Key Terms Flashcards
Define protocol?
procedures or rules that must be followed
Define line manager?
the superior to who an employee reports to: usually this is the person directly above the employee on an organisation chart
Define embezzlement?
theft by an employee of assets that belong to the employer, this may include money, stock and stationery
Define plagiarism?
using someone else’s work and leading others to believe that it is your own
Define payment terms?
when payment should be made by the buyer/customer to the supplier
Define budget?
planned income and expenditure over a period of time
Define favourable variance?
where the actual figure is better than the budgeted figures, e.g. if costs are lower than budgeted or revenue higher than budgeted
Define adverse variance?
where the actual figure is worse than the budgeted figures, e.g. if costs are higher than budgeted or revenue is lower than budgeted
Define leasing?
a method of financing a fixed asset whereby the lessee pays to rent (lease) the asset from the leasor
Define standing order?
an instruction given by an account holder to the bank to pay a specific amount to another account on a regular basis, e.g. annually or monthly- for example, to pay a monthly gym membership
Define direct debit?
an instruction given by an account holder to the bank to allow another account holder (usually a business) to withdraw funds from that account
Define direct report?
a subordinate to a member of staff
Define interim deadline?
projects can be broken down into smaller tasks/targets, each of which can be allocated a deadline, these interim deadlines, if completed on time, will help to meet the final deadline
Define audience?
the people or other businesses that communication is aimed towards
Define consumables?
resources that will be sued and replaced on a regular basis, e.g printer cartridges, stamps and paper
