Exam Prep Flashcards
Secondary Research
Data from external sources such as reports & census.
OR
Collection of second hand information that is not directly to what the firm needs.
Primary Research
First-hand data directly related to the needs of a business.
Sustainability
Production systems that prevent waste by using the minimum of non-renewable resources.
Zero Budgeting
An approach to budgeting that sets budgets to zero each year, not from the current year’s levels.
Budget
Detailed financial plan for the future.
SMART
SPECIFIC
MEASURABLE
ACHIEVABLE
REALISTIC
TIME-LIMITED.
Incremental Budgeting
Uses last year’s budget as a basis then adjusts the budget for next year.
Flexible Budgeting
Cost budgets for each expense are allowed to vary if sales or output vary from budgeted levels.
Delegated Budgets
Budgets from which junior managers have been given some authority for setting & achieving.
HRM
The strategic approach to effective management of employees by to help businesses gain competitive advantage.
Motivation
The internal and external factors that stimulate the desire in workers to be continually interested and committed to doing the job well.
Performance-related pay
A bonus scheme to reward employees for above-average work performance.
Employee morale
Overall outlook, attitude and level of satisfaction of employees when at work.
Employee welfare
Employees health, safety and level of morale when at work.
Sole Trader
A business owned and controlled by one person & they get to keep the profit all to themselves without sharing with anyone else.
