Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

business year 11 > unit 1 aos 1 business glossary > Flashcards

unit 1 aos 1 business glossary Flashcards

1
Q

personal independence

A

is the ability to fund a desired lifestyle without relying on income from another individual.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

entrepreneurship

A

the activity of setting up a business or businesses , taking on financial risks in order to make a profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

financial independence

A

is the ability to fund a desired lifestyle without relying on income from another individual.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

profit

A

revenue minus expenses

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

to fulfil a market need

A

is when a business fills a gap in the market by addressing customer needs that are currently unmet or underrepresented by competitors in the same industry.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

to fulfil a social need

A

is improving society and the environment through business activities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

business concept

A

is a brief outline of the business’s idea, its main selling activities, and the features that will provide it with a competitive advantage.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

market research

A

a process of systematically collecting, recording and analysing information concerning a specific market

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

initial feasibility study

A

an assessment
of the practicality and potential for
success of a proposed business idea.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

qualitative data

A

subjective e.g opinions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

quantitative data

A

objective e.g numbers, facts

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Trade mark

A

This is a right granted over a letter, word, phrase, number, sound, smell, shape, logo, picture or aspect of packaging that a business will use to represent its products and services.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

patent

A

This is a right granted for any device, substance, method or process that is new, inventive and useful.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Copyright

A

This is free and automatic protection, of original works such as writing, music, art, films, sound recording, broadcasts and computer programs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Domain name

A

A potential owner can register a domain name (the business’s unique address on the internet) so that nobody else can register it. It can be a good idea to do so even if there are no plans to build an actual website for some time.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Manager

A

A manager is an individual who has the responsibility of overseeing and handling employees whilst also running the day-to-day business tasks to achieve objectives.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Leadship

A

leadership is the skill of motivating others in orderer to achieve a business’s objectives

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Delegating

A

delegation is the skill of assigning work tasks and authority to other employees who are further down in a business hierarchical structure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Interpersonal

A

interpersonal is the skill of effectively transferring information from one party to another

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Decision-making

A

decision-making is the skill of selecting a suitable course of action from a range of plausible options

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Business opportunity

A

A business opportunity is a favourable situation that can lead to improvements or success for a business.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

planning

A

planning is th process of determining a business’s objectives and establishing strategies to achieve these aims

23
Q

Innovation

A

The process of creating a new or significantly improved good, service or process
These new ideas present an opportunity to establish a business

24
Q

Market opportunity

A

Markets are the places where buyers and sellers interact to trade goods and services
Since markets are always changing, potential business owners may identify opportunities

25
Q

Business environment

A

The business environment is made up of surrounding factors that influence how a business operates.

26
Q

Demographics

A

are statistical information about the characteristics of a population, such as age, ethnicity, gender, and income.

27
Q

Societal attitudes

A

the ideas, values and beliefs held by people in a particular society.

28
Q

Norms

A

the standards by which we collectively agree appropriate behaviour.

29
Q

Changing customer needs

A

are the transitions in the desires of consumers.

30
Q

Market share

A

Market share is the percent of total industry sales that a company has. The higher the market share, the more sales a company has than its competitors in their given industry. Market share is an indicator of how large a company is and the amount of influence it has in its industry.

31
Q

Global markets

A

The global market
is the area in which businesses trade goods and services, comprised of both businesses and customers from countries all across the world.

32
Q

Research and development

A

involves directing resources, such as money, towards discovering, creating, and introducing new products and processes.

33
Q

Globalisation

A

Globalization of business is a movement toward operating in multiple countries, both to reach new markets and to reduce costs of production.

34
Q

Domestic

A

Domestic business involves those economic transactions that take place inside the geographical boundaries of a country. Both the buyer and seller belong to the same country in this form of business.

35
Q

Technological developments

A

are the invention and innovation of tools that solve problems and enhance processes.

36
Q

business goals

A

Goals provide a business with a direction and help to measure results/outcomes over a set period of time.

37
Q

business strategies

A

are a series of actions that
a business will implement to achieve its goals.

38
Q

financial goals

A

are targets for improving
the overall financial performance of a business.

39
Q

social goals

A

are targets set by a business that
aim to improve the
welfare of the community, environment, or employees of a business.

40
Q

SMART goals

A

specific
measurable
attainable
relevant
time-bound

41
Q

profit margin

A

is the proportion of revenue left over from the sale of a good or service after
a business has deducted its expenses

42
Q

decision making

A

is the skill of selecting a suitable course of action from a range of plausible options.

43
Q

tax offset

A

is a direct reduction in the amount of tax that must be paid by a business to the Australian Tax Office (ATO)

44
Q

start up hub

A

are physical spaces that individuals
and businesses can utilise in order to have office facilities to work in, or to obtain support regarding business matters.

45
Q

making a profit

A

involves a business generating more revenue than expenses it incurred

46
Q

market research

A

is the process of investigating and analysing the activities and behaviours of customers and competitors in a specific industry.

47
Q

initial feasibility study

A

is a researched evaluation of how viable a business concept is.

48
Q

tax

A

is a compulsory payment to the government, which is used to finance the provision of public goods and services.

49
Q

infrastructure

A

s the essential facilities and structures that are required for an economy to operate.

50
Q

Economic growth

A

is when the total value
of goods and services produced by an economy increases over a period
of time. Economic growth can be measured by gross domestic product (GDP)

51
Q

international trade

A

is the exchange of goods and services between different countries.

52
Q

research and development

A

involves directing resources,
such as money, towards discovering, creating, and introducing new products and processes.

53
Q

Social wellbeing

A

is a measure of the quality
of life individuals have, reflected by their non- material living standards

54
Q

council grant

A

is a one-off financial payment from a local council to a business, which does not need to be repaid, that aims to support business ideas and development.

business year 11 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions