BM - Policies, Procedures & Financial Control

A policy is

• a list of rules

• a marketing tool

• a code of conduct

• a broad set of guidelines to be followed by all employees

Procedure is

• a set of rules

• the same as the policy

• a series of actions to enable the policy to be put in practice

The purpose of a policy is to...(Multiple choice)

• set the direction of the business

• to make the workplace regimented

• to give the boss scope to fire you

• to determine standards of behaviour

Which one of the following is included in a typical policy development process? (Multiple choice)

• Research and analyse the business environment

• Training management and staff to understand the new policies

• Develop a draft policy

• Identify the issue

A separate entity means

• The owner and the business finance are linked

• All business transactions are recorded together - personal and business

• Business and personal transactions are recorded separately

A bank fee is

• a fee the bank pays to the ATO

• money received from cash in the bank

• a fee received from the bank

• the fee paid by the customer to the bank

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _is the processes, methods, and tools that allow a business to accurately monitor and manage its financial performance.

Terms for credit card mean - select best two

• the date the card was issued

• the date of expiry of the card

• the maximum amount for spending

• the interest rate on unpaid balances

Which is not part of a good financial control system?

• good bookkeeping

• managing and monitoring money

• using a bookkeeper

• spending and not recording figures

Which of the following is not included in the financial control system?

• Budgeting

• Cash flow management

• Control of account receivable

• Convenience and support

• Inventory control