Business Legal & Professional Essentials

Froggy Jumps

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Test your knowledge on legal and professional requirements for starting a business.

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Oscar Collison

Australia

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Business Legal & Professional Essentials


Froggy Jumps Business Legal & Professional EssentialsVersión en línea Test your knowledge on legal and professional requirements for starting a business. por Oscar Collison 1 Why do legal requirements matter for businesses? a They are optional b They increase profits c They ensure compliance with laws, avoiding penalties and closure. 2 What must all businesses register with the Australian Securities and Investment Commission? a Tax file number b Business name c Website domain 3 When is a business required to register for GST? a If earning $75,000 or more annually b Always c Only if selling online 4 What does the Goods and Services Tax (GST) in Australia cost? a 15 percent b 10 percent c 5 percent 5 Which agency enforces workplace health and safety laws in Victoria? a Worksafe Victoria b Fair Work Commission c Australian Securities 6 What is the purpose of the Competition and Consumer Act (2010)? a To promote fair trade and prevent abuse of consumers b To increase business profits c To regulate taxes 7 What rights do consumer guarantees provide? a Free products b Protection for goods that are of acceptable quality and do what they claim c Unlimited refunds 8 What is an external professional in business? a A full-time employee b A support provider like a freelancer or consultant c A government official 9 Which professional helps with financial records and tax compliance? a Bookkeeper b IT technician c Marketing consultant 10 Why might a new business hire a marketing consultant? a To create strategies to attract customers b To handle legal issues c To set up IT systems 11 Why do legal requirements matter for businesses? a To make business operations easier b To increase profits c To ensure compliance and avoid penalties 12 What is the purpose of a customer database? a To store employee data b To track inventory levels c To analyze buying habits and target marketing 13 What does CSR stand for? a Corporate Sales Regulation b Corporate Social Responsibility c Customer Service Rights 14 Why should a business choose socially responsible suppliers? a To avoid legal regulations b To reduce costs only c To improve brand image and support ethical practices 15 What is a key benefit of establishing a separate bank account for a business? a Simplifies record-keeping and financial monitoring b Reduces taxes c Eliminates the need for financial reports 16 What is the main purpose of policies and procedures in a business? a To ensure legal compliance and establish routines b To reduce operational costs c To increase employee workload 17 What is the role of external professionals like bookkeepers and recruiters? a To replace managers b To handle customer complaints c To provide specialized support for legal and financial tasks 18 What does a balance sheet show? a Profit and loss over time b A business’s assets and liabilities c Customer satisfaction levels 19 What is the main goal of a business’s record-keeping system? a To track revenue, costs, and profits b To monitor employee attendance c To manage customer complaints 20 What is the benefit of a loyalty card? a To manage inventory b To understand customer habits and target marketing c To track employee hours

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Business Legal & Professional Essentials

Froggy Jumps

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Business Legal & Professional EssentialsVersión en línea

por Oscar Collison

Why do legal requirements matter for businesses?

What must all businesses register with the Australian Securities and Investment Commission?

When is a business required to register for GST?

What does the Goods and Services Tax (GST) in Australia cost?

Which agency enforces workplace health and safety laws in Victoria?

What is the purpose of the Competition and Consumer Act (2010)?

What rights do consumer guarantees provide?

What is an external professional in business?

Which professional helps with financial records and tax compliance?

Why might a new business hire a marketing consultant?

Why do legal requirements matter for businesses?

What is the purpose of a customer database?

What does CSR stand for?

Why should a business choose socially responsible suppliers?

What is a key benefit of establishing a separate bank account for a business?

What is the main purpose of policies and procedures in a business?

What is the role of external professionals like bookkeepers and recruiters?

What does a balance sheet show?

What is the main goal of a business’s record-keeping system?

What is the benefit of a loyalty card?