Defintion

Question 1

Product

Answer 1

Good or service that can be sold or bought

Question 2

Good

Answer 2

Items that can be seen or touched

Question 3

Services

Answer 3

Things done for you by others

Question 4

revenue

Answer 4

Business income from sales of goods and services to customers

Question 5

Choice

Answer 5

Act of selecting within alternatives

Question 6

Innovation

Answer 6

Process of improving features of a product

Invention is creating

Question 7

Risk

Answer 7

Possibility of loss which entrepreneurs face

Ex. Not being paid, no profit, loss of money

Question 8

Quality of life

Answer 8

Overall wellbeing of an individual

Question 9

Incorporated

Answer 9

Process companies go through to become a separate legal entity from owners

Question 10

Unincorporated

Answer 10

Businesses that are not companies. Same legal entity with owner

Question 11

Deregulation

Answer 11

Governments removal of control over a particular industry or economy sector to achieve competition

Question 12

Environment protection authority

Answer 12

Enforces government laws regarding environment protection

Question 13

Australian taxation office

Answer 13

EnForces taxation laws including company tax

Question 14

Australian securities and investment commissions

Answer 14

regulates financial conduct and monitors operations of financial institutions. Companies must release reports to them

Question 15

Nsw fair trading

Answer 15

Protect consumer rights

Regulates registration of business name

Question 16

Steady state

Answer 16

Business maintains position

Market share is maintinaes and loyal customers are developed

Question 17

Decline

Answer 17

Loses competitive advance
Sales fall and decline in market share

Reasons
Failed to keep up with consumer demands
Low shares
competition

Question 18

Renewals

Answer 18

Develops new marketing strategies or new products
Growth in sales
Increase in profit and market share

Question 19

Cessation

Answer 19

Closes down

voluntary and involuntary (liquidation)

Question 20

Quality control

Answer 20

Involves establishing standards and measuring outputs against them
Quality reached by planning production

Question 21

Total quality management

Answer 21

Focuses on continuous improvement in all areas not only products (kaizen)

Question 22

Employment contacts

Answer 22

Contract highlight what is expected from an employee

Question 23

Marketing segmentation

Answer 23

Division of the total market into small segments based on factors like
Geographic 
demographic
Personality and lifestyle
Behaviour

Question 24

Target market

Answer 24

Focus of firms marketing strategy

Question 25

Management accounting

Answer 25

Uses Im formation reports to make business decisions

Question 26

Financial accounting

Answer 26

Produces reports about overall positions of the business for external stakeholders to use

Question 27

Cash flow

Answer 27

Summarizes cash transactions that have occurs over a period of time, involving cash inflow and outflow

Used for
Budgeting, managing expenses, liabilities

Question 28

Income statement

Answer 28

Profit and loss statement, revenue statement, statement of earnings

Summary of all revenue generated and expenses incurred to earn revenue

Question 29

Balance sheet

Answer 29

Businesses financial stability at a particular time
Shows
Business owns, owes and owners investment in business

Question 30

Assets

Answer 30

Current: cash, accounts receivable, inventory, stock

Noncurrent: lands, buildings, factories, equipment, fixtures, trademark, vehicles

Question 31

Liabilities

Answer 31

Current (repaid in year)- bank overdraft, accounts payable, commercial bills, prepaid expenses

Non current- long term loans, mortgage, debenture

Question 32

Owners equity

Answer 32

Capital
Undistributedu profits
Drawings