4.2 & 4.3

Which of the following is NOT a consequence of non-compliance with statutory regulations for businesses?

• Loss of customers

• Improvement in reputation

• Fines

• Cessation of trading

Why is legal compliance beneficial for businesses?

• It reduces operating costs.

• It can enhance business performance compared to competitors.

• It allows businesses to avoid paying taxes.

• It guarantees international business opportunities.

Which organization handles national business name registration in Australia?

• ATO

• ASIC

• ACCC

• IP Australia

What is required to register a business name in Australia?

• Only a TFN

• Personal identification documents

• An ABN or ABN application reference number

• Proof of business insurance

What additional step is recommended for crucial business names after registration?

• Registering the name as a trademark with IP Australia

• Obtaining a business loan

• Hiring a business consultant

• Opening a business bank account

Why is it recommended to register multiple domain names for a business?

• To increase advertising revenue

• To improve customer access and prevent confusion

• To secure more email addresses

• To enhance cybersecurity

What is the typical annual cost range for domain name registration?

• $5 to $20

• $10 to $100

• $100 to $500

• $500 to $1000

What tax must companies with a turnover of less than $50 million pay?

• 25%

• 30%

• 35%

• 40%

What document is required for GST-registered businesses to submit?

• Tax Invoice

• PAYG Summary

• BAS (Business Activity Statement)

• Annual Report

Which Act do local councils enforce for health regulations in food businesses in Victoria?

• Food Safety Act

• Health and Safety Act

• Public Health and Wellbeing Act

• Environmental Protection Act