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Unit 3 & 4 VCE Business Management > Unit 3: A0S1 - Business Foundations ( Chapter 1) > Flashcards

Unit 3: A0S1 - Business Foundations ( Chapter 1) Flashcards

1
Q

Unincorporated

A

Is an owner and business being viewed as a single legal entity.

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2
Q

Unlimited liability

A

Is the complete responsibility an owner has for a business’s debts. Debts are the sums of money a business owes to banks, suppliers or even customers.

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3
Q

Proprietor

A

Is the owner of a business.

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4
Q

Profits

A

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

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5
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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6
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. Incorporated is a business being established as a separate legal entity from the owners.

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7
Q

Director

A

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

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8
Q

Shareholders

A

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

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9
Q

Limited liability

A

Is the protection of a shareholder’s personal assets against any business debt. Shares are the units of ownership of a business that it sells to raise funds.

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10
Q

Sole Trader

A

Is suitable for a small business with one owner

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11
Q

Partnerships

A

Are suitable for two to 20 owners of small to medium businesses

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12
Q

Private limited companies

A

Are suitable to raise funds and grow the business while maintaining control

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13
Q

Public listed companies

A

Are suitable to raise large amount of funds publicly

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14
Q

Social enterprises

A

Are suitable for businesses that focus on improving a community or environmental cause.

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15
Q

GBEs (Government Business Enterprises)

A

Are a unique type of business that can only be designated by the government

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16
Q

Open market

A

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

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17
Q

Australian Securities Exchange

A

Is the electronic market where Australian public company shares are bought and sold.

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18
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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19
Q

Dividends

A

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

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20
Q

Business Objectives

A

Are the goals a business intends to achieve

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21
Q

Revenue

A

Is the amount of money a business makes from its normal business activities. Expenses are the costs of running a business.

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22
Q

Market share

A

Is a business’s percentage of total sales within an industry.

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23
Q

Make a profit

A

Profit is essential for any business to survive and grow. By generating more revenue than expenses, a business earns a profit which can then be distributed to owners and shareholders.

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24
Q

Increase market share

A

A business typically wants to increase its market share to become more competitive within an industry. Increased sales usually means a business can also increase their profits.

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25
Q

Meet shareholder expectations

A

Shareholders are people who have invested a sum of their own money into a business by purchasing company shares. As part owners of a business, shareholders expect a return on their investment.

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26
Q

Fulfil a market need

A

A business fulfils a market need by providing products and services which meet the desires of a group of customers with similar needs.

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27
Q

Fulfil a social need

A

A business fulfils a social need by improving the community and environment through its business activities.

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28
Q

Vested interest

A

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

29
Q

Internal stakeholders

A

Are groups who have a direct financial share or are employed by the business including owners, board of directors, investors, shareholders, and employees

30
Q

External stakeholders

A

Are groups that are outside a business but are concerned or affected by its activities including customers, suppliers, and the general community.

31
Q

Ethically

A

Is the alignment to current moral standards.

32
Q

Wages

A

Are regular payments of money earned by employees for work or services completed, typically paid on a weekly or monthly basis.

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.

34
Q

Corporate social responsibility (CSR)

A

Is the ethical conduct of a business beyond legal obligations to improve the social, economic and environmental outcomes of stakeholders.

35
Q

Operations Area of Management

A

Produces the goods or services that a business sells

to customers.

36
Q

Human Resources Area of Management

A

Establishes and manages the relationship the

business has with its employees, including their hiring, training and termination.

37
Q

Sales And Marketing Area of Management 

A

Promotes and sells the business’s goods

or services to customers.

38
Q

Finance Area of Management 

A

Handles the monetary requirements of a business.

39
Q

Technology Support Area of Management

A

Installs automated equipment, machinery
and devices within the business and provides assistance to employees on the use of these
technologies.

40
Q

Corporate Culture

A

Is the shared values and behaviours practised by managers and employees within a business.

41
Q

Official Corporate Culture

A

Is the shared values and beliefs desired by a business and expressed through elements such as formal rules and symbols.

42
Q

Real Corporate Culture

A

Is the shared values and behaviours that are actually practised by
employees and managers and expressed through informal rules and habits.

43
Q

Policies

A

Are the formal and written rules of a business.

44
Q

Mission statement

A

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

45
Q

Vision statement

A

Is a formal summary of a business’s longer term objective.

46
Q

Communication Flow

A

Is the direction of the transfer of information between managers and employees.

47
Q

Decision Making

A

Is deciding a course of action for a business from a set of alternatives.

48
Q

Centralised Control

A

Is one person having concentrated authority to make decisions.

49
Q

Decentralised Control

A

Is multiple people having the authority to make business decisions

50
Q

Autocratic management style

A

Is a manager making decisions and directing employees without any input from them.

51
Q

Persuasive management style

A

Is a manager making decisions and communicating the reasons for those decisions to employees without their input.

52
Q

Consultative management style

A

Is a manager seeking input from employees on business decisions but making the final decision themselves.

53
Q

Participative management style

A

Is a manager communicating and discussing information with employees in order to make decisions together.

54
Q

Laissez-faire management style

A

A laissez-faire management style is a manager communicating business objectives to employees and allowing them to make decisions independently.

55
Q

Laissez-faire management style

A

Is a manager communicating business objectives to employees and allowing them to make decisions independently.

56
Q

Time

A

The amount of time a manager has to make a business decision or carry out a task can vary from a few seconds to several months

57
Q

Experience of employees

A

The experience of employees in a business can range from untrained and inexperienced to highly skilled experts

58
Q

Nature of tasks

A

The nature of tasks in a business can range from simple and straightforward duties to incredibly complex work assignments.

59
Q

Manager preference

A

Each manager has a personal preference for their own management styles. Some managers have a higher desire of control over a business situation while other managers are comfortable with assuming lower levels of control.

60
Q

Planning

A

Planning is the manager’s ability to establish objectives and strategies to achieve them.

61
Q

Decision-making

A

Is the manager’s ability to determine a suitable course of action for the business from a range of alternatives

62
Q

Communicating

A

Is the manager’s ability to clearly exchange information with employees and relevant stakeholders.

63
Q

Delegating

A

Is the manager transferring authority and responsibility to employees for business tasks.

64
Q

Interpersonal skills

A

Is the manager’s ability to interact positively with employees to create and maintain professional relationships.

65
Q

Leading

A

Is the manager’s ability to motivate employees to work towards business objectives.

65
Q

Leading

A

Is the manager’s ability to motivate employees to work towards business objectives.

66
Q

Franchise

A

Is a business model that licenses the business’s name, product and procedures to people outside the business, also known as franchisees. Franchisees pay a fee to the business in return for an established brand, proven business methods and a loyal customer base.

67
Q

Franchisees

A

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

68
Q

Vision

A

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’.

Unit 3 & 4 VCE Business Management (5 decks)

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