4B LEGAL REQUIREMENTS FOR ESTABLISHING A BUSINESS
What is the first legal requirement when first establishing a business?
Registering a business name
Who is the ATO and what do they do?
The ATO is The Australian Taxation Office, they collected taxes from every business and individual who is obligated to pay taxes.
Choosing suppliers with a track record of consistent and timely delivery is crucial for a business to meet customer demand and ensure operational efficiency. This characteristic is known as what?
reliability
Are procedures for customers or workers?
Workers
What does the task word: "Outline" mean?
Provide a brief description of the terms or topic.
List at least 3 domain names excluding .com
.edu .org .vic
Give 1 reason why it is important to establish a financial control system
Any of the following; prevents large financial losses, prevents fraud, prevents financial mismanagement and prevents low cash flow.
The overall satisfaction of customers and the reputation of a business are heavily influenced by this characteristic of the resources or materials provided by suppliers.
Quality
Why do businesses need policies?
The policies of a business inform and guide employees to make decisions that meet the business’s expectations and legal requirements.
What does the task word: " Compare " mean?
State the similarities and differences
What is auDA?
A self-regulatory body that oversees and manages the .au domain space
Give 2 importance for establishing a business bank account.
Enables a business to separate business and personal spending. Enables a business to properly calculate its bank balance and understand its financial position. Enables a business to accurately lodge its tax returns.
This factor, when considering suppliers, can impact a business's production costs and ultimately influence the retail prices of its products or services.
price competitiveness
What is the difference between policies and procedures?
Policies are written statements while procedures are the series of actions an employee has to follow.
What does the task word: " Discuss " mean?
Covering both sides of the issue (adv/disadv)
List 3 rights and obligations stated within the CCA.
(1) Commit to guarantees and warranties. (2) Do not collude. (3) Do not falsely advertise goods or services
Does a business have to have a seperate bank account from their personal account? State why.
Yes, required by the ATO as a separate bank account is necessary for taxation purposes.
When deciding between local suppliers and those located further away, businesses must consider factors such as transportation costs, access to specific inputs, and potential impacts on the environment. What is this decision-making process known as?
Supplier sourcing optimisation
What is the process for creating business procedures
(1) Assess all relevant. (2) Create appropriate procedures. (3 Present the policies and legislation procedures to employees and implement them. (4) Review procedures and amend them if needed
What does the task word: " Justify " mean?
Give valid reasons or evidence to support an answer or conclusion.
What are the 4 steps to follow when registering a business name
Decide on a business name, prepare your ABN or apply for one, follow registration steps listed on the ASICs website and being operating under the registered business name and number.
What are cash books?
Cash books are manual or electronic books where all cash transactions within a business are recorded (Text book definition).
By selecting suppliers that align with the business's ethical and sustainability goals, a company can enhance its reputation, reduce environmental impact, and contribute positively to society. This practice is commonly referred to as what?
Ethical supplier selection based on corporate social responsibility (CSR)
Name 1 legislation (the exact name) and what does it cover?
Equal Opportunity Act, workplace harassment, bullying, and discrimination. Privacy and Data Protection Act, personal customer information and its misuse when being collected by public organisations. Occupational Health and Safety Act, Safety and health conditions in the workplace. Competition and Consumer Act, customer rights when engaging with a business to prevent misleading or deceptive conduct.
What does the task word: " Evaluate " mean?
State the relative strengths and weaknesses of the arguments raised, as well as provide your opinion.