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Business Management > Glossary > Flashcards

Glossary Flashcards

1
Q

Accounting software

A

used to create final accounts such as income statements.

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2
Q

Air freight

A

a method of distributing goods using aeroplanes.

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3
Q

Application form

A

a document which an organisation creates for applicants to fill out.

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4
Q

Bank loan

A

when a business borrows money from the bank and will repay it over a specified period of time in regular instalments with interest.

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5
Q

Bank overdraft

A

when a business takes out more money than it has in its bank account.

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6
Q

Batch production

A

when products are made in small groups.

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7
Q

Benchmarking

A

the best performer in the industry is identified and their methods are copied to try and raise the quality of products.

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8
Q

Board of directors

A

a group of individuals appointed by the shareholders of a private limited company to oversee the running of it.

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9
Q

Bonus

A

employees are given an extra payment as a reward.

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10
Q

Boycott

A

employees refuse to carry out new duties or use new pieces of equipment.

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11
Q

Branding

A

a name, symbol, logo, slogan or unique design that a business can use to give their products a strong identity and make them easily recognisable by consumers.

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12
Q

Break even

A

the point at which no profit or loss is made.

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13
Q

Business plan

A

a written document prepared by an entrepreneur which details all key aspects of their proposed business.

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14
Q

Capital

A

money, tools and equipment invested into a business.

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15
Q

Capital intensive

A

when machinery and robots do most of the work in the manufacturing of a product.

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16
Q

Carbon footprint

A

the amount of carbon dioxide pollution released into the atmosphere by the activities of an individual or organisation.

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17
Q

Cash budget

A

a plan of how a business expects to spend and receive money.

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18
Q

Celebrity endorsement

A

the use of a famous person to promote a product.

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19
Q

Charity

A

a third sector organisation which has been set up to help a particular cause.

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20
Q

Closing balance

A

the money available at the end of the month which will become the opening balance for the following month.

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21
Q

Commision

A

employees are paid a percentage of a product’s sale value.

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22
Q

Competetive factors

A

activities carried out by businesses which provide similar goods or services to one another.

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23
Q

Competitive price

A

setting the price of a product the same as that of competitors.

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24
Q

Computer aided design (CAD)

A

software which allows for digital models of products to be designed and created.

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25
Q

Computer aided manufacture (CAM)

A

the use of computer controlled machinery and robots in the production of a product.

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26
Q

Condensed hours

A

employees work their contracted hours but over fewer days.

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27
Q

Contract of employment

A

a new employee will sign this to agree to the terms and conditions of a job.

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28
Q

Corporate social responsibility

A

(CSR) an objective where the business aims to have a positive impact on the environment, its staff and the local community.

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29
Q

Cost of sales

A

the cost of producing goods or providing a service.

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30
Q

Current technology

A

the technology that a business is currently using.

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31
Q

Customer care policy

A

a written policy which outlines a business’ standards for customer service and guidance for staff regarding how to offer good customer service.

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32
Q

Customer complaints procedure

A

a written document outlining the steps employees should take in handling a complaint to ensure they are dealt with consistently.

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33
Q

Customer service

A

the way in which a business treats and looks after its customers before, during and after a purchase.

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34
Q

CV

A

a document which an applicant creates that gives information about themself, e.g. education, work history, and hobbies and interests.

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35
Q

Database

A

software used as an electronic filing system.

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36
Q

Decline (product life cycle)

A

sales of a product fall quickly and it will be removed from the market before it becomes unprofitable.

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37
Q

Deficit

A

more money going out of a business than coming in.

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38
Q

Desk research

A

a type of market research which involves using pre-existing data that has been gathered by someone else.

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39
Q

Dividends

A

the process by which profits are divided amongst the shareholders of a private limited company.

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40
Q

Durable goods

A

items that can be used more than once.

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41
Q

E commerce

A

selling products and services via the internet

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42
Q

Economic factors

A

anything which affects how much people are spending.

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43
Q

Electronic payment systems

A

used to receive payments from customers.

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44
Q

Electronic point of sales

A

an electronic till system which records inventory going in and out of a company’s warehouse in real time.

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45
Q

E mail

A

electronic mail which can be used to send and receive messages and can include attachments.

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46
Q

Enterprise

A

the idea behind a business.

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47
Q

Entrepreneur

A

the person who comes up with the idea for a business and combines the factors of production together in order to start it up.

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48
Q

Environemental factors

A

weather conditions, including natural disasters, and the extent to which a business is environmentally friendly.

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49
Q

Environmentally friendly

A

acting in ways which are beneficial to the natural world such as recycling and using renewable energy.

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50
Q

Equality act 2010

A

ensures that employees and customers are not discriminated in the workplace.

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51
Q

Ethical operations

A

businesses aiming to act in ways which are fair, honest and right.

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52
Q

Expenses

A

items that a business must pay for to keep running, e.g. wages, electricity, insurance.

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53
Q

External factors

A

anything outwith an organisation which can affect it, either positively or negatively.

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54
Q

Factors of production

A

the resources needed in order to start up a business, namely capital, enterprise, land and labour (CELL).

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55
Q

Field research

A

a type of market research which involves a business gathering brand new information themselves.

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56
Q

Finance

A

the financial resources available to a business.

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57
Q

Fixed costs

A

costs which stay the same no matter how many units are produced.

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58
Q

Flexi time

A

employees can choose their start and finishing times but must work ‘core time’.

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59
Q

Flow production

A

when a large amount of identical products are made using an assembly line where a different component is added at each stage.

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60
Q

Free sample

A

a taster of a product that is given to customers to try for free.

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61
Q

Goods

A

items that can be seen, touched and picked up.

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62
Q

Go slow

A

employees complete tasks as slowly as possible.

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63
Q

Governement grant

A

money that is given to a business by the government which does not have to be repaid.

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64
Q

Gross profit

A

the profit made from buying and selling goods (sales revenue−cost of sales)

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65
Q

Growth (product life cycle)

A

sales of a product grow rapidly - most products become profitable by the end of this stage.

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66
Q

Health and safety at work act 1974

A

ensures that employers and employees have responsibilities for health and safety in the workplace.

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67
Q

Hire purchase

A

paying for an item in regular instalments. A deposit is usually required as well. This is usually paid back in monthly instalments and over a specified period of time.

68
Q

Homeworking

A

employees work from home either all the time or for part of the working week.

69
Q

Human resource

A

all of the employees in a workplace.

70
Q

Income statement

A

shows the profit/loss made during a financial year.

71
Q

Induction training

A

training given to employees when they first start a new job.

72
Q

Internal factors

A

anything within an organisation which can affect it, either positively or negatively.

73
Q

Interview

A

a meeting between an organisation and an applicant.

74
Q

Introdcution (product life cycle)

A

a product is first launched onto the market and requires heavy advertising.

75
Q

Job advert

A

a document which lets applicants know that a job exists.

76
Q

Job description

A

gives information about a job, e.g. tasks and duties, pay, working hours and contract type.

77
Q

Job production

A

when a bespoke, one-off product is made by hand by highly-skilled workers.

78
Q

Job share

A

two employees share a full-time job.

79
Q

Labour

A

employees of a business.

80
Q

Land

A

the natural resources a business will use.

81
Q

Leasing

A

when a business ‘rents’ an item.

82
Q

Limited liability

A

the state of not being legally responsible for paying the debts of a business.

83
Q

Living wage

A

paying staff more than the legal minimum per hour.

84
Q

Loan from family/friends

A

when a business borrows money from a family member or friend, usually with no interest.

85
Q

Low price

A

setting the price of a product lower than that of competitors.

86
Q

Loyalty scheme

A

when customers collect points or stamps by buying from a business, which can be redeemed for free products or money off future purchases.

87
Q

Market leader

A

the business in the market with the highest number of customers.

88
Q

Market research

A

the process of gathering, recording and analysing data about customers, competitors and market trends.

89
Q

Market segmentation

A

the process of dividing consumers into groups based on specific characteristics such as age or gender.

90
Q

Market share

A

the number of customers in the market who buy from a business, usually represented with percentages.

91
Q

Maturity (Product life cycle)

A

sales and profits of a product reach their peak.

92
Q

M commerce

A

selling products and services via a smartphone application

93
Q

Mortgage

A

a special type of loan which is used to pay for property or land. This is a long-term source of finance and is usually taken out over 20-25 years.

94
Q

National minimum wage act 1998

A

sets the minimum hourly rate in which employees must be paid. This depends on the employee’s age and usually changes every April.

95
Q

Need

A

something that a human being cannot live without.

96
Q

Non durable goods

A

items that can only be used once or do not last for a long period of time.

97
Q

Off the job training

A

training given outwith a workplace.

98
Q

Online banking

A

used to carry out banking activities, e.g. transferring money to another recipient.

99
Q

On the job training

A

training given within a workplace.

100
Q

Opening balance

A

the money available at the beginning of a month.

101
Q

Overstocking

A

when a business holds too much inventory.

102
Q

Overtime

A

employees are paid extra for working more than their contracted hours.

103
Q

Overtime ban

A

employees refuse to work more than their contracted hours.

104
Q

Partnership

A

a business owned and controlled by 2 - 20 people, known as partners

105
Q

Payments

A

money that is paid out of a business, e.g. energy costs.

106
Q

Person specification

A

gives information about the type of person required for a job, e.g. skills, qualities, qualifications and experience.

107
Q

Piece rate

A

employees are paid per item they produce.

108
Q

Place

A

where a business makes their good or service available for the customer to buy.

109
Q

Political factors

A

laws and legislation passed by the government which can influence business.

110
Q

Premium(high) price

A

setting the price of a product higher than that of competitors.

111
Q

Presentation software

A

used to create presentations and slide shows.

112
Q

Price

A

how much money a business charges the customer to buy their good or service.

113
Q

Primary sector

A

businesses which grow or extract raw materials.

114
Q

Product

A

the actual good or service being sold by a business.

115
Q

Profit/loss for the year

A

the profit made once expenses have been subtracted (gross profit−expenses).

116
Q

Profit maximisation

A

the objective where a business aims to make as much profit as possible.

117
Q

Promotion

A

the ways in which a business raises awareness of their product or service and persuades customers to buy it.

118
Q

Purchasing mix

A

the factors that a business should consider when choosing a supplier.

119
Q

Quality assurance

A

the quality of a product is inspected at every stage of production.

120
Q

Quality circle

A

a small group of employees from different levels across a business meet regularly to discuss how to improve quality.

121
Q

Quality control

A

a sample of raw materials are inspected before production begins and the finished good is inspected at the very end of production.

122
Q

Rail freight

A

a method of distributing goods using trains.

123
Q

Receipts

A

money that comes into a business, e.g. sales.

124
Q

Recruitment

A

the process of attracting candidates to apply for a job.

125
Q

Reference

A

filled out by a previous employer or teacher, which gives information about an applicant, e.g. their attendance, punctuality and suitability for a job.

126
Q

Road freight

A

a method of distributing goods using vans, trucks and lorries.

127
Q

Salary

A

employees’ pay is divided into twelve equal payments and paid monthly.

128
Q

Sales maximisation

A

the objective where a business aims to sell as many goods and services as possible.

129
Q

Sales revenue

A

money made from selling good to customers.

130
Q

Sea freight

A

a method of distributing goods using ships.

131
Q

Secondary sector

A

businesses which manufacture products.

132
Q

Selection

A

the process of choosing the correct person for a job.

133
Q

Services

A

things that are done for us.

134
Q

Shareholders

A

individuals who invest in a private limited company in return for a percentage ownership of the business.

135
Q

Share issue

A

selling shares to existing or new shareholders - only available to private limited companies (Ltd).

136
Q

Shares

A

small portions of a business - each share is a percentage ownership of the business.

137
Q

Sit in

A

employees enter the workplace but refuse to do any work.

138
Q

Social enterprise

A

a third sector organisation which uses the profits it makes to help a social or environmental cause.

139
Q

Social factors

A

people’s changing values, beliefs and lifestyles.

140
Q

Sole trader

A

a business owned and controlled by one person.

141
Q

Special offer

A

a short-term reduction in price which aims to increase sales of a product.

142
Q

Spreadsheet

A

a piece of software that is used for calculations using formulae.

143
Q

Stakeholder

A

an individual, group or organisation who have an interest in the business and can take actions to influence the success of a business.

144
Q

Stakeholder influence

A

the actions a stakeholder can take which can positively or negatively impact on the business.

145
Q

Stakeholder interest

A

what the stakeholder wants from the business or why they want it to be successful.

146
Q

Strike

A

employees stop working altogether.

147
Q

Supplier

A

a company which provides the materials and resources that are needed by a business to manufacture its product.

148
Q

Surplus

A

more money coming into a business than going out of it.

149
Q

Survival

A

the objective where a business aims to stay open and continue trading.

150
Q

Target market

A

the group of customers that the business is aiming their product or service towards.

151
Q

Technological factors

A

technology that the business is not currently using.

152
Q

Teleworking

A

employees work away from the office and use ICT to communicate.

153
Q

Tertiary sector

A

businesses which provide a service.

154
Q

Testing

A

assessing the skills and abilities of an applicant.

155
Q

Time rate

A

employees are paid per hour they work.

156
Q

Total costs

A

fixed and variable costs added together.

157
Q

Training

A

teaching employees new skills or updating their existing skills.

158
Q

Understocking

A

when a business holds too little inventory.

159
Q

Unlimited liability

A

the state of being legally responsible for paying the debts of a business.

160
Q

Variable costs

A

costs which change depending on the level of output.

161
Q

Videoconferencing

A

technology used for tasks such as interviewing applicants or providing training.

162
Q

Want

A

something that a human being can live without but which makes life more enjoyable.

163
Q

Word processing

A

software which is used for keying in text and documents such as letters, reports, newsletters.

164
Q

Works council

A

made up of equal numbers of employees and management and meet on a regular basis to discuss work-related issues.

165
Q

Work to rule

A

employees only carry out tasks which are in their contract of employment.

Business Management (16 decks)

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