Podcast
Questions and Answers
What is the primary purpose of maintaining financial records during a trip?
What is the primary purpose of maintaining financial records during a trip?
- To forecast future travel expenses
- To track entertainment expenses for satisfaction
- To ensure adherence to accommodation booking policies
- For tax purposes and decision-making (correct)
Which of the following should be included in the planned itinerary for a trip?
Which of the following should be included in the planned itinerary for a trip?
- Preferred travel companions
- General location information
- Estimated expenses for each item (correct)
- Personal entertainment preferences
What is one crucial aspect to address in the paperwork and documentation part of trip planning?
What is one crucial aspect to address in the paperwork and documentation part of trip planning?
- Currency conversion and payment methods (correct)
- List of travel companions
- Entertainment options at the destination
- Social media updates during the trip
What contingency plan should be discussed in travel planning?
What contingency plan should be discussed in travel planning?
When packing for a trip, which factor should be prioritized regarding clothing?
When packing for a trip, which factor should be prioritized regarding clothing?
What standard of proof is required in criminal law?
What standard of proof is required in criminal law?
Which of the following would result in an injection into the economic flow?
Which of the following would result in an injection into the economic flow?
In a boom phase of the business cycle, which of the following is most likely to occur?
In a boom phase of the business cycle, which of the following is most likely to occur?
How does a price increase generally affect demand?
How does a price increase generally affect demand?
What is a sole trader's primary characteristic?
What is a sole trader's primary characteristic?
Which of the following represents a key disadvantage of entrepreneurship?
Which of the following represents a key disadvantage of entrepreneurship?
What is crucial for effective planning for business success?
What is crucial for effective planning for business success?
Which type of business organization is characterized by limited liability for its owners?
Which type of business organization is characterized by limited liability for its owners?
What is one of the primary reasons for establishing laws in society?
What is one of the primary reasons for establishing laws in society?
Which of the following courts handles serious criminal cases like murder?
Which of the following courts handles serious criminal cases like murder?
What role does the prosecutor play in court proceedings?
What role does the prosecutor play in court proceedings?
What is the primary function of the High Court in Australia?
What is the primary function of the High Court in Australia?
What requirements must jurors meet in New South Wales?
What requirements must jurors meet in New South Wales?
Which type of law includes administrative and constitutional laws?
Which type of law includes administrative and constitutional laws?
Which of the following does NOT describe a stage in how a bill becomes a law?
Which of the following does NOT describe a stage in how a bill becomes a law?
Common law can be overridden by which of the following?
Common law can be overridden by which of the following?
Flashcards
Common Law
Common Law
Law created by judges through court decisions, applicable to everyone.
Statute Law
Statute Law
Law made by parliament, can be federal (nationwide), or state/territory (regional).
Local Court
Local Court
Deals with minor civil cases and bail applications. No jury, magistrate only.
Supreme Court
Supreme Court
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High Court
High Court
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Public Law
Public Law
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Private Law
Private Law
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Jury Duty
Jury Duty
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Trip Itinerary
Trip Itinerary
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Budget Categories
Budget Categories
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Travel Documents
Travel Documents
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Contingency Plans
Contingency Plans
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Packing Essentials
Packing Essentials
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Civil Law
Civil Law
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Criminal Law
Criminal Law
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Business Cycle
Business Cycle
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Price Mechanism
Price Mechanism
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Market Function
Market Function
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Government Intervention
Government Intervention
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Cost-Benefit Analysis
Cost-Benefit Analysis
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Sole Trader
Sole Trader
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Study Notes
Law Society and Political Involvement
- Laws establish acceptable behavior in society.
- Laws protect individuals from harm.
- Laws preserve individual freedoms (within limits).
- Laws resolve conflicts peacefully and fairly.
- Laws often reflect societal values, morals, and ethics, which vary by culture.
Australia's Court System
- Local Court: Handles minor civil disputes, bail applications, and cases up to $100,000; no jury.
- District Court: Deals with serious criminal and civil cases between $100,000 and $750,000, utilizes juries, and handles appeals from the Local Court.
- Supreme Court: Handles serious criminal cases (like murder and treason), civil cases over $750,000, and appeals from the District Court.
- High Court: The highest court, composed of 7 judges, interprets the Constitution, and has significant impact on parliamentary powers.
- Specialty Courts: Handle specific areas, including Children's, Coroner's, Family, and Drug Courts.
Role of Court Personnel
- Defence Counsel: Represents the accused.
- Prosecutor: Represents the plaintiff or government.
- Plaintiff: The individual or entity initiating the case.
- Sheriff's Officer: Maintains order and serves court notices.
- Tipstaff: Assists the judge with paperwork.
- Judge's Associate: Manages the judge's paperwork.
- Public and Media: Observe proceedings and report news.
Role and Selection of Juries
- Jurors must be 18 or older, without a criminal record, and registered voters (in NSW).
- Juries impartially assess evidence.
How Laws Are Made
- Common Law: Judicially created laws that apply to everyone, though statute law can override it.
Statute Law
- Enacted by parliament, applying nationwide (federal) or regionally (state).
How a Bill Becomes a Law
- Drafting, readings, debates, committee stage, passage through both houses, and royal assent.
Types of Law
- Public Law: Administrative, constitutional, criminal, and industrial laws, protecting society and government functions.
- Private Law: Contract, family, property, and tort laws, protecting individual rights and matters.
Civil and Criminal Law
- Civil Law: Protects individual rights through tort law; resolved via "balance of probabilities."
- Criminal Law: Addresses societal offenses; resolved via "beyond reasonable doubt."
Economic and Business Environment
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Five-Sector Circular Flow Model: Exchange of labor for income, goods & services; leakages (savings, taxation, imports) reduce flow, while injections (investment, gov't spending, exports) increase flow.
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Business Cycle: Boom (high production, low unemployment, higher prices); bust (low production, high unemployment, lower prices).
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Government Policy: Fiscal and monetary policy tools (interest rates, budgets) designed to stabilize the economy.
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Price Mechanism: Price changes influence market demand (inversely) and supply (directly).
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Markets: Facilitates trade, determines prices, and addresses scarce resources.
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Government Intervention: Regulates markets, ensures economic stability, and supports social policies.
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Business Types: Online, on-demand, global, government, non-profits.
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Business Decisions: Influenced by technology, globalization, economic cycles, and costs.
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Ethics & Corporate Social Responsibility (CSR): Societal and environmental accountability guides business decisions.
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Entrepreneurship: Pros (autonomy, profit, tax benefits), cons (risk, stress, financial responsibility). Cost benefit analysis helps evaluate different options.
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Business Planning: Research is key, including location, demographics, competition, and target market. Org structures include sole traders, partnerships, companies.
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Starting/Buying a business: New vs. existing. Factors like risk and upfront costs are key considerations.
Financial Records
- Balance Sheet: Assets = Liabilities + Equity.
- Profit and Loss: Revenue - Expenses.
- Cash Flow: Tracks cash inflows and outflows.
- Tax and Risk Management: Maintain financial records, respond to economic changes, and manage processes.
Itinerary
- Detailed daily transport, meals, activities, and lodging plans to include costs. Organize by specific time.
Budget
- Categorize expenses (transport, accommodation, meals, insurance). Create a detailed calculation of costs.
Paperwork and Documentation
- Detailed purpose of the trip, planned activities, and main location.
- Prepare passports, visas, insurance, vaccinations, and currency conversion information.
Contingency Plans
- Account for potential issues like flight delays, lost luggage.
- Outline steps to handle these situations, including cultural and safety considerations for the destination.
Packing List
- Create a list of clothing and travel materials based on weather and cultural norms. Include travel-sized essentials and documentation.
Experience Diary Slideshow
- Develop slideshow for memorable moments with relevant photos/images. Include daily organization and captioning.
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