Category 1
Rivalry among business that seek to satisfy a market
Competition
The monetary value attached to the reputation of a particular business
Goodwill
What is a broad-based tax of 10% on the supply of most goods and services consumed in Australia.
Franchise
An Individual or business that grants a franchise
Franchisor
An individual or business that purchases a franchise
Franchsiee
Involves collecting, collecting, summarizing and analyzing information about the state of the market, customers, the threats and opportunities that the market presents, and any advantages or disadvantages that the business is likely to have over its competitors.
Market analysis
A means by which local councils allocate land for different uses, such as residential, commercial, recreational and industrial.
Zoning
Relates to the short-term and long-term borrowing from external sources by a business.
Debt finance
What is an overdraft?
The bank allows a business to overdraw their account up to an agreed limit for a specified time, to overcome a temporary cash shortfall.
A loan secured on some type of asset.
Mortgage
The funds contributed by the business owner(s) to start and then expand the business.
Equity finance
The cost of borrowing money.
Interest
What is the law that protects both consumers and businesses. It protects consumers from deceptive or misleading practices, and it regulates the trade practices of businesses.
The Competition and Consumer Act 2010 (Cwlth)
What is superannuation?
What is a scheme set up by the federal government. It requires all employers to make a financial contribution to a fund that employees can access when they leave or retire from a job.
What are the FOUR ways to categories businesses?
Micro >5, small 5-19, medium 20-199 and large 200+
What is a compulsory payment of a proportion of earnings to he government.
Taxation
What is a broad-based tax of 10% on the supply of most goods and services consumed in Australia.
GST
What is (SWOT) Analysis?
Involves the identification and analysis of the internal strengths and weaknesses of the business, and the opportunities in, and threats from, the external environment.
What is a single identifying number that a business uses when dealing with government departments and agencies.
Australian Business Number (ABN)
Identify the FOUR main professional advisors
Bank managers, accountants, management consultants, solicitors
What is a Business Plan?
The road map for future growth and development within a business. It sets out the desired goal and direction of the business.
What is a Sigma Six?
Process is one in which 99.99 per cent of all manufactured products are defect free.
What is Operational Objectives?
Focus on the short-term issues and describe the course o action necessary to achieve the tactical objective and strategic goal.
What is Tactical Objectives?
Focus on mid-term, departmental issues and describe the course of action necessary to achieve the business's strategic goals.
What are the THREE main establishment options
Starting from scratch, buying an existing business or franchise