YR 11 U2 AOS 1 - Legal requirments PART A

A Domain name is

• the website logo

• the website address

• the website creation date

Trade practices include:

• business tax compliance & work safe insurance

• business tax compliance and registering websites

• work safe and registering websites

Taxation is

• a means by which the government finances its expenditure by collecting money from animal care.

• a means by which the individual finances its expenditure by collecting money from other businesses.

• a means by which the government finances its expenditure by collecting money from individuals and businesses.

Work Safe

• WorkSafe also provides Work Cover insurance which is a compulsory cost for any employer.

• has the power to inspect work sites and aims to prosecute employers that breach any health and safety requirements.

• All of the above

it is recommended a business has its own separate bank accounts to its owner because:

• You dont get taxed as much

• It is easier to monitor the financial performance of a business if it has its own bank account.

• You can keep secretes from the bank

When setting up a bank account. It is important to research 5 factors of which bank is best based on:

• lower bank account fees, low interest rates, clear overdraft terms, credit cards with no catch, provides convenience and 24/7 support.

• low interest rates, clear overdraft terms, credit cards with no catch, provides convenience and 24/7 support.

• lower bank account fees, low interest rates, clear overdraft terms

Financial control systems:

• help a business monitor and manage operations and how they mange their suppliers.

• help a business monitor and manage its employees and the hiring process.

• help a business monitor and manage its financial performance and most common relate to accounting and record-keeping systems.

A discuss question is:

• Advantages and disadvantages

• Advantages and disadvantages with a definition

• a definition with examples

Financial control systems include:

• Budgeting, cash-flow management, Control of accounts receivable, Inventory control & auditing.

• credit cards, interest rates, bank fees & overdraft

• lean, waste management, just in time & quality assurance

Financial record keeping is important to do because:

• Accurate records help a business owner have an understanding of how the business is performing and where improvements need to be made.

• Accurate records help a business owner know who has been paid.

• Accurate records help a business owner know which products have been popular and which products need to go.