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GCSE 🏋🏾‍♂️ > Business Terminology > Flashcards

Business Terminology Flashcards

1
Q

What does Absenteeism mean ?

A

Where employees are not at work because of choice or ill health

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2
Q

What are business aims ?

A

The overall goals of a business or organisation; what the business is trying to achieve .

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3
Q

What is an asset ?

A

A resource owned by a business that is of value

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4
Q

What is batch production ?

A

Method of production where groups or types of product are made at several stages

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5
Q

What is the boston matrix ?

A

A method of classifying a business’s product portfolio to help future product planning

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6
Q

What does break even mean ?

A

Where total revenue is the same as total cost and zero profit is made

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7
Q

What is meant by buffer stock ?

A

A quantity of stock kept in store to safeguard against unforeseen shortages or increases in demand

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8
Q

What is a business plan ?

A

A document produced by a new or existing business that shows what its objectives are and how it will meet them

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9
Q

What is the meaning of the term capital ?

A

The initial money that is needed to start a business that is normally linked to purchases of machinery and premises .

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10
Q

What is cash cow ?

A

A product in a business product portfolio with low growth and high market share

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11
Q

What is centralisation ?

A

Where a business decision making and implementation take place at and from the business headquarters

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12
Q

What is meant by chain of command ?

A

Part of the structure of a business organisation which shows who is in charge of who

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13
Q

What is commission ?

A

The extra amount of pay workers receive as a percentage of their or the business’s sales

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14
Q

What is competitive pricing ?

A

Where the price of a product is decided by comparing to its rivals

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15
Q

What is consumer income ?

A

How much money consumers have to spend on their needs and wants

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16
Q

What is the consumer rights act ?

A

A law protecting the consumer in terms of product quality

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17
Q

What is decentralisation ?

A

Where an organisation and its decision- making is spread out to include more junior managers as well as individual business units or locations

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18
Q

What does delayering mean ?

A

A method of saving costs in an organisation by reducing the number of layers or levels in a hierachy

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19
Q

What is a dividend ?

A

The share of the profit received by a shareholder

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20
Q

What is e-commerce ?

A

Using the internet to promote and sell a good or service

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21
Q

What is an enterprise ?

A

A business that is established or running with the objective of making a profit

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22
Q

What is the meaning of the phrase ‘ exchange rate ‘ ?

A

The amount of one currency that can be purchased with another currency

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23
Q

What is an export ?

A

Goods or services that are produced in this country and sold to other countries

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24
Q

What is external growth ?

A

Methods of business growth using acquisitions, mergers and takeovers

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25
What does equity mean ?
An accounting value showing the total value that a business is worth
26
What are the four parts of production ?
Land labour capital and enterprise
27
What is a fixed cost ?
Business costs that do not vary with output
28
What is a financial statement ?
Accounts produced by a business to show its financial performance
29
What is a flat organisational structure ?
Where the organisational structure of a business has few layers , short chains of command and wide spans of control
30
What is flow production ?
Method of production associated with making very large quantities of standard products
31
What is a franchise ?
Where a business aquires the right to use the name and products of another business
32
What is a fringe benefit ?
Methods of rewarding a worker that are not directly monetary
33
What is the calculation for gross profit ?
Total revenue - cost of sales
34
What is induction training ?
Training that a business provides to new employees or an existing employee when starting a new post
35
What are interest rates ?
The percentage cost of borrowing money or the reward for saving money
36
What is an example of an internal source of finance ?
Retained profit
37
What is job analysis ?
A business deciding whether it needs a worker and if so what type
38
What is job description ?
An explanation of the roles and responsibilities of a job
39
What is job enrichment ?
Giving workers more responsibility or more complex and challenging tasks, so they have a sense of achievement
40
What is job production ?
Method of production where products are made individually
41
What is job rotation ?
Where a worker moves from one job to another job over a period of time
42
What is job share ?
Where two or more employees divide up a full time job between them
43
What is the meaning of the word kaizen ?
A method of continuously improving quality through introducing small changes
44
What is lean production ?
Production techniques that involve reducing waste in the production process
45
What is meant by loss leader ?
Where a business prices a good at less than its cost to encourage customers to but other goods at the same time
46
What is meant by margin of safety ?
The additional output that a business produces or experts to produce more than its breakeven output
47
What is meant by the marketing mix ?
A combination of factors such as a product, price, place and promotion designed to encourage potential customers to buy a product
48
What is M-commerce ?
Using smart phone and mobile phone technology to promote and sell a product or service
49
What is a net asset ?
The total value of a business; non - current assets+net current assets - non current laibilities
50
What is net cash flow ?
The difference between the cash inflows and cash outflows for a business in a time period
51
What is an objective ?
A specific target that a business wants to achieve that are measurable
52
What is off the job training ?
Where workers learn how to do their job away from the workplace
53
What is opportunity cost ?
Measuring the cost of what a person purchases against the alternative that he /she has given up
54
What is organic growth ?
Expansion from within a business by expanding the range of products and / or locations
55
What is outsourcing ?
Where a firm gets other outisde businesses to perform work for it
56
What is a person specification ?
The qualifications, skills, experience and personal attributes needed for a job
57
What is price penetration ?
A strategy of launching a new product with a low price to attract customers and gain market share
58
What is price skimming ?
A strategy of entering a new market with a high price to recover research and development costs .
59
What is the boston matrix ?
A product in a business product portfolio with high growth and low market share
60
What is procurement ?
The process of choosing a supplier
61
What is profit maximisation ?
An objective of a business to make as much money as possible
62
What is revenue ?
The income of sales
63
What is segmentation ?
A way of dividing up the market into different groups of potential customers
64
What is specialisation ?
Where an employee or business concnetrates on activities in which they have the most appropriate skills
65
What is the stock exchange ?
A market where shares in public limited companies can be bough or sold
66
What does surplus mean ?
Where the amount of cash flow left at the end of a period is positive
67
What is a tall organisational structure ?
Where the organisational structure of a business has many layers, long chains of commands and narrow spans of control
68
What is a zero hour contract ?
A type of employee contract where there is no guarantee that the worker will receive any work

GCSE 🏋🏾‍♂️ (32 decks)

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