Business management - Preliminary Business studies

Front: What are the four key business functions? Back: Operations, Marketing, Finance, Human Resources.

Front: What is the management process concerned with? Back: Coordinating the four key business functions and resources of the business.

Front: Define "Interdependence" in the context of business functions. Back: Mutual dependence that key business functions have on each other; they function best when working together harmoniously.

Front: What is "Synergy" in business management? Back: The outcome when key business functions work together cohesively or to their optimum potential.

Front: What is "Operations" in the context of business management? Back: Operations is the business process that involves transformation or production of goods and services.

Front: What distinguishes goods from services in business operations? Back: Goods are tangible and can be stored, while services are intangible and typically consumed as they are produced.

Front: What are the three main types of employment contracts? Back: Modern Award, Enterprise Agreement, Common Law Contract.

Front: What is the role of "Finance" in business management? Back: Finance involves how a business funds its activities, including where it gets the money to trade and the costs, risks, and benefits of different types of borrowings.

Front: Define "Liquidity" in financial management. Back: The amount of cash a business has access to and how readily it can convert its assets into cash to pay off debts.

Front: What is "Human Resources" management? Back: The effective management of formal relationships between the employer and employees, including recruitment, development, and separation.

Front: What are the stages of the Human Resources cycle? Back: Acquisition, Development, Maintenance, and Separation.

Front: Define "Corporate Social Responsibility (CSR)." Back: CSR refers to open and accountable business actions based on respect for people, community/society, and the broader environment.

Front: What is "Business Ethics"? Back: The application of moral standards in business behavior, including fairness, honesty, respect for people, and truthful communication.

These flashcards cover key concepts and definitions from your business management notes. You can use them to review and test your understanding of the material.