Notesale: Turn your study into money

Document Preview

Extracts from the notes are below, to see the PDF you'll receive please use the links above

---

HSC Business Studies 2005!

Adam M
...
Brimo
Marcellin College Randwick
HSC
2005
Page 1 of 47

HSC Business Studies 2005!

Adam M
...

! Managers must e"ectively and e#ciently meet the goals of the business
...

Understanding Business Organisations and Management Theories
• Management Theories
• Classical Scienti&c
• Emphasises the best way to organise work more e#ciently so to improve productivity
...
Emphasises extensive and
rigid rules and regulations based on the hierarchy of authority
...

• Stake$holder view involves identifying all parties that could be a"ected by the busi$
ness's performance and decisions
...
Brimo

• Strengths and Weaknesses of Management Theories
• Classical Scienti&c
• Strengths
• E#cient on specialised tasks
• Total control of the business
• Skilled employees and highly ordered
• Clear roles and responsibilities
• Weaknesses
• Little input from sta"
• Low morale of workers
• Employees may rebel or strike
• Di#cult to adapt to change
• Behavioural
• Strengths
• Work becomes satisfying
• Good communication channels
• Workers get sense of responsibility
• Support for employees and intrinsic motivation
• Weaknesses
• Not focused on e#ciency
• Employees can take advantage of freedom
• Results are not always immediate
• People change
• Political
• Strengths
• Knowledge of business problems
• Groups accomplish tasks quicker
• Empowers employees
• Explains power$base
• Provides a strategy and direction
• Weaknesses
• Possible loss of focus on business objectives
• Harder for managers to control business
• Does not change power relationships
Managing Chang"
• Nature and Sources of Change
• External Factors
• Changing nature of markets, globalisation, communications, lower transport costs,
and unrestricted trade turn the world into a single global market producing a more
integrated global economic system
...

• Economic In%uences $ %uctuating of the economy on a national basis is macroeco$
nomics, Individual components of economy dealt with in isolation is microeconomics
...

• Geographical in%uences
• Social In%uences $ environmental concerns, ageing population, healthy lifestyles
• Legal in%uences $ regulations and deregulation
• Political In%uences $ frequent elections cause instability
Page 3 of 47

HSC Business Studies 2005!

Adam M
...

• Reasons for Resistance to Change
• Financial Costs $ purchasing new equipment and technology, redundancy pay$outs for
employees who are retrenched, retraining of employees and reorganising of the plant lay$
out
...

• Cultural incompatibility in mergers $ culture clash may results when two companies come
together
...

• Acquiring new skills due to changing work methods
• Loss of career prospects
• Managing Change E"ectively
• Identifying the need for change $ done using SWOT analysis, &nancial statements
• Setting achievable goals $ requires information and communication
• Creating a culture of change $ done using change agents and the development of teams
• Change Models
• Force Field Analysis
• Driving and restraining forces are identi&ed and restraining forced are minimised
and weighed against driving forces
...

Change and Social Responsibility
Business awareness of its actions and their respective consequences
...
Brimo

Financial Planning and Management
Role of Financial Planning
• The Role of Financial Management
• Financial planners must estimate the cost of business activities, cost and allocate re$
sources and make decisions on funding options
...

• Developing budgets $ statement of resources allocated to speci&c areas in the business
• Planning cash %ows $ forecast in%ows and out%ows to ensure debts can be paid
• Preparing &nancial reports
• Interpreting &nancial reports
• Maintaining record systems $ mechanism used to ensure all data is accurate, reliable and
e#cient
...

• Insurance companies $ provide payment if a future event occurs
• Merchant banks $ get funds from short term borrowing, lends mainly to large corps
...
Brimo

Management of Funds
• Sources of Funds
• Internal
• Owners equity $ funds contributed by the owners of the business
• Retained pro&t $ all pro&t kept within the business
• External
• Bank overdraft $ bank allows the business to exceed their current balance up to a cer$
tain agreed level
• Bank bills $ bill of exchange given for large amounts in short term
• Mortgages $ loan secured by the property of the borrowers
• Debentures $ issued by a company for a &xed amount and a &xed rate of interest
• Leasing $ involves payment of money for use of equipment owned by another party
• Factoring $ Selling of accounts receivable for a discounted price to a &nance company
• Venture capital $ funds supplied by private investment org for innovative / new ideas
• Grants $ funds given by the government to promote business and ideas
• Financial Considerations
• Set$up costs
• Interest costs
• Availability of funds
• Flexibility of funds
• Level of external control
• Match the terms and source of &nance to the business purpose and structure
• Debt and Equity Financing
• Short term debt expenditure by short term &nance
• Long term &nance funded by long term &nance
• Debt &nancing
• Provides tax deductible interest payments
• Loan has to be repaid
• Provider of &nance don't own part of the business
• Equity &nancing
• No interest payable
• Non$Tax$Deductible payments must be made
• Providers of &nance own part of business
Using Financial Informatio#
• The Accounting Framework
• Provides most of the information for the decision making process
• Financial statements
• Revenue statement $ summarises the activities of an organisation over a period of
time, showing operating results and revenue
...


Assets = Liabilities + Owners Equity
• Types of Financial Ratios
• Liquidity $ the ability of an organisation to pay its debts as they fall due
Page 6 of 47

HSC Business Studies 2005!

Adam M
...


Gross Pro&t Ratio = Gross Pro&t / Revenue
Net Pro&t Ratio = Net Pro&t / Revenue
Return on Equity = Net Pro&t (After Tax) / Owners Equity
• E#ciency $ The ability of a &rm to use it's resources e"ectively in ensuring the &nancial
stability and pro&tability of the business
...

E$ective Working Capital %Liquidity& Managemen!
• Working Capital Ratio

WC Ratio = Current Assets / Current Liabilities
• Control of Current Assets
• Cash controlled using budgets, which detail expected in%ows and out%ows
• Accounts receivable controlled using credit checks on borrowers, and o"er incentives for
early payment while using factoring as a last resort
...

• Control of Current Liabilities
• Accounts payable are controlled by paying as late as possible and choosing suppliers care$
fully
• Incorrect use of overdrafts can cost money in high interest payments
• Short term loans should be controlled by planning borrowing carefully and &nding alter$
nate sources of &nance
...

Page 7 of 47

HSC Business Studies 2005!

Adam M
...

E$ective Financial Planning
• E"ective Cash Flow Management
• Cash %ow statements $ &nancial statements indicating the %ow of cash resulting from
transactions
• Management Strategies
• Distributing of payments $ involves spreading payments over a period of time to coin$
cide with surpluses of cash
• Discounts for early payments $ business provides a percentage reduction from the
purchase price if the buyer pays within a certain period of time
...
g
...

• Revenue Controls
• Sales objectives $ set objectives in revenue budgets by forecasting sales
• Sales mix $ the range of products o"ered for sale, &nancial managers need to analyse
the breakdown and contribution margins for each product
...

Ethical and Legal Aspects
• Audited Accounts
• Independent check of the accuracy of &nancial reports / records and accounting proce$
dures
• Inappropriate Cut O" Periods
• A business incorrectly matches the period in which revenues occur with when major out$
%ows occur
• Misuse of Funds
• Business funds are used for purposes other than originally delegated
• Australian Securities and Exchange Commission
• Enforces and administers corporations law and protects consumers in the areas of in$
vestments, superannuation, life insurance, etc
...


Page 8 of 47

HSC Business Studies 2005!

Adam M
...

• Market Development $ Selling an existing product or service to new customers through
new locations
...

• Types of Markets
• Resource $ buying and selling of all forms of primary production
• Industrial $ purchase of products for use in production and other products
• Intermediate $ wholesalers and retailers who purchase &nished products for resale
• Consumer $ Individuals who use the products they buy
• Mass $ the seller mass produces, mass distributes and mass promotes one product to all
buyers
• Niche $ created when the mass market is &nely divided into smaller markets
• Production$Selling$Marketing Orientation
• Production Approach $ 1820s $ 1920s $ taking orders and delivering goods, demand for
goods is greater than supply
...

• Marketing Concept
• Business philosophy stating that all sections of the business are involved in satisfying a
customer's needs and wants while achieving the businesses goals
...

• Relationship Marketing $ The developing of long term and cost e"ective relationships
with individual customers
• Marketing Planning Process
• System for organising the marketing of a &rm through clear objectives, decisions, or
strategies, actions and budgets for expenditure and revenue
...
Brimo

• Where is the business now?
• Where will the business be in the future?
• Establishing Marketing Objectives
• Increasing market share
• Increasing geographical expansion
• Targets may be di"erentiated by total and speci&c performance targets
• Identifying the Target Market
• Segments at which the whole marketing process is to be directed
• Niche market
• Multiple segment market
• Undi"erentiated mass market
• Market Potential $ total expected sales of a product by all sellers over time
• Sales Potential $ potential market share for a particular &rm
• Sales response function $ relationship between marketing expenditure and increases in
sales revenue
...

• Financial Strengths $ determines method of distribution, products may be deleted instead
of renewing interest through expensive marketing campaigns
• Assets base $ expensive assets operating below capacity may encourage attempts to in$
crease their usage through promotion or varying the product mix
...

Market Research Process
• Determining Information Needs
• Information must be relevant to the situation or problem
• Information is useful if:
• Results in marketing strategies that meet the needs of the business's target market
• Assists the business to achieve it's marketing objectives
• May be used to increase sales and pro&ts
• Data Collection
• Marketing data $ information, usually expressed as facts and &gures, relevant to the de$
&ned marketing problem

Page 10 of 47

HSC Business Studies 2005!

Adam M
...

Customer and Buyer Behaviour
• Types of Customers
• Individuals
• Households
• Firms $ retail businesses, manufacturers & service providers
• Educational institutions
• Government
• Clubs and Societies
• Religious organisations
• The Buying Process
Need Recognition

Search for Information

Purchase

Evaluate Alternatives

Evaluate After Purchase
• Buyer $ individual or group who purchases the product
• User $ Individual or group who uses the product
• Factors In%uencing Consumer Choice
• Psychological
• In%uences within the individual
• Perception, motives, attitudes and personality
• Sociocultural
• Forces exerted by other people and groups that a"ect customer behaviour
• Peer or reference groups
• Social class, culture and subculture
• Economic
• Changes in real income $ the amount a level of income will buy
• Changes in in%ation and unemployment $ in%ation is measured through the consumer
price index, in%ation refers to the sustained increase in the general price level over
time
...
Brimo

• Government
• Governments implement economic policies designed to expand or contract the level
of economic activity depending on current conditions
...

• National / manufacturers brands are those owned by the manufacturer
• Private or house brand $ owned by a retailer or wholesaler
• Generic brands $ products with no brand name at all
• Packaging $ involves the development of a container and the graphic design for a
product
• Price and Pricing Methods
• Pricing Methods
• Cost plus margin $ total cost of production determined then pro&t is added
• Market pricing $ prices are set according of the level of supply and demand
• Competition based $ price directly related to the prices of competitors producing
similar products
• Pricing Strategies
• Price skimming $ highest price possible charged for innovative products
• Price penetration $ lowest possible price charged, used to quickly gain market share
• Loss leader $ products sold below cost price in order to attract people to a store
• Price lining $ also called price points, it is used mainly by retailers$ it is where the
business sets lines of products at key prices
• Price and Quality Interaction
• Normally products of superior quality are sold at higher prices due to increased pro$
duction costs
...

• Promotion
• Elements of the Promotion Mix
• Personal selling $ activities of the sales person in%uencing the sale
• Advertising $ paid form of non$personal presentations

Page 12 of 47

HSC Business Studies 2005!

Adam M
...

Ethical and Legal Aspects
• Environmentally Responsible Products
• Environmentalism $ the organised movement of concerned businesses, consumers and
government agencies to protect and improve the physical environment
• People are more concerned with quality of life and the physical environment
• Other Issues
• Creation of needs $ marketing may have contributed to the creation of our materialistic
society
• Impact of Retail Developments
• Linking of direct marketing and electronic databases
• Automated checkout scanning systems that do not require an operator
• Use of in$store television presentations
Page 13 of 47

HSC Business Studies 2005!

Adam M
...

• Price discrimination $ setting of di"erent prices in separate markets
• Implied conditions $ unwritten and unspoken terms of a contract, they are assumed to
exist
• Merchant$able quality
• Fitness of purpose
• Warranties $ promise of the business to replace or repair the product
• Resale price maintenance $ manufacturer or supplier insists the retailer sell the product at
a certain price

Page 14 of 47

HSC Business Studies 2005!

Adam M
...
4 million businesses in Australia, 880,000 of which employ people
• Employees
• 7
...

• Government
Managing
the Employment Relations Function
•
• Line managers $ responsible for the management of sta" contributing to the prime func$
tion of the business
• Specialist managers $ responsible for recruitment
...

• Population shifts $ the number of females in the workplace is increasing, thus businesses
are realising the bene&t of family friendly workplaces
• Changing attitudes $ todays workforce is well educated and employees increasingly want
challenging work, greater responsibility and autonomy
• Legal In%uences
• Contracts between employees and employers
• Common law $ governs such things as leave and holidays
• Federal acts help enforce common and statute law
• Superannuation Guarantee Act *92
• Industrial agreements include awards, enterprise agreements and workplace agreements
• New Organisational Behavioural In%uences
Page 15 of 47

HSC Business Studies 2005!

Adam M
...

• Flatter structures allow for more responsive and adaptable management structures
and networks of self managing teams which encourages innovation, improved produc$
tivity and greater e#ciency
...

• Structural change $ changes in the pattern and composition of production and unem$
ployment in an economy such as the rapid growth of the services sector which accounts
for 70+ of workers
...

• Communications Systems
• Methods of Communication
• Daily walk$around by managers
• Regular meetings
• Sta" bulletins and newsletters
• Suggestion boxes and surveys of sta"
• Use of email
• Grievance Procedures
• Mainly used to deal with personality con%icts and disciplinary matters
• They provide an avenue for both employers and employees to settle disputes arising in
the workplace
...
Brimo

• Non$monetary $ rewards such as employee satisfaction, decision making power and
autonomy in the workplace
• Training and Development
• Aim of training is to seek a long term change in employees skills, knowledge, attitudes
and behaviour in order to improve work performance
...

The majority of employees who leave, do so in the &rst three months
...
Five steps include:
1
...
Determine the objectives of the training program
3
...
Determine the process of training
5
...

• Absenteeism $ unhappy workers have higher levels of sick leave which disrupts operations
• Disputation $ dissatis&ed workers are involved in more industrial disputes
• Quality $ An emphasis on quality saves money since the costs of not making quality stan$
dards a high priority include more rejects, more material costs, more management time
checking and rectifying problems, poor customer relations and low productivity
...

Legal Framework of Employmen!
• The Employment Contract
• Common Law
• The law of employment is based on common law with many statutes modifying the
legal situation
• Two main types of employment contract
• Contract of service $ employer has control over the employee and can dictate over
the employee and can dictate how the work is to be performed
...
Brimo

• Meet requirements of industrial relations legislation
• Duty of care
• Responsibilities of the Employee
• Obey lawful and reasonable commands
• use care and skill in work
• Act in good faith and in the interests of the employer
• Statutes
• Laws made by the federal and state parliaments such as laws relating to employment
conditions, wage and salary determinations and dispute resolution
...

• Type of Employment Contract
• Casual employees $ hired for as long as services are required
• Part$time employees $ work a proportion of the full time workload, contract usually
stipulates a maximum number of working hours
• Flexible employment conditions $ allows for job sharing and for businesses to operate
shifts at more intensive levels at peak times, with bene&ts such as longer holidays during
slow times
...

• Management policies $ division of labour, sharing of tasks, alienation and new tech$
nology
• Political goals $ ensuring a certain party wins or protests against our or foreign gov$
ernments
• Social issues $ includes services and rewards which bene&t society
• Perspectives on Con%ict
• Unitary $ assumes that each work organisation is an integrated entity with a common
purpose or goal
...


Page 18 of 47

HSC Business Studies 2005!

Adam M
...

• Radical or Marxist $ sees worker and business relations as a class war and recognises in$
herent con%icts while advocating an over$through of the power base
...

• Pickets $ protests which take place outside a workplace and are generally associated
with a strike
• Strike $ where workers withdraw their labour
• Sympathy strikes $ those called in support of a group of workers
• Rolling strikes $ occur over a period of time, in between working periods
• Rotating and revolving strikes $ occurs when workers at di"erent locations take
turns to strike
• Political strikes $ taking action in response to political issues
• Wildcat Strikes $ those which take place without union approval
• General strikes $ involve a larger number of workers striking simultaneously
• Stop work meetings $ involves workers stopping work to conduct a meeting
• Work bans $ refusal to work overtime, handle a product or work with particular indi$
viduals
...
Resolu$
tion should take place at the lowest level and only proceed to industrial courts after all
other avenues have been exhausted
...
Government,
in turn have tried to regulate and control tribunals
...

• Dispute Resolution Process
1
...
Arbitration $ The settlement of a dispute through the decision of an independent third
party
3
...
Negotiation $ requires the parties to discuss the issues hence coming to an acceptable
compromise agreement
5
...

Page 19 of 47

HSC Business Studies 2005!

Adam M
...
Common law action $ parties may make claims for damages resulting from disputes
7
...
Brimo

Global Business
Globalisatio#
• Nature and Trends
• Growth of the Global Economy
• The process of globalisation has been assisted by advancements in technology, mainly
in communications and computers
...
2 trillion dollars per day (US)
• Labour
• Legal barriers to free movement known as immigration
• Trans$national corporations have encouraged labour movement
Consumer
•
• Developing of similar needs and wants *world culture'
• Driven by technology such as pay TV and internet
• Reduction of trade barriers results in reduced prices for foreign goods
• TNCs sell standardised products to consumers around the world
• Trends in Global Trade Since World War II
• Tari" Reductions, for manufactured goods the tari"s decreased from 40+ to 4+
• Agricultural products used to amount for half of all trade, now they amount to less than
11+
• Rising incomes have increased demand for services and manufactured goods
• Most capital transfers occur between already wealthy countries
• Global &nancial transactions have increased at a faster rate then trade in goods and serv$
ices
• Drivers of Globalisation
• Role of Trans$national Corporations
• Bring world economies closer together as they try to maximise sales, obtain resources
and invest money
• TNC's in an increasingly competitive business environment seek new market oppor$
tunities in conjunction with more e#cient and less costly production methods
• Global Consumers
• Increase contact between people from around the world and the impact of media
have reduced cultural di"erences and the preference for local products
• This bene&ts TNCs through large scale production and marketing e"orts
• The rise in incomes allows people to a"ord more internationally made products
Impact
of Technology
•
• Developments in information technology and transport have made movements of
goods, information, equipment, ideas and people easier, faster and cheaper
• Email and video conferencing co$ordinates business activities across di"erent coun$
tries
• Role of Government

Page 21 of 47

HSC Business Studies 2005!

Adam M
...

• Australian dollar was %oated on the foreign exchange market
• Government restrictions on the movement of capital were lifted in the *80s to stimu$
late economic growth
• Interaction Between Global and Australian Business
• Competition
• AU businesses face greater competition from overseas suppliers of goods and services
due to the reductions in trade barriers and tari"s
...
Brimo

• Closure proximity to customers
• Possibility of consumer backlash if exploitive work practices are used
• Decreased production costs may lead to increased pro&t
• Management Contracts
• An arrangement under which a global business provides managerial assistance and
technical expertise to a second or host business for a fee
• Provides extra income with little capital outlay and potentially opens new markets in
foreign countries
• Host business does not gain any managerial training
• Licensing / Franchising
• Licensing is an agreement in which one business permits another to produce and
market its product
• Franchising is a specialised form of licensing in which the franchisor grants the fran$
chisee the right to use a company's trademark an distribute its product
• Reasons For Expansion
• Increase Sales / Find New Markets
• Due to Australia being a relatively small market it is important for AU businesses to
export their products overseas
• Acquire Resources and Access to Technology
• Due to climactic, geological and historical factors, many resources are unavailable or
di#cult to obtain locally
• Some economies have high levels of technology and e#cient production methods, ex$
pansion into these economies can provide great advantages to a company
...

• By expanding overseas, the business acquires a larger customer base which allows the
volume of production to increase
• Cushioning Economic Cycles
• Economies %uctuate between boom and recession, by selling in multiple markets, a
recession in any one market will not a"ect the business as much as if it were the busi$
ness's only market
...
Such regulations may include taxa$
tion, environmental protection and wages
...
Brimo

Speci(c In'uences on Global Business
• Financial
• Currency Fluctuations
• The conversion of currency is done through the foreign exchange market
• The exchange rate is the value of one currency compared to the value of another's
...

• The risk of using overseas institutions is %uctuating currencies which can eliminate
any &nancial gains
...


Page 24 of 47

HSC Business Studies 2005!

Adam M
...

• Department of Foreign A"airs and Trade $ provides up to date information about the
level of political risk for each country in the world
• Legal
• Contracts
• A legally enforceable agreement
• Outlines the details of the agreement and the rights and obligations of each of the
parties involved
• Contract law refers to those laws that govern the enforcement of contracts
• Common law $ based on tradition, judges decisions and custom
• Civil Law $ a very detailed set of laws which is organised into codes which list what is
and is not permissible
...

• Intellectual Property
• Refers to monopoly rights that a person acquires over a *product' generated by intel$
lectual activity
...

• Patent $ gives the inventor the exclusive right to make, use or sell, as well as licence
other to make or sell, a newly invented product or service
...

• Sociocultural
• Languages
• Not being able to understand a foreign language may prevent a person from fully un$
derstanding a country's culture
...

• English is the most common language in business
• Tastes
• Global business needs to modify products to suit local tastes
• Colour can be related to a culture's taste
• Food preferences are in%uences by culture
• TNC's must maintain consistency in quality and integrity of brand name
Page 25 of 47

HSC Business Studies 2005!

Adam M
...

• Business practices can require the exchange of gifts, business cards, gestures, etc
...

• Used when a business needs to raise &nance in a country in which they are not well
known and therefore would be required to pay a higher interest rate
...

• Marine insurance $ covers shipments by air, road, sea and rail
• Product liability insurance $ protects manufactures from liability due to damage
caused by the use of the product
Page 26 of 47

HSC Business Studies 2005!

Adam M
...
Brimo

• A network of production sites located around the world, each specialising in the part
of the production process which it can most e#ciently perform
• Employment Relations
• Organisational Structure
• Centralised decision making $ the extent to which decision making is controlled at a
high level at a single location
• Decentralised decision making $ subsidiaries closer to markets have a better under$
standing of local culture, policies, laws and competitors, therefore decisions are made
at a much lower level
• Sta#ng
• International employment relations managers are responsible for:
• Managerial and executive sta"
• Production workers and o#ce sta"
• International operations will require bicultural managers who understand the culture,
customs and practices of the host and home countries
• Shortage of Skilled Labour
• It may be di#cult for the business to &nd skilled employees and managers overseas
• Labour may be cheap in a foreign country however the employees may require train$
ing
• Labour Law Variations
• Laws relating to the following areas di"er across countries
• Minimum age a person can work full time
• Maximum hours of work per day
• Legal minimum wage
• Sick leave and holiday pay
• OHS regulations
• Minimum Standards of Labour
• Employment relations management considerations
• Level of education in mathematics
• The ability of employees to speak English
• The speed at which local people can attain new skills
• The current skill level of employees
• Sta#ng Systems
• Ethnocentric
• All key sta#ng positions at all company locations are &lled by parent company
personnel
• Poly$centric
• Personnel from the host country manage the subsidiaries, while the parent com$
pany personnel &ll the key roles at company headquarters
• Geocentric
• Seeking the best people for key jobs throughout the entire organisation, irrespec$
tive of nationality
• Evaluation
• Involves comparing actual performance with planned performance
• The business must analyse it's strategic plan to determine what it wants to achieve
• Modi&cation of Strategies
• Strategies must be modi&ed according to evaluations based on political, social and eco$
nomic in%uences of the period
Page 28 of 47

HSC Business Studies 2005!

Adam M
...

Dumping
Illegal Products
•
• Types of products
• Harmful or illegal products that cannot be sold in other markets
• Harmful chemicals
• Poorly designed machinery
• Inappropriate food stu"s
The
environmental laws in some developing countries are lax so that the material isn't
•
properly stored or treated
Ecological
Sustainability
•
• The use of methods of production that conserve the Earth's resources for future gen$
erations
• Economic growth should not occur at the expense of the environment
• International standards organisation $ series of voluntary environmental standards

Page 29 of 47

HSC Business Studies 2005!

Adam M
...
Absenteeism: When workers purposely fail to attend work$ they may or may not be sick
...
3)
2
...
(location: 7
...
Accounting Framework: Consists of the raw data that is processed, stored, and then
summarized, in a meaningful form
...
1)
4
...
(location: 20
...
Advertising: A paid, non$personal message communicated through a mass medium
...
5)
6
...

(location: 12
...
A!rmative Action: Measures taken to eliminate direct and indirect discrimination and
for implementing positive steps to overcome the current and historical causes of lack of
equal employment opportunity for women
...
6)
8
...
(location: 17
...
Analysis: Involves working the &nancial into signi&cant and acceptable forms that make it
more meaningful and highlight relationships between di"erent aspects of an organization
...
2)
10
...
(location: 21
...
Asia"Paci#c Economic enforceable $APEC%: An agreement between 18 Asia$Paci&c
countries to promote open trade and practical economic cooperation
...
6)
12
...
(location: 11
...
Audit: An independent check of the accuracy of &nancial records and accounting proce$
dures
...
3)
14
...
(loca)
tion: 2
...
Award Simpli#cation: The process of reducing the number of allowable matters in each
award to twenty, and eliminating ine#cient work practices
...
2)
16
...
(location: 14
...
Awards $statutes%: Legally binding agreements which set out minimum wages and condi$
tions of employees
...
1)
18
...
(location: 13
...
Balance Sheet: Provides information on the business for a particular period of time and
includes &gures for current and &xed assets, current and long term liabilities and share capi$
tal and reserves
...
4)
20
...
(location:
7
...
Brimo

21
...
(location:
6
...
Below"the"Line Promotions: Promotional activities for which the business does not
make use of an advertising agency
...
5)
23
...
(location: 18
...
Bill of Exchange: A document drawn up by the exporter demanding payment from the
importer at a speci&ed time
...
2)
25
...
(location: 12
...
Brand Name: That part of the brand that can be spoken
...
3)
27
...
(location:
12
...
Budgets: Provide information in quantitative terms (facts and &gures) about requirements
to achieve a particular purpose
...
3)
29
...
(location: 2
...
Bureaucratic Law: A system where the country's bureaucracy establishes the rules
...
4)
31
...
(location: 3
...
Business Sales Forecast: The amount of a product that a business expects to sell as the
result of a speci&c marketing strategy
...
7)
33
...
(location: 11
...
Capital Expenditure: What is spent on an Centralized non$current &xed assets
...
3)
35
...
(location: 5
...
Cash Flow: The movement of cash in and out of a business over a period of time
...
2)
37
...
(location: 4
...
Centralized System: A collectivist approach in which disputes are referred to industrial
tribunals, such as the AIRC, for conciliation and arbitration
...
4)
39
...
(location: 2
...
Change: Any alteration in the business or work environment
...
1)
41
...
(location: 3
...
Channel: Any method used for carrying a message
...
5)
43
...
It is based on a very detailed set of
laws and is organized into codes which list what is permissible and what is not
...
4)
44
...
(location: 2
...
Clean Payment: Occurs when the payment is sent to, but not received by the exporter
before the goods are transported
...
2)
46
...
(location: 2
...
Brimo

47
...

(location: 18
...
Code of Practice: A statement of the principles used by a business in its operations
...
(location: 18
...
Commodity Markets: Developed in order to protect the purchase against changes in the
price of commodities which businesses produce or purchase
...
1)
50
...
(location: 16
...
Common Law: Law based on tradition, judges' decisions and custom
...
4)
52
...
(location: 2
...
Concentrated Market Approach: Requires the business to direct its marketing mix to$
ward one selected segment of the total market
...
2)
54
...
(location: 16
...
Consumer Buying Behavior: Refers to the process of purchasing goods and services for
personal or household use
...
5)
56
...
(location: 9
...
Consumerism: The act of buying goods and services (location: 1
...
Contract: A legally enforceable agreement
...
(location: 21
...
Control Process: Establishing standards in line with the objectives of the organization,
measuring the performance of the organization against those standards or benchmarks and
making changes where necessary to ensure that the objectives of the organization are being
met
...
2)
60
...
(location: 2
...
Controlling $Marketing%: The comparison of planned performance against actual per$
formance and taking corrective action to make sure the objectives are achieved
...
7)
62
...
(location: 21
...
Cost Centers: Particular areas, departments, or sections of a business to which costs can
be directly attributed
...
2)
64
...
(lo)
cation: 3
...
Currency Swap: An agreement to exchange currency in the spot market with an agree$
ment to reverse the transaction in the future
...
2)
66
...
They usually include cash, accounts receivable, inventories, and short
term investments
...
3)
67
...
(location: 9
...
Customer Service: The responding to the needs and problems of the customer
...
3)
69
...
(location: 3
...
Debentures: Issued by a company for a &xed rate of interest and for a &xed period of
time
...
1)

Page 32 of 47

HSC Business Studies 2005!

Adam M
...
Debt Finance: Refers to the short term and long term borrowing from external sources
by an organization (location: 6
...
Decentralized System: Employers and employees negotiate wages and working condi$
tions in the individual workplace through collective or individual bargaining without the
involvement of tribunals
...
4)
73
...
Decision making is a fundamental part
of management because it requires choosing an alternative course of action
...
4)
74
...
(location: 1
...
Delegation: Handing over of certain tasks or responsibilities to an employee who is suita$
bly capable and quali&ed to carry them out
...
3)
76
...
(location: 3
...
Deregulation: The process of removing government regulations from industry in order to
achieve e#ciency, through greater competition
...
6)
78
...
(location: 5
...
Derivatives: Simple &nancial instruments which may be used to lesson the exporting risks
associated with currency %uctuations
...
2)
80
...
Deriva$
tives markets involve a number of &nancial instruments that can be interchanged and al$
tered to suit the needs of participants
...
1)
81
...
(location: 22
...
Direct Exporting: Involves the exporting business selling its products to an agent, in$
termediary or &nal consumers in another country
...
2)
83
...
They include government debentures, stocks or
bonds, company shares or debentures and options
...
1)
84
...
(location: 9
...
Discrimination: Occurs when a policy or a practice disadvantages a person or a group
because of a personal characteristic that is irrelevant to the performance of the work
...
5)
86
...
(location: 17
...
Disturbance Handler: Manager must make decisions necessary to keep the business op$
erating under extraordinary circumstances
...
3)
88
...
There are
three di"erent types of diversi&cation, they include: geographic, product, and supplier
...
3)
89
...
(location:
2
...
Downsizing: Involves workplace sta" reductions, with the elimination of jobs and posi$
tions
...
2)
91
...
(location:
3
...
E"commerce: The use of electronic communications to do business
...
2)
93
...

(location: 20
...
Brimo

94
...
(location: 1
...
E!ciency: Weighs the resources needed to achieve a goal (the costs) against what was ac$
tually achieved (the bene&ts)
...
1)
96
...
(location: 4
...
E!ciency: The ability of the &rm to use its resources e"ectively in measuring &nancial
stability and pro&tability of the business
...
2)
98
...

(location: 14
...
Employer: Has the legal responsibilities of: excessing control over employees, has respon$
sibility for payment of wages, holds the power to dismiss employees
...
1)
100
...
(location: 14
...
Employment Contract: A legally binding, formal agreement between employer and
employee
...
1)
102
...
(location: 14
...
Enterprise Agreements: Also known as certi&ed agreements at the federal level, they
are agreements about wages and conditions made at the enterprise level
...
(loca)
tion: 14
...
Environmentalism: The organized movement of concerned businesses, consumers and
government agencies to protect and improve the physical environment
...
3)
105
...
Equity may be
seen from an internal or external viewpoint
...
3)
106
...
(location: 16
...
Equity Finance: Relates to the internal sources of &nance in the organization
...
2)
108
...
(loca)
tion: 1
...
Ethics: Personal moral principles and values
...
1)
110
...
(location: 22
...
Ethnocentricity: The belief in the superiority of one's own ethnic group and cultural
practices
...
5)
112
...

(location: 22
...
Exchange Traded Markets: Those traded on an authorized exchange, such as the Aus$
tralian Stock Exchange, or the Sydney Futures Exchange
...
1)
114
...
(location: 22
...
Exporting: When a business manufactures its products in its home country and then
sells them in foreign markets
...
2)
116
...
(location: 3
...
External Data: Refers to published data from outside the business
...
3)
118
...
(location: 6
...
Brimo

119
...
They may be mone$
tary, for example, incentive payments, or non$monetary, for example, %exible work sched$
ules
...
3)
120
...
(location: 6
...
Financial Budgets: Relate to &nancial data and include the budgeted revenue state$
ment, balance sheet, and cash %ows
...
3)
122
...
(location: 4
...
Financial Decision Making: Requires relevant information to be identi&es, collected,
and analyzed, to determine an appropriate course of action
...
1)
124
...
(location: 5
...
Financial Markets: Are made up of the individuals, institutions and systems supplying
excess funds to those who require them
...
(location: 5
...
Financial Resources: The funds the business uses to meet it's obligations to various
creditors
...
1)
127
...

(location: 4
...
Financial Statements: Summarize the activities of an organization over a period of
time
...
1)
129
...
(location: 11
...
Fitness of Purpose: Means that the product is suitable for the purpose for which it is
being sold
...
(location:
13
...
Fixed Costs: Costs that are not dependent on the level of operating activity in a busi$
ness
...
2)
132
...
(location: 2
...
Force"Field Analysis: Requires identifying, analyzing balancing the driving and restrain$
ing forces
...
4)
134
...
(location: 19
...
Foreign Exchange Markets: These involve the purchase and sale of currencies within
Australia and overseas
...
1)
136
...
(location: 21
...
Forward Exchange Contract: A contract to exchange one currency for another cur$
rency at an agreed exchange rate on a future date, usually after a period of 30, 90 or 180
days
...
2)
138
...
(location: 20
...
Generic Brands: Products with no brand name at all, carrying only the name of the
product and in plain packaging
...
3)
140
...
(location: 22
...
Geographical Representation: Refers to the presence of a business and the range of its
products across a suburb, town, city, state or country
...
3)

Page 35 of 47

HSC Business Studies 2005!

Adam M
...
Global Branding: The worldwide use of a name, term, symbol, or logo to identify prod$
ucts of one seller and di"erentiate them from those of the competitor
...
2)
143
...
It includes the
%ow of all trade, &nance, technology, labour and investment
...
(location: 19
...
Global Web: A network of production sites located around the world, each specializing in
the part of the production process which it can most e#ciently perform
...
4)
145
...
(location: 3
...
Globalization: The movement across nations of trade, investment, &nance and labour
...
(location: 19
...
Globalization of Markets: The combining of once separate and distinct national mar$
kets into one huge global marketplace
...
2)
148
...
(location: 19
...
Green Marketing: Development, pricing, promotion and distribution or products that
either do not harm or have minimal impact upon the environment
...
3)
150
...
(loca)
tion: 20
...
Grievance Procedure: Agreed steps that should be taken when a dispute arises, for ex$
ample, reporting of a dispute, discussion at a low then high level, and if not successful, noti$
fying the appropriate industrial tribunal of the dispute before conciliation or arbitration
occurs
...
2)
152
...
(location: 4
...
GST: The goods and services tax is a broad tax of 10 percent on the supply of most goods
and services consumed in AUstralia (location: 3
...
Hedging: The process of minimizing the risk of currency %uctuations
...
2)
155
...
(location: 7
...
Household Spending: Refers to the combines purchases of individuals living together
...
6)
157
...
(location: 1
...
Implementation $Marketing%: The process of putting the marketing strategies into
operation
...
(location: 10
...
Implied Conditions: The unspoken and unwritten terms of a contract
...
6)
160
...
(location: 20
...
Individual Contracts: Exist when an employer and an individual employee negotiate a
contract covering pay and conditions
...
1)
162
...
(location: 15
...
Industrial Market: Includes industries and business organizations that purchase prod$
ucts to use in the production of other products or in their daily operations
...
4)
164
...
(location: 3
...
Information Resources: Knowledge and data required by the business such as market
research, sales reports, economic forecasts, technical material, and legal advice
...
1)
Page 36 of 47

HSC Business Studies 2005!

Adam M
...
Informational Role: The manager gathers and disseminates information within the
business, also providing it to the outside world
...
3)
167
...
(location: 3
...
Institutional Customers: Consists of schools, hospitals, clubs, churches and other non$
pro&t organizations
...
6)
169
...
(location: 7
...
Intellectual Property: Refers to property such as a brand name, a new drug formula, a
computer program or an artistic work, that is created by an individual's intellect
...
4)
171
...
(location: 9
...
Internal Business Environment: Factors and characteristics that are within direct
control of owners, directors, and managers
...
2)
173
...
(location: 11
...
Internal Finance: The funds provided by the owners of the business (capital) or from
outcomes of business activities (retained earnings)
...
1)
175
...
(location: 21
...
Interpersonal Role: A role in which the manager deals with people
...
3)
177
...

(location: 7
...
Intracorporate Exporting: The selling of a product by a &rm in a one country to sub$
sidiary &rm in another
...
2)
179
...
(location: 15
...
Inventory Control: A system that maintains quantities and varieties of products appro$
priate for the target market
...
6)
181
...
(location: 14
...
Job Enrichment: Involves increasing the responsibilities of a sta" member
...
4)
183
...
(lo)
cation: 14
...
Job Sharing: Involves two employees voluntarily sharing one permanent full$time job
...
(location: 15
...
Joint Consultative Committees: Formally established groups consisting of employees
and management representatives and may or may not include union representatives
...
2)
186
...
(location: 20
...
Judicial Power: Refers to the power of courts to interpret and apply laws
...
2)
188
...
(location: 23
...
Laws: Society's values and standards which may be protected by the courts
...
1)
190
...

(location: 2
...
Brimo

191
...
All its employees are involved in developing knowledge and insights that allow the
organization to continuously grow and improve
...
4)
192
...
It involves the payment of
money for the use of equipment that is owned by another party
...
1)
193
...
4)
194
...
(location: 22
...
Leverage: The proportion of debt (external &nance) and the proportion of equity (inter$
nal &nance) which is used to &nance the activities of a &rm
...
2)
196
...
3)
197
...
(location: 20
...
Line Manager: Responsible for the management of sta" contributing to the prime func$
tion of the business, for example, a production manager, service manager or sales manager
...
3)
199
...
(location: 4
...
Lockout: When employees close the entrance to a workplace and refuse admission to the
workers
...
3)
201
...
These demands cover speci&c wages and conditions
...
(location: 14
...
Loss Leader: Involves deliberately selling a product below its cost price to attract cus$
tomers to the store
...
4)
203
...
It's concerned with the aggregate income, expenditure, investment, saving, in$
%ation, employment and balance of payments
...
(location: 3
...
Management: The process of with and through other people to achieve the goals of the
business in a rapidly changing environment
...
1)
205
...
(location: 20
...
Management Function: Planning, Organizing, Leading, Coordinating, and Controlling
...
3)
207
...
(location: 1
...
Manager: The process of coordinating a business's resources to achieve the goals of the
organization
...
1)
209
...
(location: 12
...
Market Coverage: Refers to the number of outlets a &rm chooses for its product
...
6)
211
...
(location: 11
...
Brimo

212
...
(loca)
tion: 11
...
Market Segmentation: Occurs when the total market is subdivided into groups of peo$
ple who share one or more common characteristics
...
4)
214
...
(location: 10
...
Marketing: Process of planning and executing the conception, pricing, promotion, and
distribution of ideas, goods and services to create exchanges that satisfy individual and or$
ganizational objectives
...
2)
216
...
(location: 12
...
Marketing Concept: Is a business philosophy which states that all sections of the busi$
ness are involved in satisfying a customer's meeds and wants while achieving the business's
goals
...
6)
218
...
(location: 10
...
Marketing Data: Refers to the information, usually expressed as facts and &gures, rele$
vant to the de&ned marketing problem
...
3)
220
...
(location: 9
...
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
...
7)
222
...
(location: 9
...
Marketing Strategies: Actions undertaken to achieve the business's marketing objec$
tives
...
7)
224
...
(location: 10
...
Mass Market: The seller mass produces, mass$distributes and mass$promotes one prod$
uct to all buyers
...
4)
226
...
Products that
can be marketed using the mass marketing approach include basic food items, water, gas
and electricity
...
2)
227
...
(location: 13
...
Mediation: The con&dential discussion of issues in a non$threatening environment, in
the presence of a neutral, objective third party
...
5)
229
...
(location: 21
...
Merchandise Exports: The sale of domestically made products to customers in another
country
...
5)
231
...
(location: 13
...
Microeconomics: Deals with the individual components of an economy in isolation
...

(location: 3
...
Model: Simpli&es version of reality, they are useful when dealing with complex issues
...
4)

Page 39 of 47

HSC Business Studies 2005!

Adam M
...
Monitoring $Marketing%: The checking and observing the actual progress of the mar$
keting plan
...
(location: 10
...
Mortgage: A loan secured by the property of the borrower
...
1)
236
...
It is the personal force that causes a person to behave in a particular way
...
3)
237
...
(location: 11
...
Negotiating / Bargaining: A decision making process among people with di"erent ex$
pectations
...
4)
239
...
(location: 1
...
Net Working Capital: The di"erence between current assets and current liabilities
...
(location: 7
...
Network Structure: Exists solely to provide administrative control of another business
or set of businesses that perform all the functions needed to produce and sell the product
...
2)
242
...
(location: 9
...
Noise: Any interference or distraction that a"ects any or all stages in the communication
process
...
5)
244
...
(lo)
cation: 12
...
Non"Verbal Communication: The messages we convey through body movements, fa$
cial expressions and the physical distance between the individuals
...
5)
246
...
(location: 22
...
Operating Budgets: Relate to the main activities of an organization and may include
budgets relating to sales, production, raw materials, direct labour, expenses and the cost of
goods sold
...
3)
248
...
(location: 2
...
Opinion Leader: A person who in%uences others
...
5)
250
...
(location: 22
...
Orders: Decisions handed down by tribunals, such as the AIRC, which require employ$
ees or employers to carry out a direction from the tribunal
...
(location: 17
...
Organization Process: Range of activities that translate the objectives if a business into
reality
...
2)
253
...
(location: 11
...
Organizational Politics: The unwritten rules of work life
...
(location: 2
...
Organizing: Structuring of the organization to translate plans and the business's objec$
tives into action
...
2)
256
...
(location: 4
...
Brimo

257
...
(location: 5
...
Outsourcing: The contracting of some business operations to outside suppliers
...
2)
259
...
(location: 22
...
Owner(s Equity: Funds contributed by owners or partners to establish and build busi$
ness
...
1)
261
...
(location: 12
...
Participation Rate: Refers to the proportion of women aged 15$69 employed or actively
looking for work
...
4)
263
...
(location: 2
...
Patent: Gives the inventor exclusive rights to make, use or sell, as well as license others
to make or sell, a newly invented product or process
...
4)
265
...
(location: 22
...
People Skills: Those skills needed to work and communicate with other people and to
understand their needs
...
4)
267
...
In some cases, employees evaluate the performance of managers too
...
(location: 15
...
Performance Standard: A forecast level of performance against which actual perform$
ance can be compared
...
7)
269
...
(location: 12
...
Personal Spending: Refers to consumer purchases by individuals
...
6)
271
...
(location: 12
...
Physical Resources: Includes equipment, machinery, buildings, and raw materials
...
1)
273
...
(location: 17
...
Planned Obsolescence: Refers to the built$in, predetermined life of a product that will
thus require it to be replaced
...
5)
275
...
(location:
2
...
Planning Processes: Involves the setting of goals and objectives, determining strategies
to achieve those goals and objectives, identifying and evaluating alternative courses of ac$
tion and choosing the best alternative for the organization
...
3)
277
...
(loca)
tion: 3
...
Pluralist Approach: Recognizes the active roles played by unions and employer associa$
tions and framework developed by the government
...
(location: 17
...
Brimo

279
...
(location: 21
...
Politics: The use of methods, sometimes unstated and/or unethical, to obtain power or
advancement within an organization
...
4)
281
...

While the parent company personnel &ll the key roles a company headquarters
...
5)
282
...
(location: 2
...
Prestige Pricing: A pricing strategy where a high price is charged to give the product an
aura of quality and status
...
4)
284
...
(lo)
cation: 13
...
Price Lining: A pricing strategy used mainly retailers where a limited number of prices,
or price points, are set for selected lines or groups of merchandise
...
4)
286
...
(location: 12
...
Price Skimming: Involves charging the highest price possible for innovative products
...
4)
288
...
Primary data can be collected through questionnaires, observation and/
or experimentation (location: 11
...
Primary Markets: Deal with the new issue of debt instruments by the borrower of
funds
...
1)
290
...
(location: 12
...
Private / House Brand: One owned by a retailer or wholesaler, they are often cheaper as
the retailer can buy at lower costs
...
3)
292
...
(location: 3
...
Proactive: Refers to a management style that incorporates dynamic action and forward
planning to achieve particular objectives
...
2)
294
...
(location: 1
...
Product: A good or service, an idea or any combination of the three which can be o"ered
in an exchange
...
2)
296
...
(location: 10
...
Product Di'erentiation: The process of developing and promoting di"erences be$
tween the business's products and those of its competitors
...
2)
298
...
(location: 10
...
Product Mix Depth: Refers to the number of similar products o"ered in a speci&c
product line
...
3)
300
...
(location: 10
...
Product Positioning: The development of a product image as compared with the image
of competing products
...
3)
302
...
(location: 15
...
Pro#t and Loss Statement: Provides information for a particular period of time re$
garding sales, operating pro&t before and after tax and extraordinary items, as well as divi$
dends to be paid and retained earnings
...
4)
Page 42 of 47

HSC Business Studies 2005!

Adam M
...
Pro#t Sharing: The practice of calculating an employee's portion of a monthly pro&t
pool
...
5)
305
...
(location: 4
...
Project Budgets: Relate to the capital expenditure and research and development
...
3)
307
...
(location: 12
...
Promotion Mix: Various promotion methods a business uses in its promotional cam$
paign, these include: personal selling, advertising, below$the$line promotions, publicity and
public relations
...
5)
309
...
(location: 21
...
Psychological Factors: In%uences within an individual that a"ect his or her buying be$
havior
...
7)
311
...
(location: 12
...
Publicity: Any free news story about a business's products
...
5)
313
...
(location: 15
...
Radical $Marxist% Approach: Recognizes con%ict as inevitable and re%ects the tradi$
tional view of an *us versus them', con%ict based relationship between employer and em$
ployees
...
2)
315
...
(location: 4
...
Reference / Peer Group: A group of people with whom a person closely identi&es,
adopting their attitudes, values and beliefs
...
7)
317
...
(location: 21
...
Regulations: Restrictions placed on the activities of either individuals or businesses by
governments
...
3)
319
...
(location: 9
...
Relocation of Production: Occurs when the domestic production facility is closed
down and then set up in a foreign country
...
2)
321
...
(location: 13
...
Resource Allocator: Role requires the manager to share out or allocate the limited re$
sources of the business
...
3)
323
...
(location: 9
...
Respondents: All the union parties and employers registered as included in the award at
the federal level
...
5)
325
...
(location: 3
...
Restrictive Covenants: Set down what a borrower can or cannot do for a period of a
loan, essentially these are the conditions set down by the lender
...
2)
327
...
(location:
18
...
Brimo

328
...
It shows the revenue
earned and expenses incurred over the accounting period with the resultant pro&t or loss
...
1)
329
...
(location: 1
...
Sabotage: Involves the employee taking action to harm or destroy the image of a &rm
...
3)
331
...
(location: 14
...
Sale and Lease Back: The selling of an owned asset to a lessor and leasing the asset
back through &xed payments for a speci&ed number of years
...
1)
333
...
(location: 10
...
Scienti#c Management: Approach that studies a job in great detail to discover the best
way to perform it
...
2)
335
...
(location: 11
...
Secondary Markets: Deal with the purchase and sale of existing securities
...
1)
337
...
(location: 12
...
Self Managing: Involves adopting techniques that allow people to manage their own be$
havior so that less outside control is necessary
...
4)
339
...
(location: 18
...
Situational Analysis: Investigates the marketing opportunities and potential problems
(location: 9
...
Social Class System: The societal ranking of people in higher or lower respect, gener$
ally based on income
...
7)
342
...
(location: 14
...
Social Responsibility: The awareness of a business's management of social, environ$
mental and human consequences of it's actions
...
5)
344
...
(location: 14
...
Sociocultural In&uence: Forces exerted by other people and groups that a"ect the cus$
tomer behavior
...
7)
346
...
Solvency is measured using leverage or gearing ratios
...
2)
347
...
(location: 22
...
Spot Exchange Rate: The value of one currency in another currency on a particular
date
...
2)
349
...
(location: 22
...
Stakeholder Audit: Involves identifying all the parties that could be a"ected by the
business's performance decisions
...
4)
351
...
(location: 1
...
Standardized Approach: An international marketing strategy that assumes the way a
product is used and the needs it satis&es are the same the world over
...
3)
Page 44 of 47

HSC Business Studies 2005!

Adam M
...
Statement of Cash Flows: A &nancial statement that indicates the movement of cash
receipts and cash payments resulting from transactions over a period of time
...
2)
354
...
(location: 11
...
Statutes: Laws made by federal and state parliaments, for example, laws relating to em$
ployment conditions, wage and salary determinations and dispute resolution
...
1)
356
...
(location: 3
...
Strategic Marketing Planning: The process of developing and implementing market$
ing strategies to achieve marketing objectives
...
7)
358
...
(location: 4
...
Strategic Planning: Long term planning to determine where in the market the &rm
wants to be, and what the &rm wants achieve in relation to it's competitors
...
(location: 2
...
Strategic Thinking: Allows a manager to see the business as a whole $ as a complex of
parts that depend on and interact with each other, like the gears in a machine
...
4)
361
...
(location:
4
...
Strike: Where workers withdraw their labour, the aim is to attract publicity and support
for the employee's cause
...
3)
363
...
(location: 3
...
Structural Change: Refers to changes in the pattern and composition of production
and employment in an economy
...
4)
365
...
(location: 13
...
Survey: Method of gathering data by asking or interviewing people
...
3)
367
...
(location: 2
...
System(s Management Approach: Views organization's as an integrated process where
all individual parts contribute to the whole
...
6)
369
...
(location: 2
...
Target Market: A group of customers with similar characteristics who currently, or who
may in the future, purchase a product
...
4)
371
...
(location: 19
...
Tax Haven: A country that imposes little or no taxes on business income
...
3)
373
...
(location: 23
...
Tax Holiday: A scheme where no company or personal tax is paid for a certain period of
time
...
3)
375
...
(location:
1
...
Teamwork: Involves people who interact regularly and coordinate their work toward a
common goal
...
3)
377
...
The lowest
bid which meets the speci&cations is usually accepted
...
6)
378
...
3)

Page 45 of 47

HSC Business Studies 2005!

Adam M
...
Trade Unions: Organizations formed by employees in an industry, trade or occupation to
represent them in e"orts to improve wages and the working conditions of their members
...
2)
380
...
(location: 12
...
Trademark: A brand name, or design that is o#cially registered
...
4)
382
...
(location: 21
...
Trading Company: A business that buys and sells products in many countries
...
2)
384
...
(location: 3
...
Transfer Pricing: Refers to the prices one subsidiary of a company charges a second
subsidiary for goods and services
...
2)
386
...
(location: 19
...
Triple Bottom Line: Refers to the economic, social, and environmental performance of
the business
...
5)
388
...
(location: 23
...
Turnover: The voluntary labour resignation rate which is often linked with absenteeism
rates as indicators of con%ict and dissatisfaction
...
3)
390
...
(location: 17
...
Universal Product Code: A number used to identify each product
...
3)
392
...
(location: 8
...
Variance Reports: Show the di"erence between budgeted and actual performance
...
3)
394
...
(location: 6
...
Vertical Integration: Refers to the expansion of a business's production in di"erent but
related areas
...
4)
396
...
(lo)
cation: 1
...
Warehousing: A set of activities involved in receiving, storing and dispatching goods
...
6)
398
...
(location: 13
...
Word"of"Mouth Communication: Occurs when people in%uence each other during
conversations
...
5)
400
...
(location: 17
...
Work"to"Rule: Workers refuse to perform any duties additional to the work they nor$
mally are required to perform
...
3)
402
...
(location: 7
...
Working Capital Management: Determining the best mix of current assets and cur$
rent liabilities needed to achieve the objectives of the organization
...
1)

Page 46 of 47

HSC Business Studies 2005!

Adam M
...
World Bank: One of the world's largest sources of development assistance, the World
Bank works in more than 100 developing economies with the primary focus of helping the
poorest people and the poorest countries
...
3)
405
...
Based in Geneva, the WTO functions by negotiating multilateral agreements,
which are then rati&ed by the member nations in order to protect their trading rights
...
3)

Page 47 of 47



---