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Business Management 11 > Chapter Two-Small Business Decision Making > Flashcards

Chapter Two-Small Business Decision Making Flashcards

1
Q

Demand

A

Demand is the quantity of a product that consumers are prepared to purchase

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2
Q

Market Research

A

Market research is a process of systematically collecting, recording and analysing information concerning a specific market

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3
Q

Market Conditions

A

Market conditions are the features of a market into which a new product or service is to be introduced, and include factors such as the number of potential customers, level of competition and potential for growth

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4
Q

Innovation

A

Innovation is either creating a new product , service or process, or improving an existing one

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5
Q

Research and Development

A

Research and development (R&D) is a set of activities undertaken to improve existing products, create new products and improve production

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6
Q

Entrepreneurship

A

Entrepreneurship is the ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit

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7
Q

Business Entity

A

A business entity is any organisation engaged in the production of goods and services

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8
Q

Incorporated business

A

A business that is incorporated has a separate legal entity from the owner(s)

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9
Q

Sole Trader

A

A sole trader (proprietor) business is a business owned and operated by one person

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10
Q

Unlimited Liability

A

Unlimited liability means the business owner is personally responsible for all the debts of his or her business

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11
Q

Partnership

A

A partnership is an unincorporated legal business structure with a minimum or two and a maximum of 20 owners

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12
Q

Silent Partner

A

A silent or sleeping partner contributes financially to the business but takes no part in the running of the partnership

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13
Q

Incorporation

A

Incorporation is the process that businesses go through to become a registered company and a separate legal entity

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14
Q

Shareholders

A

Shareholder (or members) are the owners of a company

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15
Q

Limited Liability

A

Limited liability means that the shareholders in a company cannot be held personally responsible for the debts of that business

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16
Q

Proprietary Company

A

A proprietary (private) company is an incorporated business with a minimum of two, and a maximum of 50 private shareholders

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17
Q

Public Company

A

Public companies are listed on the Australian Stock Exchange and can have an unlimited amount of shareholders

18
Q

Cooperative

A

A cooperative is a democratic organisation owned and controlled by the people it serves, who join together for a common benefit

19
Q

Trust

A

A trust is a business structure where a trustee (usually a company) holds property or carries out business on behalf of the members of the trust, known as beneficiaries

20
Q

Goodwill

A

Goodwill is the monetary value attached to the reputation of a particular business

21
Q

Franchise

A

A franchise means buying the rights from another business to distribute its products under its name

22
Q

Franchisor

A

A franchisor is an individual or organisation that grants a franchise

23
Q

Franchisee

A

A franchisee is an individual or organisation that purchases a franchise

24
Q

Zoning

A

Zoning is a means by which local councils allocate land for different uses, such as residential, commercial, recreational and industrial

25
Q

Complementary Businesses

A

Complementary businesses offer products or services that are related to a different business and that may be of use to the customers of that business

26
Q

Solicitor

A

Provide information concerning business formation and structures, registration, contracts, leases, partnership agreements, patents and legislation

27
Q

Accountant

A

Provide valuable advice on all financial management issues and taxation obligations

28
Q

Bank Manager

A

Valuable contact who can provide information and advice on financial services, sources of finance, and basic business management

29
Q

Business Enterprise Centres (BEC) Australia

A

Not-for-profit network of business enterprise centres which provide support to small business owners. These centres provide information, mentoring, training programs, workshops and seminars, referrals to accountants, solicitors and government programs, and access to networks of other businesspeople

30
Q

Chambers of commerce

A

Local associations of businesspeople, usually centred around a suburb or region. They provide legal and financial help, taxation advice, an explanation of legislation, and industrial relations information

31
Q

Victorian Employer Chamber of Commerce and Industry (VECCI)

A

The state’s main employer group and Australia’s largest multi-industry employer organisation. It is concerned primarily with human resources and industrial relations issues, and provides support for members who may be in dispute with their employees

32
Q

Small Business Association of Australia and New Zealans

A

Provides a forum for exchanging news and views relating to small business matters

33
Q

Trade Associations

A

Offer specific industry information and assistance

34
Q

Federal Government

A

Operates a website, www.business.gov.au, as a service to businesses of all sizes, offering access to all government departments with advice on everything from fair trading to taxation

35
Q

State Government

A

Provides entry and links to information and support on all aspects of starting and managing a business

36
Q

Local Government

A

Offer advice on land zoning, assist with subsidised land and consider development applications

37
Q

Informal networks

A

Network of friends and colleagues, as well as other local business owners to gain information and advice

38
Q

Business Ethics

A

Business ethics is the application of moral standards to business behaviour

39
Q

Socially Responsible Management

A

Socially responsible management is managing an organisation in such a was that the broader social welfare of the community is taken into consideration when making business decisions

40
Q

Stakeholders

A

Stakeholders are individuals or goups with an interest in the success of the business

Business Management 11 (8 decks)

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