Business Management Unit 2: Area of Study 1

Marketing adviser

is a professional who provides expert advice to businesses in relation to promoting and selling their products.

Legal adviser

is a professional who provides expert advice to businesses regarding their legal responsibilities.

ICT specialist

is a professional who develops and maintains the technological systems that are used by businesses to store and retrieve data.

Financial adviser

is a professional who provides expert advice to individuals and businesses in relation to monetary matters, personal finances, and potential investments.

Accountant

is a professional who manages, updates, analyses, and reports a business's financial information.

Customer data base

is a collection of information about existing and potential customers.

External professionals

are highly-skilled individuals that businesses hire to provide expertise in a particular area of operation.

Business name

is the title that a business operates under and what customers use to identify the business

Trademark

is an exclusive right granted over a unique aspect of a business, such as a symbol, word, sound, or number that is used to distinguish the business or its products.

Website domain

is a website address that identifies a business's online site.

Trade practices legislation

is the law that governs how a business interacts with customers and competitors.

Guarantees

are promises that a business makes to customers regarding a good or service.

Warranties

are a type of written guarantee that a business will repair or replace a faulty product if required within a specific time period

Tax compliance

is the extent to which an individual or business meets tax obligations.

Income tax

is the tax individuals and businesses must pay which is calculated from their income.

Pay As You Go (PAYG)

is a system that involves individuals and businesses paying tax at regular intervals.

Tax returns

are documents that are filled out by individuals and businesses to calculate how much of their income will be taxed

Work safe insurance

is compulsory insurance that assists employers to meet their obligation of financially compensating and supporting employees who become injured or ill because of their work.

WorkSafe Victoria

is an independent government body that governs how businesses maintain workplace health and safety.

WorkCover Insurance

is financial protection provided to businesses when employees become injured or ill in the workplace.

Bank account

is an arrangement made with a bank where a business or individual can deposit and withdraw money.

Financial performance

is how well a business is able to manage its expenses and revenue over a period of time.

Financial control systems

are processes and procedures used to direct and monitor a business's finances.

Fraud

is a crime that may involve an individual being deceitful to gain a financial benefit.

Business reports

are documents created periodically throughout the year to provide owners and stakeholders with a summary of the business's overall financial performance.

Budgeting

involves estimating a business's future financial transactions to ensure it remains in a financially viable position.

Auditing

involves assessing a business's financial information to verify that it is true and accurate.

Cash flow

is the amount of money, or cash, coming in and out of the business over a period of time.

Record-keeping strategies

are methods used to keep track of the financial transactions of a business over a period of time.

Cash books

are manual or electronic books where all cash transactions within a business are recorded.

CSR

is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic, and environmental impacts when making business decisions.

Sustainability

involves making an effort to ensure natural resources are not permanently depleted or damaged by business activities

Considerations for suppliers

price, quality, reliability, location, CSR

Policies

are written statements that outline the expected performance and behaviour of employees.

Procedures

are a series of actions that employees must follow in order to abide by the business's policies.

Grievances

are issues that may come up in a workplace and give rise to formal complaints being made.

Customer database

is a collection of information about existing and potential customers.

Overseas suppliers

are individuals or businesses that sell raw materials or resources in a country overseas.

Free trade

is being able to buy and sell goods or services internationally with minimal government restrictions or rules.

Overseas retailers

are individuals or businesses that sell goods and services directly to customers overseas.