VCE BM U3 AOS1 Vocabulary

a manager making decisions and directing employees without any input from them

• Autocratic management style

• Consultative management style

• Persuasive management style

• Laissez-faire management style

goals a business intends to achieve

• Business objectives

• Decision-making

• Rituals

• Policies

one person having concentrated authority to make decisions

• Centralised control

• Sole trader

• Stakeholders

• Proprietor

a manager's ability to clearly exchange information with employees and relevant stakeholders

• Communicating

• Consultative management style

• Policies

• Vision

the direction of the transfer of information between managers and employees

• Communication flow

• Corporate culture

• Franchise

• Mission statement

the portion of profits a business pays to the government for public services such as the police, courts and fire services

• Company tax

• External stakeholders

• Shares

• Dividends

the terms that an employee and employer agree to including job responsibilities, hours of work, dress code and leave entitlements

• Conditions

• Award

• Decision-making

• Real corporate culture

a manager seeking input from employees on business decisions but making the final decision themselves

• Consultative management style

• Participative management style

• Autocratic management style

• Laissez-faire management style

the shared values and behaviours practised by managers and employees within a business

• Corporate culture

• Official corporate culture

• Business objectives

• Rituals

the ethical conduct of a business beyond legal obligations to improve the social, economic and environmental outcomes of stakeholders

• Corporate social responsibility

• Official corporate culture

• Mission statement

• Vested interest