1 Flashcards

1
Q

Private Sector

A

The part of Australia’s economy that is operated by private individuals, groups, or institutions usually for the purpose of making a profit

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2
Q

Public Sector

A

The part of Australia’s economy that is owned and operated by the government

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3
Q

Sole Trader

A

A sole trader is a business structure owned and operated by a single person

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4
Q

Partnership

A

A type of business owned by 2 or more people

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5
Q

Private limited company (INC)

A

An incorporated business with at least 1 director and up to 50 selected shareholders. Shares are offered only to those people whom the business wishes to have as part owners.

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6
Q

Public listed company (INC)

A

An incorporated business whose shares are freely traded on the exchange. This means the members of the general public area are able to own part of a company by purchasing shares.

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7
Q

Social Enterprise

A

A revenue-generating business with primarily social objectives.

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8
Q

Government Business Enterprise

A

A profit driven business that is owned by the government but managed separately.

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9
Q

Overarching objectives

A

Vision statement - A statement that broadly expresses what a business aspires to become in the future

Mission statement - A statement that formally expresses the reasons for a business’s existence, its purpose and its method of operation

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10
Q

Making a profit

A

Businesses can increase their profit by increasing their revenue or reducing expenses ( or both)

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11
Q

Increasing market share

A

is the proportion of total sales in a market or industry controlled by a particular business, expressed as a percentage

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12
Q

Meeting shareholder expectations

A

Shareholders anticipate a return on their investment

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13
Q

Fulfilling a market need

A

by providing products and services which meet the desires of a group of customers with similar needs

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14
Q

Fulfilling a social need

A

is where a business aims to improve an area of the community that requires attention

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15
Q

CSR

A

The ethical conduct of a business beyond legal obligations to cover the social, economic, and environmental outcomes by stakeholders

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16
Q

Operations

A

Produces the goods or services that a business sells to customers

17
Q

Human resources

A

Establishes and manages the relationship the business has with its employees including their hiring, training and termination

18
Q

Sales and marketing

A

Promotes and sells the business’s goods or services to customers

19
Q

Finance

A

Handles the monetary requirements of a business

20
Q

Technology support

A

Technology support

21
Q

Corporate culture

A

The shared values and behaviors practiced by managers and employees within a business

22
Q

Official corporate culture

A

The shared values and beliefs desired by a business and expressed through elements such as formal rules and symbols e.g shared objectives and policies

23
Q

Real corporate culture

A

The shared values and behaviours that are actually practiced by employees and managers and expressed through informal rules and habits e.g celebrations and hiring

24
Q

Interpersonal

A

The manager’s ability to interact positively with employees to create and maintain professional employees, praising employees, get to know employees

25
business types
sole trader, partnership, social enterprise, government business enterprise, private limited company, public listed company
26
business objectives
make a profit, increase market share, meet shareholder expectations, fulfil a market need, fulfil a social need
27
areas of management
operations, sales and marketing, human resources, technology support, finances
28
management styles
autocractic, persuasive, consultative, participative, laissez faire
29
stakeholders
Customers Employees Investors and shareholders Local communities Suppliers