Free VCE Business Management Flashcard Review

A clearly defined, measurable goal that a business aims to achieve, such as making a profit or increasing market share.

An incorporated business whose shares are offered only to people approved by the directors, with shareholders' liability limited.

An incorporated business whose shares are listed and traded freely on the ASX, with unlimited shareholders and disclosure obligations.

A business owned and operated by government that pursues commercial goals alongside public or social objectives.

A business that trades to fulfil a social, cultural or environmental mission, reinvesting most profit into that purpose.

Any individual or group with an interest in, or affected by, the activities and performance of a business.

A business voluntarily considering the social, ethical and environmental consequences of its activities beyond legal obligations.

The manner and approach a manager uses to make decisions and lead staff, ranging from autocratic to laissez-faire.

A style in which the manager shares decision-making with employees and values their input and collaboration.

A specific ability managers use to carry out their role, such as communication, delegation, planning or decision-making.

The shared values, beliefs and behaviours of a business; its official culture is stated, its real culture is actually practised.

Managing the formal relationship between a business and its employees, from recruitment through to termination.

A motivation theory proposing people are driven to satisfy five ascending levels of needs, from physiological to self-actualisation.

Lawrence and Nohria's theory that motivation arises from the drives to acquire, bond, comprehend and defend.

Locke and Latham's theory that clear, challenging and accepted goals improve motivation and performance.

The processes a business uses to monitor, evaluate and improve employee performance against objectives.

A performance approach where manager and employee agree on individual goals aligned with the business's objectives.

Developing employee skills while they work in their normal role and workplace, such as mentoring or job rotation.

The ending of the employment relationship, through retirement, resignation, redundancy or dismissal.

Termination that occurs when a job is no longer required, often due to restructuring, technology or downturn.