Business management Unit 2 AoS1 Legal_Financial

What is a by law?

• Federal government laws created by the parliament

• Local government laws/regulations relating to activities within a municipality

• Judicial laws passed by the courts of law

• State government laws passed in Victoria

Work cover insurance is compulsory insurance that all Victorian businesses must pay

• True

• False

The new name for the Trade Practices Act 1974 is

• Australian Consumer Law ACL

• Australian Competition and Consumer Commission ACCC

• Competition and Consumer Act 2010 CCA

It's legal in Victoria for a shopfront to have the sign "No refunds"

• Yes

• No

Fill up Following:

What should any business carrying out an enterprise in Australia must obtain?

A__________________ B____________________ N____________

(a)  

Fill in the following:

What must be submitted periodically to advise the ATO and remit tax due on income earned during that period, plus any GST...

B_________________A________________________S______________

(a)  

A public liability insurance is to protect the business against damages or injuries to another person or property

• True

• False

Policy is a written statement of the p____________, p______________, r_________ and r_______________

(a)  

cash flow is tracking the cash or money coming into and going out of the business. To do this check all the processes must be followed.

• Cash registers should be used and cash stored securely

• Don't accept cash at all, accept only contactless payments

• Bank statements and cash books should be checked regualry and reconciled

• cash should not be reimbursed without a receipt

What will a balance sheet contain?

• Assets, liabilities, owners equity (investment)

• profit and loss statements

• revenue and expenses

• All the above three