BizWords
What is a PRODUCT
what is the main role of a business
what is profit
private employment makes up what percentage of Australia's employment?
what is 70%
SME is
what is Small to Medium Enterprise
the process of working with and through other people to achieve the goals of the business is called...
what is MANAGEMENT
The 4p's of the Marketing mix
Price, Product, Place, Promotion
Describe R&D - what does it stand for and why do people do it?
Research and development, to improve and develop products
CSR stands for....
Corporate social responsibility
a type of bond issued by a company for a fixed rate of interest and for a fixed period of time
debenture
four methods to classify businesses - name two
what is: legal structure, size, geographical spread, industry sector
the ability that comes from the knowledge, practice and talent to do something well
what is: skill
An agreement with the bank that allows the business's bank account balance to go below zero.
the money a business receives as payment for its products
what is REVENUE
the formula for profit
what is revenue - expenses
What is the balance sheet equation.... assets=
assets=liabilities+owners equity
sole trader, partnership and company are all examples of what?
what is: Legal Structure
three main categories of leadership styles
what is: autocratic, paternalistic, democratic
What does COGS stand for?
cost of goods sold
is an individual or business that purchases a franchise
franchisee
What are tangibles?
goods that can be touched/physical products that can be handled and stored before they are sold to the consumer
Name three skills of management
interpersonal, communication, strategic thinking, vision, problem-solving, decision-making, flexibility, adaptability to change, reconciling the conflicting interests of stakeholders
SME's are defined by the ABS as having fewer than .... full-time equivalent employees AND/OR less than $10million turnover
What is 200
what are the two types of recruitment?
internal and external
Name three ways to identify a target market
1. Mass marketing approach
2. Market segmentation
3. Niche marketing approach
part of a business's profit that is divided among shareholders
what is a DIVIDEND
Three roles of a business include...
profit, employment, choice
Name 2 quality management strategies
Quality management, quality control, total quality management
name the 5 industry sectors
what is: primary, secondary, tertiary, quaternary, quinary
what are the four main elements of the human resources/ staffing proccess
1. acquisition 2. development 3. maintenance 4. separation
a single identifying number that a business uses when dealing with government departments and agencies
ABN