Activity 1 Instructions to candidates This is an open book assessment activity. You are required to read this assessment and answer all 6 questions that follow. Please type your answers in the spaces provided. Estimated time for completion of this assessment activity: 2 hours Question 1.1 What are the two main sources of law in Australia? Which is most powerful? Why? Question 1.2 Why is precedent important? Question 1.3 Which tier of government, federal, state or local do you think has the greatest influence/effect on businesses in the financial services environment? Why