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3 phases of the employment cycle
Establishment, maitenence and termination.
3 types of internal recruitment
Email, staff room notice board, word of mouth
Name 3 things a business must legally do.
Register a business name, a domain name, and comply with tax regulations.
How long must businesses keep financial transactions records for?
Businesses are required by law to keep records of their financial transactions for at least five years for tax purposes.
Define corporate social responsibility
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.
Include 3 parts of the establishment phase
Recruitment, selection and job analysis.
3 types of external recruitment
Media advertisement, social media, company websites
Why do businesses have to comply with legal requirements
A business must ensure that it is familiar with all of the various legal requirements that may affect it, as failing to do so can have serious consequences for the business and its owners.
Describe 1 record keeping strategy.
A cash book normally consists of two sections, with cash receipts recorded on the left-hand side and cash payments recorded on the right. This helps monitor the business’s cash-flow position — that is, the money coming into the business and the money leaving the business
What is 1 benefit of an australian business choosing an overseas supplier instead of local?
Many overseas suppliers are much cheaper due to labor being cheaper overseas.
Name 3 types of selection methods
Work testing, interview, questionare
2 methods to conduct a job analysis
Questionares, or observation method
Name 3 types of external professionals when establishing a business.
Bookkeepers, IT technicians, and recruiters.
What are the 3 things businesses should consider when choosing suppliers?
Price, quality and reliability of goods produced by the supplier.
What is 1 limitation of an australian business choosing an overseas supplier instead of local?
They risk choosing a non socially responsible business as many cheap suppliers aren't socially respoinsible.
Name 3 employer expectations
Be able to work in teams
Loayalty to business
Commited to job
2 types of selection methods
Interview or work testing
Why should business owners keep personal finances separate from business finances.
It is easier to calculate business expenses, such as bank fees, and revenue, such as interest earned, which makes it less time consuming and costly to prepare tax returns for the business.
Name 2 benefits and 2 limitations of choosing a socially responsible supplier.
Benefits-Improves the reputation of the business throughout the community, meaning people ae more likely to purchase their products.
Investors are more likely to invest in socially responsible businesses.
Limitations-Increased costs are usually associated with socially responsible suppliers who will pass cost onto the business.
Maintaining a supply chain that sources sustainable materials is very time consuming for a business.
Define entrepreneur
A person who is willing to seize opportunities to start and operate a business, and is prepared to take risks in the hope of making a profit.
5 national employment standards
Long service leave, parental leave, flexible working hours, annual leave, public holidays.
What does human resource planning do when someone quits, fires, retires etc?
Identify staffing needs, what jobs require what skills otherwise if they rish in they're setting themselves up for failure.
Define financial control systems. And name 3.
"Financial control systems are the processes, methods and tools that the business uses to monitor and manage financial performance."
Financial control systems include budgeting, cash-flow management, control of accounts receivable and auditing.
Define procedure and Policy.
Policy-A policy is a written set of broad guidelines to be followed by all employees.
Procedure-A procedure is a series of actions that enable a policy to be put into practice.
Define Australian competition and consumer commision.
A government body that has the role of enforcing the Competition and Consumer Act 2010 (Cwlth) and a range of additional legislation promoting competition and fair trading, and regulating national infrastructure