established for business routine
*the need for procedures

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6
Q

technological and global issues listed

A

*customer databases
*overseas suppliers
*overseas retailers

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7
Q

accountants

A

a professional who manage, updates, analyses and reports a business’s financial info

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8
Q

financial advisors

A

a professional who provides expert advice to individuals and businesses in relation to monetary matters.

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9
Q

ict specialists

A

a professional who develops and maintains the technological systems that are used by businesses to store and retrieve data

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10
Q

legal advisors

A

a professional who provides expert advice to business regarding their legal responsibilities

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11
Q

marketing advisors

A

a professional who provides expert advice to business in relation to promoting and selling their products

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12
Q

registering a business name

A

the title that a business operates under and what customers use to identify the business

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13
Q

registering a website domain

A

website address that identifies a business’s online site

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14
Q

trade practices legislation

A

law that governs how a business interacts with customers and competitors

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15
Q

business tax compliance

A

the extent to which an individual or business meets tax obligations

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16
Q

work safe insurance

A

compulsory insurance that assists employers to meet their obligation of financially compensating and supporting those who are injured or ill due to work

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17
Q

establishing bank accounts

A

arrangements made with a bank where a business or individual can deposit and withdraw money

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18
Q

establishing financial control systems

A

processes and procedures used to direct and monitor a business’s finances

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19
Q

importance of budgeting listed

A

*avoids financial loss
*helps detect fraud
*avoids financial mismanagement
*avoids low cash flow

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20
Q

importance of auditing listed

A

*avoid large financial loss
*helps prevent fraud
*avoids financial mismanagement

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21
Q

establishing record keeping strategies

A

methods used to keep track of the financial transactions of a business over a period of time

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22
Q

importance of price with suppliers

A

business must consider how much suppliers charge for their resources and delivery

23
Q

quality importance to do with suppliers

A

quality of resources provided by suppliers directly impacts quality of outputs

24
Q

importance of reliability when it comes to suppliers

A

business should opt for suppliers that can deliver required inputs at the required time

25
importance of location when it comes to suppliers
important for business to consider where suppliers are located
26
CSR
the ethical conduct of a business beyond legal obligations, considering social, economic and environmental impacts.
27
policies
written statements that outline the expected performance and behaviour of employees
28
legislation affecting policies
*equal opportunity act *privacy and data protection act *occupational health and safety act *competition and consumer act
29
policies established for business routine
*customer service policy *internet policy *social media policy *dress code *absence and time off policy
30
procedures
a series of action that employees must follow in order to abide by business policies
31
customer databases
a collection of info about existing and potential customers.
32
overseas suppliers
individuals or businesses that sell raw materials or resources in overseas countries
33
overseas retailers
individuals or businesses that sell goods and services directly to customers overseas
33
the role of accountants listed
*create financial reports *ensure legal compliance *create budgeted reports
34
the role of financial advisors listed
*manage business owners personal finances * recommend possible investment and opportunities. *analyse and assist management with business expenses
35
the roles of an ict specialist listed
*set up and maintain a website and customer database *provides training to employee regarding privacy and security policies
36
role of legal advisors listed
*provide advice relative to drafting contracts *ensure compliance with all relevant laws and regulations
37
role of marketing advisor listed
*develop advertising strategies *provide branding/design assistance *develop digital and social media marketing strategies
38
trade practices legislation obligations listed
*commit to guarantees and warranties *do not collude *do not false advertise
38
tax obligations listed
*goods and services tax (GST) *income tax *pay as you go (PAYG)
38
importance of establishing a bank account listed
*enables a business to separate business and personal spending *enables a business to properly calculate its bank balance *enables a business to accurately lodge tax returns
39
the importance of record keeping strategies listed
*enables a business to accurately keep track of financial transactions *enables a business to conduct valid audits *enables a business to form accurate business reports
40
importance of maintaining cash books listed
*keeps rack of financial transactions *proves financial transactions that need to be reported for tax returns *enables a business to conduct valid audits *enables a business to form accurate business reports
40
negative impacts of low quality inputs listed
*less satisfied customers *lowered business reputation *decreased sales
41
unreliable suppliers are more likely to: listed
*make errors *be late with deliveries *cause delays in production
42
nearby suppliers listed
*reduce costs in transportation *minimise carbon emissions *enhances wellbeing of local community
43
long distance suppliers listed
*cheaper resources *increased transport costs *increased likelihood of late or damaged inputs
43
CSR suppliers considerations listed
*fair and ethical treatment of employees *local suppliers *ethical sourcing of materials *use environmentally friendly practices *choosing supplier with high-quality materials
44
external professionals
highly skilled individuals that businesses hire to provide expertise in a particular area of operation
45
legal requirements for establishing a business
at the establishment phase of a business its crucial that business owners are both aware oft heir legal requirements and that these are upheld
46
financial considerations
at the establishment of a business, there are many financial requirements managers must consider
47
the importance of choosing appropriate suppliers
at their establishment, its important that business owners select appropriate suppliers
48
policies and procedures
businesses have rules and processes to guide employees on how to behave appropriately in the work place
49
technological and global issues
at the establishment phase, its important for usinesses to consider how technology can be used to collect info

Business management unit 2 (3 decks)

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