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BUSINESS > KEY TERMS > Flashcards

KEY TERMS Flashcards

1
Q

Chain of command

A

Route through which orders are passed down in the hierarchy

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2
Q

Delegation

A

Authority to pass down work from superior to subordinate.

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3
Q

Span of control

A

Number of people a person is directly responsible for in a business

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4
Q

Formal organisation

A

Internal structure of a business as shown by an organisation chart

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5
Q

Organisational chart

A

Diagram that shows the different job roles in a business and how they relate to each other.

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6
Q

Hierarchy

A

Order or levels of responsibility in an organisation from the lowest to the highest

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7
Q

Authority

A

Right to command and make decisions

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8
Q

Payroll officer

A

Someone who is responsible for the administration of workers’ pay in an organisation

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9
Q

Accounts clerk

A

Someone who keeps records or accounts in an office

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10
Q

Subordinates

A

People in the hierarchy who work under the control of a more senior worker

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11
Q

Centralised

A

Type of organisation system where most decision are made at the top of the organisation and then passed down the chain of commands

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12
Q

Decentralised

A

Type of organisation system where decision making is pushed down the chain of command and away from the top

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13
Q

Limited liability

A

Shareholders are legally responsible for the debts of a company according to how many shares they own.

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14
Q

Memorandum of association

A

Document that describes what the company has been formed to do, gives details about the company, including: name, address, objectives, number of shares issued and amount of capital raised.

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15
Q

Private limited company

A

Private company limited by shares were the shareholder’s properties are kept securily

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16
Q

Franchisee

A

The entrepreneur who wishes to open a new branch of a franchised chain( who pays the franchisor to do so)

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17
Q

Franchsior

A

The owner of a brand. E.g. McDonalds, the body shop

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18
Q

Public Limited Company ( PLC )

A

A limited company whose shares are freely sold and traded, with a minimum share capital of £50 000 and the letters PLC after its name

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19
Q

Stakeholder

A

Anyone with an interest in the company

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20
Q

Partnership

A

It is when a company is owned and controlled by 2 to 20 people.

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21
Q

Public Sector Organisation

A

Their aim is not to make a profit, it is to provide a service. They are run by the government. E.g. firemen, police

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22
Q

Entrepreneur

A

Person who takes risks and sets up businesses; individual who organices the other factors of production and risks their own money in a business venture

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23
Q

Sole trader

A

An individual that owns and controls a business and may or may not employ other people.

24
Q

Unincorporated

A

Business where there is no legal difference between the owner and the business

25
Q

Incorporated

A

Business that has a separate legal identity from that of its owners. E.g. PLCs

26
Q

Flotation

A

The process of a company ‘going public’

27
Q

Stock market

A

A market for shares in PLCs

28
Q

Joint Venture

A

Where two or more companies share the cost responsibility and profits from a business venture

29
Q

Ventures

A

New business activity that involves taking risks

30
Q

Venture capitalists

A

Specialist investors ( individuals or companies ) who provide money for business purposes, often to new businesses

31
Q

Privatisation

A

Transfer of public sector resources to the private sector business

32
Q

Subsidise

A

Paying part of the costs ( often by the government in business)

33
Q

Natural monopoly

A

Market where it is more efficient to have just one organisation meeting total market demand

34
Q

Public corporations

A

Business organizations owned and controlled by the state/ government .

35
Q

Infrastructure

A

Basic systems and structures that a country or organisation needs in order to work properly E.g. Basic power lines for new housing development

36
Q

Primary sector

A

Production involving the extraction of raw materials from the earth

37
Q

Secondary sector

A

Production involving the conversion of raw materials into finished and semi-finished goods.

38
Q

Assembly plant

A

Factory where parts are put together to make a finished product

39
Q

Tertiary sector

A

Production of services in the economy

40
Q

Brownfield sites

A

Areas of land that were once use for urban development.

41
Q

Monetary policy

A

Using changes in interest rates and the money supply to manage the economy

42
Q

Repatriation of profit

A

Where a multinational returns its profits from an overseas venture to the country where it is based, typically from a developing country to a developed country

43
Q

Currency reserves

A

Money in foreign currency held by a country and used to support its own currency and to pay for imports and foreign debts

44
Q

Trade bloc

A

Group of countries situated in the same region that join together and enjoy trade free of barriers

45
Q

Overtrading

A

Taking on more work than a business can afford to fund effectively.

46
Q

Undercapitalised

A

Starting a business with insufficient capital

47
Q

Job description

A

Document that shows clearly the tasks, duties and responsibilities expected of a worker for a particular job

48
Q

Inventory

A

Stocks of goods. There are 3 types of inventory:

  • raw materials inventory
  • work-on-process inventory
  • finished goods inventory
49
Q

Communication barriers

A

Obstacles that prevent effective communication between a sender and a receiver

50
Q

Application form

A

Standard document used to collect information from a job seeker

51
Q

Fixed assets

A

Resources that are used repeatedly for a period of time by a business such as properties, tools, vehicles and machinery

52
Q

Informal communication

A

Using non-approved channels when communicating

53
Q

Capital employed

A

Amount of money invested in a business

54
Q

Person specification

A

Personal profile of the type of person needed to do a particular job

55
Q

Curriculum vitae

A

Document used by a job seeker that lists personal details, qualifications , work experience, referees and other details

BUSINESS (25 decks)

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