Business Revision T3 S1

Domain name

Website address that helps identify a business

Australian taxation office

Making sure everyone pays their tax ATO

Tax file number

TFN required if you are working for tax purposes

Income tax

A tax on an individual's or entity's earnings

Business activity statement

BAS, let the taxt office know how much they’ve been earning (4 times a year)

Progressive taxation

The more you earn the more you pay

Zoning regulations

Where you are allowed to have your business

Occupational health and safety

Laws and regulations to ensure a safe working environment for employees OHS

Work safe

Company that makes sure everyone/everything is safe and follows regulations (can shut down your business)

Work cover

System of worker compensation for when you are injured, covers your medial bills

Consumer protection law

Make sure the customer knows what they’re getting like allergies

Cartels

Company comes to get together to set the price eg. gas stations on fri put prices higher

Merger

Companies that merge together

Auditing/auditor

The examination of financial records and statements to ensure accuracy and compliance with established accounting practices, (makes sure everything is accurate, not overspending, all legal)

Inventory

How much stock you have

Guarantees

What the business promises to the customer regarding product quality and performance

Local, state federal

3 levels of gov

Health, parking permits & waste charges

Local gov

Work cover, work safe, zoning

State/territory gov

Gst, tarrifs, accc

Federal gov

Free lancer

Someone who casually works

Book keepers

Professionals who maintain financial records, manage accounts, and ensure accuracy in statements for businesses (records data)

Recruiters

Hiring of staff

Marketing consultants

Help advertise your business

Seperate entity

Keeping personal & business money seperate

Interests, fees, branches

Choosing a bank account IFB

Budgeting

Spending plan

Cash flow

Money coming in and out of your business

Accounts receivable

Money you will receive in the future

Accounts payable

Money you will need to pay back eg. bills

Income statement

Financial report showing revenues and expenses over a specific period (profit and loss)

Liabilities

What a business OWES

Balance sheet

Shows the business liabilities

Quality, price, proximity, responsibility

Choosing suppliers QPPR

Policy

Rule

Procedure

Consequences, how you enforce the rule

Customer database

Gaining information from customers such as job to help further advertise their products

Record keeping, income statement, cash book, balance sheet

What did I spend - ICB

Financial control, budgeting, auditing, cash flow management

How do I spend better - BAC

3d printing, robotics

Technology in biz

Exporting, tariffs

Global issue