11181249
Description
Flashcards by Katelyn Gorman, updated more than 1 year ago
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Created by Katelyn Gorman
about 7 years ago
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| Question | Answer |
| Shareholders | are the owners of a company. |
| Revenue | the income that a business earns from the sale of goods and services to customers. |
| Market share | the proportion of total sales in a given market or industry that is controlled or held by a business, calculated for a specific period of time. |
| Sole trader | a business owned and operated by one person. |
| Unlimited liability | the business owner is personally responsible for all the debts of his or her business. |
| Partnership | a business owned by a minimum of two and a maximum of 20 people. |
| Incorporation | the process that businesses go through to become a registered company and a separate legal entity. |
| Limited liability | the shareholders in a company cannot be held personally responsible for the debts of that business. |
| Private limited company | an incorporated business with a minimum of two, and a maximum of 50 private shareholders, and whose shares are offered only to those people whom the business wishes to have as part owners. |
| Public listed company | an incorporated business with a minimum of five shareholders, and whose shares are freely traded on the Australian Securities Exchange. |
| Social enterprise | a business with the objective of fulfilling a social need. |
| Government business enterprise | a type of business that is government owned and operated. |
| Objective | a desired goal, outcome or specific result that a business intends to achieve. |
| Vision statement | states what the business aspires to become. |
| Mission statement | expresses why the business exists, its purpose and how it will operate. |
| Strategies | the actions that a business takes to achieve specific objectives. |
| Effectiveness | the degree to which a business has achieved its stated objectives. |
| Efficiency | refers to how well a business uses resources to achieve objectives. |
| Key performance indicators | specific criteria used to measure the efficiency and effectiveness of the business’s performance. |
| Stakeholders | groups and individuals who interact with the business and have an interest in its activities. |
| Management | the people who have the responsibility for successfully achieving the objectives of the business. |
| Employees | the people who work for the business and who expect to be paid fairly, trained properly and treated ethically in return for their contribution to production. |
| Government | the group of people with the authority to govern a community. In Australia, this exists at three levels (federal, state and local). |
| Competitors | other businesses or individuals who offer rival, or competing, goods or services to the ones offered by the business. |
| Competitive advantage | the ability of a business to develop strategies that ensure it has an ‘edge’ over competitors. |
| Interest groups | organisations who attempt to directly influence or persuade a business to adopt or change particular activities, processes or policies. |
| Customers | the people who purchase goods and services from the business, expecting high quality at competitive prices. |
| Suppliers | businesses or individuals who supply materials and other resources to a business so that it can conduct its operations. |
| Corporate social responsibility | the obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment. |
| Triple bottom line | economic, social and environmental performance of a business. |
| Stakeholder engagement | when businesses share information and seek input from stakeholders to discover the social and environmental issues that are important to them as part of the business’s corporate social responsibility. |
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