Business Foundations U3/AOS1

Front

Stakeholder

Back

Groups and individuals who interact with the business and have a vested interest in its activities.

Front

Effectiveness

Back

The degree to which a business has achieved its stated objectives.

Front

Laissez-faire management style

Back

A decentralised approach to management where the employees assume total responsibility for, and control of, workplace operations.

Front

Persuasive management style

Back

A centralised approach to management where the manager attempts to convince staff that decisions made are the best option.

Front

Delegation

Back

The ability to transfer authority and responsibility from a manager to an employee to carry out specific activities.

Front

Strategies

Back

The actions that a business takes to achieve specific objectives.

Front

Partnership

Back

An unincorporated business structure where the business is owned and operated by 2-20 people.

Front

Unlimited Liability

Back

Refers to when the business owner is personally responsible for all the debts of their business.

Front

Consultative management style

Back

A decentralised approach to management where the manager considers input from staff during decision making but comes to the final decision themselves.

Front

Efficiency

Back

How well a business uses resources to achieve objectives.