U3AOS1 Flashcards
Define “Sole Trader”
1A- Types of Businesses
A Sole Trader is a business structure that is owned and operated by one individual.
Define “Partnership”
1A- Types of Businesses
A Partnership is a business structure that is owned by 2 to 20 owners.
Define “Private Limited Company”
1A- Types of Businesses
A Private Limited Company is an incorporated business structure that has at least one director and a maximum of 50 shareholders.
Define “Public Listed Company”
1A- Types of Businesses
A Public Listed Company is an incorporated business structure that has an unlimited number of shareholders and lists and sells its shares on the ASX.
Define “Social Enterprise”
1A- Types of Businesses
A Social Enterprise is a type of business that aims to fulfill a community or environmental need by selling goods or services.
Define “Government Business Enterprise
1A- Types of Businesses
A Government Business Enterprise is a business that is owned and operated by the government.
Define ““Business Objectives”
1B- Business Objectives
Business Objectives are the goals a business intends to achieve.
Define “Profits”
1B- Business Objectives
Profit is total revenue earned minus total expenses incurred.
Define “Market Share”
1B- Business Objectives
Market Share is a business’ percentage of total sales within an industry.
Define “Effectiveness”
1B- Business Objectives
Effectiveness is the extent to which a business achieves its stated objectives.
What is “Fulfilling a Market Need”
1B- Business Objectives
Fulfilling a Market Need is when a business fills a gap in the market, which involves addressing customer needs that are currently unmet or underrepresented by other businesses in the same industry.
What is “Fulfilling a Social Need”
1B- Business Objectives
Fulfilling a Social Need is improving society and the environment through business activities.
Define “Efficiency”
1B- Business Objectives
Efficiency is how productively a business uses its resources when producing a good or service.
What is “Meeting Shareholder Expectations”
1B- Business Objectives
Meeting Shareholder Expectations is when a business either pays dividends to its shareholders, or increases the value of their shares. (Capital Gains).
Define “Stakeholders”
1C- Stakeholders
Stakeholders are individuals, groups, or organisations who have a vested interest in the performance and activities of a business.
Define “Owners”
1C- Stakeholders
Owners are individuals who establish, invest, and have a share in a business, often with the goal of earning a profit from its operations.
Define “Managers”
1C- Stakeholders
Managers are individuals who oversee and coordinate a business’s employees and lead its operations to ultimately achieve the business’s objectives.
Define “Employees”
1C- Stakeholders
Employees are individuals who are hired by a business to complete work tasks and support the achievement of its objectives.
Define “Customers”
1C- Stakeholders
Customers are individuals or groups who interact with a business by purchasing and utilising its goods and services.
Define “Suppliers”
1C- Stakeholders
Suppliers are individuals or groups that source raw materials, component parts, and processed materials and sell them to a business for use in the production of its goods and services.
“General Community”
1C- Stakeholders
The General Community is the individuals and groups who are impacted by a business’s operations and decisions, often because they are located in close proximity to the business.
Define “Autocratic Management Style”
1D- Management Styles
An autocratic management style involves a manager making decisions and directing employees without any input from them.
Define “Persuasive Management Style”
1D- Management Styles
A persuasive management style involves a manager making decisions
and communicating
the reasons for those decisions to employees without their input.
Define “Consultative Management Style”
1D- Management Styles
A consultative management style involves a manager seeking input from employees on business decisions but making the final decision themselve
Define “Participative Management Style”
1D- Management Styles
A participative management style involves a manager sharing information
with employees so that employees can participate in decision-making.
Define “Laissez-faire Management Style”
1D- Management Styles
A laissez-faire management style involves a manager communicating business objectives to employees and giving them freedom to make decisions independently.
Define “Planning”
1F- Management Skills
Planning is the process of determining a business’s objectives and establishing strategies to achieve these aims
Define “Decision-making”
1F- Management Skills
Decision making is the skill of selecting a suitable course of action from a range of plausible options.
Define “Communication”
1F- Management Skills
Communication is the skill of effectively transferring information from one party to another.
Define “Delegation”
1F- Management Skills
Delegation is the skill of assigning work tasks and authority to other employees who are further down in a business’s hierarchical structure.
Define “Interpersonal”
1F- Management Skills
Interpersonal is the skill of creating positive interactions with other employees, to foster benefical professional relationships.
Define “Leadership”
1F- Management Skills
Leadership is the skill of motivating others in order to achieve a business’s objectives.
Define “Corporate Culture”
1H- Corporate Culture
Corporate culture is the shared values and beliefs of a business and its employees.
Define “Official Corporate Culture”
1H- Corporate Culture
Official Corporate Culture involves the shared views and values that a business aims to achieve, often outlined in a written format.
Define “Real Corporate Culture”
1H- Corporate Culture
Real Corporate Culture involves the shared values and beliefs that develop organically within a business, and are practiced on a daily basis by its employees.
