class keywords sheet thing

Question 1

aim

Answer 1

intention to reach a goal

Question 2

air pollution

Answer 2

presence or production of harmful chemicals in the air

Question 3

asset

Answer 3

something the business owns ; has value

Question 4

business plan

Answer 4

detailed statement on how the business intends to operate, either at start-up or during a period of time

Question 5

centralisation

Answer 5

maintaining control by keeping authority at the senior levels of the organisation

Question 6

chain of command

Answer 6

line through the hierarchy showing who is responsible for whom from top to bottom of an organisation

Question 7

consumer law

Answer 7

laws designed to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly

Question 8

contracts of employment

Answer 8

a legal document that sets out the terms and conditions of the job for the employer and the employee

Question 9

customer

Answer 9

individuals, businesses or organisations that purchase goods/services and make decisions about which supplier to choose

Question 10

decentralisation

Answer 10

where authority is spread widely through the organisation

Question 11

delayering

Answer 11

reorganisation of organisation’s employees so that there are fewer levels of management

Question 12

delegation

Answer 12

allocating a task to someone who would not normally be responsible for it

Question 13

demand

Answer 13

quantity of a particular product that will be bought at particular price over a specific time

Question 14

directors

Answer 14

people elected by shareholders to run the business on their behalf

Question 15

diseconomies of scale

Answer 15

when a business grows too large leading to a possible increase in unit cost

Question 16

disposal of waste

Answer 16

the removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites

Question 17

e-commerce

Answer 17

business transactions carried out electronically on the internet

Question 18

economies of scale

Answer 18

cost advantage of producing on a large scale - as output increases, unit cost decreases

Question 19

employees

Answer 19

individuals who work full time or part time for a business

Question 20

employment law

Answer 20

rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with it’s workers

Question 21

enterprise

Answer 21

ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate

Question 22

entrepreneur

Answer 22

a person who has the vision to use initiative to make business ideas happen, managing the resources and risks

Question 23

equality act (2010)

Answer 23

protects people from discrimination in the workplace and in wider society - sets out the different ways in which it is unlawful to treat someone

Question 24

ethical objectives

Answer 24

a business’ goals that relate to fair business practice or moral guidelines and make it a positive contribution to the business’ reputation

Question 25

ethics

Answer 25

the moral principles that guide how a business operates