Business AOS 1 Flashcards
(19 cards)
What is a sole trader?
A sole trader is a business structure where one person is the owner and operator of a business. The sole trader is responsible for all aspects of the business, including debts and losses.
What is a partnership?
A partnership is an arrangement between two or more people to oversee business operations and share its profits and liabilities
What is a public listed company?
A public listed company is a corporation that has shares of its stock available for purchase on a stock exchange. The company’s shares can be bought and sold by the public.
What is a private listed company?
A private company is a type of business entity that is privately owned, either by an individual or a group. Private companies can still issue company stock and raise capital from outside shareholders, but their shares do not trade on a public stock exchange
What is a social enterprise?
A social enterprise is a business that aims to create social change, rather than just profit. Social enterprises prioritize the community, environment, and people over shareholders.
What is a government enterprise?
A government business enterprise (or GBE) is a hybrid organization, both privatized and controlled by the government, operating to complete government objectives.
What are the seven business objectives? explain.
- To make a profit
-To increase market share - To improve efficiency
-To improve effectiveness
-To fulfil a market need
-To fulfil a social need
-To meet shareholder expectations
Whats a stakeholder and what are their interests?
- Owners (to make profit)
- Managers
- Employees
-Customers - suppliers
-General community
Explain two potential conflicts between stakeholders
a conflict between shareholders wanting maximum profit and employees seeking higher wages and better working conditions
What is an autocratic management style?
Autocratic leadership is a management style wherein one person controls all the decisions and takes very little inputs from other group members.
What is a persuasive management style?
A persuasive management style uses communication and interpersonal skills to motivate employees to achieve company goals.
What is a consultative management style?
A consultative management style is a management approach that involves team members in decision-making.
What is a laise-faire management style?
A laissez-faire management style is a “hands-off” approach where leaders give their team members a high level of autonomy, allowing them to make their own decisions and solve problems with minimal supervision, essentially trusting employees to manage their work with only support when needed; the term translates from French to “allow to do.”.
Name all six management skills
Communicating, delegating, planning, leading, decision-making, and interpersonal.
What is corporate culture?
Corporate culture refers to the shared values, beliefs, attitudes, and practices that define how a company operates, essentially acting as the “personality” of the organisation, influencing how employees interact with each other, customers, and stakeholders, and impacting the overall work environment within the company
What is official corporate culture?
Official corporate culture is the values and behaviours that a company wants to achieve, as outlined in policies and procedures
What is real corporate culture?
Real corporate culture is the actual values, beliefs, and behaviours that exist within an organisation
What is delegation?
when you reassign work to other team members because it’s more relevant to their workstreams and priorities.
The three levels of planning are?
Strategic (2-5 years), tactical (1-2 years), operational (preformed on a daily/monthly/ 1 yearly basis)
