EOY BuM exam

• What is the role of external professionals in a business?

  They provide expertise for tasks to be completed more efficiently and to a higher standard.
• What does an accountant do?

  An accountant manages, updates, analyses, and reports a business’s financial information.
• Why is it important for accountants to create financial reports?

  To ensure legal compliance and provide insights into the business's financial health.
• What is the role of a financial adviser?

  A financial adviser provides expert advice on monetary matters and investments.
• What are the responsibilities of an ICT specialist?

  They develop and maintain technological systems for data storage and retrieval.
• What does a legal adviser do?

  A legal adviser provides expert advice regarding a business's legal responsibilities.
• What is the purpose of registering a business name?

  It identifies the business and what customers use to recognize it.
• What is a website domain?

  A website domain is an address that identifies a business’s online site.
• What does trade practices legislation govern?

  It governs how a business interacts with customers and competitors.
• What is business tax compliance?

  It is the extent to which an individual or business meets tax obligations.
• What is income tax?

  It is a tax individuals and businesses must pay based on their income.
• What does the pay-as-you-go system refer to?

  It refers to paying tax at regular intervals.
• What are tax returns?

  They are documents filled out to calculate how much of an income will be taxed.
• What is WorkSafe insurance?

  It is compulsory insurance that assists employers in compensating employees who become injured or ill at work.
• What is WorkSafe Victoria?

  It is an independent government body that governs workplace health and safety.
• What is WorkCover insurance?

  It provides financial protection to businesses when employees become injured or ill at work.
• How is financial performance determined?

  It is determined by a business's profits and losses over time.
• What is a bank account?

  It is an arrangement with a bank to deposit or withdraw money.
• What are financial control systems?

  They are processes used to direct and monitor business finances.
• What are record keeping strategies?

  They are methods used to track financial transactions over time.
• Why must a business consider price when sourcing suppliers?

  Prices of suppliers can influence the cost of selling the product.
• How does quality influence a business's product?

  Higher quality materials improve customer satisfaction and product output.
• What does reliability mean in the context of suppliers?

  It means suppliers can deliver the required quantity of inputs on time.
• How can location affect supplier relationships?

  Close suppliers can reduce transportation costs and emissions.
• What does corporate social responsibility entail for suppliers?

  It involves considering sustainability and treatment of employees and the environment.
• What are policies in a business context?

  Policies are written statements outlining expected performance and behavior of employees.
• What are procedures in a business context?

  Procedures are series of actions employees must follow to abide by policies.
• What is a customer database?

  A customer database is a collection of information about existing and potential customers.
• What are contacts with overseas suppliers?

  They are individuals or businesses that sell raw materials or resources from another country.
• What are contacts with overseas retailers?

  They are individuals or businesses that sell goods and services directly to customers overseas.
• What is free trade?

  Free trade is buying and selling goods internationally with minimal government restrictions.
• What are staffing needs?

  Staffing needs are the requirements a business has for employees.
• What does labour intensive mean?

  It means a business uses a high degree of employee involvement in production.
• What does capital intensive mean?

  It means a business uses a high degree of machinery and equipment in production.
• What is human resource planning?

  It is the process of identifying current and future employee needs.
• What is staff knowledge?

  Staff knowledge is the theoretical or practical understanding of a specific subject.
• What are staff skills?

  Staff skills are the abilities to complete specific tasks to a certain quality level.
• How do staff ideas contribute to a business?

  They provide unique perspectives and can be developed through a diverse workplace.
• What is software in a business context?

  Software refers to programs used on computers and electronic devices.
• What is artificial intelligence?

  Artificial intelligence is software that mimics human behavior.