GRADE 10 BUSINESS STUDIES .pg

GRADE 10

BUSINESS STUDIES

UNIT 4

LAWS AND BUSINESS REGULATIONS

IN PAPUA NEW GUINEA

COURSE BOOK 4

Name:______________________________________________

Provincial Study Centre:______________________________

Address:____________________________________________

FLEXIBLE, OPEN AND DISTANCE EDUCATION

PRIVATE MAIL BAG, P.O.WAIGANI, NCD

DEPARTMENT OF EDUCATION

PAPUA NEW GUINEA

Writer : Ursula Miria

Department Editors : Lucy Joseph

Doris Payok

Subject Team Editors

Jeff. G. Wama

Joyce Pogla

Keturah Soso

Lily Mali

Subject Content Editor : Silas Umaropi

Compiled, Formatted and finalized by

Ursula Miria

GR 10 BS U4

1

TITLE PAGE

GRADE 10

BUSINESS STUDIES

UNIT 4

LAWS AND BUSINESS REGULATIONS IN

PAPUA NEW GUINEA

In

TOPIC 1: BUSINESS LAWS AND REGULATIONS

TOPIC 2: BASIC LAWS

TOPIC 3: LAWS AND EMPLOYMENT

TOPIC 4: LEGAL AGREEMENTS IN BUSINESS

GR 10 BS U4

2

ISBN & COPYRIGHT

Acknowledgements

We acknowledge the contributions of all the Secondary Teachers, the FODE Subject

Team Members, the Subject Review Committee Members and Academic Approval

Committee Members who in one way or another helped to develop Course Book 4.

Special thanks to the staff of Business Studies Department of FODE namely, Ursula

Miria, Lucy Joseph and Doris Payok, who played an active role in coordinating writing

workshops, outsourcing lesson writing and the editing processes.

We also acknowledge the professional guidance provided by Curriculum and

Development Assessment Division throughout the processes of writing and, the

services given by the members of the Secondary Section and Academic Committees.

The Course Book was developed with the support and funding of the GO- PNG

FODE World Bank Project.

DEMAS TONGOGO

PRINCIPAL

Published in 2017 by the Flexible, Open and Distance Education

? Copyright 2017, Department of Education, Papua New Guinea

All rights reserved. No part of this publication may be reproduced, stored in a

retrieval system, or transmitted in any form or by any means electronic, mechanical,

photocopying, recording or otherwise without prior permission of the publisher.

Printed by the Flexible, Open and Distance Education

ISBN 978-9980-89-359-8

National Library and Archives services of Papua New Guinea

GR 10 BS U4

3

CONTENT

TABLE OF CONTENTS

Unit 4 Introduction .........................................................................................................

5

Study Guide ...................................................................................................................

6

Topic 1: Business Laws and Regulations ......................................................................

9

Topic 1: Introduction ......................................................................................................

10

Lesson 1 Introduction of Laws to Businesses............................................................................

11

Lesson 2 The Business Law and the Environment ...................................................................

19

Lesson 3 Laws to Protect Consumers .......................................................................................

25

Answers to Practice Exercises 1- 3 ..............................................................................

33

Topic 2: Basic Laws .......................................................................................................

37

Topic 2: Introduction ......................................................................................................

38

Lesson 4

Licensing Regulations...............................................................................................

39

Lesson 5

Partnerships and Incorporated Land Groups ............................................................

49

Lesson 6

Restrictions on Businesses .......................................................................................

55

Lesson 7

Taxation and Business .............................................................................................

61

Lesson 8

Regulations for Insurance Businesses......................................................................

69

Answers to Practice Exercises 4 -8 ...............................................................................

77

Topic 3: Laws and Employment.....................................................................................

83

Topic 3: Introduction ......................................................................................................

84

Lesson 9

Introduction to Laws and Employment ......................................................................

85

Lesson 10 Employment Conditions ............................................................................................

91

Lesson 11 Minimum Wages .......................................................................................................

99

Lesson 12 Labour and Industrial Relations Office ......................................................................

105

Answers to Practice Exercises 9 -12 .............................................................................

111

Topic 4: Legal Agreements in Business .......................................................................

115

Topic 4: Introduction ......................................................................................................

116

Lesson 13

Purchase Contracts and Franchise Agreements ....................................................

117

Lesson 14

Lease and Hire Purchase Agreements ...................................................................

125

Lesson 15

Legal Requirements of Companies ........................................................................

131

Lesson 16

The Investment Promotion Authority ......................................................................

139

Answers to Practice Exercises 13-16 ............................................................................

143

Answers to Lesson Activities ¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­¡­.

147

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