WorksheetsUnit 2 AOS 1 Week one recap
Total questions: 8
Worksheet time: 4mins
What is Workcover Insurance?
An insurance that employees pay for. It compensates them for any costs relating to car and home damage
An insurance that employers pay for. It covers them by paying any costs for an ill/injured employee due to their work
An insurance that the federal government set up under the Health and Safety Act
An insurance that the government pays for. It covers any business whenever an employee is ill or injured due to their work
What is the entity principle?
The principle that business bank accounts should be separate from personal bank account
The idea that all property should be owned by a single entity
The concept that business bookkeeping programs should be used in all business
The notion that all employees must work under safe conditions
Which one of these is not a record keeping strategy?
MYOB
Quickbooks
Bookkeeper
Microsoft Word
True or false: businesses must register for GST when they earn $75,000 or more annually
True
False
What is Worksafe Victoria?
A federal government agency that manage economic issues so that businesses keep on top of their financial debts
A state government organisation who ensure that businesses are abiding by national health and safety laws. Also provide WorkCover insurance
A state government organisation that offers support to unemployed staff, closed businesses and industries affected by technology
A federal government initiative to improve the working conditions of workplaces
When do businesses have to register their business name?
Always, even if the business's name is the same as the owners
Almost always, except if there are more than 2 owners of the business
Not always required to register, just as long as you have an account at ASIC
Almost always, unless the business's name is the same of the owners, which is then optional
What are the main factors to consider when opening a business bank account?
How fast it can be opened, where the bank location is, what app the bank uses
Bank fees, interest rates, convenience and support
Its share price, its transaction quotas and taxes
Its reputation, its range of credit cards and loan types
Which of these is a consequence of poor cash-flow management?
Unable to track money owed to the business and manage their debt payments
Unable to become poor due to bookkeeping software and auditing
Able to contact the customers about their queries and complaints
Able to track business exposure to the market
