Law & Order
Identify two legal requirements for starting a business
Register a Business name with ASIC
Register an ABN with the ATO
Register a website
Adhere to trade practices legislation
Register for Work Cover insurance.
Why is it important to have financial control systems in place?
To prevent fraud from within the business.
What is one example of a primary source of data that can be collected through market research?
conducting surveys online or via phone calls or interviews or recording first-hand observations of consumer behaviours, or conducting experiments.
If the question prompts you to provide a definition
define
Outline two minimum employment standards the full timer worker would be entitled to.
Any of the NES entitlements set out of by the Fair Work Commission - E.g. annual leave, sick leave, compassionate leave, minimum hours and wage etc
What is the role of marketing consultant when establishing a business?
They are responsible for raising awareness of business’s products and brand with their target markets.
They run campaigns that involve advertising and other forms of communication with potential customers which increase awareness among consumers and result in increased sales.
What is the ‘separate entity' principle?
The ‘separate entity’ accounting principle recognising that the owner’s finances are separate to those of the business and therefore business transactions should be recorded separately.
Distinguish between the characteristics between goods and services
Goods are tangible and can be touched, however, services a intangible and cannot be touched. This means that while goods are physical items that can be stored, services are consumed as they are being produced
Provide a detailed account of something; give the facts about something and if the question refers to a process, provide a detailed account in sequential order
Describe
identify two expectations that employees typically have in a business."
employee expectations such as conditions of employment, remuneration, job security and work-life balance
Give an example of a policy that would be required in day to day operations of any business.
Hazards Control Policy
Workplace Health and Safety Policy
Emergency Evacuation Policy
Procurement Policy
Why is choosing the right supplier important?
Choosing the right supplier is important to business success – failure to do so can cripple the business’ ability to provide customers with high quality goods/services.
Identify the five stages of the product life cycle
the product life cycle: introduction, growth, maturity, decline, extension
How many marks is typically allocated to an evaluate question?"
6 or more
What is work-life balance?
work-life balance refers to the equilibrium or harmony an individual seeks to achieve between their professional responsibilities and personal life. It involves managing time, energy, and attention in a way that allows individuals to fulfill their work obligations while also enjoying a fulfilling personal life outside of work.
What is importance for policies and procedures to establish business routines?
•Established by businesses to set the direction of the business and to determine standards of behaviour
•Clearly defined policies promote good practice and help ensure employees are working within the requirements of the law.
•Right policies also help establish a positive culture within the business, which will in turn assist the business to reach its objectives.
•Ensure a business follows legislation, it should remain aware of updates and change past policies if required.
What is a stakeholders?
Stakeholders’ refers to the people and groups that interact in some way with the business and have a vested interest (or stake) in its activities.
What are the features and value of customer relations strategies such as providing quality customer service?
Bring together for noting the points of likeness and difference, Define Term A, Define Term B, Similarity between A and B, Difference between A and B
Compare
What are the effects that developments in technology may have on staffing needs?
Technological developments can reshape the skills, roles, and structure of a workforce. Organisations need to anticipate these changes and proactively address their staffing needs to remain agile and competitive in the evolving business landscape.
What is the name of the legislation that oversees all trade practices (formerly called the Trade Practices Act 1975).
Competition Consumer Act 2010
Define Induction
Induction can be defined as a structured program that aims to provide new employees with all the necessary knowledge, skills, and information about the barber shop to be able to perform their job effectively
Describe the importance of product branding
Product branding belongs to the 7P’s of the marketing mix and is important to a business because it involves the process of creating and establishing a unique identity that customers can recognise . It includes the brand name, logo, packaging, and overall brand image that differentiates this product from its competitors to build customer loyalty and sales
Identify the main features then examine closely; examine in parts; show how the parts relate to the whole and provide an opinion/conclusion/recommendation
Analyse
Compare job analysis to job specification
Both job analysis and job design are an important part of staff planning of a business to ensure that the right person with the right skill set is hired to fill the vacancy at the business. Both are interrelated because a job analysis allows the business to lay the foundations providing crucial information about the tasks, responsibilities, and requirements of the job which and then be used for the job design to ensure employee satisfaction and performance. They differ in that a job analysis is a systematic process of gathering and evaluating information about a particular job in this case for a graphic designer. The analysis does focus on the actual job activities, the equipment they will use to perform the job, and the skills, knowledge and qualifications needed to enable the writing of a job description. Job design on the other hand targets the creation of tasks that are meaningful, challenging, and motivational for the recruit that align with the objectives.