Across
- 2. passing of authority down the hierarchy to perform tasks or make decisions; responsibility remains with the person delegating.
- 5. desired culture a business wishes to establish.
- 6. a process of creating and exchanging information between people that produces the required response.
- 8. a formalised decision-making process that is future-orientated.
- 9. an individual or a group that has a direct or vested interest in the activities of a business
- 11. full liability of owner (if their business fails) to the extent of their personal assets.
- 13. the various functions that relate to certain aspects of the business and are performed by managers at all levels.
- 16. the best use of resources in the production of goods and/or services. The outcome can be judged on both the quality and quantity of the goods or services produced.
- 17. a written statement that defines a business’s core purpose and focus.
- 19. a written statement of the processes and procedures, rules and regulations.
- 20. a legal form of business ownership where two or more people (partners) work together partnership agreement a formal document which outlines the duties and responsibilities of the parties to a partnership.
- 21. an individual owner of a business, entitled to keep all profits after tax has been paid but who is liable for all losses.
- 22. relate to the desired financial performance of the business; for example, profit and market share.
- 24. private sector business that distributes profit to benefit the community rather than individual shareholders.
- 29. decision-making is performed as a team with management and staff working together with the manager retaining responsibility and accountability decentralisation power and decision-making authority are delegated from higher levels to lower levels in the hierarchy.
- 30. actual or prevailing culture that exists within a business.
- 31. system of shared values and beliefs of people within a business.
- 32. a leadership style that leaves the majority of decision-making and running of the business operation to the employees.
Down
- 1. manager consults with employees when discussing an issue; however, the ultimate decision is made by the manager based on the suggestions and input received.
- 3. relate to the role of a business in the community.
- 4. managers make the decisions, then persuade workers of the benefits of those decisions.
- 7. shareholders are only personally liable to the level of their original investment in the company.
- 10. the difference between revenue and expenses.
- 12. management style where all decision-making is centralised, there is little delegated authority and communication is one way – downwards centralised decision making management makes decisions and passes on directions to those below them in a hierarchy; communication is downward and worker participation in decision making is non-existent.
- 14. a business that is government owned and operated that seek to run profitably by controlling costs and selling their goods and services at a price to cover costs.
- 15. a statement that outlines the aspirations and values of the business.
- 18. statements of desired achievement which provide direction for the business.
- 23. a separate legal entity (incorporated body) that is subject to the requirements of the Corporations Act 2001, owned by shareholders who have limited liability, run by directors and has perpetual succession.
- 25. a multistep approach whereby a selection is made between a range of different alternatives.
- 26. those skills used every day to communicate and interact with other people, both individually and in groups.
- 27. proportion or percentage of the market (and total sales) controlled by the business.
- 28. the owners of a company who are also stakeholders in that business.