Business Terms Essay

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Word, term, phrase Definition Example balance of payments Annual record of Australian trade and financial transactions (export/import) with the rest of the world chain of command The vertical line of authority that passes command down through the levels on an organisation’s hierarchy controlling Implementing and monitoring systems to ensure a desired outcome corporate objectives The long term objectives of the organisation, which provide focus and direction for the organisation; they form the foundation for the strategic planning corporation A large company or group of businesses, recognized in law and acting as single entity corporatisation Government businesses are incorporated, given a corporate identity and are run along the lines of companies, requiring them to be fully accountable for expenditure, pay tax, seek profit maximisation and increase efficiency; these are known as government business enterprises (GBEs) corporatised Adopting a corporate identity and structure decentralisation Power and decision-making authority are delegated from head office to lower levels in the hierarchy department objectives downsizing A reduction in a company’s workforce through elimination of jobs, generally made to improve an organisation’s profit dual listed company A structure that occurs when two companies merge but retain their original listing on two stock exchanges government business enterprises A business that is government owned and operated; GBEs seek to run profitably by controlling costs and selling their goods and services at a price to cover costs government department Established by the government to reflect a functional area (ministerial portfolio); ultimate responsibility for the functioning of the department rests with the minister of the government (federal or state) gross domestic product The

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