Business Study Plan Vocabulary

A comprehensive set of vocabulary flashcards covering legal requirements, taxation, financial forecasting, business planning, and human resources based on the study plan notes.

Business Names Act 2002 (NSW)

The law that requires every business name to be registered, except when the name is that of the owner.

Zoning

Regulations created by local governments that restrict the use of land to specific purposes, such as residential, industrial, recreational, or commercial.

Public Health Act 2010 (NSW)

The legislation under which local governments impose health regulations on businesses, particularly relating to food preparation, storage, and handling.

Food Act 2003 (NSW)

The main law for food retail, regulated by the NSW Food Authority, designed to prevent consequences like food poisoning.

Goods and Services Tax (GST)

A broad-based federal tax of $10\%$ on the supply of most goods and services consumed in Australia.

Company Tax

A federal tax paid on the earnings of a company, currently calculated at $30\%$ of taxable income.

PAYG (Pay-As-You-Go)

An income tax imposed on employees that is taken directly from their salary or wage and lodged with the tax department by the business.

Situational Analysis

A collection of methods used by managers to analyse a business's internal and external environment, such as a SWOT analysis.

SWOT Analysis

A planning tool used to identify internal Strengths and Weaknesses, as well as external Opportunities and Threats; it does not provide solutions on its own.

Profit

The financial gain a business earns when its total revenue exceeds its expenses.

Market Share

The percentage of a total industry or market's sales that a specific company or product controls.

Share Price

The cost required to buy a single unit of ownership in a publicly traded company.

Forecasting

The process of preparing estimates about the revenue, costs, and profit a business expects to make to use as benchmarks.

Break-even Point

The point at which total revenue equals total costs ($TR = TC$), meaning the business makes no profit or loss.

Cash Flow Projection

A type of forecast that estimates expected cash inflows and outflows over a specific period.

Competitive Advantage

A condition or circumstance that puts a company in a superior business position by offering something different or better than competitors.

Vision Statement

A broad statement defining what the business aims for, its purpose, and what it does in the long term.

Mission Statement

A short-term statement that defines the company's business, its objectives, and the approach used to reach its vision.

On-costs

Non-wage costs paid by employers, such as superannuation and sick leave, which typically make up $30\text{--}40\%$ of the total remuneration package.

Superannuation

A major non-wage cost where employers contribute a percentage of an employee's earnings to a fund to provide for their retirement, invalidity, or death benefits.

Leave Loading

An extra payment of $17.5\%$ added to the annual leave pay of most full-time employees.

Corrective Action

Steps taken when planned performance does not match actual performance to improve future outcomes and get the business back on track.

Modification

The process of adjusting existing plans using updated information when original plans become unrealistic, outdated, or affected by external changes.