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AQA GCSE Business > Key Terms > Flashcards

Key Terms Flashcards

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1
Q

What is cash?

A

Cash is the money that the business has in cash or at the bank

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2
Q

What are financial incentives?

A

Creating motivation in a worker by offering money for work done

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3
Q

What are fringe benefits?

A

Non-financial rewards or benefits

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4
Q

What are Non-financial incentives?

A

Incentives that have no monetary gain involved.

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5
Q

What is piecework?

A

Pay for what you produce, e.g. per unit or per batch

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6
Q

What is performance related pay?

A

If you do your job well your pay will reflect this

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7
Q

What is job enrichment?

A

Increasing the degree of challenge in your job - produces the most efficent form of work for employee’s according to Haslow

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8
Q

What are job rotations?

A

Doing multiple jobs at one company, e.g. at a supermarket switching between shelf stacking to checkouts

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9
Q

What is job enlargement?

A

Giving you more work for little or no extra pay

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10
Q

What are appraisals?

A

A review of someones performance given by their peers

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11
Q

What is autocratic management?

A

One person leads and makes all of the decisions, e.g. manager makes all decisions no questions asked.

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12
Q

What is democratic management?

A

Everyone has a say in decisions made. Majority rule wins.

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13
Q

What is laissez-faire?

A

Delegative leadership, e.g. dividing workload between all of the workers. Employees are left to their tasks.

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14
Q

What are inter-personal roles?

A

Someone who incorporates informational and decision making roles

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15
Q

What are decisional roles?

A

Making decisions after looking at the benefits and potential failures.

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16
Q

What is morale?

A

The overall mood of the workers in the company

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17
Q

What is a dismissal?

A

Being sent home but your contract hasnt been terminated

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18
Q

What is a job description?

A

What your job entails and other important details

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19
Q

Whata re job/person specifications

A

What your job specifically entails

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20
Q

What is redundancy?

A

You are no longer needed by your employer and therefore your contract is terminated (not being fired)

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21
Q

What does it mean by resignation?

A

You are leaving your job

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22
Q

What is Herzberg’s Two-Factor theory?

A

Proposed work satisfaction and dissatisfaction arise from two different factors - work satisfaction from so-called motivating factors and work dissatisfaction from so-called hygiene factors

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23
Q

What is retail sector

A

Businesses that sell consumers a wide variety of goods.

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24
Q

What is labour turnover?

A

The number of people that leave a business as a percentage of the average number of workers in the business.

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25
Q

What is labour productivity?

A

The output produced per worker

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26
Q

What is absenteeism?

A

The number of workers that take days off

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27
Q

What is job rotation?

A

Workers move around jobs in order to reduce boredom

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28
Q

What is team working?

A

Workers are grouped together to carry out a task

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29
Q

What are quality circles?

A

Workers meet to discuss quality issues and are encouraged to come up with better ways of doing things

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30
Q

What are market forces?

A

Factors created by the economy for the demand and availability of products and services which influence costs.

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31
Q

What is stakeholder feedback?

A

Surverying stakeholders for ideas, compliments, suggestions and complaints

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32
Q

What is a regulator?

A

An external body acting as a supervisor to ensure businesses comply with relevent legislation

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33
Q

What customer retention?

A

Custoemrs who remain loyal to specific brands and businesses

34
Q

What is bureaucracy?

A

Detailed procedures which have to be followed (sometimes known as: ‘red tape’)

35
Q

What does retail mean?

A

The sale of goods usually on a small scale, directly to the public for consumption rather than resale.

36
Q

What does PESTLE?

A
  • Political
  • Economic
  • Social
  • Technological
  • Legal
  • Environmental
37
Q

What are demographic trends?

A

The characteristics of a country’s population

38
Q

What is whistle-blowing?

A

Informing on someone who is doing something wrong or illegal

39
Q

What are Porter’s five forces?

A
  • supplie power
  • threat of new entrants
  • threat of substitutes
  • buyer power
  • rivalry
40
Q

What does SWOT stand for?

A
  • Strengths
  • Weaknesses
  • Opportunities
  • Threats
41
Q

What are the 5C’s?

A
  • company
  • collaborators
  • customers
  • competitors
  • climate
42
Q

What is a price taker?

A

This is when a company has to accept the prevailing price of a product is the wider market

43
Q

What is a freedom of entry?

A

A business has freedom of choice to enter or leave the market due to an unlimited number of buyers and sellers

44
Q

What is elasticity?

A

Reponsive to price changes

45
Q

What is ‘lateral’ thinking?

A

Approaching subjects from alternative perspectives

46
Q

What is ‘Blue Sky’ thinking?

A

Approaching subjects with no restrictions on perspectives

47
Q

What is serendipity?

A

A pleasant discovery that occurs unexpectedly or by accident

48
Q

What is brand personality?

A

Human characteristics to which a customer can relate, especially if similar to their own

49
Q

What is a strapline?

A

A caption or heading often providing a brief and snappy overview of a product, service or news story.

50
Q

What is viral (advertising/marketing)?

A

Unsolicited and infectious marketing tactics using social media to attract interest

51
Q

What is a disposable income?

A

The amount of residual money available for non-essentials after buying hills and creditors, such as credit cards and store cards.

52
Q

What does AIDA stand for?

A
  • Attention of the customer
  • Interest to learn more about the product
  • Desire for the product
  • Action to purchase when the oppurtunity arises
53
Q

What does altruistic mean?

A

Selfless, concern for others

54
Q

What is attrition?

A

The rate at which employees leave a business

55
Q

What does austerity mean?

A

The difficult economic conditions resulting from the government putting measures in place to reduce public spending

56
Q

What does BOGOF mean?

A

Buy One, Get One Free

57
Q

What does business-to-business mean?

A

B2B refers to when one business sells to another business - for example, a stationary business selling to a firm of accountants

58
Q

What does Business-To-Consumer mean?

A

B2C refers to when one business sells to an individual - for example, a stationary business selling wedding stationary to a bride and groom

59
Q

What is capital employed?

A

The total amount of capital tied up in a business at a point in time

60
Q

What are capital items?

A

Assets bought from capital expenditure such as: machinery and vehicles that will stay in the business for more than a year

61
Q

What is a caveat?

A

Conditions or limitations

62
Q

What is a claimant?

A

The person or organisation complaining that they have suffered loss or damage

63
Q

What is a contengency plan?

A

A back-up plan in case something goes wrong

64
Q

What is credibility?

A

When something or someone can be believed in and trusted

65
Q

What is a credit period?

A

The length of time given to customers to pay for goods or services recieved

66
Q

What is a credit rating?

A

A score given to individuals on how likely they are to repay debts based upon their previous actions

67
Q

What does customer-centric mean?

A

Putting the customer at the centre of operations

68
Q

What is delegation?

A

To give a task to someone else, usually a member of a team, and trust them to do it on your behalf

69
Q

What is Depreciation?

A

an accounting technique used to spread the cost of an asset over its useful life.

70
Q

What is disposable income?

A

the amount of residual money available for non-essentials after paying bills and creditors such as credit cards and store cards.

71
Q

What is a dividend?

A

a sum of money paid regularly (usually once a year) by a company to its shareholders. The money usually comes out of profits.

72
Q

What does being Egotistic mean?

A

self-important, striving for favourable impressions, conceited.

73
Q

What does elasticity?

A

Responsive to price changes

74
Q

What is an expected life?

A

How long an asset is expected to be used within a business

75
Q

What is Expenditure?

A

the amount of money you need to cover all your expenses/outgoings, eg your mortgage and bills.

76
Q

What does feasible mean?

A

likely or probable that something will succeed.

77
Q

What are financial transactions?

A

actions by a business that involve money either going into or out of a business - for example, making a sale or paying a bill.

78
Q

What are fixed assets?

A

items of value owned by a business that are likely to stay in the business for more than one year - for example, machinery. Also known as non-current assets.

79
Q

What is a Fixed-term contract?

A

an employment contract between employee and employer with a defined end date.

80
Q

What does formal mean?

A

business-like, factual, technical and professional, providing a record. It can refer to writing, such as formal written feedback.

81
Q

What is fraud?

A

when an individual acquires company money for personal gain, through illegal actions.

AQA GCSE Business (8 decks)

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