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Business > AOS 2 > Flashcards

AOS 2 Flashcards

1
Q

Internal Environment:

A

Factors within a business that a business has control over.

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2
Q

External Environment:

A

The surrounding factors that can impact a business, which it has minimal control over.

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3
Q

Macro-Factors:

A

Social, legal, technological, global, and economic conditions that a business operates in and has no control over.

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4
Q

Operating Factors:

A

The primary external factors impacting a business that it has some control over.

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5
Q

Sole Trader:

A

A business structure that is owned and operated by one individual.

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6
Q

Unincorporated:

A

The business owner and the business being viewed as the same legal entity.

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7
Q

Unlimited Liability:

A

The business owner being held personally responsible for the business’s debts.

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8
Q

Personal Income Tax:

A

A portion of an individuals’ earnings that is paid to the government for public services.

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9
Q

Debt:

A

The amount of money that an individual or business owes another individual or business.

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10
Q

Partnership:

A

Owned by 2-20 owners.

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11
Q

Partnership Agreement:

A

Outlines the roles and expectations of partners in the business.

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12
Q

Private Limited Company:

A

An incorporated business structure that has at least one director and a maximum of 50 shareholders.

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13
Q

Incorporated:

A

A business being established as a separate legal entity from the owners.

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14
Q

Director:

A

A person or a group of people who are responsible and in charge of a company.

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15
Q

Shareholders:

A

The individuals who have purchased shares of a company and therefore are part-owners of the company.

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16
Q

Dividends:

A

Regular sums of money paid out to shareholders from a company’s profit.

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17
Q

Limited Liability:

A

When shareholders are only liable to the extent of their original investment, meaning they are not personally responsible for the business debts.

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18
Q

Capital:

A

The resources that can be used for funding a business such as cash, machinery, and equipment.

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19
Q

Public Listed Company:

A

An incorporated business that has an unlimited number of shareholders and lists and sells its shares on the ASX.

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20
Q

Australian Securities Exchange (ASX):

A

The electronic market where Australian public company shares are bought and sold.

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21
Q

Government Business Enterprise (GBE):

A

A business owned and operated by the government.

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22
Q

Public Sector:

A

The part of the economy that is operated by the government.

23
Q

Business Model:

A

A plan that identifies how the business will operate to make a profit.

24
Q

Online Business:

A

A business model where goods and services are traded via the internet.

25
Q

Advertising Model:

A

Revenue through advertising. E.g. FaceBook.

26
Q

Brokerage Model:

A

Buyers and sellers are brought together to exchange products. Profit is made through seller’s fee. E.g. Ebay, Etsy.

27
Q

Direct to Customer:

A

The business’s products are sold directly to customers with no intermediaries involved. E.g. Cotton:on.

28
Q

Subscription Model:

A

Fee for use of website/app. E.g. Netflix.

29
Q

Bricks and Mortar Business:

A

A physical store presence.

30
Q

Clicks and Mortar:

A

A type of business model that has a physical store presence as well as an online existence.

31
Q

Franchise:

A

A business model that grants another person the right to operate under its name, use its business systems, and sell its goods and services.

32
Q

Tariff

A

A tax that needs to be paid on goods being imported from overseas.

33
Q

Goodwill:

A

The calculated monetary value of a business’s established reputation.

34
Q

Consumer Base:

A

A group of consumers who continuously purchase goods and services from businesses.

35
Q

Corporate Social Responsibility (CSR):

A

The ethical conduct of a business beyond legal obligations and the consideration of social, economic, and environmental impacts when making business decisions.

36
Q

Natural resources:

A

Raw materials from the environment that are used in the production of goods and services.

37
Q

Labour Resources:

A

The people who provide the business with their skills and qualifications to conduct business activities.

38
Q

Capital Resources:

A

Manmade goods are used in the production of goods and services.

39
Q

Home Business:

A

A business that operates from an individual’s home.

40
Q

Equity Capital:

A

Money contributed to a business by an investor in exchange for partial ownership.

41
Q

Shares:

A

Also known as stock, portions of a company that can be bought and sold as a means for the business to gain revenue.

42
Q

Angel Investor:

A

A private investor that contributes money to a new or expanding business. Typically, they also act as a business mentor.

43
Q

Initial Public Offering (IPO):

A

Ehere the stock of a company is offered on the stock market for the first time.

44
Q

Dept Capital:

A

Money that has been lent to a business by an external source that must be paid back over time, with interest.

45
Q

Grant:

A

Money provided by a government or another organization for a particular reason.

46
Q

Overdraft Facilities:

A

Agreements between banks and businesses or individuals, that allow a bank account to be withdrawn below zero.

47
Q

Business Support Services:

A

The specialized people facilities or amenities that aim to help businesses successfully open.

48
Q

Solicitor:

A

A legal professional who is qualified to provide advice on legal matters.

49
Q

Bookkeeper:

A

A person hired by a business to record and document its financial transactions.

50
Q

Accountant.

A

A professional who manages updates, analyses, and reports a business’s financial information.

51
Q

Hub:

A

A place where individuals and businesses can go to utilize the space and obtain support.

52
Q

Formal Networks:

A

Interconnected groups of people and official organizations that assist in offering professional support to business owners.

53
Q

Business Associations:

A

Organizations that advise and support businesses in a particular industry.

54
Q

SWOT Analysis:

A

A planning analysis tool that helps a business identify its strengths, weaknesses, threats and opportunities.

Business (7 decks)

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