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Business Studies AS Unit 2 > Finance and People In Business > Flashcards

Finance and People In Business Flashcards

1
Q

Budgetary control or Budgeting

A

A business system which involves making future plans, comparing the actual results with the planned results and then investigating causes of any differences.

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2
Q

Variance

A

The difference between actual financial outcomes and those which were budgeted.

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3
Q

Variance analysis

A

The process of calculating variances and attempting to identify their causes.

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4
Q

Zero - based budgeting or zero budgeting

A

A system of budgeting where no money is allocated for costs or spending unless they can be justified by the fundholder (they are given a zero value).

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5
Q

Creditors

A

Those to whom a business owes money for goods or services delivered but not yet paid for.

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6
Q

Credit control

A

The process of monitoring and collecting the money owed to a business.

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7
Q

Debtors

A

Those who owe a business money for goods or services delivered but for which they have not yet paid.

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8
Q

Overtrading

A

A situation where a business does not have enough cash and other liquid resources to support its production and sales.

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9
Q

Trade credit

A

Given when a supplier allows a customer to receive goods or services but pay for them at a later point in time. Typically, trade credit is given for 30 days.

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10
Q

Gross Profit

A

Total sales revenue or turnover minus cost of sales, the direct costs of production.

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11
Q

Gross profit margin or mark-up

A

Gross profit expressed as a percentage of turnover.

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12
Q

Net profit

A

Total sales revenue or turnover minus cost of sales and overheads.

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13
Q

Net profit margin

A

Net profit expressed as a percentage of turnover.

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14
Q

Profit margins

A

Profit expressed as a percentage of turnover.

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15
Q

Return on capital

A

The amount of profit expressed as a percentage of the capital invested in a business.

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16
Q

Authority

A

The right to command a situation, a task or an activity.

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17
Q

Chain of command

A

The way authority and power are passed down in a business.

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18
Q

Delegation

A

Authority (and sometimes responsibility) to pass down from superior to subordinate

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19
Q

Formal organisation

A

The relationships between employees and the organisational structure determined by the business, as shown in an organisation chart.

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20
Q

Hierarchy

A

The order or levels of management of a business, from the lowest to the highest.

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21
Q

Informal business structure

A

The relationships between employees that are based on the common interests of employees.

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22
Q

Organisation chart

A

A diagram which illustrates the structure of an organisation.

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23
Q

Organisational or business structure

A

The way in which a business is organised.

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24
Q

Responsibility

A

Being accountable and required to justify an action.

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25
Q

Span of control

A

The number of subordinates working under a supervisor.

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26
Q 
Rate of absenteeism 
OR
Absenteeism rate
OR
Absentee rate
A

The number of staff absent as a percentage of the total number of staff employed. It can be calculated for different periods of time, i.e. daily rates or annual rates.

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27
Q

Work-life balance

A

The relationship between time spent at work and time spent away from work.

The time spent at work as a proportion of total time.

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28
Q

Curriculum vitae

A

A brief description of an individual’s personal details, experience and qualifications

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29
Q

External recruitment

A

When an employer looks for applicants for a job from outside the organisation.

30
Q

Internal recruitment

A

When an employee seeks to find applicants for a job from inside the organisation.

31
Q

Interview

A

A meeting where an applicant answers questions from and asks questions of selectors for a job.

32
Q

Job analysis

A

A study of what the job entails, such as skills, tasks and performance expected.

33
Q

Job description

A

A statement of the tasks to be undertaken and responsibilities of the employee holding the job.

34
Q

Person specification

A

A description (or profile) of the personal qualities that match the requirements of the job specification.

35
Q

Psychometric tests

A

Tests which aim to uncover the personality of individuals.

36
Q

Induction training

A

Training which occurs when a worker starts a job with a business.

37
Q

Market failure

A

When the operation of free market forces fails to provide an optimum level of output.

38
Q

Off-the-job training

A

Training which takes place outside the business through an external training provider like a local college or university.

39
Q

On-the-job training

A

Training given in the workplace by the employer.

40
Q

Training

A

The process of increasing the knowledge and skills of workers so that they are better able to perform their jobs.

41
Q

What are five attributes of Maslow’s hierarchy of needs?

A 
Self-actualisation
Esteem needs 
Love and belonging
Safety needs
Physiological needs
42
Q

Hawthorne effect

A

The idea that workers are motivated by recognition given to them as a group.

43
Q

Hygiene or maintenance factors

A

Those things that can lead to workers being dissatisfied.

44
Q

Motivated

A

Being encouraged to do something.

45
Q

Motivators

A

Those things that can lead to workers being satisfied

46
Q

Self-actualisation

A

A level on Maslow’s hierarchy where an employee realises his or her full potential.

47
Q

Scientific management

A

A theory that suggests that there is a ‘best’ way to perform work tasks.

48
Q

Annualised hours contracts

A

A payment system based on a fixed number of hours each year, but a flexible number of hours each day, week or month.

49
Q

Appraisal

A

Where the performance of an individual is reviewed against a set of criteria.

50
Q

Blue collar (or manual) workers

A

Workers who do mainly physical work, like assembly line workers.

51
Q

Bonus

A

An extra payment made in recognition of the contribution a worker has made to the company.

52
Q

Commission

A

Payment made, typically for achieving a target, such as a sales target.

53
Q

Fringe benefits

A

Payment in kind over and above the wage or salary paid, such as a company car or luncheon vouchers.

54
Q

Overtime

A

Time worked over and above the basic working week.

55
Q

Payment by results

A

Payment methods that reward workers for the quantity and quality of work they produce.

56
Q

Performance related pay (PRP)

A

A payment system, typically where workers are paid a higher amount if they achieve certain targets set for them by their employer.

57
Q

Piece rates

A

A payment system where employees are paid an agreed rate for every item produced.

58
Q

Profit sharing

A

Where workers are given a share of the profits made by the company which employs them.

59
Q

Salary

A

Pay, usually of non-manual workers, expressed as a yearly figure but paid monthly.

60
Q

Time rates

A

Rates of pay based on an amount of time, usually per hour.

61
Q

Wages

A

Payments made to employees for work done, usually given weekly to manual workers.

62
Q

White collar (or non-manual) workers

A

Workers who do non-physical work like office workers or teachers.

63
Q

Empowerment

A

To give official authority to employees to make decisions and control their own activities.

64
Q

Job design

A

The process of organising the tasks and activities required to perform a job.

65
Q

Job redesign

A

Changing the tasks and activities of a job, perhaps in an attempt to motivate workers.

66
Q

Job enlargement

A

Giving an employee more work to do of a similar nature.

67
Q

Job enrichment

A

An attempt to give employees greater responsibility and recognition by ‘vertically’ extending their role in the production process.

68
Q

Job rotation

A

The changing of jobs or tasks from time to time.

69
Q

Multiskilling

A

The processes of enhancing the skills of employees

70
Q

Teamworking

A

Employees working in small groups with a common aim..

71
Q

Quality control circles or Quality Circles

A

Small groups of regular workers in the same area of production which meet regularly to study and solve all types of production problems.

Business Studies AS Unit 2 (3 decks)

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