The Role of Business
Items that can be seen or touched.
What is a good?
Is a business with fewer than five employees.
What is a micro business?
Is simply the money coming into the business in the form of cash receipts, and the money leaving the business as cash payments.
What is cash flow?
Is a record of a country’s trade and financial transactions with the rest of the world over time, usually one year.
What is the balance of payments (BOP)?
The periods of growth (‘boom’) and recession (‘bust’) that occur as a result of fluctuations in the general level of economic activity.
What is economic cycles?
All the costs of running the business except the cost of goods sold.
What are operating expenses?
Refers to the process companies go through to become a separate legal entity from the owner/s.
What is incorporated?
Sales increase and the cash flow is normally positive.
What is a feature of the growth stage?
Provide valuable advice on all financial management issues and taxation obligations. They have access to the latest changes to taxation and financial reporting requirements.
What is an accountant?
is the removal of government regulation from industry, with the aim of increasing efficiency and improving competition.
What is deregulation?
A set of activities undertaken to improve existing products, create new products and improve production.
What is research and development (R&D)?
Refers to the business’s share of the total industry sales for a particular product.
What is market share?
Occurs when one business takes control of another business by purchasing a controlling interest in it.
What is acquisition (takeover)?
Offers simple and convenient access to all of the government information, assistance, forms and services businesses need.
What is business.gov.au?
After graduating from high school, this person enrolled in Reed College in Portland, Ore. but dropped out after one semester. They had become fascinated by Eastern spiritualism and took a part-time job designing video games for Atari in order to finance a trip to India to study Eastern culture and religion.
Who is Steve Jobs?
Part of a business’s profit that is divided among shareholders.
What is a dividend?
Are defined by the Australian Bureau of Statistics as firms with fewer than 200 full-time equivalent employees and/or less than $10 million turnover.
What is a small to medium enterprise?
Occurs when a business acquires or merges with another firm that makes and sells similar products.
What is horizontal integration?
Provides valuable data on social, economic and demographic trends.
What is the Australian Bureau of Statistics?
She is one of the most followed people on Instagram.
Who is Kylie Jenner?
Creating a new product, service or process, or significantly improving an existing one.
What is innovation?
The most common type of company structure in Australia, and usually has between two and 50 private shareholders
What is a proprietary (private) company?
Occurs when a company is not able to pay its debts as and when they fall due.
What is insolvent?
Refers to your personal drive, determination and desire to achieve a goal or objective.
What is motivation?
is complete concentration by one firm in the industry, e.g. Australia Post.
What is a monopoly?