Business Studies Stage 6 NSW Syllabus (VOCABULARY Flashcards)

Vocabulary flashcards covering key terms and definitions from the NSW Business Studies Stage 6 Syllabus (2010/2013 updates).

Higher School Certificate (HSC) program of study

NSW framework for senior secondary study providing structure, assessment, and certification for completing high school.

Rationale for Business Studies

The justification for offering the course, describing its purpose, benefits, and relevance to students’ lives and future pathways.

Continuum of learning for Business Studies Stage 6

The progression from primary HSIE to Stage 6, showing pathways to university, TAFE, and employment.

Aim

The overarching goal to develop knowledge, understanding, skills and values for judging business performance in a dynamic environment.

Objectives (knowledge and understanding)

Knowledge about the nature, role, and structure of business; internal and external influences; and functions and processes.

Objectives (skills)

Abilities to investigate, synthesize, evaluate, communicate, and apply mathematics in business contexts.

Objectives (values and attitudes)

Developing responsible, ethical participation and corporate social responsibility in business.

Course structure

The organisation of Preliminary and HSC courses, including indicative hours and topic order (not strictly prescriptive).

Preliminary course

First stage (120 indicative hours) with topics such as Nature of business, Business management, and Business planning.

HSC course

Second stage (120 indicative hours) with topics such as Operations, Marketing, Finance, and Human resources.

Preliminary topic: Nature of business

Explores the role, nature, types of business structures, and influences on business in a changing environment.

Preliminary topic: Business management

Examines management functions, coordination of resources, and the impacts of management styles and change.

Preliminary topic: Business planning

Focuses on establishing and planning a small to medium enterprise, including a business plan.

HSC topic: Operations

Strategies for effective operations management in large businesses, balancing cost, quality, and global factors.

HSC topic: Marketing

Development and implementation of marketing strategies, including the marketing mix and consumer laws.

HSC topic: Finance

Interpreting financial information, planning, and decisions using financial statements and ratios.

HSC topic: Human resources

HR management’s role in performance, including contracts, negotiation, training, and outsourcing.

Stakeholders

Groups with interest in a business (e.g., employers, employees, unions, government, society) affected by decisions.

Corporate social responsibility (CSR)

Ethical obligations of business to society beyond legal requirements.

Globalisation

Increased interdependence of markets and businesses across borders.

Interdependence of key business functions

The way marketing, operations, finance, and HR rely on each other to achieve goals.

Gantt charts

Scheduling tool used to plan and track tasks, sequencing, and timelines in projects.

Critical path analysis

Method to identify the longest sequence of dependent tasks to determine project duration.

Inventory management (LIFO, FIFO, JIT)

Techniques for managing stock: Last-In, First-Out; First-In, First-Out; and Just-In-Time to minimize stock and costs.

Global sourcing

Obtaining inputs from suppliers located worldwide to reduce costs or access capabilities.

Outsourcing

Contracting out business functions to external providers.

Break-even analysis

Point where total revenues equal total costs, indicating no profit or loss.

Cash flow statement

Financial report showing cash inflows and outflows over a period.

Income statement

Financial report showing revenues and expenses to determine profit or loss.

Balance sheet

Snapshot of assets, liabilities, and equity at a given date.

Current ratio

Liquidity measure: current assets divided by current liabilities.

Debt to equity ratio (gearing)

Financial leverage measure: total liabilities divided by total equity.

Gross profit ratio

Gross profit divided by sales, indicating efficiency of production and pricing.

Net profit ratio

Net profit divided by sales, indicating overall profitability.

Return on equity (ROE)

Net income divided by shareholders’ equity, showing profitability for owners.

Accounts receivable turnover

Sales divided by average accounts receivable, indicating collection efficiency.

Market research

Systematic collection and analysis of information about consumers and markets.

Market segmentation

Dividing a broad market into subgroups with shared characteristics for targeted marketing.

Global marketing

Marketing strategies for international markets, including standardisation vs. customization.

E-marketing

Marketing using internet and digital channels.

External influences on business

Economic, financial, geographic, social, legal, political, institutional, technological, and competitive factors.

Internal influences on business

Product offerings, location, resources, management, and organizational culture.

Assessment and reporting

Guidelines for internal assessment, external exam formats, and reporting of student progress.