Operations
What is a Gantt Chart?
A type of bar chart that shows both the scheduled and completed work over a period of time. It is often used in planning and tracking a project.
What is geographic segmentation?
The process of dividing the total market according to geographic locations
What is a income statement?
A summary of the income earned and the expenses incurred over a period of trading. It helps users of information see exactly how much money has come into the business as revenue, how much has gone out as expenditure and how much has been derived as profit.
What are grievance procedures?
Formal procedures, generally written into an award or agreement, that state agreed processes to resolve disputes in the workplace
What is interdependence?
The mutual dependence that the key business functions have on one another
What is job design?
The number, kind and variety of tasks that a worker is expected to carry out in the course of performing their job
What is the mass marketing approach?
A marketing approach that seeks a large range of customers
What is owners’ equity?
The funds contributed by the owner(s); represents the net worth of the business
What is a industrial dispute?
A disagreement over an issue or group of issues between an employer and its employees, which results in employees ceasing work
Known for removal of barriers of trade between nations. It is also characterised by an increasing integration between national economies and a high degree of transfer of capital.
What is this statement referring to?
Globalisation
What are performance objectives?
Quality, speed, dependability, flexibility, customisation, cost
What is the marketing approach?
Focuses on finding out what customers want — through market research — and then satisfying that need
What is gearing?
The proportion of debt (external finance) and the proportion of equity (internal finance) that is used to finance the activities of a business. Gearing ratios determine the firm’s solvency.
What is redundancy?
Occurs when a person’s job no longer exists, usually due to technological changes, an organisational restructure or a merger or acquisition
What does KPI stand for?
Key performance indicators- Specific criteria used to measure the efficiency and effectiveness of the business’s performance
What does LIFO stand for?
Last-in-first-out. A method of pricing inventory that assumes that the last goods purchased are also the first goods sold and therefore the cost of each unit sold is the last cost recorded
What is the marketing mix?
Refers to the combination of the four elements of marketing, the four Ps — product, price, promotion and place — that make up the marketing strategy
What is net working capital?
The difference between current assets and current liabilities. It represents those funds that are needed for the day-to-day operations of a business to produce profits and provide cash for short-term liquidity
What is the Australian Securities Exchange (ASX)?
The primary stock exchange group in Australia
What is a loyalty program?
A rewards-based program offered by a business to customers who frequently make purchases.
What are global factors?
Global sourcing, economies of scale, scanning and learning, research and development
What are the different types of markets?
Resource, industrial, intermediate, consumer, mass, niche
Influences on financial management
What financial institutions influence business?
Banks, investment banks, finance companies, superannuation funds, life insurance companies, unit trusts and the Australian Securities Exchange
What are ordinary shares?
New issues, rights issues, placements, share purchase plans
What is ethical business practices?
Those practices that are socially responsible, morally right, honourable and fair