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Business
10th -
12thgrade
Business management Unit 2 AoS1 Legal_Financial
12 questions
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- 1. Multiple Choice
What is a by law?
Federal government laws created by the parliament
Local government laws/regulations relating to activities within a municipality
Judicial laws passed by the courts of law
State government laws passed in Victoria
- 2. Multiple Choice
Work cover insurance is compulsory insurance that all Victorian businesses must pay
True
False
- 3. Multiple Choice
The new name for the Trade Practices Act 1974 is
Australian Consumer Law ACL
Australian Competition and Consumer Commission ACCC
Competition and Consumer Act 2010 CCA
- 4. Multiple Choice
It's legal in Victoria for a shopfront to have the sign "No refunds"
Yes
No
- 5. Fill in the Blank
Fill up Following:
What should any business carrying out an enterprise in Australia must obtain?
A__________________ B____________________ N____________
- 6. Fill in the Blank
Fill in the following:
What must be submitted periodically to advise the ATO and remit tax due on income earned during that period, plus any GST...
B_________________A________________________S______________
- 7. Multiple Choice
A public liability insurance is to protect the business against damages or injuries to another person or property
True
False
- 8. Fill in the Blank
Policy is a written statement of the p____________, p______________, r_________ and r_______________
- 9. Multiple Choice
cash flow is tracking the cash or money coming into and going out of the business. To do this check all the processes must be followed.
Cash registers should be used and cash stored securely
Don't accept cash at all, accept only contactless payments
Bank statements and cash books should be checked regualry and reconciled
cash should not be reimbursed without a receipt
- 10. Multiple Choice
What will a balance sheet contain?
Assets, liabilities, owners equity (investment)
profit and loss statements
revenue and expenses
All the above three
- 11. Multiple Choice
Having an ethical procurement policy will result in improved business competitiveness. However, there are also potential disadvantages. Tick the ones that are right:
increased costs in sourcing ethical suppliers
potential for quality reduction
limited choice for customers
None of the above
- 12. Multiple Choice
Technology allows businesses to track and gather data on what customers are purchasing. Is that contrary to the Australian privacy principles?
Yes
No
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