Case study key words Flashcards
Accounts
A record of a business’s financial statement in order to have better financial control and planning.
Activists
An activist is a person who engages in activism - the practice of taking direct action to achieve goals
Board of trustees
The board of trustees is an elected group of individuals that take the responsibility of managing the business by making crucial decisions.
Budgets
A budget is a financial plan of expected revenue and expenditure for a department or an organization, for a given period of time.
Business Plan
Business Plan refers to the document that sets out the business idea, its goals and objectives and other details of how the business will operate in each department of marketing, operations and finance. It can be used to raise external sources of finance.
Carbon Footprint
Carbon footprint is the negative impact of business operations on the environment.
Cash-Flow
Cash flow is the movement of money in and out of an organization over a given period of time. Cash inflow is the money flow into the business (sales revenue) whereas cash outflow is the money flow of the business (expenditure and bills)
Company
A company or corporation refers to a business that is owned by shareholders and has a separate legal identity from its owners.
Complaints
Customer insights into the negative areas of the service production. A business needs to look into the issues and resolve them immediately in order to retain customers and prevent a negative reputation that could impact sales.
Corporate Social Responsibility
CSR
Corporate Social Responsibility is the conscious consideration of the ethical and environmental practices related to business activity. A business that adopts CSR acts morally towards its stakeholder groups and the wellbeing of society.
Day-to-Day issues
These are short-term problems faced by the business that interrupt the day-to-day running of the business. Examples include machine repairs, etc.
Director
Directors of a business organization are people that are responsible for controlling, managing, and directing the various functions and departments of a company or organization.
Dismissal
Dismissal is the termination of a worker’s employment due to employee incompetence (unsatisfactory performance) or breach of contract.
Economic Recession
Economic recession refers to a period in the business cycle involving a significant decline in economic activity, which thereby impacts the spending of customers. In this period, business activity also becomes less profitable.
Ecological sustainability
Also known as environmental sustainability, this refers to sustainable use of the planet’s natural resources so that the current level of consumption does not jeopardize the resources available for future generations.
Economically disadvantaged (students)
These are students that come from less-developed countries where there are fewer opportunities for education and jobs.
Electricity
Electricity is one of the variable costs for a business that adds to the expenses list.
Employees
Employees are the people that work for the organization in exchange for benefits such as wages or salaries, and other fringe benefits.
Employment Contracts
Employment contract is a signed agreement between the employer and the employee about the pay, benefits and employee rights. It also involves the role and responsibility of the employee. Any breach of the employment contract could lead to a dismissal.
Ethics
Ethics are the moral values and judgements that society believes businesses ought to consider in their decision making.
Expenses
Expenses or expenditure is the amount of money that the business spends in order to run the daily functions of the business.
Exploitation
Exploitation occurs when an employee or group of employees are treated unfairly in order for the business to benefit from their work.
External Environment
The external environment refers to the framework of the (STEEPLE) factors that are beyond the control of any individual organization, but which affect the business and its operations.
Fees
The price that a customer pays in exchange for the services provided.
Funding
Funding is when an external individual or organization invests in the business to help support the operations of the organization.
Government Grants
Grants are government financial gifts to support business activities and are not expected to be paid back. Governments usually give these grants to stimulate economic activity or to encourage certain business activities.
Growth
Growth is the expansion of a business, either internally or externally. Internal Growth occurs when a business uses its own resources and capabilities to increase the scale of its operations whereas external growth occurs when a business buys and merges with another firm.
