Business Studies flashcards

116 HSC Business Studies cards across 4 modules (45 definitions, 46 key facts, 23 fill-the-gap, 2 formulas). Each session gives you 20 cards, due cards first. Swipe right for easy, left for hard, down for again. Keyboard: Space to flip, 1 to 4 to rate.

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Definition
Global factors and supply chain management in operations: global sourcing, economies of scale, scanning and learning, R&D, logistics and e-commerce (HSC Business Studies)
Define Global factors
Global factors are the ways operating across countries changes operations: global sourcing (buying inputs from the best supplier anywhere), economies of scale (lower cost per unit from larger output), scanning and learning (watching the world for better ideas and adopting them) and research and development (creating new products and processes, funded by global sales). Supply chain management coordinates the flow of goods from supplier to customer through logistics (transport, warehousing, distribution), e-commerce (online ordering and fulfilment) and global sourcing. Each factor can lower cost or raise quality, but each adds risk.
Definition
Ethical and legal aspects of marketing: the Australian Consumer Law, advertising codes and ethical marketing (HSC Business Studies)
Define Case: Coles "Down Down" (2026)
On 14 May 2026 the Federal Court found that Coles contravened sections 18(1) and 29(1)(i) of the ACL. The ACCC alleged that between February 2022 and May 2023 Coles temporarily increased the prices of 245 products before putting them on "Down Down" promotions with a "was" price reflecting the increased price. Justice O'Bryan found that 13 of the 14 sample tickets conveyed false or misleading discount representations because the "was" price had not applied for a reasonable period. Penalties and damages (there is also a related class action) were still to be decided.
Definition
Cash flow and working capital management: cash flow statements and budgets, payment timing, early-payment discounts, factoring, current assets and liabilities, leasing and sale and leaseback (HSC Business Studies)
Define Distribution of payments
Distribution of payments means spreading payments so that cash outflows do not bunch up in the same period, and timing them to match when cash comes in. Examples: paying insurance or registration by monthly instalments instead of annually; negotiating supplier terms so large purchases are paid after the busy season; staggering equipment purchases. It smooths cash flow and reduces the need for short-term borrowing.
Definition
Effectiveness of HRM: corporate culture, benchmarking, staff turnover, absenteeism, accidents, disputation and worker satisfaction (HSC Business Studies)
Define Corporate culture
Corporate culture is the shared values, beliefs, attitudes and behaviours of an organisation: "the way things are done around here". A positive culture (trust, respect, safety, customer focus, integrity) supports engagement and performance; a negative one (blame, fear, harassment, "whatever it takes to hit the target") drives turnover, disputes and misconduct.
Definition
Influences on operations: globalisation, technology, quality, cost, government, law, sustainability and CSR (HSC Business Studies)
Define Australian example: Cochlear
Cochlear, headquartered on the Macquarie University campus in Sydney, makes implantable hearing devices at sites in Australia and overseas, including Kuala Lumpur, where it announced an expansion of more than RM30 million in 2022 to serve demand in Malaysia and more than 180 other countries. Operating across many countries means its operations function must manage multi-country manufacturing, medical-device approvals in each market and currency exposure on most of its revenue.
Definition
Global marketing strategies: global branding, standardisation, customisation, global pricing and competitive positioning (HSC Business Studies)
Define Global marketing
Global marketing is marketing to customers in more than one country. Businesses choose how far to standardise (the same marketing mix everywhere, for economies of scale and a consistent brand) or customise (adapt product, promotion, price and place to local tastes, laws and incomes); most combine both. Global branding builds one recognisable identity across markets. Global pricing must allow for costs, tariffs, exchange rates, local incomes, competition and regulation, and avoid grey markets. Competitive positioning is the distinctive place the brand holds against local and global rivals in each market.
Definition
Ethical and legal aspects of financial management: audits, record keeping, reporting standards, tax, regulators and ethical financial reporting (HSC Business Studies)
Define Australian Accounting Standards
Australian Accounting Standards (based on IFRS), audited accounts for larger entities, and payment of taxes such as company tax and GST, plus superannuation. ASIC regulates companies, markets and financial reporting; APRA regulates the soundness of banks, insurers and super funds; the ATO administers tax and super. Ethical financial reporting goes beyond compliance: honest, complete, unmanipulated reports, managed conflicts of interest and fair tax behaviour.
Definition
HR processes: acquisition, development, maintenance and separation, with the legal rules for notice, redundancy and unfair dismissal (HSC Business Studies)
Define External recruitment
External recruitment (online job boards, social media, the business's website, recruitment agencies, employee referrals, universities and TAFE): wider pool and new skills; but costlier, slower and riskier.
Definition
Operations processes: inputs, transformation (the four Vs, Gantt charts, critical path analysis, layout, monitoring) and outputs (HSC Business Studies)
Define Sequencing
Sequencing is the order in which tasks must be done (some cannot start until others finish). Scheduling is deciding when each task will start and finish and how long it will take. Together they let operations managers coordinate staff, materials and equipment, meet deadlines and avoid idle time. The syllabus names two tools.
Definition
Influences on marketing: psychological, sociocultural, economic and government factors in customer choice (HSC Business Studies)
Define Inflation
The ABS reported that the Consumer Price Index rose 3.5 per cent in the 12 months to July 2026, down from 3.8 per cent in the year to June, with trimmed mean inflation at 3.6 per cent.