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business year 11 > aos 1 business glossary > Flashcards

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.

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2
Q

entrepreneurship

A

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

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3
Q

financial independence

A

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

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4
Q

profit

A

revenue minus expenses

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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.

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6
Q

to fulfil a social need

A

is improving society and the environment through business activities.

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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.

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8
Q

market research

A

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

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9
Q

initial feasibility study

A

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

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10
Q

qualitative data

A

subjective e.g opinions

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11
Q

quantitative data

A

objective e.g numbers, facts

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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.

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13
Q

patent

A

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

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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.

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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.

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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.

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17
Q

Leadship

A

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

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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

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19
Q

Interpersonal

A

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

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20
Q

Decision-making

A

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

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21
Q

Business opportunity

A

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

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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 (5 decks)

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