14-19 Flashcards
Communication channels
Routes along which information might travel in a business
Downward communication
Passing messages from the top of the organisation to those at the bottom
Upward communication
Passing messages from the bottom of the organisation to those at the top
Horizontal communication
Exchange of communication between parties of the same level in an organisation’s hierarchy
Internal communication
Communication between people inside the business
External communication
Communication between the business and those outside
Eg. Customers, investors or the authorities
Formal communication
Use of recognised channels when communicating
Informal communication
Use of non-approved channels when communicating
Redeployment
Moving someone or something to a different place or job
Internal recruitment
Appointing workers from inside the business
External recruitment
Appointing workers from outside the business
Unfair dismissal
When a worker is dismissed illegally by a business
Ombudsman
Someone who deals with complaints made by ordinary people against the government, banks, insurance companies and so on
Minimum wage
Minimum amount per hour, which most workers should be entitled to be paid
Apprenticeship
System of training new entrants to a trade or profession, often, but not always, younger workers, mostly on-the-job training but often with some college attendance
FTSE 100
Index that measures the share prices of the top 100 companies in the UK
Arrears
Money that you owe someone, or is owed to you, because you have not made, or have received, regular payments at the correct intervals or amounts.
Capital employed
Amount of money invested in a business
Overtradinbg
Taking on more work than a business can afford to fund effectively
Inventory
Stocks of goods
Fixed assets
Resources that are used repeatedly for a period of a time by a business such as property, tools, vehicles and machinery
Downturn
Period of process in which business activity, production, etc. is reduced and conditions become worse
Under capitalized
Starting a business with insufficient cash
Outcompeted
Perform more effectively in a particular field
