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HSC - Business (HR) > Business Terms > Flashcards

Business Terms Flashcards

1
Q

Absenteeism

A
  • Employees not attending work
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2
Q

Accounting and Finance Function

A
  • Provides financial information for decision making
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3
Q

Accounts Payable

A
  • The money the business owes to its suppliers or service providers
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4
Q

Accounts Receivable

A
  • The money owed to the business from consumers who have already received their good or service
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5
Q

Accounts Receivable Turnover Ratio

A
  • Sales/Accounts Receivable (Formula)

- Shows the average of how long it takes for customers to pay the business

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6
Q

Acquisition

A
  • Stage in the HR cycle which identifies the staffing needs, recruitment and selection
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7
Q

Amortisation

A
  • The depreciation of intangible assets over time
  • Intangible = Non-physical (E.g Trademarks)
  • Tangible = Physical
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8
Q

Arbitration

A
  • When a commissioner hears both sides of an industrial dispute and makes a decision which is legally binding on both parties
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9
Q

Audit

A
  • A check of financial records

- From an accountant or manager

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10
Q

Award

A
  • A document which states the minimum working conditions
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11
Q

Bad Debts

A
  • Debts that are unlikely to be paid
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12
Q

Balance Sheet

A
  • Shows the Assets and Liabilities and the equity the owner has invested in the business
  • Shows financial stability
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13
Q

Bankruptcy

A
  • A legal declaration that a person or business has more liabilities than assets
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14
Q

Batch Production

Flow Production

A
  • Producing small numbers of the same item

- Producing lots of products at the same time

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15
Q

Benchmarking

A
  • A process of measuring performance that shows a business against its competitors
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16
Q

Bottlenecks

A
  • A point in the production process which limits the speed of the operating process
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17
Q

BPAY

A
  • Paying bills online
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18
Q

Brand Awareness

A
  • The extent to which consumers know a product based on its brand
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19
Q

Branding

A
  • The reputation a product or business has gained over time
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20
Q

Budget

A
  • A tool to evaluate the results of a business with planned results
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21
Q

Business Life Cycle

A
  • The life of a business / Product
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22
Q

Capitalised Expenses

A
  • The cost when financing a non-current asset is added to the cost of the asset
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23
Q

Cash Flow Management

A
  • Management of cash coming in and going out of the business
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24
Q

Cash Flow Statement

A
  • A financial statement which shows the cash going in and out of the business
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25
Q

Certified Agreement

A
  • A wage that is agreed on by an employee and employer
26
Q

Collective Bargaining

A
  • Negotiations over workplace disputes within a business
27
Q

Common Law

A
  • Law that derives from court decisions by a Judge
28
Q

Competitive Advantage

A
  • The features of a business which create an advantage over its competitors
29
Q

Competitive Positioning

A
  • The process which determines how a business will differentiate itself from its competitors
30
Q

Component

A
  • A part of a finished good
31
Q

CAD (Computer Aided Design)

A
  • Computer technology which allows architects/ engineers to create something or adjust designs using a computer
32
Q

CAM (Computer Aided Manufacturing)

A
  • Computer technology which assists with the manufacturing of a product
33
Q

Conciliation

A
  • Is used when the FWC (fair work commision) offers suggestions when resolving a dispute
34
Q

Contract for Service

Contract of Service

A
  • Limited time employment with an agreed fee

- Offered work/service from an employee for a set time and fee

35
Q

Cost Centres

A
  • Centre’s that account for the expenses/ costs incurred by each business functions
36
Q

Cost Plus Pricing

A
  • The process of identifying the manufacturing cost of a product and adding an additional amount to allow for a ‘profit margin’
37
Q

Credit Card

A
  • A card which provides a line of credit
38
Q

Credit Policy

Credit Rating

A
  • The conditions where a business is willing to allow another business to postpone their payment for goods/ services
  • The ability of a business to repay loans
39
Q

Creditors

A
  • AKA, ‘Accounts Payable’
40
Q

CPA (Critical Path Analysis)

A
  • Scheduling tool
41
Q

Current Assets and Liabilities

Current Ratio (Formula)

A
  • The assets and liabilities in the short term (Below 12 months)
  • Current Assets/Current Liabilities (Formula)
  • AKA, ‘Working Capital ratio’
42
Q

Debentures

Debtors

A
  • A type of long-term debt finance

- The people or businesses that owe money to the business

43
Q

Demographic Segmentation

Geographic segmentation

A
  • The process of dividing the market into smaller markets based on customers’ age, gender, income, family
  • Same but based on the location (E.g beach wear near a beachm not at the snow)
44
Q

Depreciation

A
  • Where an asset loses value over time

- Or, a fall in the currency of the nation against another country

45
Q

Derivative

A
  • A contract where a buyer decides to purchase something from a seller at the same price in the future
46
Q

Distribution Channels

A
  • The movement of a product from its manufacturer to its user
47
Q

Dividend

A
  • Income from shares in another company
48
Q

Economies of Scale

A
  • Producing large amounts of a product in order to save costs and increase efficiency
49
Q

Efficiency

A
  • The achievement of maximum output with minimal input

- Involves achieving an objective without wasting resources while keeping costs as low as possible

50
Q

EFTPOS

A
  • Electronic funds transfer at point of scale
51
Q

Electronic Data Interchange (EDI)

A
  • E.g using barcodes to monitor stock
52
Q

Entrepreneur

A
  • An individual who has business skills to help a business thrive
53
Q

Equity

A
  • Owner’s financial claim on the assets
54
Q

Exchange Rate

A
  • Value of a countries money compared to another country
55
Q

Factoring

A
  • Occurs when a business sells its accounts receivable assets to create cash inflow
56
Q

Fixed Cost

Variable Cost

A
  • Costs that don’t change (E.g Rent)

- Costs that change (E.g Materials)

57
Q

Gantt Chart

A
  • Records amount of tasks and the estimated time taken for each
58
Q

Gearing

A
  • How much debt to equity a business has
  • Lower is better but not too low otherwise the business is not maximising the capital due to not using their liabilities for finance
  • The ratio shows the stability of the business
59
Q

Global Web Strategy

A
  • Involves sourcing the cheapest materials, getting the cheapest manufacturer, and obtaining finance from a country with the lowest interest rates
60
Q

Globalisation

A

The integration of different nations economies into a single market to sell, buy or trade goods/ services

61
Q

Grievance

Grievance Procedures

A
  • A dispute

- The procedures employees and employers must follow to resolve these disputes

62
Q

Hedging

A
  • A risk management strategy used by reducing/ limiting the probability of loss from fluctuating prices (E.g Qantas use hedging with their jet fuel)

HSC - Business (HR) (3 decks)

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