unit 2.1 - legal requirements and financial considerations Flashcards
(22 cards)
by-laws
local government laws/regulations relating to activities within a municipality.
corporate citizenship
acceptance by a corporate of its responsibility to stakeholders for actions and decisions.
domain name
a unique name identifying the website in a web address.
fair-work ombudsman
an independent statutory agency of the Australian Government that acts as a central point of contact for free advice and information on the Australian national workplace relations system.
false and misleading representation
to lie or exaggerate about the features or benefits offered by a product being sold.
insurance
a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company.
legal compliance
the process by which a business ensures that it observes and complies with external statutory laws and regulations.
license
a document or permit that gives official permission to do, use or own something.
occupational health and safety
area of the law concerned with the safety and welfare of people engaged in work or employment.
premium
periodic payment made to an insurance company.
public liability insurance
the protection of businesses against damages or injuries to another person or property.
regulation
a rule that is created, maintained and enforced by an authority.
risk assessment
an assessment of the level of risk for which insurance cover is sought, conducted by an insurance company.
superannuation
a pension or lump sum payment made to workers on retirement; the money comes from the employer’s contributions made during the employee’s working life.
warranty
a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time.
work cover
compulsory insurance scheme that provides employers with insurance cover for the cost of benefits if workers are injured or become ill because of their work.
workplace relations
the relationship between employer and employee with regards to contractual, emotional, physical and practical concerns.
trade practices legislation
ensures its way of trading aligns with obligations relevant to the specific industry, to ensure businesses are engaging with competitors and consumers fairly. (Competition and Consumers Act)
auditing
the process of testing and evaluating a businesses’ accounting processes and internal controls.
policies
written statements that outline the expected performance and behaviour of employees, which guide employees to make decisions that meet business expectations and legal requirements.
procedures
to provide employees with a step-by-step guide to follow in specific situations or events, designed to encourage employees to behave in a routine manner.
cartel
exists if two or more businesses that would normally be in competition with each other agree to act together. (petrol)
