Legal Requirements
Provides standards for sellers of food and beverages to meet in order to obtain a license to obtain a license to operate, or to ensure the health and hygiene of buyers/diners.
Vic food act 1984
Things like loans, creditors, credit cards. Also need to get an accurate picture of business' financial position.
Liabilities or debts owed by a business to others
Is the degree to which an object or entity (e.g., process, product, or service) satisfies a specified set of attributes or requirements.
Quality
A broad set of guidelines that govern behaviours on a certain area within an organisation.
Policy
What are some disadvantages of overseas retailers & suppliers?
-Its harder to guarantee quality
-Shipping to overseas shops is expensive
-Language barriers
A Government body in charge of administering and collecting TAX. Partnerships and companies need a tax file number (TFN) for the business. Sole traders use their individual TFN.
Australian Tax Office
Keeps track of the money you owe and are owed so you can budget or apply for loans
Cash flow management cash books. -Keeping track of the money received (receipts) and money payed (cheques)
Is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability
Price
A Series of steps or actions that supports a policy
Procedures
What are some disadvantages of customer databases?
-Privacy issues (eg. Customers details may get out and that would cause them to be angry and that would lead to the business losing money because of the angry customers.)
-Substantial hardware and software start-up costs
-Database systems are complex, difficult, and time-consuming to design
A tax where everyone is taxed the same regardless of income. (eg. A tv worth $1500 will have a tax of $150 for low income and high income earners)
GST- a regressive tax
Snapshot of business at different points. Allows for compensation of equity levels and overall financial position.
Balance sheet (The net worth of the business)
That a product, system, or service will perform its intended function adequately for a specified period of time, or will operate in a defined environment without failure. (eg. that suppliers deliver on time)
Reliable/Reliability
Providing a framework for consistent decision making and clear actions in routine situations, so that employees do not need too continually ask the owner what to do is an advantage of...
A policy
Is something that allows organisations to improve both the performance and overall effectiveness of products, systems and services, which, in turn, enables businesses to expand quickly and efficiently. Companies use this resource are able to improve the way they design and manage customer relationships.
Technology
A Victorian government agency that inspects work sites and prosecute employees if need be. Also enforces WorkCover Insurance so employers pay employees tinkered on the job. May also be for legal cost, lost income, rehab, or a lump sum for serious injuries
WorkSafe Insurance
A formal statement of estimated income and expenses based on future plans and objectives. Is also a document that management makes to estimate the revenues and expenses for an upcoming period based on their goals for the business.
Budget/Budgeting
Can save time and money. Also can support the local area
Proximity
The process used to investigate an allegation of harassment, bullying or discrimination is an example of a...
A procedure
overseas suppliers, resources, customers & overseas retailers can be a what type of issue.
Global issues (eg. CSR issues, culture difference, hidden costs, overseas laws, delivery issues, cost of business development)