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Physical Education > Business Management > Flashcards

Business Management Flashcards

1
Q

Sole trader

A

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

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2
Q

Unincorporated

A

Is an owner and business being viewed as a single legal entity.

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3
Q

Unlimited liability

A

Is the complete responsibility an owner has for a business’s debts. Debts are the sums of money a business owes to banks, suppliers or even customers.

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4
Q

Proprietor

A

Is the owner of a business.

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5
Q

Profits

A

Are the amount remaining after all expenses are deducted from a business’s income.

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6
Q

Personal income tax

A

Is a portion of an individual’s earnings that is paid to a government for public services such as roads, schools, and hospitals.

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7
Q

Company tax

A

Is the portion of profits a business pays to the government for public services such as the police, courts and fire services. Incorporated is a business being established as a separate legal entity from the owners.

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7
Q

Company tax

A

Is the portion of profits a business pays to the government for public services such as the police, courts and fire services. Incorporated is a business being established as a separate legal entity from the owners.

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8
Q

Director

A

Is the manager of a particular area of a company often selected for their expertise.

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9
Q

Shareholders

A

Are part-owners of a business as they purchase company shares.

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10
Q

Limited liability

A

Is the protection of a shareholder’s personal assets against any business debt. Shares are the units of ownership of a business that it sells to raise funds.

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11
Q

Partnerships

A

Are suitable for two to 20 owners of small to medium businesses

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12
Q

Private limited companies

A

Are suitable to raise funds and grow the business while maintaining control

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13
Q

Public listed companies

A

Are suitable to raise large amount of funds publicly

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14
Q

Social enterprises

A

Are suitable for businesses that focus on improving a community or environmental cause.

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15
Q

GBEs (Government Business Enterprises)

A

Are a unique type of business that can only be designated by the government

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16
Q

Open market

A

Is a public arena where people can buy and sell items of commercial value freely.

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17
Q

Australian Securities Exchange

A

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

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18
Q

Share price

A

Is the value of a single share of a company that it can be bought or sold for.

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19
Q

Dividends

A

Are regular sums of money paid out to shareholders from a business’s profit

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20
Q

Business Objectives

A

Are the goals a business intends to achieve

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21
Q

Revenue

A

Is the amount of money a business makes from its normal business activities. Expenses are the costs of running a business.

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22
Q

Market share

A

Is a business’s percentage of total sales within an industry.

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23
Q

Make a profit

A

Profit is essential for any business to survive and grow. By generating more revenue than expenses, a business earns a profit which can then be distributed to owners and shareholders.

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24
Q

Increase market share

A

A business typically wants to increase its market share to become more competitive within an industry. Increased sales usually means a business can also increase their profits.

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25
Q

Meet shareholder expectations

A

Shareholders are people who have invested a sum of their own money into a business by purchasing company shares. As part owners of a business, shareholders expect a return on their investment.

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26
Q

Fulfil a market need

A

A business fulfils a market need by providing products and services which meet the desires of a group of customers with similar needs.

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27
Q

Fulfil a social need

A

A business fulfils a social need by improving the community and environment through its business activities.

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28
Q

Vested interest

A

Is a strong connection to a business that can lead to personal gain or benefit.

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29
Q

Internal stakeholders

A

Are groups who have a direct financial share or are employed by the business including owners, board of directors, investors, shareholders, and employees

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30
Q

External stakeholders

A

Are groups that are outside a business but are concerned or affected by its activities including customers, suppliers, and the general community.

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31
Q

Ethically

A

Is the alignment to current moral standards.

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32
Q

Wages

A

Are regular payments of money earned by employees for work or services completed, typically paid on a weekly or monthly basis.

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33
Q

Conditions

A

Are the terms that an employee and employer agree to including job responsibilities, hours of work, dress code and leave entitlements.

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34
Q

Corporate social responsibility (CSR)

A

Is the ethical conduct of a business beyond legal obligations to improve the social, economic and environmental outcomes of stakeholders.

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35
Q

Operations Area of Management

A

Produces the goods or services that a business sells

to customers.

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35
Q

Operations Area of Management

A

Produces the goods or services that a business sells

to customers.

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36
Q

Human Resources Area of Management

A

Establishes and manages the relationship the

business has with its employees, including their hiring, training and termination.

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37
Q

Sales And Marketing Area of Management

A

Promotes and sells the business’s goods

or services to customers.

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38
Q

Finance Area of Management

A

Handles the monetary requirements of a business.

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39
Q

Technology Support Area of Management

A

Installs automated equipment, machinery
and devices within the business and provides assistance to employees on the use of these
technologies.

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40
Q

Corporate Culture

A

Is the shared values and behaviours practised by managers and employees within a business.

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41
Q

Official Corporate Culture

A

Is the shared values and beliefs desired by a business and expressed through elements such as formal rules and symbols.

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42
Q

Real Corporate Culture

A

Is the shared values and behaviours that are actually practised by
employees and managers and expressed through informal rules and habits.

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43
Q

Policies

A

Are the formal and written rules of a business.

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44
Q

Mission statement

A

is a formal
summary of the core focus of a
business apart from profit.

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45
Q

Vision statement

A

is a formal
summary of a business’s longer
term objective

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46
Q

Rituals

A

are practices within a business that occur regularly.

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47
Q

Communication flow

A

is the direction of the transfer of
information between managers
and employees.

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48
Q

Decision making

A

is deciding a course of action for a business

from a set of alternatives.

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49
Q

Autocratic management style

A

is a manager making decisions and directing employees without any input from them

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50
Q

Centralized control

A

is one person
having concentrated authority to
make decisions

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51
Q

Persuasive management style

A

is a manager making decisions and communicating the reasons for those decisions to employees without their input

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52
Q

Consultative management style

A

is a manager seeking input from employees on business decisions but making the final decision themselves.

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53
Q

Participative management style

A

is a manager communicating and discussing

information with employees in order to make decisions together.

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54
Q

Laissez-faire management style

A

is a manager communicating business objectives to

employees and allowing them to make decisions independently.

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55
Q

Planning

A

is the manager’s ability to establish objectives and strategies to achieve them.

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56
Q

Decision-making

A

is the manager’s ability to determine a suitable course of action for the business from a range of alternatives.

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57
Q

franchise

A 
is a business model
that licenses the business’s name, 
product and procedures to people 
outside the business, also known 
as franchisees. Franchisees pay a 
fee to the business in return for 
an established brand, proven 
business methods and a loyal 
customer base.
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58
Q

Communicating

A

is the manager’s ability to clearly exchange information with employees
and relevant stakeholders.

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59
Q

Communicating

A

is the manager’s ability to clearly exchange information with employees
and relevant stakeholders.

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60
Q

Delegating

A

is the manager transferring authority and responsibility to employees for
business tasks

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61
Q

Franchisees

A 
are individuals who
become business owners by 
purchasing the right to trade using 
another established business’s 
brand, products and processes.
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62
Q

Interpersonal

A

skills are the manager’s ability to interact positively with employees to create and maintain professional relationships.

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63
Q

Leading

A

is the manager’s ability to motivate employees to work towards business
objectives

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64
Q

Vision

A 
is the aspirational purpose
of a business for owners, managers 
and employees. Examples include: 
Disney - ‘to make people happy’
Instagram - ‘capture and share the 
world’s moments’
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65
Q

Motivation

A

is a need or desire that directs, energises, and sustains a person’s behavior.

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66
Q

living wage

A

is the minimum
income an employee needs to
afford basic shelter, food, and other
necessities.

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67
Q

Physiological needs

A

are the basic requirements for human survival, such as food, water and shelter.

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68
Q

Safety and security needs

A

are the desires for protection from dangerous or threatening environments.

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69
Q

OH&S regulations

A 
are the 
occupational health and safety 
rules and laws that aim to protect 
the wellbeing of employees and 
the public.
70
Q

Job security 

A

is the likelihood of an

employee keeping their job

71
Q

Social needs

A

are the desires for a sense of belonging and friendship among groups

72
Q

Esteem needs

A

are the desires to feel important, valuable and respected.

73
Q

Self-actualisation

A

is the realization of one’s full potential through creativity and personal growth

74
Q

Intrinsic motivation 

A

is a drive that comes from within an individual

75
Q

Drive to acquire

A

is the desire to achieve rewards and high status

76
Q

financial reward

A

is a monetary
payment to recognise performance
which achieves business goals.

77
Q

non-financial reward

A 
is 
recognition of performance which 
achieves business goals but is 
not in the form of a monetary 
payment
78
Q

Drive to bond

A

is the desire to participate in social interactions and feel a sense
of belonging.

79
Q

Drive to learn 

A

is the desire to gain knowledge, skills and experience.

80
Q

Drive to defend 

A

is the desire to protect personal security as well as the values of a
business.

81
Q

Locke and Latham’s goal setting theory

A

The goal setting theory is a motivation theory which states that employees strive to achieve
well defined objectives.

The goal setting theory states that managers can use goals that fulfil five key principles to
motivate employees within the workplace.

82
Q

Production quota

A

is a goal for how
many products are to be made
within a specific time period.

83
Q

Performance related pay as a motivation strategy

A

is a financial reward for reaching or

exceeding a set business goal.

84
Q

Remuneration

A

is the money paid
to an employee by an employer in
exchange for completing work tasks.

85
Q

Pay rise

A

is a permanent increase
in an employee’s salary or hourly
wage rate.

86
Q

Bonus

A

is a one-off payment
made for meeting a set objective.
It is provided in addition to an
employee’s regular salary.

87
Q

Commission

A 
is a payment provided 
to an employee for selling a good 
or service. It is usually paid as a 
percentage of the price of the good 
or service being sold
88
Q

Career advancement as a motivation strategy

A

is the upwards progression of an

employee’s job position.

89
Q

Investment in training as a motivation strategy

A

is allocating resources to improve

employees’ skills and knowledge.

90
Q

Mentoring

A

is a senior employee
assisting a junior employee in
developing the skills and knowledge
needed for their work.

91
Q

Support as a motivation strategy

A

is providing employees with any assistance that

improves their satisfaction at work

92
Q

Sanction as a motivation strategy

A

is penalizing employees for poor performance or

breaching business policies.

93
Q

On-the-job training

A

is employees improving their knowledge and skills within the workplace

94
Q

Job shadowing

A 
is following 
and observing an experienced 
employee for a period of time 
to understand how they 
perform their role.
95
Q

Off-the-job training

A

is employees improving their knowledge and skills in a location
external to the business.

96
Q

Management by objectives

A

are both managers and employees collaboratively setting individual employee goals that contribute to the achievement of wider business objectives

97
Q

Performance appraisals

A

is a manager assessing the performance of an employee against a range of criteria, providing feedback, and establishing plans for improvement in the future

98
Q

Self-evaluation

A

is an employee assessing their individual performance against a set criteria.

99
Q

Employee observation

A

is a range of employees from different levels of authority assessing
another employee’s performance against a set criteria

100
Q

Entitlement issues

A

are legal
obligations an employer owes
to employees following the
termination of their employment.

100
Q

Transition issues

A

are social and
ethical concerns a manager
can consider when terminating
employment

101
Q

Termination

A

is ending the
employment contract between an
employee and the business

102
Q

Retirement

A

is an individual deciding to leave the workforce as they no longer wish to work

103
Q

Redundancy

A

is an employee no longer working for a business because there is insufficient
work or their job no longer exists

104
Q

Exit interviews

A 
are discussions 
held between an employer and 
the leaving employee and are 
used to identify the reasons for an 
employee deciding to no longer be 
a part of the business.
105
Q

Unfair dismissal

A

is an employee
being dismissed for an invalid or
unjust reason.

106
Q

Resignation 

A

is an employee voluntarily terminating their own employment, usually to take
another job position elsewhere.

107
Q

Dismissal

A

is the involuntary termination of an employee who fails to meet required standards
or displays unacceptable or unlawful behaviour.

108
Q

Annual leave i

A 
is paid time off work
that is provided to an employee 
when they are not working. 
Businesses often have a limit to 
the amount of leave they provide 
employees with.
109
Q

Long service leave

A

is an extended
period of paid leave that is granted
to an employee after a sustained
period of work at a single business.

110
Q

Workplace relations 

A 
is the 
interactions between employers and 
employees, or their representatives, 
to achieve wages and conditions 
that satisfy both the business
and employees
111
Q

Human resource managers

A

are individuals who coordinate the relationship between

employees and management within businesses.

112
Q

Employer associations

A

are advisory bodies who assist employers in understanding and
upholding legal business obligations

113
Q

Unions

A

are organisations composed of individuals who represent and speak on
behalf of employees in a particular industry to protect and improve their wages and
working conditions.

114
Q

The Fair Work Commission (FWC)

A

is Australia’s independent workplace relations

tribunal and has a range of responsibilities outlined by the Fair Work Act.

115
Q

Employment contracts

A

are
legal documents which outline
the wages and conditions of
employees within a business

116
Q

National employment standards

NES

A

are minimum wages and

conditions set out by the FWC.

117
Q

awards

A

is a legal document which outlines the minimum wages and conditions of work
across an entire industry

118
Q

Collective bargaining

A 
is the 
process of negotiation between 
employers and employees, or their 
chosen representatives, to reach an 
agreement regarding their wages 
and conditions of employment.
119
Q

Negotiation

A

is the process of two
or more parties coming to a
mutual agreement

120
Q

agreement

A

is a legal document which outlines the wages and conditions of employees
and is applicable to a particular business or group of businesses.

121
Q

dispute

A

is a conflict between
workplace participants as a result
of a disagreement

122
Q

grievance procedure

A

is a formalised set of steps that employees and employers can
follow to resolve workplace disputes.

123
Q

Mediation

A

is an impartial third party facilitating the discussion between disputing parties
to help each side of the conflict reach a resolution themselves

124
Q

legally binding decision 

A 
is 
a judgement that requires and 
prohibits certain actions of parties 
to a decision which is enforceable 
by law. Failure to follow this decision 
can result in legal consequences
125
Q

Arbitration

A

is an independent third party hearing arguments from both disputing parties
and making a legally binding decision to resolve a conflict.

126
Q

Efficiency

A

is how productively a business uses its resources when producing a good or service.

127
Q

Productivity

A 
is the number 
of goods or services that are 
produced compared to the 
number of resources used in 
the production process.
128
Q

Effectiveness

A

is the extent to which a business achieves its stated objectives

129
Q

Inputs

A

are the resources used by a business to produce goods and services

129
Q

Inputs

A

are the resources used by a business to produce goods and services

130
Q

Raw materials

A

are unprocessed
substances used to produce goods
and services

131
Q

Processes

A

are the actions performed by a business to transform inputs into outputs.

132
Q

Outputs

A

are the final goods or services produced as a result of a business’s operations
system which are delivered or provided to customers.

133
Q

Manufacturing businesses

A

use
raw materials and resources to
produce a finished physical good.

134
Q

Service businesses

A

provide intangible products, usually with

the use of specialized expertise

135
Q

Tangible

A

is the ability to be touched.

136
Q

Capital intensive

A

is using a high degree of machinery and
equipment during the production
process

137
Q

Inventory

A

are resources and

finished goods held as stock

138
Q

Standardised goods

A

are goods that are produced consistently and are

virtually identical to one another.

139
Q

Intangible 

A

is something that

cannot be touched.

140
Q

Labour intensive 

A

is having a high
degree of employee involvement
during the production process

141
Q

Computer-aided design (CAD)

A

is a digital design tool that enables businesses to generate and
modify technical illustrations of a product.

142
Q

Computer-aided manufacturing (CAM)

A

is a software used to control and direct the

production process by controlling machinery and equipment through a computer.

143
Q

Automated production lines

A

are machinery and equipment which are arranged in a sequence, and the product is developed as it proceeds through each step

144
Q

Website development

A

is the creation and improvement of online web pages controlled by a business that customers can use to discover information about the business and purchase their goods or services at any time.

145
Q

Forecasting

A

is a materials planning tool that predicts customer demand for an upcoming period using past data and market trends

146
Q

Stock

A

is the materials stored for
production or goods stored for
sale.

147
Q

A master production schedule (MPS)

A

is a plan that outlines what a business intends to

produce, in its specific quantities, within a set period of time.

148
Q

Materials requirement planning (MRP)

A

is a process that itemises the types and quantities

of materials required to meet production targets set out in the master production schedule.

149
Q

Just in time (JIT)

A

is an inventory control approach that delivers the correct type and
quantity of materials as soon as they are needed for production.

150
Q

Quality

A

is a good or service’s ability

to satisfy a customer’s needs

151
Q

Quality control

A

is inspections at various stages of the production process to ensure
products meet designated standards and unsatisfactory products are discarded

152
Q

Reactive

A

is responding to
a situation after something
has occurred

153
Q

Proactive

A

is performing actions
to prevent problems before they
occur

154
Q

Quality assurance

A

is a business achieving a certified standard of quality in its production after an independent body assesses its operations system.

155
Q

Quality circles

A

are small groups of
employees who meet to discuss
and create solutions to problems
related to quality

156
Q

Total quality management (TQM)

A

is a holistic approach where all employees are committed to continuously improving a business’s operations system to enhance the quality for customers.

157
Q

Lean management

A

is the process of systematically reducing waste in all areas of production
while improving customer value.

157
Q

Waste

A

is any material or resource
that is discarded because it
cannot be further used in the
production process.

158
Q

Waste minimisation

A

is the process of reducing the amount of unused material, time or
labour within a business

159
Q

Zero defects

A

is preventing defects from occurring in the production process

160
Q

Supply chain management

A

is the coordination of the flow of goods and services from raw materials to delivering final products to customers.

161
Q

Wholesalers 

A

are businesses that
store and distribute manufactured
goods to retailers.

162
Q

Retailers 

A

are businesses that
purchase goods from a wholesaler
and resell them to customers.

163
Q

Global sourcing of inputs

A

is acquiring raw materials or resources from overseas suppliers.

164
Q

Quotas 

A 
are the limitations on the 
number of a particular product that 
can be imported or exported into a 
country. Quotas are usually set by 
a country’s government
165
Q

Tariffs 

A

are taxes that have to be
paid to a government for particular
imports or exports.

166
Q

Global outsourcing

A

is transferring specific business activities to an external business in an
overseas country

167
Q

Overseas manufacturing

A

is producing goods or services in a location outside of a business’s headquarters countr

168
Q

Outsource 

A

is the transfer of
specific business activities to an
external business.

169
Q

Corporate social responsibility (CSR)

A

is the ethical conduct of a business beyond legal

obligations to improve the social, economic and environmental outcomes of stakeholders

170
Q

Environmental sustainability

A

is ensuring that natural resources
are not permanently depleted
or damages

Physical Education (3 decks)

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