Provides evidence of a transaction

Which reason for establishing a separate business bank account is LEAST important

Enables business owner to get free pens from more banks

An ADVANTAGE of using a supplier that has an excellent Corporate Social Responsibility policy

Product will be ethically sourced

Why is the segregation of duties an important internal control

Limits one persons total authority over an area

Is when revenue is reported when cash is received

Is when revenue is reported when it is earned

Which strategy will NOT help maintain positive supplier relationships

Employ key staff from supplier to work at your business

A report that sets out assets and liabilities of a business

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Business Management U2 AOS 1 (Part 2)

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Business Management Revision

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Questions 20

Answers

1
A source document
Provides evidence of a transaction
Tells you where the BBQ sauce is kept in the kitchen
Are historical documents that are at least ten years old
Are directly related to a cup document
2
Which reason for establishing a separate business bank account is LEAST important
Enables business owner to get free pens from more banks
Limits mix-ups in terms of owners money and business money
Enables easy access to taxation information
Enables easy tracking of business expenses
3
A sign that states "Store credit only on sale item returns" is
Legal
Illegal
4
An ADVANTAGE of using a supplier that has an excellent Corporate Social Responsibility policy
Product will be made overseas
Product will fall apart quickly
Product will be ethically sourced
Product costs more
5
ABN stands for
Australian Business Number
Australian Business Newspaper
Australian Business Name
Australian Business Nation
6
Which of the following is a type of compulsory insurance for businesses
Contents Insurance
Vehicle Insurance
Public Liability Insurance
Property Insurance
7
Why is the segregation of duties an important internal control
Separates staff into managers and workers
Limits one persons total authority over an area
Sounds good on a business plan
Lets staff get away with not doing as much work
8
A sign that states "No refunds" is
Legal
Illegal
9
Cash accounting
Is when revenue is reported when it is earned
Is when revenue is reported when cash is received
10
Accrual accounting
Is when revenue is reported when cash is received
Is when revenue is reported when it is earned
11
Which business structure does not legally require the business to have a separate bank account.
Partnership
Private Company
Sole Trader
Limited Company
12
Which strategy will NOT help maintain positive supplier relationships
Settle bills on time
Allow adequate lead times for orders
Employ key staff from supplier to work at your business
Maintain transparent, open and frequent communication.
13
A sign that states "No refunds if you simply change your mind" is
Illegal
Legal
14
Which of the following is NOT an important reason for choosing a supplier
Timeliness
Innovation
Attractiveness
Quality
15
Which of these does not provide the best business names
Original
Memorable
Offensive
Easy to pronounce and spell
16
Which of the following is NOT an element of an Occupational Health and Safety system
Ongoing work site inspection
Accident and incident investigation
Hazard control
Maintaining supply of stock
17
Occupational Health and Safety affects
Only businesses that have senior mangers
Every Australian worker
Only businesses that pay workers
Only businesses that operate interstate
18
A DISADVANTAGE of using a supplier that has an excellent Corporate Social Responsibility policy
Product will be ethically sourced
Product will fall apart
Product costs more
Product will be made in Australia
19
A balance sheet is
Is an accounting report that focusses on profit
Describes the time spent each day balanced on two feet
A report that sets out assets and liabilities of a business
Is an accounting report that focusses on losses
20
A sign that states "No refunds on sale items" is
Legal
Illegal

Business Management U2 AOS 1 (Part 2) Flashcards | StudBud