VCE BusMan Unit 2 AOS 1 (my copy)

Legal regulations for businesses

Fire regulations,

health regulations,

business signage rules.

3 trade practice laws

The Competition and Consumer Act 2010,

Australian Consumer Law,

and ACCC.

Freelancer

Works independently and is paid per job by businesses or individuals.

Role of a bookkeeper

Records and processes financial transactions for a business.

Recruiters

Help find suitable staff and manage the hiring process.

Sales professionals

Persuade and convince consumers to buy products.

Marketing consultant's role

Increases brand awareness and targets market outreach.

IT technicians

Handle technical and digital systems that business owners may not manage themselves.

Key factors when choosing a bank account

Bank fees,

interest rates,

credit card services.

Financial control systems

Tools and methods to monitor and manage financial performance.

Types of financial control systems

Budgeting,

auditing,

inventory control.

cash-flow managment

Budgeting

Predicting a business's financial performance over a period.

Auditing

Evaluating financial records to ensure accuracy and detect corruption.

Inventory control

Managing stock levels to reduce waste and cost.

Source document

Written proof of a financial transaction such as receipt, invoice.

RKS: Cashbook

A summary of all cash receipts and payments.

RKS: Income statement

Used to calculate a business's profit over time.

RKS: Balance sheet

A business's assets, liabilities, and owner's equity at a point in time.

RKS: Bookkeeping

The ongoing recording and organising of financial records.

Procurement

Selecting suppliers, negotiating contracts, and buying business resources.

Factors influencing supplier choice

Price

quality

reliability

proximity

CSR

Policy

A written guideline for employee behaviour and decisions.

Procedure

The step-by-step actions to carry out a policy.

Examples of business policies

Recruitment, privacy, and supplier policies.

Advantages of policies and procedures

1. Standardised handling of issues and complaints.

2. Helps communicate expectations to new employees.

Disadvantages of policies and procedures

1 May require costly legal input.

2 Restricts innovation in the workplace

Technological development in business

Using new technology to improve operations and gain competitive advantages.

Areas influenced by tech development

Marketing, manufacturing, and administration.

Issues with implementing new tech

Cost of training/infrastructure and potential disruption of current systems.

Globalisation in business

Expanding business operations across international borders.

Examples of globalisation in practice

1. Using overseas suppliers for materials.

2. Selling products to overseas customers and retailers.

3 disadvantages of globalisation

trade laws

cultural differences

increased competition.

external professionals

• freelancers

• bookeepers

• recruiters

• sales professionals

• marketing consultants

• IT technicians