Egzamin Flashcards
Peter Drucker
Planning, Organizing, Integrating, Measuring Performance, Developing People
A person who provides expert advice to a company
Consultant
A situation of danger and difficulty
Crisis
A new idea or method
Innovation
Sth you plan to do or achieve
Objective
When sb is raised to a higher or more important position
Promotion
The section of the economy under government control
Public sector
A plan for achieving success
Strategy
A person with less important position in an organization
Subordinate
Ulokowac zasoby
To allocate resources
Theory X Douglas McGregor
People are lazy and will avoid work and responsibility
Theory Y Douglas McGregor
Most people have psychological need to work and given the right conditions, they will be creative, ambitious and self-motivated by the satisfaction of doing a good job.
‘Hierarchy of needs’ Abraham Maslow
- Self-Actualization
- Self-esteem
- Belonging
- Safety
- Physiological
Frederick Herzberg
Satisfiers (hygiene factors) - do not motivate, but their lack can demotivate (dissatisfiers)
Motivators
Interactions between employers and employees or managers and workers
Labor relations
Knowing that there is little risk of losing one’s employment
Job security
Money paid to manual workers
Wages
Advantages that come with a job apart from pay
Benefits
Things that encourage people to do sth
Motivators
Without any particular abilities acquired by training
Unskilled
Regularly switching between different tasks
Job rotation
A company’s shared attitudes, beliefs, practices and work relationships
Corporate culture
A system of authority with different levels, one above the other; instructions flow downward and accountability flows upward
Hierarchy or chain of command
A specific activity in a company e.g. production, marketing
Function
Independent, able to take decisions without consulting sb at the same level or higher in the chain of command
Autonomous
The power to give instructions to people at the level below in the chain of command
Line of authority
To be responsible to sb and take instructions from them
To report to
To give sb else responsibility for doing sth instead of you
To delegate
Organizational structure, where company is divided to departments e.g. marketing, finance.
Functional structure
Believing that the group is more important than the individual
Collectivist
Reducing demands or changing opinions in order to agree
Compromise
A face-to-face disagreement or argument
Confrontation
People of influence or importance with whom you are associated
Connections
Looking directly at the people you are talking or listening to
Eye contact
An invented word combining worldwide and regional concerns
Glocalization
To do sth when necessary without having it already planned
Improvise
to cut into sb else’s turn to speak
Interrupt
Understanding or knowing without consciously using reason
Intuition
Thought based on reason and judgements rather than feelings and emotions
Logic
To be humiliated or disrespected in public
Lose face
Respect, prestige or importance with whom you are associated
Status
Masa krytyczna
Critical mass
To achieve better results than the others
Outperform
Rentowność
Profitability
Payback on the investment (kapitał własny)
Return on equity
Top levels of management
Leadership ranks
Meet or find unexpectedly or by accident
To interrupt
Required or obligatory
Compulsory
An officially imposed number or quantity
Quota
Done with choice
Voluntary
Obeying laws or regulation
Compliance
The ending or termination of an organization
Dissolution
Trainees
Apprentices
Someone who changes their beliefs
Convert
Rozrzucić
To scatter over
Półwyroby
Semis
Rynna
Spout
Zamieszanie
Commotion
Produkty reklamowe
Advertising products
Wytapianie żelaza
Smelting iron
Złożenie
Assembling
Układanie kabli
Laying cables
Frezowanie metali
Milling metal
Ruda
Ore
Utrzymanie
Maintenance
Górnictwo węgla
Mining coal
Pompowanie oleju
Pumping oil
Spawanie
Welding
Produkcja
Manufacturing
Agriculture, and the extraction of raw materials from the earth
The primary sector
Manufacturing industry, in which raw materials are tuned into finished products
The secondary sector
The commercial services
The tertiary sector (service sector)
Products sold to other countries
Exported goods
Property: buildings such as offices, houses, flats (BrE) or apartments (AmE)
Real estate
Company’s reserves of raw materials, parts, work in process and finished products
Inventory or stock
Any of the pieces or parts that make up a product or machine
Component
The maximum rate of output that can be achieved from a production process
Capacity
A collective word for all the buildings, machines, equipment and other facilities used in the production process
Plant
The geographical situation of a factory or other facility
Location
A network of organisations involved in producing and delivering goods or a service
Supply chain
Buying products or processed materials from other companies rather than manufacturing them
Outsourcing
The cost savings arising from large-scale production
Economies of scale
The time needed to perform an activity such as manufacturing a product or delivering it to a customer
Lead time
The Dell Theory of Conflict Prevention
No two countries that are both part of a major global supply chain will ever fight a war against each other
Firmly fixed in sth or part of sth
Embedded
The quality of people’s lives
Standard of living
Someone who establishes a company
Founder
The potential cost of taking a chance
The risk premium
The value of a business activity
Equity
Causing trouble and stopping sth from continuing as usual
Disruptive
Increasing or decreasing more and more quickly as time passes
Exponentially
The obtaining of supplies
Procurement
The state of being successful and having a lot of money
Prosperity
The situation when sth is not likely to change
Stability
Correct, exact and without any mistakes
Accurate
Able to move quickly and easily
Agile
A guess of what the size or amount of sth might be
Estimate (noun)
A statement of what is expected to happen in the future
Forecast (noun)
Using small quantities and avoiding any waste
Lean (of production)
Designing and managing the flow of goods, information and other resources
Logistics
Done with hands
Manual
To fill sth up again
Replenish
A company manufactures according to current demand; nothing is bought or produced until its needed (JIT)
Pull strategy
Production is based on estimates of future demand; Manufacturing Resources Planning (MRP)
Push strategy
Manufacturing Resources Planning (MRP)
computer-based system that can create detail production schedule using realtime data to coordinate the arrival of component materials with machine and labor availability
Providing a large amount of good things
Bountiful
Things that cause difficulties
Headaches
Official rules or the act of controlling sth
Regulation
Changing or improving a product or a service
Reworking
Getting rid of things which are no longer useful or wanted
Scrapping
To examine a machine and repair any faulty parts
Service
Guarantee: written promise to repair or replace products that develop a fault
Warranty
Management approach designed to improve the production quality of goods and services
Total Quality Management (TQM)
Giving each products its own brand name, so the company is less well-known than its brand
Individual branding
One brand for all products produced by the company
Corporate branding
Anything that can be offered to a market that might satisfy a want or need - services, people, places, organisations
Product
A name/ symbol/ logo that distinguishes products and services from competing offerings and makes consumer remember the company, product, service
Brand
Places of business for selling goods to customers (shops)
Outlets
A graphic image or symbol specially created to identify a company or product
Logo
All the different products, brands and items that company sells
Product mix
Businesses that sell goods or merchandise to individual customers
Retailer
Wrappers and containers used to enclose and protect a product
Packaging
The extent to which customers are aware of a brand and know its name
Brand recognition
Surfaces in a store on which goods are displayed
Shelves
The sales of a company expressed as a percentage of total sales in a given market
Market share
Consumers who buy various competing products rather than being loyal to a particular brand
Brand - switcher
All the companies or individuals (‘middleman’) involved in moving goods or services from producers to consumers
Distribution channel
An intermediary that stocks manufacturer’s goods or merchandise, and sells it to retailers and professional buyers
Wholesaler
Dividing a market into distinct groups of buyers who have different requirements or buying habits
Market segmentation
Making a product (appear to be) different from similar products offered by other sellers, by product differences, advertising, packaging etc.
Product differentiation
Possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services
Market opportunities
Setting a high price for a new product, to make maximum revenue before competing products appear on the market
Market skimming
Someone who contacts existing and potential customers, and tries to persuade them to buy goods or services
Sales representative
The attributes or characteristics of a product, such as size, shape, quality, price, reliability etc
Product features
The extent to which supply or demand (the quantity produced or bought) of a product responds to changes of price
Price elasticity
The strategy of setting a low price to try to sell a large volume and increase market share
Market penetration
The product life cycle
At the introduction stage sales are low.
Growth stage - sales rise quickly.
Maturity stage.
Decline stage - sales are falling until the product is withdrawn from the market
Marketing mix - 4 P’s
Product
Price
Promotion
Place
Companies focused on changing customer’s mind to fit the product
Sales - driven companies
Companies change their products to fit customer’s requests
Customer- driven
Companies adapt their products to fit their customer’s strategies
Market - driven
Choosing to spend the same amount on advertising as one’s competitors
The comparative - parity model
Trying to get consumers to forward an online marketing message to other people
Viral marketing
Companies that design advertising for clients
Advertising agencies
The advertising of a particular product or service during a particular period of time
Advertising campaign
The statement of objectives that a client works out with an advertising agency
Brief
A defined set of customers whose needs a company plans to satisfy
Target (customers)
The amount of money a company plans to spend in developing its advertising and buying media time or space
Budget
The choice of where to advertise in order to reach the right people
Media plan
A small amount of a product given to customers to encourage them to try it
Free sample
Free advertising, when satisfied customers recommend products to their friends
Word of mouth advertising
Stan konta
Current Account/ Checking Account
Konto oszczędnościowe
Saving/ deposit Account
Loan to buy property (real estate)
Mortgage
bankomat
Cashpoint (ATM)
Książeczka czekowa
Checkbook
The possibility to borrow money by spending more than you have in your bank account
an overdraft (overdraft on credit card)
retail/ High- street banks (receive deposits from and make loans to individuals or small companies)
Commercial banks
Banks cooperating with big companies, provide financial advice, raise capital
Investment banks
Private investment funds only for wealthy investors
Hedge funds
Banks in Germany, Austria, Switzerland - deposit and loan banking, share and bond dealing
Universal banks
Banks in UK
Merchant Banks
Banks offering interest-free banking, investing in companies and sharing the profits and losses with depositors
Islamic banks
“bank of the banks’ that supervises the whole banking system
Central bank (fixes the minimal interest rate, supervises money supply and monetary policy…)
A person or company that buys and sells stocks and shares for other people
Stockbroker
Financial services and advice that are offered to bank’s richest customers e.g. how to invest the money
Private banking
Money placed in a bank
deposit
A sum of money borrowed from bank
Loan
The money invested in a business
Capital
Certificates representing part-ownership of a company
Shares
Certificates of debt issued by governments or companies to raise money
Bond
When one company combine with another one
Merger
When company offers to buy or acquire another one
Takeover bid (hostile takeover)
Buying and selling stocks or shares for clients
Stockbroking
All the investments owned by an individual or organization
Portfolio
The profits made on investment
Return on investment
The ending or relaxing of legal restrictions
Deregulation
A group of companies, operating in different fields, which have joined together
Conglomerate
Estimates of people’s ability to fulfil their financial commitments
Credit rating
Failure to repay loan
Default
The money generated by investment
Cash flow
cancel a bad debt or a worthless asset from an account
Write off
Zabezpieczony (with property or another asset used as guarantee of payment)
Collateralized
What an organization can do better than its competitors
Competitive advantage
Able to continue over a period of time
Sustainable
The sales businesses expect to achieve in a particular period of time
Sales forecast
Where total costs equal total income from sales and the company makes neither a profit nor a loss
Break-even point
An investor’s plan for getting their investment back and potentially realising a profit
Exit strategy
Money that is invested or is available for investment in a new company especially one that involves risk
Venture capital
Funds operated by investment companies that invest people’s money in various assets
Mutual Funds
Invested money that will be paid to people after they retire from work
Pension funds
The amount of capital making up a bond or other loan
Principal
The length of time for which a bond is issued (until it is repaid)
Maturity
Bankrupt
Insolvent (to go bust)
Payments by companies to their shareholders
Dividends
The price at which a buyer is prepared to buy a security at a particular time
Bid price
The rate of income an investor receives from a security
Yield
People or institutions to whom money is owned
Creditors
To take away the cost of particular things from the amount of money that you have earned, before you pay tax on it
Deduct tax
A standard used when comparing other things
Benchmark
Traders in stocks who quote bid (buying) and offer (selling) prices
Market makers
Measure the stock market and show changes in the average prices of a selected group of important stocks
Stock index
A period during which most stocks and th stock index are rising
A bull market
A period during which most of stocks fall in value
A bear market
To rise after previously falling
To revive slightly
to rise a lot
To rocket
To fall a little
To slip on
To fall a lot
To plummet/ to plunge/ to crash on
Bonds in UK
Gilts
All the money received for business activities during a given period
Income
Delayed or postponed until a later time
Deferred
A statement giving details of money coming into and leaving the business, divided into day-to-day operations, investing and financing
Cash flow statement
A statement showing the difference between the revenues and expenses of a period
Income statement
Company with the biggest market share
Market leader
Second-biggest company in the industry
Market challenger
A company that allows other more dominant firms to lead the way within the marketplace that it does business in
Market follower
Product that will differ one company from the other
Unique Selling Proposition (USP)
A group of similar things (companies) situated close together
Cluster
A person or organization that owns a building or an area of land and rents it to other people
Landlord
To have control over sth, or to be the most important person or thing
Dominate
To prevent sth from continuing as expected
Disrupt
To try to deal with a problem
To address/ tackle a problem
Financial instruments whose prices are dependent, or derived from, underlying assets such as stocks, bonds, commodities, currencies, interest rates and market indices
Derivatives
Contract agreement to buy or sell a security, commodity or financial instrument at a predetermined price and point in the future
A future
Offers the buyer the right to buy or sell an asset at an agreed-upon price and during certain period of time
An option
Raw materials or primary products, that are traded on special market
Commodities
Making contracts to buy or sell commodities or financial assets in the future at a pre-arranged price, as a protection against price changes
Hedging
Buying assets in a hope of making capital gain by selling them later at a higher price (or selling them in the hope of buying them back at a lower price)
Speculation
An agreement to exchange future interest payments with another company or financial institution
An interest rate swap
An agreement between two parties who exchange principal and fixed rate interest payments on a loan in one currency for principal and fixed rate interest payments on an equal loan in another currency
A currency swap
Derivative strategy where participants do not actually own the underlying asset they bet on such as stock or commodity
Spread-betting
Acquiring a competitor in the same field of activity to get a larger market share and reduce competition
Horizontal integration
Acquiring business involved in other parts of company’s supply chain
Vertical integration
Combination of two companies to form a single new one
Merger
Buing on the stock market many shares of one company
Raid
Public offer to stockholders to buy their stocks at a certain price (higher than on stock market)
Takeover bid
When company wants to be acquired
Friendly bid (friendly takeover)
When company do not want to be acquired
Hostile bid (hostile takeover)
When financiers consider that a company is unevaluated on the stock market, they borrow money and buy company. Then they sell company’s assets, repay loans and have large profits (asset - stripping)
Leveraged buyout (LBO)
Become more varied and different
Diversify
Places, where goods are sold (shops, kiosks etc)
Retail outlets
Sufficient number of stocks in a company to be able to decide what to do
Post-ownership
Company whose stocks are traded on the stock market
Listed
Opłata
Fee
Konglomerat
Conglomerate
The combined power of a group of things working together better than separated
Synergy
Companies owned by a larger parent company
Subsidiary
Control of the monopolist made by government
Market investigation
Breaking the Antitrust Law (naruszać prawo konkurencji)
Restricting competition
Executive powers which investigate market
Competition Commission or Antitrust Authority
To make people do sth against their will
to coerce
Distribution according to plan
Allocation
To organize sth to make profit
Commercialize
Positive or negative consequences of economic activity experienced by other people (efekty zewnętrzne)
Externalities
System and services such as transport
Infrastructure
The best or most likely to bring success
Optimal
The result or effect of an action or situation
Outcome
Not limited by any rules or controls (nieskrępowany, swobodny)
Unfettered
The tax people pay on their wages and salaries
Income tax
A tax on wages and salaries or on company profits
Direct tax
Tax paid on property, sales transactions, imports etc
Indirect tax
Tax levied at a higher rate on higher income
Progressive tax
Tax collected at each stage of production, excluding already taxed costs
Value-added Tax (VAT)
Tax imposed on family gifts
Inheritance tax
Annual tax imposed on people’s fortune
Wealth tax
Countries where taxes are low
Tax haven
Making false declarations to the tax authorities (illegal)
Tax evasion
Small mistake or exception in law which allows to avoid paying sth
A loophole
To use violence
To resort to force
Someone who arranges funerals
Mortician (undertaker)
A decline in economic activity
Downturn
An increase in economic activity
Upturn
Beliefs about what will happen in the future
Expectations
Purchasing and using goods and services (konsumpcja )
Consumption
The difference between the funds a country receives and those it pays for all international transactions
Balance of payments
The total market value of all the goods and services produced in a country during a given period of time
Gross Domestic Product (GDP)
The willingness and ability of consumers to purchase goods and services
Demand
The willingness and ability of businesses to offer goods and or services for sale
Supply
To put money aside to spend it in the future
Save
A state of balance (supply = demand)
Equilibrium
An amount of money smaller than needed
Deficit
An excess
Surplus
Government actions concerning taxation and public expenditure
Fiscal policy
Government or central bank actions concerning the rate of growth of the money in circulation
Monetary policy
The total amount of money available in an economy at a particular time
Money supply
The economic theory that government monetary and fiscal policy should stimulate business activity and increase employment in a recession
Keynesianism
Treating some people in the worse way than you treat other people
Discrimination
Making sth weaker
Undermining
An economic system in which anyone can raise capital, form a business and offer goods and services
Free enterprise
Complying with or following (rules etc)
Conforming to
Expressed, given a material form
Embodied
According to generally accepted beliefs based on morals
Ethical
A usual way of behaving
Custom
To the degree or extent that
Insofar as
Causes damage to
Harms
Supporters, people who argue in favour of sth
Proponents
Temporary employment that is not regular or fixed
Casual work
Temporary employment by an organization to do a specific project or piece of work
Contract work
Removing unproductive parts of the management hierarchy to make organization more flexible and efficient
Delayering
Decreasing the number of permanent employees working for an organization
Downsizing
A situation in which it is easy for companies to hire non-permanent staff
Flexible labor market
Employing two or more people on a part-time basis to perform a job normally available to one person working full time
Job sharing
Using other businesses as subcontractors to supply components or services
Outsourcing or contracting out
Reorganizing a company, business or system in a new way to reduce costs and improve efficiency and effectiveness
Rationalisation or restructuring
Moving some of a business’s activities (e.g. accounting) to another place or country
Relocation or delocalization
Downsizing (it can also describe increasing the size of an organization)
Rightsizing
Bezpieczeństwo w pracy, BHP
Job safety
The price at which one currency can be exchanged for another
Exchange rate
To be fixed (currency)
To be pegged (most currencies were pegged against US dollar after WWII)
System where exchange rate are determined by supply and demand for currency in foreign markets
Floating exchange rates system
The cost of a given selection of goods and services would be same in different countries
PPP (purchasing power parity)
To increase value of a currency in an otherwise fixed system
To revalue
Adj describing a rate that changes or varies
Floating
People who argue in favour of sth
Speculators
To fall in value in a market system
Depreciate
To rise in value in a market system
Appreciate
To attempt to protect oneself against future price changes
To hedge
Continous changes in price or value
Fluctuations
Agreements to buy sth at a fixed price several months ahead
Future contracts
Is the flow of funds (or capital) from one country to another in order to earn a short-term profit on interest rate differences and/or anticipated exchange rate shifts
Hot money
A tax on all spot conversions of one currency into another. The tax is intended to put a penalty on short-term financial round-trip excursions into another currency
Tobin tax
The legal right to control the production and selling of a book, play, film etc
Copyright
Selling unwanted goods very cheaply, usually in other countries
Dumping
A cheaper copy of a product that is not marked with the producer’s name
Generic
To pay part of the cost of sth
Subsidize
A name or symbol showing that a product is made by a particular producer and which cannot be legally used by anyone else
Trademark
