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| The process whereby managers are answerable to particular groups affected by the activities of the business. |
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| Managers are responsible for completing specific duties. They must also report to their superiors in regard to their progress and/or achievements in their areas of responsibility. |
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| The process of collecting and analysing the financial information of a business and then communicating the financial results to relevant stakeholders. |
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| Professional business advice provided by an expert business consultant for a fee. |
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| The depreciation of intangible assets over time. It can also refer to the repayment of debt by a series of installments. |
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| All the resources owned by and under the direct control of a business. |
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| Australian Workplace Agreement |
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Definition
| An agreement negotiated between an employer and individual workers at a workplace. |
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| An autocratic manager dominates the decision-making process. |
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| A legal document that specifies the minimum working conditions that apply to all people employed in common industry. |
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| Debts that are unlikely to be paid. Debtors may have entered bankruptcy and are unable to pay their invoices. The business will have to reduce the value of accounts receivable in the balance sheet by writing off these debts. The business will receive less cash from account customers because of bad debts. |
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| A summary statement of the assets a business owns, the liabilities the business owes and the equity the owners have invested in the business. |
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| A legal declaration that a person or business has more liabilities than assets. |
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| The process of measuring performance against established standards, such as comparison of a firm's performance against standards set by the competitors in the same industry in the domestic market. |
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| The net profit from the business operations after all costs have been paid. |
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| The name given to a group of products supplied by a business to differentiate it from the competitors' products. |
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| A financial planning tool that can be used to forecast how much of a product has to be produced and sold in order to cover costs and make a profit. |
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| A plan based on numbers. It is a statement that sets out a plan for achieving set outcomes and is based on forecasted figures or expectations of future operations. |
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| A system of administration that has strict levels of authority and where action is often hindered by official procedures that some deem unnecessary. These procedures are sometimes referred to as 'red tape'. |
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| An organisation that attempts to satisfy the needs and wants of the community by providing goods and/or services. |
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| Business Activity Statement |
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Definition
| A report that all businesses must complete to record and pay their tax obligations to the federal government. |
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Definition
| The different phases a business and/or its product will often go through over the course of its existence. |
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| An organisation that provides a forum for business owners to share information and advice and support each other to improve their chance of success. |
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| A written document setting out the details of a business and its products, including its market, industry and goals and its strategies to achieve those goals. It is a complete analysis of the business. |
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| A specific text format that is used to communicate information that describes a business idea. |
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| A financial report that summarises cash transactions- involving cash flowing into and out of the business- that have occurred over a period of time. |
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| the stage in the post-maturity phase of the business cycle when the business closes. It can be voluntary or involuntary. |
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| The strict line of authority that extends from the top of the pyramid down to the lowest level. It exists in the police force and armed services for example. |
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| Individuals with analytical skills that enable them to see the consequences of change and influence others to accept change. |
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| Where there is stronger communication between employees and employers. |
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| Law based on custom or court decision. |
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| The exchange of information between people. It includes talking, listening and understanding what is being said. |
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| Those features of a product or business that provide it with an advantage over its competitors. |
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| Monitoring and evaluating performance so that, if necessary, adjustments can be made to plans and procedures to achieve objectives. |
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| The main activities of a business, including operations, human resources, marketing and finance. |
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| The businesses, financial institutions and individuals to which a business owes money. |
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| A conflict between the informal, unwritten rules and procedures of two individual businesses that have merged. |
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| The informal, unwritten rules and procedures followed in a business. It is a business' way of doing things. E.g. accepted dress code of smart casual. |
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| Assets that earn revenue for a business in the short term (<12 months). E.g. cash in bank, accounts receivable. |
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| Money that is owed to an external business or person that will be repaid in the short term (< 12 months). |
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| To change the features of a product to suit the precise preferences of a customers. |
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| Consists of funds borrowed from a bank, an investor or another firm. It involves a contractual agreement that specifies the need to repay the principal as well as interest and states the set period of time over which the debt must be repaid. |
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| The stage in the post-maturity phase of the business life cycle when a business experiences falling sales and has been unsuccessful in developing new strategies. |
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| The percentage of goods produced that are of an unacceptable, inferior quality. |
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| The study of particular features of the population, such as age, sex, income and cultural. |
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| The process of offering shares in business to members. The organisation becomes a shareholder-based organisation rather than an organisation controlled by members. |
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| Occurs where assets lose their value over time, usually owing to wear and tear. |
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| The government's removal or reduction in controls and regulations on an industry or sector of the economy or market in order to achieve greater competition. |
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| Occurs where the introduction new technology has led to repetitive tasks being performed by machinery and so employees and their skills are no longer required. |
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