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aos 1 Flashcards

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1
Q

sole trader

A

a self employed person who owns their business as an individual

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2
Q

sole trader deep dive

A

-simple to set up
-has unlimited liability
-owner full control of their assets

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3
Q

unlimited liability

A

the buisness owner/s are personally liable for the debts of the company

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4
Q

partnerships

A

a group of 2-20 people who own a business together

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5
Q

partnerships deep dive

A
  • relatively inexpensive
  • personally liable
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6
Q

private limited companies

A

an incorporated business that is owned by shareholders and not listed on the stock exchange

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7
Q

private limited company deep dive

A

-limited liability
-limited to 50 shareholder
-more complex to start
- business operations are controlled by directors and owned by shareholders

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8
Q

public listed company

A

an incorporated business that is owned by shareholder, run by directors and listed on the stock exchange

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9
Q

public listed company deep dive

A
  • limited liability
    -money earned belongs to company
    -business operations controlled by directors and shareholders
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10
Q

social enterprises

A

a profit making business with social objectives, whose surpluses are reinvested towards that social objective

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11
Q

social enterprise deep dive

A

has a public or community benefit

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12
Q

government business enterprise

A

a business that is owned by the government, but aims to act under general business principles and make a profit

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13
Q

government business enterprise example

A

australia post
defence housing australia

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14
Q

making a profit

A

profit- the surplus remaining after total costs are deducted from total revenue

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15
Q

increasing market share

A

market share- a businesses percentage of total sales within an industry

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16
Q

increasing market share deep dive

A

how to increase
-lower costs
-increase your quality
-increase advertising

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17
Q

improving efficiency

A

efficiency-how well resources are used to achieve objectives

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18
Q

what happens if not efficent

A

what happens if not efficient
-waste raw materials and time, pay for more labour then we should
-business costs go up
- sell less

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19
Q

productivity

A

in business ratio of outputs produced compared to inputs required

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20
Q

improving effectiveness

A

the degree to which stated objectives have been achieved

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21
Q

improving effectiveness deep dive

A

business stated objectives
-increase profit
-to increase market share

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22
Q

fulfilling market needs

A

market need- the desire or demands of customers

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23
Q

fulfilling a social need

A

social need- to fulfil a social need is to make society a better place through the actions of the business

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24
Q

meeting shareholder expectations

A

share- a portion of ownership in a company
shareholder- a person who owns at least one share in a company, making them a partial owner

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25
how are shareholders expectations met
-return on their investment -reinvest their profit or share with owners
26
divined
a sum of money paid by a company to its shareholder out of it's profit
27
owners
interested in the success of the business from a financial and a personal reputation position
28
return on investment
what the owner gains financially from the business compared to the sum they invested
29
managers
interested in the success of business from a job security, financial position
30
employees
interested in the success of business from job security, financial and career development position
31
customers
interested in the success from the consumption position. Want goods and services to be high quality and well priced
32
general community
interested in the success of the business from an indirect effect position
33
suppliers
interested in the success of the business from a financial and associated reputation position likely to be strongly invested
34
owners vs employees conflict
owners want to maximise their return on investment so they reduces the wages will potentially improve profit
35
managers vs customers conflict
managers are interested in the success of the business from job security and financial position
36
employees vs shareholders conflict
employees want higher wages but this may come at the expense of profits which may potentially damage dividends
37
managers vs suppliers conflict
management wants to keep costs down to improve profits but suppliers want higher prices to cover their costs
38
autocratic management
autocratic- a management style where the leader dictates what the objectives are and how they should be achieved
39
autocratic advantages
-manager retains all the control - time is used efficiently
40
autocratic disadvantages
manager retains control
41
persuasive management
a management style where the leader dictates what the objectives are and persuades employees as to how they should be achieved
42
persuasive advantages
- time is used efficiently -may maintain employe morale better
43
persuasive disadvantages
-no employee input could lead to less informed decisions -employees may not feel empowered
44
consultative management
a management style where the leader asks employees for their opinions before making a decision
45
consultive advantages
asking for suggestions broadens the pool of ideas -seeking employee input boosts their satisfaction
46
consultive disadvantages
The time taken to consult can slow down the decision-making process.– Some employee suggestions may be ignored, which could cause resentment.
47
Participative management
A management style where the leader shares decision-making responsibility with their team.
48
Advantages- participative
Teamwork and group decision-making should lead to the optimum final decision. -This management style recognizes the skills and abilities of employees and empowers them to make decisions
49
Laissez-faire management
A management style where employees are totally responsible for the decision-making and operation of the business.
50
Laissez-faire management- advantages
very trusting and empowering for employees, given complete freedom and responsibility. -Can be very creative, with a high degree of individual responsibility
51
Laissez-faire management- disadvantages
This can potentially lead to a loss of control or conflicts between staff over direction
52
The appropriateness of management styles
Nature of task as an impact on management style Time has an impact on management style Employee experience as an impact on management style Manager preference as an impact on management style
53
nature of the task
more important task the more manager is going to want to control it moving towards an autocratic management -more creative tasks would be more beneficial with team efforts so move to the laissez faire side of the continuum
54
time
when time critical management move towards a more autocratic whereas an extended time frame move to participative style
55
experience of the employees
inexperienced employees may not be worth asking their opinion- autocratic more experienced employees can trust their input and opinions leaning towards the laissez-faire style
56
preference of the manager
managers will revert back to style that matches their personality
57
management skills
communication skills delegation skills planning skills leadership skills decision-making skills interpersonal skills
58
communication skills
communication-the transfer of information from a sender to a receiver
59
delegation skills
delegation- the transfer of authority and responsibility from a manager to an employee in relation to specific tasks manager remains accountable for the work
60
planning skills
the process of thinking about the strategies and tasks requires to best achieve a business objective
61
leadership skills
guiding the business and employees toward achieving business objectives -establishes a clear vision -sharing that vision with others
62
decision making skills
the process of purposely choosing a course of action from a set of alternatives to achieve business objectives
63
interpersonal skills
relating to relationships or communication between people
64
cooperate culture
the shared values, beliefs, and practices of a business can be determined by -the way employees dress and behave -language the employees use
65
official culture
the values and beliefs that a company is trying to convey to the public. Usually observed in mission statements, logos, slogans and symbols
66
real culture
what it axtully is
67
explain
68
discuss
69
describe
70
anaylsis

buisness (5 decks)

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