Chapter Two - Small Business Decision Making Flashcards
(29 cards)
What is demand?
The quantity of a product that consumes that consumers are ready to purchase.
What is market research?
A process of systematically collecting, recording and analysing information concerning a specific market.
What is market conditions?
The features of a market into which a new product or service is to be introduced; they include factors such as the number of potential customers, level of competition and potential of growth.
What is innovation?
Creating a new product, service or process, or significantly improving an existing one.
What is research and development?
A set of activities undertaken to: improve existing products, create new products and improve production.
What is entrepreneurship?
The ability and willingness to start, operate and assume the risk of a business venture in the hope of making a profit.
What is business entity?
Any organisation engaged in the production of goods and services.
What is incorporated business?
A business that has a separate legal entity from the owner(s).
What is a sole trader?
A business owned and operated by one person.
What is unlimited liability?
When the business owner is personally responsible for all the debts of his or her business.
What is a partnership?
An unincorporated legal business structure with a minimum of two and a maximum of 20 owners.
What is a silent partner?
One who contributed financially to the business but takes no part in such a way that the broader social welfare of the community is taken into consideration when making business decisions.
What is incorporation?
The process that a business goes through to become a registered company and a separate legal entity.
What are shareholders?
The owners of a company.
What is limited liability?
When the shareholders in a company cannot be held personally responsible for the debts of that business.
What is a proprietary company?
An incorporated business with a minimum of two, and a maximum of 50, private shareholders (also a private company).
What is a solicitor?
An attorney who advises clients on legal matters, represents clients in certain lower courts, and prepares cases for barristers to present in the higher courts.
What is an accountant?
It is a systematic process of identifying, recording, measuring, classifying, verifying, summarising, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity.
What is business enterprise centres (BEC) Australia?
BEC Australia is a not-for-profit organisation whose primary role is to support and grow the national network of Business Enterprise Centres and provide representation on behalf of its members to key stakeholders.
What is chambers of commerce?
A local association to promote and protect the interests of the business community in a particular place.
what is the Victorian employers chamber of commerce and industry (VECCI)?
The Victorian Chamber of Commerce and Industry is the peak body for business in Victoria, informing and servicing more than 15,000 members, customers and clients around the State.
What is the small business association of Australia and New Zealand?
The Small Enterprise Association of Australia and New Zealand (SEAANZ) is a not-for-profit organisation committed to the advancement, development and understanding of small enterprise within Australia and New Zealand.
What is the Federal government?
A federal government is a system that divides up power between a strong national government and smaller local governments.
What is the State government?
A state government is the government of a country subdivision in a federal form of government, which shares political power with the federal or national government.
