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Buisness management > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Prospectus

A

A formal document of invitation to the public and potential investors to purchase shares in a particular company

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2
Q

Proprietor

A

the owner of a business, or a holder of property.

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3
Q

Define Partnership (not buisness type)

A

a legal form of business ownership where two or more people (partners) work together and who share profits and the responsibilities of operations

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4
Q

partnership agreement

A

a formal document which outlines the duties and responsibilities of the parties to a partnership

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5
Q

Unlimited liability

A

Is the complete responsibility an owner has for a business’s debts.

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6
Q

Debts

A

are the sums of money a business owes to banks, suppliers or even customers.

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7
Q

Profits

A

are the amount remaining after all expenses are deducted from a business’s income.

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8
Q

Perpetuity

A

the state of lasting forever

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9
Q

Limited liability

A

Limited liability is the protection of a shareholder’s personal assets against any business debt.

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10
Q

Personal income tax

A

is a portion of an individual’s earnings that is paid to a government for public services such as roads, schools and hospitals.

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11
Q

Company tax

A

is the portion of profits a business pays to the government for public services such as the police, courts and fire services.

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12
Q

Director

A

is the manager of a particular area of a company often selected for their expertise.

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13
Q

Incorporated

A

is a business being established as a separate legal entity from the owners

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14
Q

Shareholders

A

are part-owners of a business as they purchase company shares.

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15
Q

Unincorporated business

A

A business that does not possess a separate legal identity from its owner(s). The owner(s) bear full liability for any action or inaction of the business

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16
Q

shares

A

are the units of ownership of a business that it sells to raise funds

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17
Q

Private sector

A

part of the economy operated by private individuals, groups or institutions

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18
Q

Public sector

A

part of the economy operated by the government

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19
Q

Open market

A

is a public arena where people can buy and sell items of commercial value freely.

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20
Q

Australian Securities Exchange (ASX)

A

The primary exchange for securities in Australia, the electronic market where Australian public company shares are bought and sold.

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21
Q

Share price

A

is the value of a single share of a company that it can be bought or sold for

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22
Q

Dividends

A

are regular sums of money paid out to shareholders from a business’s profit.

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23
Q

Goods and Service Tax (GST)

A

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

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24
Q

Company

A

a separate legal entity (incorporated body) that is subject to the requirements of the Corporations Act 2001, owned by shareholders who have limited liability, run by directors and has perpetual succession

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25
Q

Australian Securities and Investments Commission (ASIC)

A

the independent Australian body acts as Australias corporate regulator which enforces and regulates company and financial laws to protect Australian consumers, investors and creditors.

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26
Q

Australian Company Number (ACN)

A

nine-digit number to be used on a company’s common seal and all public documents involving the company

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27
Q

social entrepreneur

A

a person who establishes an enterprise with the aim of solving social problems effecting social change

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28
Q

Revenue

A

is the amount of money a business makes from its normal business activities.

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29
Q

Expenses

A

are the costs of running a business.

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30
Q

Market share

A

is a business’s percentage of total sales within an industry

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31
Q

Vested interest

A

is a strong connection to a business that can lead to personal gain or benefit.

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32
Q

Ethically

A

is the alignment to current moral standards.

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33
Q

Conditions

A

are the terms that an employee and employer agree to including job responsibilities, hours of work, dress code and leave entitlements.

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34
Q

ethics

A

a set of moral principles that a business needs to establish and follow

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35
Q

Australian Competition and Consumer Commission (ACCC)

A

government authority responsible for administering the Competition and Consumer Act 2010 and for promoting and educating how to provide good business practices for a fair and efficient marketplace

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36
Q

communication flow

A

Communication flow is the direction of the transfer of information between managers and employees.

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37
Q

Centralised control

A

is one person having concentrated authority to make decisions.

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38
Q

Decentralized control

A

is multiple people having the authority to make business decisions.

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39
Q

Franchise

A

franchise is a business model that licenses the business’s name, product and procedures to people outside the business, also known as franchisees.

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40
Q

Franchisees

A

Franchisees are individuals who become business owners by purchasing the right to trade using another established business’s brand, products, and processes.

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41
Q

Vision

A

Vision is the aspirational purpose of a business for owners, managers and employees. Examples include: Disney - ‘to make people happy’ Instagram - ‘capture and share the world’s moments’.

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42
Q

Policies

A

are the formal and written rules of a business

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43
Q

Mission statement

A

is a formal summary of the core focus of business apart from profit.

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44
Q

Vision statement

A

is a formal summary of a business’s long term objective.

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45
Q

Rituals

A

are practices within a business that occur regularly.

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46
Q

strategy

A

a plan of action that aims to achieve a specific objective

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47
Q

Motivation

A

is a need or desire that directs, energizes and sustains a person’s behavior.

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48
Q

Living wage

A

is the minimum income an employee needs to afford basic shelter, food, and other necessities.

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49
Q

OH&S regulations 

A

are the occupational health and safety rules and laws that aim to protect the wellbeing of employees and the public

50
Q

Job security

A

is the likelihood of an employee keeping their job.

51
Q

Production quota

A

is a goal for how many products are to be made within a specific time period.

52
Q

Remuneration

A

is the money paid to an employee by an employer in exchange for completing work tasks.

53
Q

Pay rise 

A

is a permanent increase in an employee’s salary or hourly. wage rate

54
Q

Bonus

A

is a one-off payment made for meeting a set objective. It is provided in addition to an employee’s regular salary

55
Q

Commission

A

is a payment provided to an employee for selling a good or service. It is usually paid as a percentage of the price of the goods or services being sold.

56
Q

Productivity

A

is a measure of performance that indicates how inputs are required to produce an output,

57
Q

Mentoring

A

Mentoring is a senior employee assisting a junior employee in developing the skills and knowledge needed for their work.

58
Q

Entitlement issues

A

Entitlement issues are legal obligations an employer owes to employees following the termination of their employment.

59
Q

Transition issues

A

Transition issues are social and ethical concerns a manager can consider when terminating employment

60
Q

Termination

A

is ending the employment contract between an employee and the business.

61
Q

Exit interviews

A

Exit interviews are discussions held between an employer and the leaving employee and are used to identify the reasons for an employee deciding to no longer be a part of the business.

62
Q

Unfair dismissal

A

Unfair dismissal is an employee being dismissed for an invalid or unjust reason.

63
Q

Annual leave

A

Annual leave is paid time off work that is provided to an employee when they are not working. Businesses often have a limit to the amount of leave they provide employees with.

64
Q

Long service leave

A

Long service leave is an extended period of paid leave that is granted to an employee after a sustained period of work at a single business

65
Q

Workplace relations

A

Workplace relations is the interactions between employers and employees, to achieve wages and conditions that satisfy both the business and employees.

66
Q

Employment contracts

A

are legal documents which outline the wages and conditions of employees within a business.

67
Q

National employment standards (NES)

A

are minimum wages and conditions set out by the FWC

68
Q

Collective bargaining

A

is the process of negotiation between employers and employees, or their chosen representatives, to reach an agreement regarding their wages and conditions of employment..

69
Q

Negotiation

A

is the process of two or more parties coming to a mutual agreement.

70
Q

Dispute

A

A dispute is a conflict between workplace participants as a result of a disagreement.

71
Q

Legally binding decision

A

A legally binding decision is a judgement that requires and prohibits certain actions of parties to a decision which is enforceable by law. Failure to follow this decision can result in legal consequences.

72
Q

Productivity

A

Productivity is the number of goods or services that are produced compared to the number of resources used in the production process

73
Q

Raw materials

A

Raw materials are unprocessed substances used to produce goods and services.

74
Q

Manufacturing Business

A

Manufacturing businesses use raw materials and resources to produce a finished physical good.

75
Q

Service buisnesses

A

Service businesses provide intangible products, usually with the use of specialised expertise.

76
Q

Tangible

A

Tangible is the ability to be touched.

77
Q

Capital intensive

A

Capital intensive is using a high degree of machinery and equipment during the production process.

78
Q

Inventory

A

Inventory are resources and finished goods held as stock.

79
Q

Standardized goods

A

Standardized goods are goods that are produced consistently and are virtually identical to one another.

80
Q

Intangible

A

Intangible is something that cannot be touched.

81
Q

Labour intensive

A

Labour intensive is having a high degree of employee involvement during the production process.

82
Q

Stock

A

Stock is the materials stored for production or goods stored for sale.

83
Q

Quality

A

Quality is a good or service’s ability to satisfy a customer’s needs.

84
Q

Reactive

A

Reactive is responding to a situation after something has occurred.

85
Q

Proactive

A

Proactive is performing actions to prevent problems before they occur

86
Q

Quality circles

A

Quality circles are small groups of employees who meet to discuss and create solutions to problems related to quality.

87
Q

Waste

A

Waste is any material or resource that is discarded because it cannot be further used in the production process.

88
Q

Wholesalers

A

Wholesalers are businesses that store and distribute manufactured goods to retailers.

89
Q

Retailers

A

Retailers are businesses that purchase goods from a wholesaler and resell them to customers.

90
Q

Quotas

A

Quotas are the limitations on the number of a particular product that can be imported or exported into a country. Quotas are usually set by a country’s government.

91
Q

Tariffs

A

Tariffs are taxes that have to be paid to a government for particular imports or exports.

92
Q

Outsource

A

Outsource is the transfer of specific business activities to an external business.

93
Q

Enviromental stability

A

Environmental sustainability is ensuring that natural resources are not permanently depleted or damaged.

94
Q

Expenses

A

Expenses are the costs incurred by a business from operations.

95
Q

Revenue

A

Revenue is the sum of all income that a business has generated from business activities, usually the sale of goods and services to customers.

96
Q

Staff morale

A

Staff morale is the collected attitudes, satisfaction and overall outlook that employees have of the workplace. Staff morale can influence a business’s productivity, workplace safety, attendance and staff turnover

97
Q

Productivity

A

Productivity is how efficient a business is at converting inputs into outputs.

98
Q

Internal enviroment

A

Internal environment is the specific factors within a business which impact its performance.

99
Q

External enviroment

A

External environment is the factors existing outside the business environment that have an impact on the operation of a business

100
Q

Competitors

A

Competitors are other businesses within the same industry that sell similar goods or services to a business.

101
Q

Societal attidudes

A

Societal attitudes are the collective values, beliefs, and views of the general public

102
Q

Legislation

A

Legislation are the laws and legal regulations that a business has to follow.

103
Q

Innovation

A

Innovation is the process of altering and improving or creating new products or procedures.

104
Q

Globalisation

A

Globalisation is increased trade between countries due to reduced trade barriers. Globalisation has increased due to advancements in technology, particularly in communication and transport.

105
Q

Chief exucetive officer (CEO)

A

Chief Executive Officer (CEO) is the highest ranked individual in a private or public company and is in charge of making major business decisions.

106
Q

Industrial action

A

Industrial action is steps taken by employees or employers to settle a workplace dispute about working conditions. Employees can delay, limit or refuse to work. In contrast, employers can lock employees out of a workplace.

107
Q

Organisational inertia

A

Organisational inertia is the tendency for a business to maintain established ways of operating.

108
Q

Competitive advantage

A

Competitive advantage is the conditions or attributes that places a business in a superior position compared to its immediate competitors.

109
Q

Cost concious customers

A

Cost-conscious customers also known as price-sensitive customers, purchase products or services primarily based on price. If another business offered a cheaper alternative, these customers would likely switch immediately

110
Q

Profitability

A

Profitability measures the profit of a business relative to the size of its revenue. A business may generate profit but may not be as successful as other businesses in the same industry

111
Q

Profit margin

A

Profit margin calculates and expresses the profitability of a business. Calculated through Net profit/Net revenue

112
Q

Economics of scale

A

Economies of scale is the cost savings a business experiences when it produces a large number of goods. The cost savings typically come from spreading fixed expenses over the larger number of goods or receiving discounts from suppliers when purchasing in bulk.

113
Q

Barriers to entry

A

Barriers to entry are obstacles or high costs that prevent new competitors from entering an industry. Typical barriers include government regulations, intellectual patents or high capital investment.

114
Q

Percieved value

A

Perceived value is a customer’s opinion on the benefits they receive when they purchase a product or a service. For example, a customer decides to purchase a more expensive product over a cheaper product because he/ she believes that the business reputation, the quality of materials used or the unique features of the product are worth the higher price.

115
Q

Point of differientiation

A

Point of differentiation is the unique selling features or elements that positively distinguishes a business’s product or service from its competitors.

116
Q

Change Management

A

Change management is the process of implementing approaches that prepares an organisation undergoing a transformation.

117
Q

Labour recources

A

Labour resources are the mental and physical abilities of workers that can be used to produce goods and services. Types of labour resources can include production line workers, data analysts and human resource employees

118
Q

Capital recources

A

Capital resources are man-made goods used in the production of final goods and services. These may include, machinery, vehicles or tools.

119
Q

Natural recources

A

Natural resources are raw materials that are used in the production of goods and services. These include resources such as land, water or coal.

120
Q
A

Buisness management (10 decks)

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