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buisness > aos 1 > Flashcards

aos 1 Flashcards

1
Q

sole trader

A

a self employed person who owns their business as an individual

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2
Q

sole trader deep dive

A

-simple to set up
-has unlimited liability
-owner full control of their assets

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3
Q

unlimited liability

A

the buisness owner/s are personally liable for the debts of the company

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4
Q

partnerships

A

a group of 2-20 people who own a business together

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5
Q

partnerships deep dive

A
  • relatively inexpensive
  • personally liable
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6
Q

private limited companies

A

an incorporated business that is owned by shareholders and not listed on the stock exchange

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7
Q

private limited company deep dive

A

-limited liability
-limited to 50 shareholder
-more complex to start
- business operations are controlled by directors and owned by shareholders

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8
Q

public listed company

A

an incorporated business that is owned by shareholder, run by directors and listed on the stock exchange

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9
Q

public listed company deep dive

A
  • limited liability
    -money earned belongs to company
    -business operations controlled by directors and shareholders
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10
Q

social enterprises

A

a profit making business with social objectives, whose surpluses are reinvested towards that social objective

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11
Q

social enterprise deep dive

A

has a public or community benefit

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12
Q

government business enterprise

A

a business that is owned by the government, but aims to act under general business principles and make a profit

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13
Q

government business enterprise example

A

australia post
defence housing australia

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14
Q

making a profit

A

profit- the surplus remaining after total costs are deducted from total revenue

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15
Q

increasing market share

A

market share- a businesses percentage of total sales within an industry

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16
Q

increasing market share deep dive

A

how to increase
-lower costs
-increase your quality
-increase advertising

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17
Q

improving efficiency

A

efficiency-how well resources are used to achieve objectives

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18
Q

what happens if not efficent

A

what happens if not efficient
-waste raw materials and time, pay for more labour then we should
-business costs go up
- sell less

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19
Q

productivity

A

in business ratio of outputs produced compared to inputs required

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20
Q

improving effectiveness

A

the degree to which stated objectives have been achieved

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21
Q

improving effectiveness deep dive

A

business stated objectives
-increase profit
-to increase market share

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22
Q

fulfilling market needs

A

market need- the desire or demands of customers

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23
Q

fulfilling a social need

A

social need- to fulfil a social need is to make society a better place through the actions of the business

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24
Q

meeting shareholder expectations

A

share- a portion of ownership in a company
shareholder- a person who owns at least one share in a company, making them a partial owner

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25
Q

how are shareholders expectations met

A

-return on their investment
-reinvest their profit or share with owners

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26
Q

divined

A

a sum of money paid by a company to its shareholder out of it’s profit

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27
Q

owners

A

interested in the success of the business from a financial and a personal reputation position

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28
Q

return on investment

A

what the owner gains financially from the business compared to the sum they invested

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29
Q

managers

A

interested in the success of business from a job security, financial position

30
Q

employees

A

interested in the success of business from job security, financial and career development position

31
Q

customers

A

interested in the success from the consumption position.
Want goods and services to be high quality and well priced

32
Q

general community

A

interested in the success of the business from an indirect effect position

33
Q

suppliers

A

interested in the success of the business from a financial and associated reputation position
likely to be strongly invested

34
Q

owners vs employees conflict

A

owners want to maximise their return on investment so they reduces the wages will potentially improve profit

35
Q

managers vs customers conflict

A

managers are interested in the success of the business from job security and financial position

36
Q

employees vs shareholders conflict

A

employees want higher wages but this may come at the expense of profits which may potentially damage dividends

37
Q

managers vs suppliers conflict

A

management wants to keep costs down to improve profits but suppliers want higher prices to cover their costs

38
Q

autocratic management

A

autocratic- a management style where the leader dictates what the objectives are and how they should be achieved

39
Q

autocratic advantages

A

-manager retains all the control
- time is used efficiently

40
Q

autocratic disadvantages

A

manager retains control

41
Q

persuasive management

A

a management style where the leader dictates what the objectives are and persuades employees as to how they should be achieved

42
Q

persuasive advantages

A
  • time is used efficiently
    -may maintain employe morale better
43
Q

persuasive disadvantages

A

-no employee input could lead to less informed decisions
-employees may not feel empowered

44
Q

consultative management

A

a management style where the leader asks employees for their opinions before making a decision

45
Q

consultive advantages

A

asking for suggestions broadens the pool of ideas
-seeking employee input boosts their satisfaction

46
Q

consultive disadvantages

A

The time taken to consult can slow down the decision-making process.–

Some employee suggestions may be ignored, which could cause resentment.

47
Q

Participative management

A

A management style where the leader shares decision-making responsibility with their team.

48
Q

Advantages- participative

A

Teamwork and group decision-making should lead to the optimum final decision.

-This management style recognizes the skills and abilities of employees and empowers them to make decisions

49
Q

Laissez-faire management

A

A management style where employees are totally responsible for the decision-making and operation of the business.

50
Q

Laissez-faire management- advantages

A

very trusting and empowering for employees, given complete freedom and responsibility.

-Can be very creative, with a high degree of individual responsibility

51
Q

Laissez-faire management- disadvantages

A

This can potentially lead to a loss of control or conflicts between staff over direction

52
Q

The appropriateness of management styles

A

Nature of task as an impact on management style

Time has an impact on management style

Employee experience as an impact on management style

Manager preference as an impact on management style

53
Q

nature of the task

A

more important task the more manager is going to want to control it moving towards an autocratic management

-more creative tasks would be more beneficial with team efforts so move to the laissez faire side of the continuum

54
Q

time

A

when time critical management move towards a more autocratic whereas an extended time frame move to participative style

55
Q

experience of the employees

A

inexperienced employees may not be worth asking their opinion- autocratic

more experienced employees can trust their input and opinions leaning towards the laissez-faire style

56
Q

preference of the manager

A

managers will revert back to style that matches their personality

57
Q

management skills

A

communication skills
delegation skills
planning skills
leadership skills
decision-making skills
interpersonal skills

58
Q

communication skills

A

communication-the transfer of information from a sender to a receiver

59
Q

delegation skills

A

delegation- the transfer of authority and responsibility from a manager to an employee in relation to specific tasks
manager remains accountable for the work

60
Q

planning skills

A

the process of thinking about the strategies and tasks requires to best achieve a business objective

61
Q

leadership skills

A

guiding the business and employees toward achieving business objectives
-establishes a clear vision
-sharing that vision with others

62
Q

decision making skills

A

the process of purposely choosing a course of action from a set of alternatives to achieve business objectives

63
Q

interpersonal skills

A

relating to relationships or communication between people

64
Q

cooperate culture

A

the shared values, beliefs, and practices of a business

can be determined by
-the way employees dress and behave
-language the employees use

65
Q

official culture

A

the values and beliefs that a company is trying to convey to the public. Usually observed in mission statements, logos, slogans and symbols

66
Q

real culture

A

what it axtully is

67
Q

explain

A
68
Q

discuss

A
69
Q

describe

A
70
Q

anaylsis

A

buisness (5 decks)

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