Free TCE Year 11 Business Studies Flashcard Review
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Name four economic roles of business.
Production of goods and services, employment, investment in capital and capacity, and enterprise (risk taking to start or grow ventures).
What are the four key business functions?
Operations management, human resource management, marketing management and financial management; each depends on the others.
Efficiency versus effectiveness?
Efficiency is using minimal resources per unit of output; effectiveness is achieving the intended results, such as customer satisfaction or market share.
Primary, secondary and tertiary sectors?
Primary grows or extracts natural resources; secondary manufactures or processes goods; tertiary provides services.
ABS size categories by employees?
Small: fewer than 20; medium: 20 to 199; large: 200 or more.
Key difference between unincorporated and incorporated businesses?
An incorporated company is a separate legal entity with limited liability for shareholders; an unincorporated business is legally the same as its owners, who have unlimited liability.
Pty Ltd versus Ltd company?
A private company (Pty Ltd) cannot offer shares to the public; a public company (Ltd) can raise capital from the public and may list on a stock exchange, with stricter reporting.
Give two equity and two debt sources of finance.
Equity: owner's savings, retained profits, issuing shares. Debt: bank loan, overdraft, mortgage, lease, trade credit.
What does each letter of PESTLE stand for?
Political, Economic, Social, Technological, Legal, Environmental.
List the five internal influences in this unit.
Product, location, management, resource management and business culture.
Name four entrepreneurial leadership traits.
Any four of: skilled communication, social awareness, skilled decision-making, futures thinking, self-discipline, responsibility, ability to inspire and motivate.
What do a code of conduct and a CSR audit do?
A code of conduct states expected ethical behaviour and consequences; a CSR audit measures social, environmental and ethical performance against standards and leads to an action plan.
What are the three stages of an operations system?
Inputs (transformed and transforming resources), transformation processes that add value, and outputs (goods or services).
Give the formula for labour productivity.
Labour productivity = units of output ÷ labour hours worked.
Efficiency versus effectiveness in operations?
Efficiency is output per unit of input (low waste and cost); effectiveness is producing what customers want at the required quality and time.
What is cost leadership?
Achieving the lowest costs in the industry through scale, automation, standardisation and cost control, allowing lower prices or higher margins.
What is product differentiation?
Making a product distinct in ways customers value (quality, design, service, provenance) so they pay a premium or stay loyal.
Strategic versus operational decisions?
Strategic: long-term, costly, hard to reverse (capacity, location, technology). Operational: short-term, day-to-day (purchasing, scheduling, inventory, maintenance, quality control).
Established versus leading-edge technology?
Established is proven, cheaper and well understood; leading-edge is newer and potentially more productive or distinctive but riskier, costlier and needs training.
One benefit and one risk of JIT.
Benefit: lower holding costs and less cash tied up in stock. Risk: a late or faulty supplier delivery can halt production.