unit 2 BM

Question 1

Financial control systems

Answer 1

are processes and procedures used to direct and monitor a businesses finances. Financial cs can establish and assess businesses practises to prevent fraud and errors. e.g
- cash flow
- source document

Question 2

policy
procedure

Answer 2

the overall written statement of expected behaviour and performance of an employees that has have to follow e.g
- return - wash ur hands
a series of action that employees must follow in order to abide by the businesses policies
- how to return - how to wash ur hands

Question 3

supplier

Answer 3

someone who acquires and manages resources of a business. when considering a supplier, a business much loot at:
- location
- price
- quality
- CSR
-reliability

Question 4

steps taken to start up a business

Answer 4

• business concept
• register business name
• feasability study
• legal responsibilities
• stock
• type of business

Question 5

customer feedback

Answer 5

customer feedback is a information and data collected for a business to look back on and improve from. Such reviews made online and complaints can help the management and operation of a business

Question 6

technological impact on small businesses

Answer 6

more cost to put tech in place because its small. it effects the bill

Question 7

global issue

Answer 7

issues that a business needs to consider overseas such as:
- interest rates
- exchange rates

Question 8

tax regulations

Answer 8

the compulsory payment of a proportion of earnings to the government tax:
- infringe benefit tax- imposed on a for a benefit of an employee
- GST: goods and services 10% of a supply
- stamp duty: the individuals rights on a property for ownership at purchase

Question 9

PAYG tax

Answer 9

pay as u go tax taken from employees wages/salary directly income tax

Question 10

legal and government laws

Answer 10

any laws, regulation made by any governing body or authority
- business name
- ABN
- tax file number

Question 11

dis and adv of policies

Answer 11

disadvantage: cost
advantages: the employees

Question 12

legal requirement

Answer 12

A rule put in place by the government that a business has to follow. If not adhere to these, the image can get tarnished or even get a fine
examples:
- GST
- Following OHS

Question 13

State and fedral legal requirement

Answer 13

state: food handling or license
fedral: all of OHS or tax