definitions

Question 1

Entrepreneur

Answer 1

A person who sets up a business with the hope of making a profit, taking on financial risks to do so

Question 2

Investor

Answer 2

People or organisations that provide the capital needed to establish and operate a business

Question 3

wage

Answer 3

money earned by an employee based on an hourly basis

Question 4

salary

Answer 4

fixed payment to an employee regardless of hours worked

Question 5

boycotting

Answer 5

consumers refusing to buy goods or services from a business to show their dissatisfaction with the business e.g because it has exploited workers

Question 6

lobbying

Answer 6

Trying to persuade decision-makers to support laws or rules that give an advantage to your industry or organisation

Question 7

Interest groups

Answer 7

also known as a pressure group is a group of people who meet and campaign for a common goal e.g trade unions

Question 8

Co-operative relationship

Answer 8

where stakeholders work together towards a common goal

Question 9

Competitive relationship

Answer 9

stakeholders work together towards a common goal

Question 10

Dependent relationship

Answer 10

The stakeholders are relying on each other for their own individual success. e.g entrepreneur and the government

Question 11

Dynamic relationship

Answer 11

The relationship between the stakeholders is constantly changing

Question 12

Contract

Answer 12

A legally binding agreement between two or more parties, which is enforceable by law

Question 13

Invitation to treat

Answer 13

An invitation for the buyer to make an offer that the seller may accept or reject. e.g price tags at a car dealership

Question 14

Mediation

Answer 14

When an independent third party helps two or more parts in a dispute reach a solution acceptable to both sides

Question 15

Pay claim

Answer 15

A demand made by employees to their employer for an increase in pay

Question 16

Inflation

Answer 16

The increase in the cost of goods and services from one year to the next

Question 17

Overtime

Answer 17

When employees work more hours than their standard working week

Question 18

Binding Arbitration

Answer 18

in some cases, both parties may agree to in advance to accept the decision made by the arbitration

Question 19

Misconduct

Answer 19

Unacceptable behaviour of an employee in the workplace e.g president lateness or gross misconduct e.g stealing from the business

Question 20

Discrimination

Answer 20

when one person is treated less favourably than another in a comparable situation

Question 21

Employment Embezzlement insurance

Answer 21

The business owner receives financial compensation if it is found that an employee has stolen from the business or has damaged property

Question 22

Autocratic

Answer 22

A management style where the manager makes all business decisions without staff input uses the threat of punishment to motivate employees

Question 23

Democratic

Answer 23

Participative leadership,
Encourages employees to participate in the business’s decision making. the manager has the ultimate authority but values staff input

Question 24

Laissez-faire

Answer 24

Management outlines the business goals and trusts the employees to decide on the best way to achieve these goals

Question 25

subordinate

Answer 25

a person in a lowe rank in the business

Question 26

empowerment

Answer 26

occurs when managers allow employees to make certain decisions on behalf of the business without needing to consult with management

Question 27

Communication

Answer 27

The exchange of information between two or more people

Question 28

Chain of command

Answer 28

the path of authority along which instructions are passed

Question 29

Notice

Answer 29

An invitation for people to attend the meeting. it informs them of the date, time and venue

Question 30

Agenda

Answer 30

A list of items to be discussed at the meeting topics are listed in the order they will be discussed

Question 31

Quorum

Answer 31

the minimum number of people who need to be present for the meeting to begin. Prevents a small number of people making decisions that affect the entire business or club

Question 32

Proxy

Answer 32

A person who attends the meeting as a representative of someone who cannot attend

Question 33

Memo

Answer 33

a short written message used for internal communication

Question 34

Report

Answer 34

a formal written document used to present date and information

Question 35

ICT

Answer 35

Information and communication technology. the use of electronic technology to store, transfer, access and manipulate

Question 36

Phishing

Answer 36

An attempt to illegally gain access to passwords and usernames for credit cards and bank accounts with the intention of stealing money

Question 37

Planning

Answer 37

A manager putting strategies in place in order to achieve specific goals. this gives a business purpose and direction and reduces risk and uncertainty

Question 38

Organising

Answer 38

When a manager co-ordinates all business resources and raw materials into the most effective formation to achieve organisational goals