Legal requirements
What body do you register your business name with in Australia?
ASIC (Australian Securities and Investments Commission).
Why must a business open a separate bank account?
To separate personal and business finances for accurate record-keeping.
What does CSR stand for?
Corporate Social Responsibility.
What is a policy?
A written set of broad guidelines for employees to follow.
What does “customer base” mean?
The group of regular customers who repeatedly purchase from a business.
What is market research?
Gathering and analysing information about customers and competitors.
What is job analysis?
Determining the tasks, duties, and responsibilities of a job.
What is an example of a global issue that may affect a new business?
Exchange rate changes or supply chain delays.
What is one reason for registering a website domain?
To protect the business’s online identity and ensure customers can find it online.
What is a financial control system?
A method to monitor and manage the business’s financial performance.
Name one benefit of using a socially responsible supplier.
Enhances brand reputation and customer trust.
Why do businesses create procedures?
To provide step-by-step instructions for completing specific tasks consistently.
How does marketing help achieve business objectives?
By increasing sales, brand awareness, and customer loyalty.
What is a target market?
A specific group of customers a business aims to sell to.
What is job design?
Organising job tasks and responsibilities to meet business and employee needs.
What is meant by “globalisation”?
The increasing interconnection of businesses and markets worldwide.
What legislation protects employees from unsafe workplaces?
What are two types of financial records a business should keep?
Sales records and expense reports.
Name one limitation of choosing CSR suppliers.
Higher costs that reduce short-term profit.
What is meant by “compliance”?
Following all relevant laws and regulations.
How is brand identity created?
Through consistent marketing, visuals, and customer experience.
What are market segments?
Subgroups of a market based on shared characteristics (e.g., age, income).
Name one internal recruitment method.
Word of mouth, or intranet.
What is a customer database used for?
Storing and managing customer contact and purchasing information.
Why must businesses comply with taxation laws?
To avoid fines and operate legally.
What is the purpose of bookkeeping software?
To record financial transactions accurately and efficiently.
How can supplier choice affect a business’s reputation?
Ethical suppliers improve reputation; unethical ones damage it.
Give one example of a business policy.
Workplace health and safety policy.
Name one internal and one external factor that affect customer base.
Internal – staff performance; External – competitors.
Give one example of a data collection method.
Surveys or focus groups.
Name one external recruitment method.
Online job boards or recruitment agencies.
What is SEO (Search Engine Optimisation)?
Improving website visibility on search engines.
What is WorkSafe insurance and why is it important?
It covers workers injured at work; ensures compliance with OH&S laws.
How can financial mismanagement impact business survival?
Can cause cash flow issues, debt, or business closure.
Explain one example of CSR.
Mr O'Grady will judge. Must be above and beyond legal obligation.
How can policies improve employee behaviour?
Provide clear expectations and promote accountability.
What is the 7Ps model of marketing?
Product, Price, Place, Promotion, People, Physical Evidence, Process.
What is consumer behaviour?
How individuals make decisions to spend resources on goods/services.
What is the difference between job description and job specification?
Description = tasks; Specification = skills and qualifications.
What global risks do businesses face when sourcing overseas?
Shipping delays, tariffs, or political instability.
Why must a business name not be misleading or identical to another?
To avoid legal disputes and confusion.
What is the purpose of internal audits?
To check accuracy of financial records and ensure compliance.
What are the benefits of long-term supplier relationships?
Reliable supply, better prices, and trust.
What is a procedure for handling customer complaints?
Document, investigate, and resolve the issue promptly.
Explain “product” and “promotion” in the 7Ps.
Product = what is sold; Promotion = how it’s advertised.
How can data analysis improve marketing strategies?
Identifies trends and improves targeting.
What is psychological testing in selection?
Assessing personality or aptitude fit for a role.
How can technology change staffing needs?
Automation may reduce or change roles.
What is trade practices legislation?
Rules ensuring fair competition and consumer protection.
How can budgeting improve decision-making?
Helps control spending and plan for future costs.
What are the risks of relying on a single supplier?
Supply disruptions or price increases.
Why must procedures be reviewed regularly?
To stay up to date with changing laws or business needs.
How do customer loyalty programs support objectives?
Encourage repeat purchases, increasing sales, and profit.
How do consumer trends affect marketing strategy?
Businesses adapt to new preferences or technologies.
What are the National Employment Standards?
Ten minimum conditions of employment for all workers.
What is technology?
Any tool used by humans to achieve a goal.
Or
The practical application of knowledge to do something
What penalties can apply for not meeting legal business obligations?
Fines, licence suspension, or legal action
What is record-keeping legislation, and why does it matter?
Requires businesses to keep accurate records for tax and compliance.
How does CSR supplier selection link to marketing?
Promotes the business as ethical, attracting conscious consumers.
How can policies assist in legal compliance?
Shows how a business meets relevant laws.
Analyse the link between marketing, customer base, and objectives.
Strong marketing grows customers and drives objectives like sales.
Discuss how market research informs product design.
Reveals customer needs that guide development.
What is employee induction and why is it important?
Orientation for new staff; improves performance and retention.
Identify how globalisation and technology influence success.
Lower costs, reach new markets, improve efficiency, and increase competition.