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business management end of year exam Flashcards

1
Q

sole trader

A

a business owned and operated by one person
All the decisions and takes all the responsibility for the operations of the business
eg construction workers or gardeners

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2
Q

Sole trader + and -

A

+
Complete control and less costly to operate
-
End of business when owner dies and difficult to operate if sick

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3
Q

Partnership

A

a business owned by two or more people most partnerships have a maximum of 20 partners
eg über and spotify

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4
Q

partnership + and -

A

+
low start-up costs and shared responsibility
-
liable for all debts including the partners
possibility of disputes

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5
Q

Incorporation

A

The process that businesses go through to become a registered company and a separate legal entity from the owner/shareholder

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6
Q

Limited liability

A

refers to when a shareholder in the company will not be held personally responsible for the debts of a business

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7
Q

unlimited liability

A

Refers to when a business owner is personally responsible for all the debts of their business

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8
Q

private limited company

A

incorporated business that has a minimum of one shareholder and a maximum of 50 non-employee shareholders and whose shares are offered only to those whom the business wishes to have a part as its owners
eg bakers delight

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9
Q

private Limited Company and public listed company
+ and -

A

+
Easy transfer of ownership and easier to attract finance
-
Cost of formation is expensive and the company is taxed on any profits

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10
Q

Public listed companies

A

An Incorporated business with a minimum of one shareholder (no maximum), and whose shares are openly traded on the Australian securities exchange
eg Google or Apple

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11
Q

social enterprise

A

A social enterprise is a business with an objective of fulfilling a social need

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12
Q

Social enterprise + and -

A

+
Meeting a social need can have a positive effect on profit and marketshare
-
Difficulty to obtain capital to start a business and significant operating costs

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13
Q

Government business enterprise

A

A type of business is operated and owned by the government
eg vic roads

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14
Q

government business enterprise + and -

A

+
Can operate with some independence from the government
-
Political interference in day-to-day operations

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15
Q

business objective

A

And objective gives a business direction it provides a business with a path to follow and increases its chances of being successful
an objective is a desired outcome or specific result that a business intends to achieve

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16
Q

Business objective to make a profit

A

Making a profit is an central objective of most businesses. Profit is what is left after business expenses have been deducted from money earned in sales.

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17
Q

Business objective to increase market share

A

Marketshare is a businesses proportion of total sales in market or industry that is controlled or held by business, calculated for a specific period of time.

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18
Q

Business objective to improve efficiency

A

Businesses in order to sell a product or service to customers will need to use its resources to produce a good or service an output. How well a business uses its resources to achieve objectives.

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19
Q

business objective to improve Effectiveness

A

The degree to which a business has achieved it stated objectives

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20
Q

Business objective to fulfil a market need

A

To fulfil some sort of market need a business will need to meet customer expectations or provide a good or service that is not otherwise available in the market

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21
Q

Business objective to fulfil a social need

A

The objective involves the production of selling of a good or service for the purpose of making the world a better place

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22
Q

Business objective to meet shareholder expectations

A

Shareholders expect to make a return on their investment they expect the business that they invested in to make a profit as they receive a proportion of the profit.

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23
Q

KPI

A

Specific criteria used to measure the efficiency and or effectiveness of a businesses performance

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24
Q

stakeholders

A

Groups and individuals who interact with a business and have a vested interest in its activities

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25
Q

manager

A

The person who has the responsibility for successfully achieving the objectives of the business

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26
Q

Employees

A

The people who works for a business and who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production

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27
Q

customers

A

The people who purchase goods and services from the business, expecting high-quality at competitive prices

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28
Q

suppliers

A

Businesses or individuals who supply materials and other resources to a business so that it can conduct its operations

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29
Q

Owners/ Managers interest

A

To make a profit and to conduct its business in a socially responsible manner

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30
Q

Suppliers interest

A

Provide quality materials and delivered reliably

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31
Q

Employees interest

A

Paid fairly, trained properly and treated ethically

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32
Q

Customer interests

A

Expect to purchase quality goods at reasonable prices and high levels of service

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33
Q

General community interests

A

Businesses will give back to society and business it will show concern for the future

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34
Q

Corporate social responsibility

A

The obligations a business has over and above its legal responsibilities to the well-being of employees and customers, shareholders and a community as well as the environment

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35
Q

Employees and owners conflicting interest

A

Employees require safe working conditions and raise more wages but this may reduce the businesses profit

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36
Q

Managers and customers

A

Managers could attempt to maintain profit by raising the prices of products but this will upset customers who expect reasonably priced goods

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37
Q

Management style

A

The behaviour and attitude of the manager when making decisions, when directing and motivating staff, and when implementing plans to achieve business objectives

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38
Q

Autocratic management style

A

One where the manager tell staff what decisions have been made.

the management control is powerful.

The manager tends to make all decisions, dictating work methods, limiting employees knowledge about what needs to be done and frequently checking on employee performance

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39
Q

+ and - of autocratic management style

A

+
Directions and procedures are clearly defined
-
No employee input is allowed

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40
Q

Persuasive management style

A

One where the manager attempts to sell decisions made. Manager attempts to convince employees that the management way is the right way authority and control remains centralised with the manager.

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41
Q

+ and - Persuasive management style

A

+
Managers can gain some trust and support through persuasion
-
Communication is still poor and limited to a one-way system and employees remain frustrated because they are not in full participation

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42
Q

Consultative management style

A

One where the manager consults employees before decision-making. This recognises the importance of a good personal relationship among employees and staff. This is a two way communication process.

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43
Q

+ and - Consultative management style

A

+
Asking for suggestions from employees allows for a greater variety of ideas and employers the quality of management decisions
-
Time taken is long and can slow the entire process

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44
Q

Participative management style

A

One where the manager unites with stuff to make decisions together. This is a two way communication. Participative managers recognise the strengths and abilities of all employees and actively involve them in all stages of the decision-making process

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45
Q

+ and - Participative management style

A

+
Employee/employee relations are positive and reduces the likelihood of disputes

  • Time consuming and differing views need to be considered
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46
Q

Laisser-faire management style

A

One where the employees assume total responsibility for, and control of workplace operations. Management or set objectives and is still accountable for overall performance of the department but employees take responsibility for implementing the means of achieving the objectives

47
Q

+ and - Laisser-faire management style

A

+
Employees feel a sense of ownership
-
There is complete loss of control by management no control or direction means there is a potential for misuse of businesses resources

48
Q

The appropriateness of management styles

A

Nature of the task, time, the experience of employees, the preference of the manager

49
Q

Management skills

A

The abilities or competencies that managers use to achieve business objectives

50
Q

Communication management skill

A

The ability to transfer information from a sender to a receiver and listen to feedback

51
Q

Delegation management skill

A

The ability to transfer authority and responsibility from a manager to an employee to carry out specific activities

52
Q

Planning management skill

A

The ability to define business objectives and decide on the methods or strategies to achieve them

53
Q

Swot analysis

A

The identification and analysis of the internal strengths and weaknesses of a business and the opportunities and threats from the external environment

54
Q

Leadership management skill

A

The ability to influence or motivate people to work towards the achievement of business objectives

55
Q

decision making management skill

A

the ability to identify the options available and then choose a specific course of action from the alternatives

56
Q

interPersonal skills management skills

A

The ability to deal with people and build positive staff relationships

57
Q

Corporate culture

A

The values ideas, expectations and beliefs shared by members of a business

58
Q

Official corporate culture

A

Can be revealed officially in the policies, objectives or slogans of a business

59
Q

real Corporate culture

A

Can be seen in the unwritten or informal rules that guide help people in a business behave, such as the way they dress, the language that they use and the way that staff treat each other and customers

60
Q

Human resource management

A

The effective management of the formal relationship between the employer and employees

61
Q

Human resource manager

A

Coordinates all the activities involving in acquiring, developing, maintaining and terminating employees from a businesses human resources

62
Q

Motivation

A

The individual, internal processes that direct, energise and sustain a persons behaviour

63
Q

Maslow’s hierarchy of needs

A

Maslow believes that all people have needs that need to be satisfied, and that they will work towards satisfying those needs.
Maslow propose that needs could be arranged according to the importance in a series of steps

64
Q

Maslow’s hierarchy of needs steps (5)

A

Physiological (bottom) - so that’s factory pay for survival
safety - job security and safe working conditions
social - teamwork and involvement in decision-making, love and belonging
esteem -Power responsibility promotion
self actualisation (top) - opportunities for advancement and the need for development

65
Q

+ and - of maslows hierarchy of needs

A

+
Allows management to develop an understanding of individual needs and allows management to be aware that employees will be at different stages
-
It is not supported by actual evidence and the hierarchy does not apply to all individuals

66
Q

Lock and Latham’s goal setting theory

A

Lock and Latham concluded that employees were motivated by clear goals and appropriate feedback regarding the achievement

lock and Latham found that in order to motivate employees goals must be clear specific and provide a challenge the employee must be also committed to meeting the challenge

67
Q

Five principles of lock and Latham

A

Clarity
challenge
commitment
feedback
task complexity

68
Q

+ and - of Locke and Latham

A

+
Goals that are clear and specific challenging but not overwhelming will motivate employees to improve their performance
-
Goals can be too vague and lead to poor performance

69
Q

4 theory drive Lawrence and Nohria

A

Identified the four drives as fundamental to all human behaviour.
Drive to acquire, the desire to own material goods status and power

Drive to Bond, the strong need to form relationships

Drive to learn, the desire to satisfy our curiosity and learn new skills

Drive to defend, the desire to remove threats to our safety and security and protect what we regard as ours

70
Q

+ and - of four theory drive

A

+
Very adaptable
-
some of the workplace applications involve competition between employees

71
Q

Maslow’s compared with lock and Latham

A

Similarities
Recognition and feedback are significant in both theories and both theories highlight the importance of achieving job satisfaction
Differences
Maslow’s theory is ongoing long-term process through a series of steps where as lock and Latham’s is more of a short-term

72
Q

Lock and Lathams compared with Lawrence and Norias

A

Similarities
in both theories is important that the manager understands needs of employees
Differences
Lock and Latham’s theory a person is usually pursuing one goal at a given time while Lawrence and Norias theory assumes a person needs to satisfy all for drives

73
Q

Performance related pay

A

The monetary compensation provided to employees relative to how their performance is assessed according to set standards

Improves productivity but is also very expensive and employees may expect higher rewards

74
Q

Career advancement

A

Career advancement is the assignment of more responsibilities to employees or the promotion of employ two positions that are in rewards, such as increased salary, fringe benefits and increased responsibilities

75
Q

Investment in training

A

The direction of finances, or resources such as time, into the teaching of the skills to employees

this can indicate to an employee that they are valued but it can be costly

76
Q

Support

A

The assistance or services provided by the business to help employees cope with difficulties that may impact their work performance

77
Q

Sanction

A

A form of penalty or discipline imposed on an employee for poor performance

78
Q

Training

A

The process of teaching staff how to do their job more efficiently and effectively by boosting their knowledge and skills.

The benefits of training can include opportunity for promotion and improve job satisfaction
Business it can also mean they have higher productivity and objectives are more efficiently meant

79
Q

Off the job training

A

Occurs when employees learn skills in a location away from their workplace

80
Q

+ and - Off the job training

A

+
Availability of a wider range of skills and qualifications
-
More expensive with fees charged and travel costs

81
Q

On the job training

A

Occurs when employees learn a specific set of skills to perform particular tasks within a workplace

82
Q

+ and - of on the job training

A

+
Cost-effective and trainees use the actual equipment that is required to do the job
-
Quality of the trainer may vary and bad habits of older staff maybe passed on

83
Q

Performance management

A

A focus on improving both business and individual performance through relating business performance objectives to individual employee performance objectives

84
Q

Management by objectives

A

A process in which management and employees agree on a set goals for each employee with these goals all contributing to the objectives of the business as a whole

85
Q

Appraisals

A

A formal assessment on how efficiently and effectively an employee is performing that role in a business

+
Facilitates communication and allows a positive relationship to develop
-
Can be time-consuming and stressful

86
Q

Self-evaluations

A

A process whereby employees carry out self assessments, based on a set of agreed criteria
+ and -
Allows employees to be actively involved in the process of performance management
but employees can overstayed their own performance

87
Q

Employee observation

A

A strategy where a variety of opinions on performance of employees is sought with the aim of arriving at a more comprehensive picture of the past and current performance
+
Allows a manager to gain a broad range of observations
-
Staff may feel stressed and know that they are being observed

88
Q

Termination

A

The ending of the employment of an employee

89
Q

Retirement

A

Occurs when an employee decides to give up full-time work or part time work and no longer be a part of the labour force

90
Q

Resignation

A

The voluntary ending of employment by the employee ‘quitting’ their job

91
Q

Redundancy

A

Occurs when a persons job is no longer exists due to technological changes, are businesses restructure or a merger or acquisition

92
Q

Dismissal

A

Occurs when the behaviour of an employee is unacceptable and a business terminate their employment

93
Q

Entitlement considerations

A

The rights to benefits the employees have when leaving their workplace, either on a voluntary or involuntary basis

94
Q

Transition considerations

A

Issues relating to the process of changing from one job to another or from one set of circumstances to another

95
Q

Role of the human resource manager

A

Negotiating employment agreements with employees and their representatives
Dealing with disputes and conflict that may arise during an agreement

96
Q

Role of employees

A

The people working for the business in return for pay, employees are expected to contribute through their work efforts to achieve business objectives

97
Q

Role of employer associations

A

Organisations that represent an assist employer groups

98
Q

fair work commission

A

Australia’s national workplace tribunal that has a number of responsibilities under the fair work act

99
Q

award

A

A legally binding document determined by the fair work commission that sets out minimum wages and conditions for an whole industry or occupations

100
Q

+ and - of awards

A

+
Less costly for the business and less time-consuming
-
Provides less flexibility and cannot be customised

101
Q

Agreement

A

An agreement on pay and conditions of work made at the workplace level and negotiated between groups of employees and employers

102
Q

+ and - of agreements

A

+
Very flexible and maybe used to attract talent
-
Time consuming to negotiate and can be very expensive

103
Q

dispute

A

A result of disagreements or dissatisfaction between individuals or groups

104
Q

Dispute resolution method negotiation

A

A method of resolving disputes whereby discussions between the parties result in a compromise and a formal or informal agreement about a dispute

105
Q

Mediation dispute resolution method

A

The confidential discussion of issues in a nonthreatening environment, in the presence of a neutral, objective third party who helps the parties in the dispute work towards an agreement but does not offer a solution

106
Q

Arbitration dispute resolution method

A

Dispute resolution involving an independent third-party hearing both arguments in a dispute and determining an outcome

107
Q

Operations management

A

All the activities in which managers in gauge to produce goods or services

108
Q

Relationship between operations and business objectives

A

Operations align with business objectives by optimizing processes, improving efficiency, and reducing costs. Effective operations management supports key goals like profitability, customer satisfaction, and growth, ensuring resources are utilized strategically to achieve long-term success and competitive advantage.

109
Q

Inputs

A

Inputs are the resources used in the production process these include natural resources physical resources financial resources and time

110
Q

Transformation process

A

The conversion of inputs resources into outputs goods or services

111
Q

Processes in a service business

A

Service businesses such as Commonwealth Bank transforms inputs which are information time and human resources into a intangible product or service that cannot be touched

112
Q

Processes in a manufacturing business

A

Manufacturers such as occult produces its products by combining the milk bacteria water and sugar then fermenting it using machinery and delivering the output which is the tangible product which is the good that can be touched

113
Q

outputs

A

The final good or service that is delivered to provide customer satisfaction

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