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My Business Studies > Business and People - Key Words > Flashcards

Business and People - Key Words Flashcards

1
Q

Profit

A

Money left over from sales after costs have been paid

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2
Q

Revenue

A

The amount of money a business makes from selling its product/service

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3
Q

Sole trader

A

A business that is owned and controlled by one person

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4
Q

Partnership

A

A business that has 2-20 owners

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5
Q

Limited liability

A

The owners are not personally responsible for any debts the business has, they can only.lose what the put it

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6
Q

Multinational

A

A business that is based in one county, but operates in multiple others

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7
Q

Economies of scale

A

They arise when costs fall and output rises. E.g. If you buy in bulk it will cost less

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8
Q

Franchise

A

When an already established business sells the right to sell its product service and logo to an individual

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9
Q

Royalty payment

A

A payment made to a franchisor on the revenue or profit of the franchise

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10
Q

Stakeholder

A

An individual or group of people who have an interest in the business and its activities

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11
Q

Private sector

A

All business that are owned by private individuals

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12
Q

Public sector

A

All business owned by the government

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13
Q

Insolvency

A

When a business cannot cover its costs with its revenue

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14
Q

Merger

A

When two companies join together to from a new larger business

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15
Q

Takeover/acquisition

A

When control of a business is achieved by buying the majority of its shares (51%)

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16
Q

Primary sector

A

First stage of production, farming or mining

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17
Q

Secondary sector

A

The secondary stage of production, factory’s making things

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18
Q

Tertiary sector

A

Where products are sold and services provided

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19
Q

Interdependence

A

The way in which a businesses in different sectors depend on each other

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20
Q

Productivity

A

The measure of how well workers are working, measured by the amount the produce or the average cost of production

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21
Q

Job description

A

A document that describes the duties of a worker

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22
Q

Person specification

A

A profile of the type of person needed for a job

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23
Q

Internal recruitment

A

When a vacancy in a business if filled by someone already in the business

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24
Q

External recruitment

A

When a vacancy has in a business if filled by someone outside the business

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25
Q

Psychometric test

A

Tests the help identify a candidates skills, knowledge and personality

26
Q

Presentations

A

When the applicant is asked to give a talk to the employer on a give subject

27
Q

Motivation

A

The will or desire to work and do a good job

28
Q

Autocratic

A

When an owner has full control of decision making

29
Q

Democratic

A

When an owner works with employees to make a decision

30
Q

Laissez-faire

A

When an owner gives full control of decision making to employees

31
Q

Induction training

A

Training aimed at introducing new employees to a business and its procedures

32
Q

On-the-job training

A

Employees receive training whilst remaining in the workplace

33
Q

Off-the-job training

A

When employees receive training away from the business

34
Q

Appraisal

A

A formal assessment on an employees performance

35
Q

IP - investors In people

A

A scene for business to provide opportunities for staff development

36
Q

Life long learning

A

The ideas the workers will need to keep.learning different skills during the working life

37
Q

Employment tribunal

A

A special court of law the deals with disputes between workers and employers

38
Q

Trade unions

A

An organisation the represents workers, and give individuals a way of communicating with their employees

39
Q

Industrial action

A

Strike
Working to rule
Overtime bans

40
Q

Redundancy

A

When employment is ended because RJ e business no longer need the work that was done by an employee

41
Q

Single union agreement

A

When workers and employees agree that workers will only be represented by one union

42
Q

ACAS

A

Advisory conciliation and arbitration service

43
Q

Organisational charts

A

Organisational charts are diagrams that show the internal structure of the business

44
Q

Levels/layers

A

The number of levels or layers a business has

45
Q

Authority

A

The power that one person has to make decisions and to control what other workers do

46
Q

Span of control

A

The number of employees for whom a manager is responsible

47
Q

Accountability

A

The responsibility that a person has for a job and anything that goes wrong or right

48
Q

Line manager

A

The person how is directly responsible for other workers

49
Q

Subordinates

A

The workers that a line manager is responsible for

50
Q

Delegated

A

The process of giving a manager authority to a subordinate

51
Q

Delegated

A

The process of giving a manager authority to a subordinate

52
Q

Chain of command

A

It is concerned with the way in which responsibility for employees if organised within the business

53
Q

Tall structures/flat structures

A

An organisational structure that has many/few layers of hierarchy

54
Q

Wide/narrow span of control

A

When some controls 5+/4- people

55
Q

Delayering

A

The process of removing layers from a hierarchy

56
Q

Market research

A

Gaining info about customers, competitors and market trends by collecting primary and secondary data

57
Q

Socio economic groups

A

A way of grouping consumers based on the job of he head of the household. Their occupation effects their income, and so how a business targets them

58
Q

Promotion

A

How a business informs customers about their products or services

59
Q

Promotion

A

How a business informs customers about their products or services

60
Q

E-commerce

A

Online shopping

61
Q

Product mix

A

The range of products a business offers for sale

My Business Studies (4 decks)

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