Key Knowledge 1
A regressive tax that is imposed at 10% on most products sold in Australia. It is collected by businesses and passed onto the government.
GST
Item, objects or entities of value to a business or company.
Assets
keeping costs down in production can mean you could increase profit and pass on cost-savings to customers to increase sales.
Price
A broad set of guidelines that govern behaviours on a certain area within an organization.
Policy
Aim is to target customers efficiently and create loyalty.
Customer Database
____ promotes competition and fair trading across the nation. ____ also administers the competition and consumer act and make sure businesses and consumers act fairly while interacting with one another.
ACCC
___________ are debts owed by a business to others.
Liabilities
Can't have a _______ output without _______ inputs or supplies.
Quality
A series of steps or actions that support a policy.
Procedures
Overseas suppliers and resources.
Global issues
Imposed on the employer for assets, such as a car provided to employees, in place of salary.
FBT
A business owner can temporarily borrow more money then they have for a short period of time.
Overdraft facility
Need strong relationships with suppliers. if suppliers don't deliver on time it could be a disaster.
Reliability
registering a business name, website domain, trade practice legislation, business tax compliance and work safe insurance.
Legal requirement
Social media, smartphone apps, 3D printing and ads.
Technology
If you don't have business name, you can use this unique identifier instead.
ACN
This represents the money the owner has invested in the business.
Owners equity
Can save time and money. Also can support the local area.
Proximity
The need for policies and procedures to achieve compliance with legal requirement and establish business ________
Routines
Overseas laws, delivery issues, cost of business development.
Shipping