Business Principles and Regulations Quiz

Core Principles

• Consumers should take responsibility for their decisions
• Companies must use resources efficiently and economically
• Relevant market information about regulated parties should be disclosed
• Any burdens or restrictions on individuals or firms must be proportionate to the expected benefits

Recognizing Differences in Business

• Regulatory functions should acknowledge differences in businesses and their objectives
• Senior management is responsible for operations complying with regulations
• Sustainable growth is crucial
• Transparency in operations is essential

Principles for Business

• Integrity, skill, care and diligence are essential
• Management and control are important elements
• Financial prudence is vital
• Considerations of customer interests are paramount
• Effective communication with clients is necessary
• Addressing conflicts of interest is important
• Trustbuilding with customers is necessary
• Clients' assets must be protected
• Maintaining relationships with regulators is crucial

Core Principles of Good Corporate Governance

• Corporate governance is a system for directing and controlling businesses
• Fairness, accountability, responsibility, and transparency are key factors in corporate governance

Common Practices (Legislative Requirements)

• Employment-related laws may mandate policies
• Codes of conduct are often company-specific, establishing standards of behaviour.
• Policies might address various workplace issues.

Conditions Included in Policies

• Attendance, absenteeism, punctuality, transfers, training, and promotions are conditions included in policies.
• Probation, performance reviews, discipline, abandonment of employment, exit interviews, notice periods, and termination of employment are conditions included in policies

Employee Entitlements

• Redundancy, annual leave, long service leave, compassionate leave, parental leave, personal/career leave, jury duty leave, special leave, overtime, and shift work are entitlements.

Common Practices (Employee Benefits)

• Employers may offer benefits as part of employment contracts
• Failure to comply with company policy can lead to termination of employment.

Encouraging Good Manners

• Email and internet etiquette
• Appropriate dining etiquette
• Dress code
• Meeting routines and etiquette
• Workstation environment
• Community workplace styles
• Using supplies and equipment appropriately
• Telephone courtesy
• Demonstrating appropriate behaviors

Stamping Out Bad Manners

• Open communication and empathy are vital in controlling discourtesy.

Office Protocol Specialists

• Consultants provide advice on conflict resolution and harassment procedures.
• Training programs help employees understand workplace boundaries and social expectations.

Preventing Conflict

• Written procedures and conflict resolution policies help prevent conflict in the workplace.

Pleasant, Productive Workplace

• Small behaviors contribute significantly to a positive work environment.

Decorum

• Decorum is the proper etiquette and conduct, pertaining to both appearance and actions.

Marketing Management

• It's an organizational discipline focusing on implementing marketing techniques.
• This includes managing marketing resources and firm activities.

Bookkeeping

• Recording financial transactions is a core bookkeeping function.

Reportorial Requirements & Documentation

• Sole proprietors may not require frequent report-generating practices.

Preserving Professional Image in Writing

• Know document purpose and target audience
• Highlight benefits for readers
• Be mindful of technical jargon and acronyms
• Understand reader needs
• Organize documents professionally (including outlines for long documents)
• Introduce the purpose and desired actions in introductions of documents
• Restate purpose and key actions in conclusions
• Identify reader benefits
• Write concisely, and avoid repetition
• Substantiate your arguments with evidence
• Proofread all documents thoroughly