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Business > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Autocratic

A

Management/ leadership style whereby the managers makes all the decisions

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2
Q

Adverse variance

A

A difference between actual and budgeted amounts which is a bad news. Eg higher than budgeted costs

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3
Q

Bank over draft

A

Borrowing money from a bank on a current account, must be able to give back

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4
Q

Blake mouton grid

A

Manager behaviour based on their concern for people and production

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5
Q

Boston matrix

A

Analysis the product portfolio into 4 categories

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6
Q

Branding

A

Differentiates a product or service

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7
Q

Break even

A

Total sales equal total costs, neither a profit or a loss

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8
Q

Budget

A

A detailed plan of income and expenses expected over a certain amount of time

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9
Q

Buffer inventory

A

Minimum level of inventory required

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10
Q

Capacity utilisation

A

Proportion of the total capacity that is used

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11
Q

Cash flow

A

The movement of inflows and outflows of a business

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12
Q

Cash flow forecast

A

Prediction of likely in and out flows

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13
Q

Total contribution

A

The difference between total sales and variable costs

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14
Q

Correlation

A

The relationship between two variables

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15
Q

Delegation

A

where the responsibility of doing something is being passed on to someone else in the business

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16
Q

Democratic

A

Managers involve the employees in the decision making

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17
Q

Distribution channel

A

How a business gets its products to the end customer

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18
Q

Dividend

A

A payment that is made by a company to its shareholders from the profit

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19
Q

Elasticity of demand

A

Responsiveness of demand to change in price

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20
Q

Extrapolation

A

Using previous data to predict future values

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21
Q

Favourable variance

A

A difference between actual and budgeted results which is good news

22
Q

Gross profit

A

Revenue minus cost of sales

23
Q

Hierarchy

A

The structure and the number of layers of management and supervision in an organisation

24
Q

Inventory control

A

The process and controls used by a business to ensure that it has sufficient inventory for its purposes

25
Q

Job design

A

The way in which taste are combined to form a job

26
Q

Limited liability

A

Shareholders are only liable for he money that have invested

27
Q

Lean production

A

A method of products that aims to reduce waste

28
Q

Margin of safety

A

Difference between actual level of out put and break even point

29
Q

Market capitalisation

A

The value of outstanding shares

30
Q

Market research

A

The process f planning, collecting, and analysing data relevant to help make marketing decision

31
Q

Market segmentation

A

The process of dividing a market into smaller sections which contain customers with similar needs and wants

32
Q

Market share

A

The share of a the total market that is owned by a particular business product or bran

33
Q

Marketing mix

A

What they use to pursue its marketing objectives

7 Ps

34
Q

Mass customisation

A

The ability to offer products designed for he individual on a large scale

35
Q

Mass market

A

Describes the largest group of customers

36
Q

Niche market

A

Focuses on a segment or a larger market sector Whig is possible to target

37
Q

Operating profit

A

Gross profit minus admin costs

38
Q

Opportunity cost

A

The cost of a decision as measured by the benefits of the next best alternative

39
Q

Outsourcing

A

The deletion of business processes to a third party

40
Q

Penetration pricing

A

Pricing strategy that involves the setting of lower, rather than higher prices in order to achieve a large market share

41
Q

Price skimming

A

Pricing strategy where a higher price is charged for a new product to take advantage of customers prepared to pay for innovation

42
Q

Product life cycle

A

A theory which predicts the stages a product goes through from introduction to withdrawal from a market

43
Q

Profitabilities

A

The ability of the business to generate profit from its activities

44
Q

Quality

A

Where the product meets the customers requirements

45
Q

Spare capacity

A

Where a business is able to produce more with existing resources

46
Q

Stakeholder

A

A person or group with an interest with the business

47
Q

Tannenbaum and Schmidt continuum

A

A model of leadership that examines the relationship between how much freedom a manger gives he workers and how much auto tutu is retained

48
Q

Trade union

A

An organisation made up of employees who work together to improve working conditions

49
Q

Variance

A

The difference between the budgeted amount and what actually happens, it can be favourable or adverse

50
Q

Venture capital

A

Investment made by specialist funds to finance the launch, early development or expansion of a private company

51
Q

Waste

A

A cost of production

52
Q

Working capital

A

The amount of money that a business has available

Business (4 decks)

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