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Business Management Sem 1 Exam
defintions
14
Business
10th Grade
06/08/2016

Additional Business Flashcards

 


 

Cards

Term
What is an organisation?
Definition
A formal or structure arrangement where two or more people work together to accomplish a specific purpose or set of goals.
Term
Organisations will?
Definition

- involves human & physical. 

 

- has a defined purpose

 

- be influenced by external factors such as the law or other organisations.

Term
Why do organisations exist?
Definition

- enable people to achieve more as a cohesive group than they would as individuals. 

 

- provide ongoing knowledge between past and future organisations. 

 

- provide employment and career direction.

Term
What are the types of business structures?
Definition

- sole trader = usually owned by one person, that is also running the business 

 

- partnership = 2-20 people in the organisation 

 

corportation/company = PTY LTD (PRIVATE) 

                            LTD (PUBLIC) 

Limited legal liability 

Term
What are the types of business structures?
Definition

- sole trader = usually owned by one person, that is also running the business 

 

- partnership = 2-20 people in the organisation 

 

corportation/company = PTY LTD (PRIVATE) 

                            LTD (PUBLIC) 

Limited legal liability 

Term
Types of organisations
Definition

o   Company: Exist as a separate legal entity.

Term
What are objectives of a business?
Definition

- Main obj. is to make a PROFIT. The amount of money that remains after all the costs are deducted from the revenue of the business. 

- contribution to the economy  

- meeting employee expectations  

- limiting the ecological 'footprint' or operations 

Term
What is a non-for-profit and purpose?
Definition

- undertake same activities as a business, but are motivated to provide goods and services as effectively and efficiently as possible without making profit. 

 

-main objective isn't to make a profit.

 

 

Term
4 measures of a business?
Definition

- the level of independence of operation 

- the level of employment 

- the market share 

- the sources of finance

Term
The level of employment for each business structure?
Definition

- Small = if fewer than 20 people 

- Medium = if employ between 20-199 people 

- Large = if employ over 200 people

Term
What is the contribution of business' to the economy?
Definition

- meeting consumer needs = meet needs of consumers for a range of different products and services, every day you will businesses that will satisfy your needs, for food, clothing, transport and communication. 

- providing employment = the significance of employment opportunities provided by business s perhaps best illustrated when they experience difficulty.

Term
What is the contribution of business' to the economy?
Definition

- Technological and innovation developments = Business are dynamic in search for new innovation product ideas, systems and processes, often in relation to the use technology. 

- Export income = while many businesses sell to the consumers in Australia, a large number sell their products and services to consumers overseas. 

 

 

 

 

Term
What is market share?
Definition
- a proportion of the market, often expressed as in a total sales revenue.
Term
What is a micro business?
Definition
- A small business that employs under 5 people.
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