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business topic two

Terms in this set (27)

Business Activity Statement (BAS)
Records a business' claims for input tax credits and accounts for GST payable.
Business Associations
Organisations that support businesses through training and education programs, info and advice.
Business Environment
Surrounding conditions in which a business operates, internal and external categories.
Competitive Advantage
Ability of a business to develop strategies that ensure it has an 'edge' over competitors.
Competitors
Other businesses or individuals who offer rival or competing goods or services.
Corporate Social Responsibility
Managing a business in such a way that a broader social welfare of the community, including its employees, customers, suppliers, and the environment is taken into consideration when making business decisions.
Customers
The people who purchase goods and services from a business, expecting high quality at competitive prices.
Economic Conditions
The set of influences that relate to economic activity, including interest rates, wages, unemployment, exchange rates and inflation.
Environmental Lobby Groups
Special interest groups that promote environmental issues to the public, government and business.
Exchange Rate
The price of one countries currency expressed in terms of another countries currency.
External Environment
Those factors over which the business has little control. It may be further divided into two categories: operating and macro.
Globalisation
The effect of hi-tech communications, lower transport costs and unrestricted trade and financial lows turning the whole world into a single market.
GST
10% tax on the supply of most goods and services consumed in Australia.
Interest Rate
the price charged or paid for the use of money that has been deposited or borrowed.
Internal Environment
Micro environment, includes those factors over which the business has some degree of control.
Macro Environment
broad conditions and trends in the economy and society within which a business operates.
Operating Environment
task environment, refers to the specific outside stake holders with whom the business interacts in conducting it's business.
Special Interest Groups
The groups of people who attempt to directly influence or persuade a business to adopt particular policies or procedures.
Suppliers
Those business or individuals that supply the materials and other resources that the business needs to conduct it's operations.
Supply Chain
Range of suppliers from which the business purchases materials and resources
Tax Rate
% of income or the value of a good, service or asset paid as tax.
Technological Issues
Refers to the issues relating to the growing use of tools, techniques or systems by businesses to solve problems or serve a purpose.
Triple Bottom Line
The economic, environmental and social performance if a business.
Unions
Organisations formed by employees in an industry, trade or occupation to represent them in efforts to improve wages and working conditions.
Westpac Melbourne Institute Index of Consumer Sentiment
Index that measures changes in the level of consumer confidence in economic activity. Based on consumers' response to a survey regarding their sentiments about their own current and anticipated financial situation, anticipated economic conditions, buying conditions and other factors relating to their consumption.
Workplace Diversity
The multitude f individual differences that exist among people in the workplace.
Offshoring
moving some of a business' service and processes to the same or another business located overseas.
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