Business Management 4.2-4.3 Legal Requirements

This accounting principle states that we should always record the transactions of the business and its owner separately

• separate identity

• duel entity

• separate entity

• separate legal entity

What does ATO, TFN, ABN and ACN stand for?

• Australian Tax Office, Tax File Number, Australian Business Number and Australian Company Number.

• Australian Trade Office, Tax File Number, Australian Business Number and Australian Company Number.

• Australian Tax Office, Tax File Number, Australian Business Name and Australian Company Number.

• Australian Tax Office, Tax File Number, Australian Business Name and Australian Company Number.

Which is NOT a major Federal taxes that apply to business?

• Pay as you go (PAYG)

• Goods and Services tax (GST

• Fringe Benefits tax (FBT)

• Stamp Duty

Identify the TWO major state taxes

• Stamp Duty

• Goods and Services tax

• Land Tax

• Fringe benefit tax

What does a business have to submit to the ATO periodically?

• Business Tell All (BTA)

• The Morning Report

• Business Activity Statement (BAS)

• Business Plan

The Work Health and Safety Act 2011 is the federal legislation that regulates how a business owner must ensure the safety of its workers. What is the Victorian legilation called?

• Occupational Health and Safety Act 2004 (OHS)

• Victorian Health and Safety Act 1998 (VHS)

• Victoria is Staying Safe Act 2001 (VISA)

• Occupational Hazards and Sickness Act 2008 (OHS)

We try to regulate consumer protection and fair competition through which legislation?

• Competition and Consumer Act 2010

• Protections and Fairness Act 2010

• Australian Competition and Consumer Commission Act 2010

• Consumer Affairs Act 2010

Which anti-competitive practice is NOT included in the Competition and Consumer Act 2010?

• Cartels

• Aggressive marketing

• Exclusive dealing

• Resale price maintenance

• Mergers and acquisition

Which undesirable and misleading practice is NOT covered in the Competition and Consumer Act 2010?

• Misleading or deceptive conduct.

• Rudeness

• Pyramid schemes

• Misleading representations regarding goods and services

• Offering gifts and prizes but then not providing them