Unit 2 Business Management Already Passed
1). Accounts receivable
Ans: the outstanding payments a business is owed by its customers
2). Acquisition
Ans: the process of one business taking over another business
3). Auditing
Ans: the process of testing and evaluating a business's accounting processes and
internal control
4). Australian competition and consumer commission (accc)
Ans: a government body that has the role of enforcing the Competition and Consumer
Act 2010 and a range of additional legislation promoting competition and fair trading,
and regulating national infrastructure
5). Australian taxation office (ato)
Ans: the government body in charge of administering and collecting tax for the federal
government
6). Balance sheet
Ans: shows a business's assets and liabilities (the financial position of a business) at
a point in time
7). Bookkeeping
Ans: the keeping and processing of a business's financial records
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, 8). Budgeting
Ans: estimating the business's financial performance for a given period in the future
9). Cash book
Ans: provides a summary of all the business's cash receipts and cash payments; it is
compiled from the receipt and payment source documents.
10). Cash flow
Ans: the money being transferred into and going out of the business
11). Code of practice
Ans: a written set of guidelines that are intended to help businesses achieve the
standards set by the government (e.g. in dealing fairly with customers)
12). Consumer affairs victoria
Ans: Victoria's government body established to regulate the marketplace, helping
ensure fairness for businesses and consumers
13). Credit terms
Ans: the terms and conditions of sale between a customer and a business, including
the amount of time provided for making final payment
14). Customer database
Ans: a bank of information on existing and potential customers, including their
contact information, personal details, previous interactions, buying habits and
preferences
15). Domain name
Ans: the address of a website on the internet
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, 16). Exporter
Ans: a local business that manufactures goods for overseas customers
17). Financial control systems
Ans: the processes, methods and tools that allow a business to accurately monitor
and manage its financial performance
18). Income statement
Ans: used primarily to help the business to calculate how much profit it has made
over a period of time
19). Inventory control
Ans: ensures that costs are minimised and that the business has access to the right
amounts of materials when required
20). Merger
Ans: the joining together of two or more businesses to form one business
21). Policy
Ans: a written set of broad guidelines to be followed by all employees
22). Procedure
Ans: a series of actions that enable a policy to be put into practice
23). Procurement
Ans: the process of researching and selecting suppliers, establishing payment terms,
negotiating contracts and the purchasing of resources that are vital for maintaining the
production of the business's good or service
24). Progressive tax rate
Ans: a tax rate that increases as the individual earns a higher income
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1). Accounts receivable
Ans: the outstanding payments a business is owed by its customers
2). Acquisition
Ans: the process of one business taking over another business
3). Auditing
Ans: the process of testing and evaluating a business's accounting processes and
internal control
4). Australian competition and consumer commission (accc)
Ans: a government body that has the role of enforcing the Competition and Consumer
Act 2010 and a range of additional legislation promoting competition and fair trading,
and regulating national infrastructure
5). Australian taxation office (ato)
Ans: the government body in charge of administering and collecting tax for the federal
government
6). Balance sheet
Ans: shows a business's assets and liabilities (the financial position of a business) at
a point in time
7). Bookkeeping
Ans: the keeping and processing of a business's financial records
PaperStoc.com Page 1 of 17
, 8). Budgeting
Ans: estimating the business's financial performance for a given period in the future
9). Cash book
Ans: provides a summary of all the business's cash receipts and cash payments; it is
compiled from the receipt and payment source documents.
10). Cash flow
Ans: the money being transferred into and going out of the business
11). Code of practice
Ans: a written set of guidelines that are intended to help businesses achieve the
standards set by the government (e.g. in dealing fairly with customers)
12). Consumer affairs victoria
Ans: Victoria's government body established to regulate the marketplace, helping
ensure fairness for businesses and consumers
13). Credit terms
Ans: the terms and conditions of sale between a customer and a business, including
the amount of time provided for making final payment
14). Customer database
Ans: a bank of information on existing and potential customers, including their
contact information, personal details, previous interactions, buying habits and
preferences
15). Domain name
Ans: the address of a website on the internet
PaperStoc.com Page 2 of 17
, 16). Exporter
Ans: a local business that manufactures goods for overseas customers
17). Financial control systems
Ans: the processes, methods and tools that allow a business to accurately monitor
and manage its financial performance
18). Income statement
Ans: used primarily to help the business to calculate how much profit it has made
over a period of time
19). Inventory control
Ans: ensures that costs are minimised and that the business has access to the right
amounts of materials when required
20). Merger
Ans: the joining together of two or more businesses to form one business
21). Policy
Ans: a written set of broad guidelines to be followed by all employees
22). Procedure
Ans: a series of actions that enable a policy to be put into practice
23). Procurement
Ans: the process of researching and selecting suppliers, establishing payment terms,
negotiating contracts and the purchasing of resources that are vital for maintaining the
production of the business's good or service
24). Progressive tax rate
Ans: a tax rate that increases as the individual earns a higher income
PaperStoc.com Page 3 of 17
