unit 2 sac

Question 1

what are business objectives?

Answer 1

the results a business is aiming to achieve in order to accomplish its longer-term company vision

Question 2

what are the 5 main business objectives?

Answer 2

• to make a profit
• to fulfil a social need
• to fulfil a market need
• to increase market share
• to meet shareholder expectations

Question 3

what is the definition of making a profit?

Answer 3

a business needs to earn more revenue than its accumulated expenses.

Question 4

what is the definition of fulfilling a social need?

Answer 4

Businesses can fulfil social needs by using their operations to benefit the community and the environment.

Question 5

what is the definition of fulfilling a market need?

Answer 5

Businesses can fulfil a market need by offering goods and services that meet customer needs

Question 6

what is the definition of increasing a market share?

Answer 6

a business needs to increase the total sales it makes within its industry

Question 7

what is the definition to meet shareholder’s expectations?

Answer 7

businesses should generate consistent profit to return some to their shareholders.

Question 8

what is the relationship between staff performance and completing business objectives?

Answer 8

when staff performance is high so will business objectives

Question 9

2

What are some strategies to increase staff performance?

Answer 9

motivating employees, or supporting employees

Question 10

what are the 3 broad types of employment arrangements?

Answer 10

permanent, fixed-term and casual

Question 11

what are the types of permanent employment?

Answer 11

part-time and full-time

Question 12

what are some characteristics of permanent full-time employment?

Answer 12

• 38 hour weeks
• paid salary
• has different types of leave
• guaranteed employment

Question 13

what are some characteristics of permanent part-time employment?

Answer 13

• set # of hours (less than 38)
• paid salary
• types of leave (with ratio eg.08)
• guaranteed employment

Question 14

what are the types of fixed-term employment?

Answer 14

full or part-time that has a fixed end date

Question 15

does fixed-term have the same characteristics as personal except for a timed contract?

Answer 15

yes, they have the same perks

Question 16

what are some characteristics of casual working?

Answer 16

• employed when the business needs them
• hours can vary from days to weeks to months
• no entitlements
• paid a ‘loading’ of 20-30%

Question 17

what is the National Employment Standards (NES)?

Answer 17

is the minimum entitlements an employer owes its employees, which out set out by the Fair Work Act of 2009

Question 18

what are the 3 employer expectations?

Answer 18

contracts of employment, loyalty and terms of notice

Question 19

what is contracts of employment?

Answer 19

is a legal document that outlines the wages and work conditions of an employee within a business.

Question 20

what does an employee contract normally include?

Answer 20

job title, hours of work and amount of pay

Question 21

what is loyalty?

Answer 21

when an employee is committed to supporting the business to achieve its objectives.

Question 22

what are terms of notice?

Answer 22

written communications that an employee must provide to a business within a certain amount of time before leaving their position.

Question 23

if the employer’s expectations are upheld what is likely to happen?

Answer 23

The business will be more likely to achieve its objectives

Question 24

what are the 4 employee expectations?

Answer 24

conditions of employment, remuneration, job security and work-life balance

Question 25

what are the conditions of employment?

Answer 25

what an employer has agreed to offer the employee in return for the work they complete

Question 26

what is remuneration?

Answer 26

the money an employee receives from an employer in exchange for the work they complete

Question 27

what is job security?

Answer 27

the likelihood of an employee keeping their job

Question 28

what is work-life balance?

Answer 28

the division of a person’s time between the demands of their job and their personal life

Question 29

what are 3 advantages of work-life balance?

Answer 29

positive reputation, improved job satisfaction and increased productivity

Question 30

what are 3 disadvantages of work-life balance?

Answer 30

workload distribution, resistance to change and implementing changes

Question 31

what are 3 ways a business can consider CSR when staffing?

Answer 31

having a gender-balanced workplace, hiring a diverse range of ethnicities, hiring all age groups

Question 32

gender-balanced workplace, applying CSR

Answer 32

• Businesses can ensure both junior and senior management teams are gender-balanced by introducing gender quotas across the business.

Question 33

a diverse range of ethnicities, applying CSR

Answer 33

• Businesses can ensure that different ethnicities are sufficiently represented across all levels of staff.

Question 34

hiring all ages, applying CSR

Answer 34

• Businesses should avoid preferencing particular age groups over others. In particular, businesses can recruit underrepresented age groups, such as seniors and young adults.