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Key terms Flashcards

1
Q

Ansoff’s Matrix

A

Shows the strategies that a firm can use to expand, according to how risky they are.

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2
Q

Asset

A

Anything that a business owns

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3
Q

balance sheet

A

a snapshot of a firms finances at a fixed time

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4
Q

budget

A

forecast future earnings and future spending

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5
Q

business cycle

A

the regular pattern of growth and recession in the economy

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6
Q

capital

A

A company’s finances or resources

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7
Q

cash flow

A

money that comes into and goes out of the firm.

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8
Q

net cash flow

A

is money in minus money out

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9
Q

competition policy

A

government policy to prevent anti-competitive behaviour by businesses, such as the formation of monopolies

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10
Q

contingency plan

A

a plan for when something goes wrong

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11
Q

corporate culture

A

the way a business does things- it affects attitudes and expectations of employees

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12
Q

corporate objectives

A

the goals for the whole business

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13
Q

corporate plan

A

sets out the businesses’ corporate objectives and the strategy the business uses to achieve them

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14
Q

corporate social responsibility (CSR)

A

when a business’ objectives consider the needs of all its stakeholders and just shareholders

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15
Q

cost centre

A

part of the business that directly incurs costs

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16
Q

cost benefit analysis

A

assessing the financial and social costs of an activity and its financial and social benefits

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17
Q

critical path analysis

A

works out the most efficient and cost effective way to finish a set of tasks

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18
Q

deflation

A

decrease in the price of goods and services

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19
Q

depreciation

A

losing value over time- fixed assets often depreciate

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20
Q

developing markets

A

a country with rapid economic growth

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21
Q

diversification

A

expanding to produce new products or enter new markets

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22
Q

economic growth

A

increase in the amount of goods and services that a country produces. measured in rate of increasing of gross domestic product (GDP)

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23
Q

environmental audit

A

independent check on the environmental impact of a firm’s activities. also called a green audit

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24
Q

ethical

A

morally and professionally acceptable

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25
exchange rates
the value of one currency in terms of another
26
final accounts
a company's balance sheet, profit and loss account and cash flow statement at the end of a financial year
27
fiscal policy
government policy that sets tax rates and government spending
28
fixed assets
things businesses keep long term or use repeatedly
29
fixed costs
costs that stay the same - no matter how much or how little a firm produces
30
forecasting
trying to predict what will happen in the future
31
functional objectives
the objectives of individual departments
32
gearing
the proportion of business financed through debt rather than equity or reserves
33
GDP( gross domestic product)
the total value of goods and services produced in a country over a year
34
globalisation
the breakdown of traditional national boundaries with the growth of communications, transport and global organisations and businesses
35
Human Resources management
looks after all the people related aspects of the business-like recruitment and training
36
Income statement
statement showing how much money's gone into and out of a company in a period of time
37
Industrial democracy
allowing the workforce to have some input into an organisation's decision-making process
38
Inflation
the increase in the price of goods and services
39
Interest rate
shows the cost of borrowing
40
Just-in-time production
manufacturing process which operates with very small amounts of stock
41
Kaizen
Japanese for continuous improvement. an approach used to improve quality control and efficiency
42
Lean production
techniques that aim to reduce waste to an absolute minimum
43
Liabilities
debts a business owes
44
Liquidity
how easily assets can be turned into cash
45
Market analysis
finding out about the market a company is operating in E.G size, growth, classification and market share of the company and its competitors
46
Market classification
identifying a market's characteristics
47
Market growth
when demand for product or services increases
48
Market research
finding out about customers, markets and competitors
49
Market segmentation
identifying the different types of customer in a market
50
Market share
the percentage of sales in a particular market that belongs to a particular company or brand
51
Marketing mix
the 4 P's used to market their goods/ services
52
Merger
where 2 companies agree they should join together into one business
53
Mission statement
written description of a company's corporate objectives
54
Monetary policy
Policy that controls the interests rates
55
Monopoly
when one firm controls most or all of the market share
56
Motivation
anything that makes you work hard to achieve things
57
Moving average
a way of finding trends in a set of data over time by smoothing out cyclical and seasonal variations
58
Multinational
a business within it headquarters in one country and bases in other countries
59
Nationalisation
when the government takes over the running of a private company or industry
60
Objective
a medium to long term target
61
Offshoring
when a firm has one or several of its activities carried out abroad
62
Operations management
planning and monitoring business operation to ensure they're efficient as possible
63
Opportunity cost
the idea that money or time spent doing one thing is likely to mean missing out on doing something else
64
Organic growth
when a business grows natually
65
Outsourcing
when a firm has one or several activities carried out by another, specialist company
66
Privatisation
Selling publicly-owned companies to private individuals or firms
67
Profit centre
part of a firm that directly generates revenue
68
Protectionism
when a country tries to protect it's own companies by making it harder for foreign companies to trade in that country
69
Qualitative Analysis
non-scientific method of analysing why people buy a product
70
Quantitative analysis
analysing sales using mathematical calculations
71
Return on capital employed(ROCE)
shows you how much money is made by the business compared to how much money's been put into the business
72
SMART objectives
objectives which are Specific, Measurable, Agreed Realistic and doable with in a certain Time period
73
Social costs
Internal costs and external costs
74
Social benefits
internal benefits and external benefits
75
Specialisation
breaking a job onto smaller tasks so that the workers become experts at their given task
76
Stakeholders
Everyone affected by a business including workers, shareholders, customers and the public
77
Strategy
a plan for achieving objectives
78
Subsidy
money paid by the government to certain industries to keep the costs of production down
79
Supply-side policies
government policies that aim to allow markets to work as freely as possible
80
Sustainability
whether a production process can continue indefinitely, bearing in mind it's impact on resources like oil
81
SWOT analysis
a method of assessing a business' current situation
82
Takeover
where one firm buys over 50% of the shares of another firm, giving them the controlling intrest
83
Tariff
tax paid on an imported product
84
Time series analysis (TSA)
recording data over time to help identify trends
85
Trade barrier
measures such as tariff or quotas that make it more difficult for foreign goods to enter a country
86
Trade union
groups that act on behalf of groups of employees in negotiations with employees
87
Trade bloc
a group of countries that trade freely with each other
88
Variable costs
costs that vary, depending on how much business the firm does
89
Vicarious liability
when an employer is responsible for any act committed by an employee during the normal course of their job
90
Waste management
keeping levels of waste as low as possible and within legal limits
91
Working capital
money available for day-to-day spending

Business Studies (5 decks)

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