Unit 2 - AOS 1

• External Professionals


  Highly skilled individuals that businesses hire to provide expertise in a particular area of operation
• Accountant


  A professional who manages, updates, analyzes, and reports a businesses financial information
• Financial Adviser


  A professional who provides expert advice to individuals and businesses in relation to monetary matters, personal finances, and potential investments
• ICT Specialist


  A professional who develops and maintains the technological systems that are used by a business to store and retrieve data
• Legal Adviser


  A professional who provides expert advice to businesses regarding their legal responsibilities
• Marketing Adviser


  A professional who provides expert advice to business in relation to promoting and selling their products
• Business Name


  The title a business operates under and what customers use to identify a business
• Website domain


  A website address that identifies a businesses online site
• Trade practices legislation


  The law that governs how a business interacts with customers and competitors
• Tax compliance


  The extent to which an individual or business meets tax obligations
• Work Safe Insurance


  Compulsory insurance that assists employers to meet their obligation of financially compensating and supporting employees who become injured or ill because of their work
• Bank Account


  An arrangement made with a bank where a business or individual can deposit and withdraw money
• Financial Control Systems


  Processes and procedures used to direct and monitor a business's finances
• Record-keeping strategies


  Methods used to keep track of the financial transactions of a business over a period of time
• Corporate Social Responsibility (CSR)


  The ethical conduct of a business beyond legal obligation and the consideration of social, ethical, and environmental impacts when making business decisions
• Financial control systems


  Processes and procedures used to direct and monitor a business's finances
• Record keeping strategies


  Methods used to keep track of the financial transactions of a business over a period of time
• Corporate social responsibility


  The ethical conduct of a business beyond legal obligation, and the consideration of social, economic, and environment impacts when making business decisions
• Policies


  Written statements that outline the expected performance and behaviour of employees
• Procedures


  A series of actions that employees must follow in order to abide by the businesses policies
• Customer database


  A collection of information about existing and potential customers
• Overseas suppliers


  Individuals or businesses that sell raw materials or resources in a country overseas
• Overseas retailers


  Individuals or businesses that sell goods or services directly to customers overseas
• What is one of the primary roles of accountants?


  Create financial reports
• What types of financial reports must accountants create?

  Income statement, balance sheet, and cash flow statement
• What is another responsibility of accountants besides creating financial reports?


  Ensure legal compliance
• What type of reports must accountants create related to budgeting?


  Budgeted reports
• What is one of the roles of financial advisers?


  Manage the business owner’s personal finances
• What do financial advisers analyze regarding a business's financial goals?


  The feasibility of the goals and recommend investment opportunities
• What is another responsibility of financial advisers related to business expenses?


  Analyze and assist in the management of current business expenses
• What is one of the roles of ICT specialists?


  Set up and maintain a website and customer database
• What legal compliance must ICT specialists ensure?


  Compliance related to data management
• What type of training do ICT specialists provide to employees?


  Training regarding privacy issues
• What is one of the roles of legal advisers?


  Provide advice relating to the drafting of contracts
• What do legal advisers ensure compliance with?


  All relevant laws and regulations
• What do legal advisers protect for a business?


  The business’s trademarks and patents
• What type of counsel do legal advisers provide for conflicts?


  In-house counsel for conflicts between stakeholders
• What is one of the roles of marketing advisers?


  Develop appropriate advertising strategies
• What type of assistance do marketing advisers provide besides advertising strategies?


  Branding and design assistance
• What strategies do marketing advisers develop related to digital platforms?


  Digital and social media marketing strategies