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Y10 Business Studies > General Definitions > Flashcards

General Definitions Flashcards

1
Q

Define a business

A

The organised effort of individuals to produce and sell, for a profit, the products that satisfy individuals’ needs and wants

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2
Q

Define product

A

A good or service that can be bought or sold

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3
Q

Define good

A

An item that can be seen or touched (tangible)

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4
Q

Define service

A

A thing done for you by others

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5
Q

Define finished product

A

A product that is ready for customers to buy and use

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6
Q

Define production

A

Activities undertaken by the business that combine the resources to create products that satisfy customers’ needs and wants

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7
Q

Define shareholders

A

People who are part owners of a company because they own a number of shares

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8
Q

Define dividend

A

A part of a business’s profit that is divided among shareholders

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9
Q

Define research and development (R&D)

A

A set of activities undertaken to improve existing products, create new products, and improve production

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10
Q

Define market share

A

The business’s share of the total industry sales for a
particular product

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11
Q

Define transnational (multinational) corporation (TNC/MNC)

A

A business that has branches in various different countries whereby finance, assets, technology, information, employees and goods and services flow freely from one country to another

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12
Q

Define a small to medium enterprise, according to the ABS

A

Firms with fewer than 200 full-time equivalent employees and/or less than $10 million turnover according to the Australian Bureau of Statistics

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13
Q

Define a micro business, according to the ABS

A

A business that employs fewer than 5 people (including the owner)

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14
Q

Define geographical spread

A

The presence of a business and the range of its products across a suburb, city, state or country or the globe

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15
Q

Define local business

A

A business with a very restricted geographical spread; it serves the surrounding area; frequently used by consumers who live nearby

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16
Q

Define national business

A

A business that operates within just one country

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17
Q

Define primary industry

A

Businesses in this industry are involved in the collection of natural resources

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18
Q

Define secondary industry

A

Businesses in this industry are involved in taking a raw material and making it into a finished or semi-finished product

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19
Q

Define tertiary industry

A

Businesses in this industry are involved in performing a service for other people

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20
Q

Define quaternary industry

A

Businesses in this industry are involved in providing services that involve the transfer and processing of information and knowledge

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21
Q

Define quinary industry

A

Businesses in this industry are involved in providing all services that have traditionally been performed in the home

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22
Q

Define incorporated

A

The process businesses go through to become a registered company and a separate legal entity from the owner(s)

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23
Q

Define unincorporated

A

The business has no separate legal existence from its owner/s; sole trader or partnership. When the owner dies, so too does the business entity

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24
Q

Define privatisation

A

The process of transferring the ownership of a government business to the private sector

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25
Q

Define sole trader

A

A business that is owned and operated by a singular person

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26
Q

Define unlimited liability

A

When the business owner is personally responsible for all the debts of his or her business

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27
Q

Define partnership

A

A legal business structure that is owned and operated by 2 – 20 people with the aim of making a profit

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28
Q

Define limited liability

A

A feature of corporate ownership that limits each owner’s financial liability to the amount of money he or she has paid for the business’s shares; i.e. shareholders do not have to cover the debts of the business when it ceases

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29
Q

Define proprietary (private) company

A

An incorporated business and usually has 2 – 50 private shareholders

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30
Q

Define public company

A

An incorporated business that is listed on the stock exchange; for Australia, it is the Australian Securities Exchange (ASX)

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31
Q

Define company

A

A business that is incorporated; private or public

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32
Q

Define prospectus

A

A document giving details and the financial security of a company in order to invite the public to buy shares in it

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33
Q

Define float

A

The raising of capital in a company through the sale of shares to the public; shares publicly owned, unrestricted and available on the open market – available to the general public

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34
Q

Define venture capital

A

Money that is invested in small and sometimes struggling businesses that have the potential to become very successful

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35
Q

Define venture capitalist

A

Investors who invest in small and/or struggling business and take an equity position in the business (become part-owners) and provide supplementary finance

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36
Q

Define franchise

A

The act of an individual or business buying the rights from another business to distribute its product under its name

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37
Q

Define franchisor

A

An individual or business that grants a franchise

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38
Q

Define franchisee

A

An individual or business that purchases a franchise

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39
Q

Define business environment

A

The surrounding (external and internal) conditions in which the business operates

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40
Q

Define complementary business

A

A business is one that sells a similar range of goods and services

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41
Q

Define distribution channel

A

A chain of businesses or intermediaries through which the final buyer, usually a consumer, purchases a good or service

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42
Q

Define support services

A

The activities needed to assist the core operations or prime function of a business, e.g. accountants, solicitors and government agencies such as Austrade and the Business Enterprise Centre

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43
Q

Define human resources

A

The employees of the business and are generally its
most important asset

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44
Q

Define information resources

A

The knowledge and data required by the business, such as market research, sales reports, economic forecasts, technical material and legal advice

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45
Q

Define physical resources

A

The equipment, machinery, buildings and raw materials of the business

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46
Q

Define financial resources

A

The funds that business uses to meet its obligations to various creditors

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47
Q

Define business (corporate) culture

A

The values, ideas, expectations and beliefs shared by members of the organisation

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48
Q

Define voluntary cessation

A

When the owner ceases to operate the business of their own accord

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49
Q

Define involuntary cessation

A

When the owner is forced to cease trading by the creditors of the business

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50
Q

Define creditors

A

People or other businesses who the business owes money to

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51
Q

Define bankruptcy

A

A declaration that a business or person is unable to pay his or her debts. Only applicable for unincorporated businesses

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52
Q

Define realisation

A

The process of converting the assets of a business into cash

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53
Q

Define voluntary administration

A

The appointment of an independent administrator to operate the business in the hope of trading out of the present financial problems.

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54
Q

Define liquidation

A

When an independent and suitably qualified person – the liquidator – is appointed to take control of the business with the intention of selling all the company’s assets in an orderly and fair way in order to pay the creditors. Only applicable to incorporated businesses

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55
Q

Define receivership

A

When a business has a receiver take charge of the affairs of the business. Unlike liquidation, the business the business may not necessarily be wound up

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56
Q

Define receiver

A

Someone appointed by creditors or the Courts to take charge of the affairs of the business

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57
Q

Define management (traditional)

A

The process of coordinating a business’s resources to achieve its goals

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58
Q

Define manager

A

Someone who coordinates the business’s limited resources in order to achieve specific goals

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59
Q

Define management (contemporary)

A

The process of working with and through other people to achieve business goals in a changing environment. Crucial to this process is the effective and efficient use of limited resources

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60
Q

Define stakeholder engagement

A

The action of businesses sharing information with and seeking input from stakeholders, and involving them in decision-making

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61
Q

Define profit maximisation

A

The greatest possible difference between the total revenue (that is, the number of sales made multiplied by the price) coming into the business and total costs being paid out

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62
Q

Define share

A

A part ownership of a public company

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63
Q

Define intrapreneur

A

An individual who takes on the entrepreneurial roles within a business

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64
Q

Define mass production

A

The process of manufacturing standardised goods on a huge scale by automation

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65
Q

Define classical-scientific management approach

A

An approach that studies a job in great detail to discover the best way to perform it

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66
Q

Define classical-bureaucratic management approach

A

An approach that emphasises how businesses should be organised or structured

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67
Q

Define strategic planning

A

Planning for the following 3 – 5 years. This level of planning will assist in determining where in the market the business wants to be, and what the business wants to achieve in relation to its competitors

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68
Q

Define tactical planning

A

Flexible, adaptable planning, usually over 1 – 2 years, that assists in implementing the strategic plan

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69
Q

Define operational planning

A

Planning that provides specific details about the way in which the business will operate in the short term/on a daily basis

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70
Q

Define management hierarchy

A

The arrangement that provides increasing authority at higher levels of the hierarchy

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71
Q

Define specialisation of labour

A

The degree to which tasks are divided into separate jobs

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72
Q

Define chain of command

A

A system that determines responsibility, supervision and accountability of members of the organisation

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73
Q

Define autocratic leadership style

A

A style where a manager tends to make all the decisions, dictates work methods, limits worker knowledge about what needs to be done to the next step to be performed, frequently checks employee performance and sometimes gives feedback that is punitive

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74
Q

Define participative or democratic leadership style

A

A style in which the manager consults with employees to ask their suggestions and then seriously considers those suggestions when making decisions

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75
Q

Define outsourcing

A

The use of external sources or businesses to undertake business functions or activities for the business

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76
Q

Define interdependence

A

The mutual dependence that objects and people have on one another

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77
Q

Define manufacturer

A

Someone that transforms inputs into goods

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78
Q

Define service organisation

A

Someone transforms inputs into services

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79
Q

Define inputs

A

The resources used in the transformation (production) process

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80
Q

Define tansformed resources

A

Inputs that are changed or converted in the operations process

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81
Q

Define transforming resources

A

Inputs that carry out the transformation process

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82
Q

Define transformation

A

The conversion of inputs (resources) into outputs (goods or services)

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83
Q

Define outputs

A

The end product of a business’s efforts that is delivered or provided to the consumer

84
Q

Define quality management

A

The strategy which a business uses to make sure that its products meet customer expectations

85
Q

Define quality control

A

A reactive process that uses inspections at various points in the production process to check for problems and defects in the product

86
Q

Define quality assurance

A

The use of a proactive system so that a business achieves set standards in production

87
Q

Define total quality management

A

An ongoing, business-wide commitment to excellence that is applied to every aspect of the business’s operation

88
Q

Define quality circles

A

Groups of workers who meet to solve problems relating to quality

89
Q

Define target market

A

A group of customers with similar characteristics who presently, or who may in the future, purchase the product

90
Q

Define mass markets

A

Markets where the seller can mass-produces, mass-distributes and mass-promotes one product to all buyers

91
Q

Define market segmentation

A

The subdivision of the total market into groups of people who share one or more common characteristics

92
Q

Define niche market

A

A narrowly selected target market segment

93
Q

Define primary target market

A

The market segment at which most of the marketing resources are directed

94
Q

Define secondary target market

A

Usually a smaller and less important market segment

95
Q

Define marketing mix

A

The combination of the 4 elements of marketing that make up the marketing strategy

96
Q

Define cost-based price strategy

A

A pricing method derived from calculating the total cost of producing or purchasing a product and then adding a mark-up for profit

97
Q

Define market-based price strategy

A

A pricing method of setting prices according to the interaction between the levels of supply and demand — whatever the market is prepared to pay

98
Q

Define competition-based pricing strategy

A

A pricing method that is chosen in relation to competitors

99
Q

Define personal selling

A

Activities of a sales representative directed to a customer in an attempt to make a sale

100
Q

Define relationship marketing

A

Development of long-term, cost-effective and strong relationships with individual customers

101
Q

Define sales promotion

A

Free samples, coupons and point-of-purchase displays

102
Q

Defnie public relations

A

Activities aimed at creating and maintaining favourable relations between a business and its customers

103
Q

Define advertising

A

Print or electronic mass media used to communicate a message about the product

104
Q

Define publicity

A

Free news stories about a business’s products

105
Q

Define contingencies

A

Unanticipated events that can lead to financial difficulty

106
Q

Define accounting

A

A managerial and administrative tool for recording financial transactions, so that a summary of business money can be traced

107
Q

Define accountability

A

An acceptance of responsibility for honest and ethical conduct towards others in a business setting

108
Q

Define finance

A

The manner that a business funds its activities as well as the costs, risks and benefits of different types of borrowings

109
Q

Define cash flow statement

A

A financial statement that indicates the movement of cash receipts and cash payments resulting from transactions over a period of time

110
Q

Define liquidity

A

The amount of cash a business has access to and how readily it can convert its assets into cash so that debt can be paid

111
Q

Define income statement

A

A summary of the income earned and the expenses incurred over a period of trading and as a result, the net profit

112
Q

Define the cost of goods sold (COGS)

A

The value of stock that a business has sold to its customers

113
Q

Define opening stock

A

The value of stock (or inventory) that the business has at the start of the financial year (July 1)

114
Q

Define closing stock

A

The value of stock on hand at the end of the financial year (June 30)

115
Q

Define balance sheet

A

A financial document that represents a business’s assets and liabilities at a particular point in time, expressed in money terms, and represents the net worth of the business

116
Q

Define assets

A

Items of value owned by the business that can be given a monetary value

117
Q

Define liabilties

A

Items of debt owed to other organisations

118
Q

Define owner’s equity

A

The funds contributed by the owner(s) to establish and build the business

119
Q

Define human resource/employment cycle

A

All stages in the process of employing staff, from initial planning through to recruitment, selection, induction, training and development, performance management, and eventual separation of employment

120
Q

Define job analysis

A

A systematic study of each employee’s duties, tasks and work environment

121
Q

Define job description

A

A written statement describing the employee’s duties, tasks and responsibilities associated with the job

122
Q

Define job specification

A

A list of the key qualifications needed to perform a particular job in terms of education, skills and experience

123
Q

Define learning organisation

A

A business that monitors and interprets its environment, seeking to improve its understanding of the relationship between its actions and its environment

124
Q

Define action learning

A

Learning by experience solving real workplace problems

125
Q

Define competency-based training

A

Training that identifies skill strengths and areas where further training is required

126
Q

Define employment contract

A

A legally binding, formal agreement between an employer and an employee

127
Q

Define award

A

A legally binding agreement that sets out the minimum wages and conditions for a group of employees

128
Q

Define enterprise agreements

A

Collective agreements made at a workplace level between an employer and a representative of the employees (a union or the employees themselves) about terms and conditions of employment

129
Q

Define separation

A

The ending of the employment relationship

130
Q

Define redundancy

A

When a person’s job no longer exists, usually due to technological changes, an organisational restructure or a merger or acquisition

131
Q

Define retrenchment

A

The dismissal of an employee because there is not enough work to justify paying him or her

132
Q

Define summary dismissal

A

Immediate dismissal due to one’s behaviour; does not require a notice

133
Q

Define dismissal on notice

A

Dismissal when an employee is not performing their job satisfactorily

134
Q

Define triple bottom line

A

The economic, environmental and social performance of a business

135
Q

Define audit

A

An independent check of the accuracy of financial records and accounting procedures

136
Q

Define Corporate Code of Conduct

A

A set of ethical standards for managers and employees to abide by

137
Q

Define transformational change

A

A complete restructure throughout the whole organisation

138
Q

Define incremental change

A

Minor changes, usually involving only a few employees

139
Q

Define structural change

A

Changes in the business’s structure — the organisation chart

140
Q

Define flexible manufacturing

A

The production by computer controlled machines that can adapt to various versions of the same operation

141
Q

Define management consultant

A

Someone who has specialised knowledge and skills within an area of business

142
Q

Define actively trading businesses

A

Businesses that have an Australian Business Number (ABN) and are actively paying the Goods & Services Tax (GST)

143
Q

Define balance of payments

A

The difference between all money flowing into the country in a particular period of time and the outflow of money to the rest of the world

144
Q

Define competition

A

Rivalry among businesses that seek to satisfy a market

145
Q

Define cost strategy

A

Attract market share by producing a good or service at the lowest possible cost and thus sell at the lowest price

146
Q

Define market analysis

A

The action of collecting, summarising and analysing information about the state of the market, customers, the threats and opportunities that the market presents, and any advantages or disadvantages that the business is likely to have over its competitors

147
Q

Define zoning

A

A mean by which local councils allocate land for different uses, such as residential, commercial, recreational, and industrial

148
Q

Define equity

A

The value of the shares issued by a business. Exchanges ownership for funds

149
Q

Define debt finance

A

The short-term and long-term borrowing from external sources by a business

150
Q

Define overdraft

A

An allowance from the bank to let a business overdraw their account up to an agreed limit for a specified time, to overcome a temporary cash shortfall.

151
Q

Define mortgage

A

A loan secured on some type of asset

152
Q

Define on-costs

A

Payments for non-wage benefits

153
Q

Define wage

A

A weekly payment based on hours worked and an hourly rate of pay

154
Q

Define salary

A

An annual rate of pay, divided into equal pay periods

155
Q

Define WHS requirements

A

Work health and safety requirements

156
Q

Define long service leave

A

A national workplace entitlement that most long serving employees, including casuals, are eligible for

157
Q

Define sick leave

A

An entitlement of all full and part-time employees when they or a family member is sick

158
Q

Define superannuation

A

(10.5%) A compulsory system of placing a minimum percentage of your income into a fund to support your financial needs in retirement

159
Q

Define holiday pay

A

An entitlement of full-time, permanent employees when they take time off work. 4 paid weeks

160
Q

Define leave loading

A

(17.5%) An extra payment that some workers are entitled to receive from their employer while on annual leave, on top of their base rate of pay

161
Q

Define study leave

A

Leave that allows time, inside or outside of the workplace, for formal learning that meets the requirements of the curriculum and personalised training objectives. Upskilling workers

162
Q

Define parental leave

A

An entitlement of employees who can take unpaid 12 months off due to the birth of a child. 90 days are paid. They can also request up to an additional 12 months of leave

163
Q

Define worker’s compensation

A

A form of insurance payment to employees if they are injured at work or become sick due to their work

164
Q

Define goods and services tax (GST)

A

A broad-based tax of 10% on the supply of most goods and services consumed in Australia

165
Q

Define input tax credit

A

An allowable tax deduction that a business can claim for any GST included in the price of business inputs

166
Q

Define business activity statement (BAS)

A

A record of a business’s claim for input tax credits and accounts for GST payable

167
Q

Define the Australian Business Number (ABN)

A

A single identifying number that a business uses when dealing with government departments and agencies

168
Q

Define skills audit

A

A process that establishes the current skills levels of employees and future skills requirements

169
Q

Define skills inventory

A

A database containing information on the skills, abilities and qualifications of existing staff

170
Q

Define trend analysis

A

A process of investigating changes over time and looking for a pattern (trend) in order to predict the future

171
Q

Define forecasting

A

Predicting the future prospects of the business

172
Q

Define competitive advantage/edge

A

Areas where a business has an ‘edge’ over its competitors

173
Q

Define leasing

A

A long-term source of borrowing for businesses. It involves the payment of money for the use of equipment that is owned by another party

174
Q

Define just-in-time (JIT) method

A

A form of inventory management that requires working closely with suppliers so that raw materials arrive as production is scheduled to begin, but no sooner; limited storage required

175
Q

Define E-business (electronic business)

A

The use of the internet to conduct business

176
Q

Define E-commerce

A

The buying and selling of goods and services via the internet

177
Q

Define government enterprises (GBEs)

A

Businesses that are owned and operated by the government

178
Q

Define stakeholder

A

Any group or individual who has an interest in or is affected by the activities of a business

179
Q

Define under-capitalisation

A

A lack of sufficient funds to operate a business normally

180
Q

Define insolvency

A

When a company is not able to pay its debts as and when they fall due

181
Q

Define sustainable development

A

When the needs of the present population are met without endangering the ability of future generations to meet their own needs

182
Q

Define bureaucracy

A

The set of rules and regulations that control a business

183
Q

Define behavioural management approach

A

This approach stresses that people (employees) should be the main focus of the way in which the business is organised

184
Q

Define contingency management approach

A

This management approach stresses the need for flexibility and adaptation of management practices and ideas to suit changing circumstances

185
Q

Define cash from operating activities (cash flow statement)

A

Cash inflows and outflows relating to the provision of goods and services (the main activity of the business)

186
Q

Define cash from investing activities (cash flow statement)

A

Cash flows related to the purchase and sale of non-current assets and investments

187
Q

Define cash from financing activities (cash flow statement)

A

Cash flows related to the acquisition and repayment of both debt and equity finance

188
Q

Define current assets/liabilties

A

Items that the business can expect to use within a year

189
Q

Define non-current assets/liabilties

A

Items that the business expects to have a lifespan longer than a year

190
Q

Define goodwill

A

The monetary value attached to the reputation of a particular business

191
Q

Define revenue

A

The total value of the sales of products a business earns

192
Q

Define turnover

A

The rate a business uses or makes assets

193
Q

Define input tax credit

A

An allowable tax deduction that a business can claim for any GST included in the price of business inputs

194
Q

Define Australian Business Number

A

A single identifying number that a business uses when dealing with government departments and agencies

195
Q

Define oligopoly

A

A market structure that consists of a small number of firms, who together have substantial influence over a certain industry or market

196
Q

Define monopoly

A

A market structure where a single business dominates the industry or market

197
Q

Define perfect competition

A

A theoretical market structure where all elements of a monopoly are not exist

198
Q

Define monopolistic competition

A

A market structure where many companies offer competing products or services that are similar, but not perfect, substitutes

199
Q

Define selling expense (income statement)

A

Expenses related to the process of selling the good or service and is directly traced to the need for sales

200
Q

Define administrative expenses (income statement)

A

Expenses directly related to the general running of the business

201
Q

Define finance expenses (income statement)

A

Expenses associated with borrowing funds

202
Q

Define change agent

A

A person or group of people who act as catalysts,
assuming responsibility for managing the change process.

203
Q

Define driving forces

A

Those forces that support the change

204
Q

Define restraining forces

A

Those forces that work against the change

205
Q

Define inertia

A

An unenthusiastic response to proposed change.

206
Q

Define return on investment

A

An approximate measure of an investment’s profitability

Y10 Business Studies (4 decks)

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