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Question 1

Private Sector

Answer 1

The part of Australia’s economy that is operated by private individuals, groups, or institutions usually for the purpose of making a profit

Question 2

Public Sector

Answer 2

The part of Australia’s economy that is owned and operated by the government

Question 3

Sole Trader

Answer 3

A sole trader is a business structure owned and operated by a single person

Question 4

Partnership

Answer 4

A type of business owned by 2 or more people

Question 5

Private limited company (INC)

Answer 5

An incorporated business with at least 1 director and up to 50 selected shareholders. Shares are offered only to those people whom the business wishes to have as part owners.

Question 6

Public listed company (INC)

Answer 6

An incorporated business whose shares are freely traded on the exchange. This means the members of the general public area are able to own part of a company by purchasing shares.

Question 7

Social Enterprise

Answer 7

A revenue-generating business with primarily social objectives.

Question 8

Government Business Enterprise

Answer 8

A profit driven business that is owned by the government but managed separately.

Question 9

Overarching objectives

Answer 9

Vision statement - A statement that broadly expresses what a business aspires to become in the future

Mission statement - A statement that formally expresses the reasons for a business’s existence, its purpose and its method of operation

Question 10

Making a profit

Answer 10

Businesses can increase their profit by increasing their revenue or reducing expenses ( or both)

Question 11

Increasing market share

Answer 11

is the proportion of total sales in a market or industry controlled by a particular business, expressed as a percentage

Question 12

Meeting shareholder expectations

Answer 12

Shareholders anticipate a return on their investment

Question 13

Fulfilling a market need

Answer 13

by providing products and services which meet the desires of a group of customers with similar needs

Question 14

Fulfilling a social need

Answer 14

is where a business aims to improve an area of the community that requires attention

Question 15

CSR

Answer 15

The ethical conduct of a business beyond legal obligations to cover the social, economic, and environmental outcomes by stakeholders

Question 16

Operations

Answer 16

Produces the goods or services that a business sells to customers

Question 17

Human resources

Answer 17

Establishes and manages the relationship the business has with its employees including their hiring, training and termination

Question 18

Sales and marketing

Answer 18

Promotes and sells the business’s goods or services to customers

Question 19

Finance

Answer 19

Handles the monetary requirements of a business

Question 20

Technology support

Answer 20

Technology support

Question 21

Corporate culture

Answer 21

The shared values and behaviors practiced by managers and employees within a business

Question 22

Official corporate culture

Answer 22

The shared values and beliefs desired by a business and expressed through elements such as formal rules and symbols e.g shared objectives and policies

Question 23

Real corporate culture

Answer 23

The shared values and behaviours that are actually practiced by employees and managers and expressed through informal rules and habits e.g celebrations and hiring

Question 24

Interpersonal

Answer 24

The manager’s ability to interact positively with employees to create and maintain professional employees, praising employees, get to know employees

Question 25

business types

Answer 25

sole trader, partnership, social enterprise, government business enterprise, private limited company, public listed company

Question 26

business objectives

Answer 26

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

Question 27

areas of management

Answer 27

operations, sales and marketing, human resources, technology support, finances

Question 28

management styles

Answer 28

autocractic, persuasive, consultative, participative, laissez faire

Question 29

stakeholders

Answer 29

Customers
Employees
Investors and shareholders
Local communities
Suppliers