U3 AOS1 Flashcards
Sole Trader Definition
A business owned and operated by one person.
Partnership Definition
A business owned by a minimum of two and a maximum of 20 people.
Incorporation Definition
The process that businesses go through to become a regstered company and a seperate legal entity.
Limited Liability Definition
Shareholders cannot be held personally responsible for the debts of the business.
Privated Limited Company Definition
An incorporated business with a maximum of 50 private shareholders and a minimum of 2, whose shares are offered only to those people whom the business wishes to have as part owners.
Public Listed Company Definition
An incorporated business with a minimum of 5 shareholders, and whose shares are freely traded on the Australian Securities Exchange.
Social Enterprise Definition
A business with the objective of fulfilling a social need.
Goverment Business Enterprise Definition
A type of business that is goverment owned and operated.
Business Objective Definition
A desired goal, outcome or specific result that a business intends to achieve.
Business Strategies Definition
Actions that a business takes to achieve specific objectives.
Efficiency Definition
How well a business uses resources to achieve objetives.
Effectiveness Definition
The degree in which a business has achieved its stated objectives.
Key Performance Indicator’s Definition
Specific criteria used to measure the efiiciency and effectiveness of the business’s performance.
Stakeholders Definition
Groups and individuals who interact with the business and have a vested interest in its activities.
Competitors Definition
Other businesses or individuals who offer rival, or competing goods or services to the ones offered by the business.
Interest Groups Definition
Organisations who attempt to directly influence or persaude a business to adopt or change particular activites, rpocesses or policies.
Trade Unions Definition
Represent employees, attempt to negotiate favourable pay and working conditions.
Consumer Groups Definition
Monitor a business’s performance in terms of products safety, packaging, pricing and advertising.
Specific Issues Groups Definition
Focus on youth unemployment, civil liberties, anti-globalisation or environmental protection.
Corporate Social Responsibility Definition
Obligations a business has over and above its legal responsibilites to the wellbeing of employees and customers, shareholders and the community as well as the environment.
Operations Definition
All the activities in which managers engage to produce goods or services.
Finance Definition
Managing the financial aspects of the business, including financial policies, budgeting, accounting and reporting, and cash control.
Human Resources Definition
Coordinating all the activities involved from acquiring to terminating employees of the business. It manages the relationship between the employer and employees.
Sales and Marketing Definition
Responsible for the mar- keting mix, often referred to as the 7 Ps (product, price, place, promotion, people, physical evidence and pro- cess).
Tech Suport Definition
Responsible for installing and maintaining technology, as well as providing assistance to the users of technology in the business.
Communicating Skill Definition
Involves the ability to transfer information from a sender to a receiver, and to listen to feedback.
Delegating Skill Definition
The ability to transfer authority and responsibility from a manager to an employee to carry out specific activities.
Planning Skill Definition
The ability to define business objectives and decide on the methods or strategies to achieve them.
Operational Planning Definition
Provides specific details about the way in which the business will operate in the short-term.
Tacticle Planning Definition
Is flexible, adaptable, medium-term planning, usually over one to two years, which assists in implementing the strategic plan.
Strategic Planning Definition
Long-term planning, the ‘big-picture’, usually over three to five years.
*Helps determine what the business wants to achieve in relation to its competitors.
Leading Skill Definition
The ability to influence or motivate people to work towards the achievement of business objectives.
Decision Making Skill Definition
The ability to identify the options available and then choose a specific course of action from the alternatives.
Interpersonal Skill Definition
The ability to deal or liaise with people and build positive relationships with staff.
Corporate Culture
The values, ideas, expectations and beliefs shared by members of the business
