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Warranties are a type of written guarantee that a business will repair or replace a faulty product if required within a specific time period.

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Guarantees are promises that a business makes to customers regarding a good or service.

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-All businesses are legally required to maintain a safe working environment.
-WorkSafe aims to ensure that businesses are providing a safe working environment for employees by enforcing OHS
-WorkSafe have the power to inspect workplaces and prosecute employers of any breaches

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It is a legal requirement for all businesses to pay tax. The tax requirements of businesses can vary depending on the business type and value of earnings, however, all businesses are governed by the Australian Tax Office (ATO).

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tax returns are documents which are filled out by an individual or business to calculate how much of their income will be taxed

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A business should refer to trade practices legislation to ensure its way of trading aligns with obligations relevant to its specific industry. Specific industry-related legislation is created to ensure that businesses are engaging with competitors and customers fairly

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- Equal opportunity act (workplace harassment, bullying, discrimination and victimisation
- Privacy and data protection act (Personal customer information and it's misuse when being collected by companies)
- Occupational health and safety act (Safety and health conditions in the workplace)
- Competition and consumer act (Customer acts when engaging with a business to prevent misleading or deceptive conduct

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A trademark is an exclusive right granted over a unique aspect of a business, such as symbol, word, sounds or number that is used to distinguish the business or its products.

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Trade Practices Legislation are laws which govern how a business interacts with customers and competitors.

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A website domain is a website address which is typed in during web searches to visit an online site.

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Customer service policy: Influence employee behaviour when interacting with customers.
Internet policy: Advise employees on how to use the business’s internet connection and network appropriately.
Social media policy: Ensure employees are aware of how to act on social media.
Dress code: Highlight expected work wear for employees.
Absence and time off policy: Ensure employees are aware of how to notify employers of an absence and schedule time off.

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-Registering a business name is crucial as it is the title that a business operates under and what customers use to identify businesses
-It is a legal requirement for a business to register its name at ASIC

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A business name is the title that a business operates under and what customers use to identify businesses. It is a legal requirement for all businesses to register a business name with ASIC (Australian Securities and Investments Commission)

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- Registering business name
- trade practices legislation
- Business tax compliance
- Refund, replace, repair
- proof of purchase: receipts, order number, credit card purchases
- misleading claims

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-enables a business to accurately keep track of financial transitions
-enables a business to conduct valid audits
-enables a business to form accurate business reports

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The purpose of procedures is to provide employees with guides to follow in situations or events. They are introduced into a business to behave in a predictable and routine manner. Procedures are based on policies, which should be reviewed and updated in order to keep up with new laws and legislation. Procedures ensure employees uphold set expectations during events and in the work environment.

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- predicting or estimating the business's financial performance for a given period in the future
- by comparing actual planned results, the business can ask questions about why certain targets were not reached or why results were better than anticipated

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An agreement made with a bank where a business or individual or withdraw money

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Cash books are manual or electronic books where all cash transactions within a business are recorded.

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When establishing a business, a business owner may wish to source its resources overseas. Globalisation has enabled businesses to establish contacts with overseas suppliers. Accessing overseas suppliers has enabled businesses to source cheaper and higher quality resources to produce goods and services.

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are processes and procedures used to direct and monitor a business's finances.

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Advantages and disadvantages of customer databases

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Advantages and disadvantages of customer databases

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Advantages:
• Can enable a business to predict the
desires of potential customers and
increase its audience.
• Can maintain relationships with existing
customers and meet their needs.
A business can quickly identify existing
customers when they interact with the
business instead of trying to sell goods or
services to new individuals all the time.
• A business can identify and target
potential customers by providing special
discounts or offering goods and services
they desire to increase sales.
Disadvantages:
• Poor management of customer databases
can lead to private customer information
being hacked or leaked. As a result,
a business may gain a bad reputation.
• It may be time consuming to
continuously gather and record
customer information.
• It can be costly to purchase
information from external businesses
on customer behaviour.
• Installing software and technology
to establish a customer database can
be expensive.
• Poorly managed customer information
may lead to privacy breaches and
cause customers to stop buying from
the business.

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Bank Account: A bank account is an agreement that an individual or business can deposit and keep their finances
Receipts: Money coming into the business
Payments: Money going out of the business

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-Policies are written statements which outline the expected performance and behaviour of employees
-Procedures are a series of actions that employees must follow when abiding business policy

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The importance of establishing financial control systems

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The importance of establishing financial control systems

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- the processes and tools that allow a business to accurately monitor and manage its financial performance
- most common methods to monitor finances are:
- budgeting
- auditing

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Legislations that influence business policy

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Legislations that influence business policy

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Equal opportunity act: Acts against workplace harassment, bullying, discrimination and victimisation.
Privacy data protection act: Stops personal customer information and its misuse when being collected by public organisations.
Occupational Health and Safety Act: Helps safety and health conditions in the workplace.
Competition and Consumer Act: Protects customer rights when engaging with a business to prevent misleading or deceptive conduct.

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Put forward a suggestion/idea and justify using BLT

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Businesses need to decide how they plan to establish and manage customer databases. Technology has improved the development and management of customer data, helping many businesses better meet customer needs. Businesses that choose to operate globally may need to consider how they can effectively satisfy customer needs, while managing the effects of global expansion. When establishing a business, owners need to decide how to conduct their activities based on the impact of technological and global issues on their intended goals.

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The importance of establishing bank accounts 

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The importance of establishing bank accounts 

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- a bank account allows a business to measure financial performance
- allows tax return to be calculated properly
- allows personal and business spending to be separated

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Briefly state key features

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A crime that may involve an individual being deceitful to gain a financial benefit.

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Overseas retailers are usually well known businesses who sell a variety of goods and services to customers internationally. As globalisation has increased, so has competition with other businesses. Businesses are expected to consider how they will effectively compete with both domestic and international retailers. Generating contacts with overseas retailers enables businesses to sell their goods and services to international customers. When generating contacts with an overseas retailer, a business owner would need to specify what they hope to sell to customers overseas. If the retailer agrees with the proposed idea, they will enter an agreement. A business would then sell specific goods and services to retailers which are then sold to customers. When establishing a business, a business owner should consider potential issues of generating contacts with overseas retailers as it can impact their decisions. Legal and government restrictions, the expectations of retailers, and their activities can affect how a business sells goods and services overseas.

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To establish a customer database, businesses collect and track customer data such as personal information, past purchases and buying habits. Customer data can be collected internally by a business when an individual makes a purchase or is browsing through its online website. In some cases, businesses may also buy research on customer behaviour which has been completed by other companies. Businesses can use customer information to identify, examine and predict what goods and services customers desire as well as which day or time they usually make purchases.

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When establishing a business, a business owner may wish to source its resources overseas. Globalisation has enabled businesses to establish contacts with overseas suppliers. Accessing overseas suppliers has enabled businesses to source cheaper and higher quality resources to produce goods and services. When generating contacts with overseas suppliers, a business owner should identify what resources it needs to purchase, and then identify and select the most appropriate suppliers. An agreement is then developed between the business and overseas suppliers. However, businesses need to consider some potential issues when establishing contacts with overseas suppliers. Legislation and government restrictions may limit free trade between certain countries, which may impact what resources a business can buy. The activities of overseas suppliers and the ability to communicate with these suppliers may also affect business decisions.

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To establish a customer database, businesses collect and track customer data such as personal information, past purchases and buying habits. Customer data can be collected internally by a business when an individual makes a purchase or is browsing through its online website. In some cases, businesses may also buy research on customer behaviour which has been completed by other companies. Businesses can use customer information to identify, examine and predict what goods and services customers desire as well as
which day or time they usually make purchases.

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corporate social responsibility is the ethical conduct of a business beyond legal obligations, and the consideration of social, economic and environmental impacts when making business decisions.

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- A business has a wider option of suppliers that they can use if they look overseas and over a global scale

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Identify - name
Distinguish - Define 1st team, Define 2nd term, difference between the two terms
Define- state meaning