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level: Level 1

Questions and Answers List

level questions: Level 1

is a form of business ownership where a single owner operates a business and assumes total responsibilitysole trader
Is a form of a business ownership which combines the expertise and resources of two to 20 people.Partnership
Is a form of business ownership where the business is been incorporated by establishing the business as a separate legal entity from its shareholders and then registered with ASIC and has CAN it has a minium of 2 to a maxim of 50 shareholders.private limited company
Incorporation is where a business becomes a company by establishing the business as a separate legal entity from its shareholders and then registered with ASIC and has ACN and must have a designated registered office and this gives it limited liability.incorporation
Is a form of a business that is incorporated and is its own separate legal entity, registered with ASIC and with its own company number. Also listed on the ASX and shares can openly be traded.public listed company
Is a form of a business that uses strategies to maximise improvements in human wellbeing or the environment, rather than maximise profits for its social or environmental owners or enterprise
social enterprises are simalir to other companies as they are all profit seekinghow are social enterprises similar to other companies
Social enterprises are different to other companies as a social enterprise main goal is to help the less fortunate countries and or the do social enterprises differ from other companies
Is a form of business that is owned and operated by the government and is located in the public sector of the Australian economy.government business enterprise (GBE)
Vic Roads, Australia Postexapmle of GBE
Business objectives including to make a profit, to increase market share, to fulfil a market and/or social need and to meet shareholder objectives
A global statement that reflects an organisation’s reason for being or purpose and the way in which it will be managed.define strategies
Vision statement is a written document, which outlines the broad direction the organisation hopes to take in the futurevision statement
mission statement is A global statement that reflects an organisation’s reason for being or purpose and the way in which it will be managed.mission statement
required by the organisation as a whole to reach its overall purpose. Long term (2-5 years). Responsibility of senior management.strategic
medium-term (1-2 years) needed to achieve the specific targets set for a department of division. Done by middle management such as department heads, store managers.tactical
Done by frontline management. They are precise, measurable and establish the short-term (daily, weekly, half-yearly, annual)operational
a group of individuals that has a vested interest in the operations of a businessstakeholder
1. Managers - To perform their roles well, leading to the achievement of the organisation’s goals. They would want the organisation to be successful so that it continues to operate in the long term. To meet shareholder expectations. They may be entitled to bonuses if the business makes significant profits. 2. Employees - To have job security, fair pay and conditions of work and career paths. 3. Shareholders - To gain greater revenue in the form of dividends if the business continues to make profit and increase their share value. 4. Customers - To continue to be able to purchase products at the price and quality that they have become used to.4 types of stakeholders
Corporate social responsibility is the obligations a business has over and above its legal responsibilities to the wellbeing of employees and customers, shareholders and the community as well as the environment.corporate social responsibility
involves the promotion of the good or service to the public/customers including advertising and public relations. It is responsible for the marketing mix, often referred to as the 7 Ps (product, price, place, promotion, people, physical evidence and process). Marketing strategies undertaken by the sales and marketing area arise through the marketing mix: developing the product, pricing, promoting and distributing products to present and potential customers.sales and marketing
The human resources area is responsible for coordinating all the activities involved from acquiring to terminating employees of the business. It manages the relationship between the employer and employees.The strategies used by the human resources area focus on improving the motivation of employees and meeting their expectations. An important aspect of human resource management is the management of the employment cycle, which involves the establishment, maintenance and termination phases of the employment of workers.Human research management
The finance area is responsible for managing the financial or monetary aspects of the business. This can include developing financial policies, raising finance, budgeting, accounting and reporting, and cash control. The strategies used by the finance area will relate to accounting and financial
involves all of the activities involved in transforming inputs into finished goods and services including procurement of supplies and distribution. The strategies used by the operations area depend on whether the business transforms inputs into goods or services. Generally, the operations strategies include the use of technology, materials management, quality management and waste minimisation in the production process.operations
The technology support area is responsible for installing and maintaining technology, as well as providing assistance to the users of technology in the business. These technologies may include mobile phones, computers, computer networks, software products or other electronics. today have computerised part or all of their operations. For many businesses therefore, the achievement of business objectives relies heavily on the successful integration of technology throughout the support
Management style is the manner and approach of providing direction, implementing plans and motivating style
1. Sales and Marketing 2. Human Resource Management 3. Finance 4. Operations 5. Technology support5 types of management style
is a type of style that focuses on achieving the end resulttask orientated
style focuses on how the manager considers the needs of employees, as well as their involvement when providing direction and implementing plans.people orientated
- Manager makes decisions alone and instructs employees what to do. - One way communication (top down). - Control is centralized at the top with the manager.Autocratic Task centred
- Manager makes decisions alone but explains why the decisions have been made. - One way/ top down communication with no opportunity for employee input or feedback. -Control is centralised at the top with the manager.persuasive task centred
- Manager makes decisions alone after consulting with staff for their input. -Two-way communication allowing for employee input. - Control is still centralized because in the end the manager makes the final decision.consultative people centred
- Shared decision making, manager makes decisions with employees. - Communication is two way giving employees an opportunity to give feedback, input and ask questions. -Control is decentralised shared with employees.Participative People centred
- Employees are left to make decisions by themselves, with no involvement by management although they will have clear objectives. - Communication two way. - Control is decentralized as decisions are made and tasks completed by employees with little or no involvement of the manager.Laissez-Faire Only to be used with extremely experienced group of employees.
Communication is the process of creating and exchanging information between people that produces the required response.skill of communication
which involves sharing information and understanding between two people; the manager and a subordinate or a small group or work team.personal communication
where systems are used to inform and share information with employees (internal stakeholders) of the business. For instance, an organizational chart can be used by management to inform employees about how the business is structured, its functional areas, chain of command and communication channels. Policy and procedure manuals are also used to inform employees about the way that the business conducts itself.Internal business communication
occurs when managers need to communicate with stakeholders external to the business. It involves transmitting information to customers, suppliers, investors, shareholders (if a company) and the community.External operational communication
Delegation is the process where formal authority is passed down the hierarchy of a business.delagation skills
Is a formalized decision making process that is future oriented. It is the ability to define business objectives and determine methods or strategies that will be used to achieve those objectives.skill of planning
Long term - 2-5 Years A process undertaken by senior management to define its strategic direction and objectives.strategic - senior management
Medium term – 6 months – 2 Years. Tactical planning is undertaken to implement the organisations strategic plan. Responding to changes internally and externally. The allocation of resources in order to achieve the organisations objectives.tactical - managers
Very short term – (daily/weekly planning) A detailed level of planning which implements strategies to ultimately achieve specific objectives generally determined by a higher level of management.operational - supervisers
Set the objective that needs to be planned/achieved. Analyse the current situation, strengths and weaknesses and also future opportunities and threats by – conducting a SWOT analysis (this will determine possible avenues to pursue) Develop and evaluate alternative plans – based on the SWOT results, devise a number of planning options Implement the developed plan – select the best plan and implement it Monitor and review the results – monitor this plan and evaluate its effectiveness using PIs and benchmarkingSADIM
Leading is the ability to inspire and influence employees to share the vision of the organisation, this involves coaching them to develop to their full potential and empowering them to work to their maximum to achieve the organisational objectives.skill of leading
Interpersonal skills are those skills used every day to communicate and interact with other people both individually and in groups. (Refers to the ability to deal or liaise with people and build positive relationships with staff).interpersonal skills
The process of identifying the options available and then choosing a specific course of action. Additionally, effective decision-making involves being able to make decisions within a particular time frame. It also requires a manager to adequately assess the risk involved if the decision is implemented.decision making skills
• S –Set out the decision that needs to be made • O- Outline the facts of the situation at hand • D -Develop and evaluate alternative decisions (rank them in order) • I - Implement the selected decision (take action) • M -Monitor and review the results using KPIs and benchmarking.SODIM
Is the shared values or beliefs of the people within an organisation. This affects how the people in an organisation behave and act towards one another. It includes a shared view of organisational directions and values, priorities and commitments as well as feelings of loyalty and personal worth within an organisation.corporate culture
1. Values and practices: These are the way things are done in the organisation. Examples of corporate values and practices include honesty, hard work, teamwork, quality customer service, employee participation and innovation. 2. Symbols: These are the events or objects that are established to represent something the organisation believes to be important. Organisations that believe in fostering positive competition among employees, or an active lifestyle, can organise various sporting events. Organisations that want to reinforce a strong employee development culture can offer employees the opportunity to participate in training and development programs. 3. Rituals, rites and celebrations: These are the routine behavioural patterns in an organisation’s everyday life. For example, regular social gatherings can be held to help develop a sense of belonging among employees who work in small teams during the week. 4. Heroes: Heroes, or champions, are the organisation’s successful employees who reflect its values and, therefore, act as an example for others.corporate culture elements