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Business Studies > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Revenue

A

total sales made by a business

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2
Q

Capital employed

A

Total value of long term finance in business

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3
Q

Values of output

A

Total value of company’s production

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4
Q

Market shares

A

total sales of business divide total sales of industry

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5
Q

Internal growth

A

Business expanding its own operation

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6
Q

Merger

A

2 or more businesses form a new business

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7
Q

Takeover

A

Company gets control of another company

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8
Q

Horizontal intergration

A

Business in the same industry and at same stage of production merges or take over

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9
Q

Conglomerate integration

A

business merge or takeover another business in a different industry

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10
Q

Vertical integration

A

Business operating in the same industry but at different stage of production

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11
Q

Sole trader

A

Business in which one person has sole control and keeps all profit

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12
Q

Partnership

A

Business formed by 2 or more people with shared investment and unlimited liability

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13
Q

Franchise

A

Owner of company sells the right to another person or company to use the franchisor’s name, logo, products and methods in return for a fee

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14
Q

Social enterprise

A

A business that has a ‘triple bottom line’ and does not operate for profit maximisation

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15
Q

limited liability

A

does not lose personal assets to pay debts

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16
Q

Memo of Association

A

Basic details of a business

e.g. name, address, objectives, liability and number of shareholder

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17
Q

Article of Association

A

Internal running of a business
Internal running of a business
e.g. how to appoint director, meeting schedules

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18
Q

Private limited company

A

Shares can only be bought and sold privately with the unanimous agreement form each shareholder

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19
Q

Public limited company

A

Shares bought and sold on the stock market

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20
Q

Dividend

A

Payment made to shareholders which can be at the end, or middle or quarter of a year.

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21
Q

Economies of scale

A

As business grow average cost of production gets smaller

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22
Q

Purchasing economies

A

Buying in bulk, enabled by storage space or/and large level of production making less but bigger deliveries

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23
Q

Marketing economies

A

Afford larger advertising campaign

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24
Q

Financial economies

A

Better credit rating, less interest rate encourage borrowing

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25
Q

Technical Economies

A

Able to afford latest and most specialised equipment

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26
Q

Risk bearing economies

A

Larger range of production

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27
Q

Diseconomies of scale

A

When business gets larger and become less efficient

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28
Q

Communication breakdown

A

Across country or across the world, different language culture and time

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29
Q

Management diseconomies

A

conflict between different management styles

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30
Q

Labour diseconomies

A

Worker gets bored with repetitive tasks

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31
Q

Agglomerate diseconomies

A

May merge and takeover too many businesses wth different methods. Difficult to run all areas

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32
Q

Mission statement

A

A statement the business core aims phrased in a way to motivate those who work there and to stimulate interest for those who don’t

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33
Q

Corporate objectives

A

Gives details that aims and mission statement dont have but are based on

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34
Q

Corporate culture

A

the way things are done, the code of behaviour

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35
Q

Stakeholder

A

Individuals or groups of individuals who have an interest in the activity of a business

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36
Q

Corporate social responsibility

A

Concept that businesses should consider the interests of society in their decisions beyond their legal obligation

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37
Q

Taylor’s scientific method of production

A
  • Dividing labour into simple jobs

- Least amount of time to increase output

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38
Q

Maslow’s theory

A

Hierarchy of needs

39
Q

Hawthorne effect

A
  • Manager maintain communication with employees

- Employees should have a say on what goes on

40
Q

Hertzberg Two factor theory

A

Motivator and hygine factors

41
Q

Salary

A

Set amount paid regardless of hours worked

42
Q

Wage

A

Paid per hour

43
Q

Piece Rate

A

Paid according to units made

44
Q

Commission

A

Amount paid on top of basic salary, a percentage of sale

45
Q

Fringe benefit

A

Benefit in kind, recieved above basic pay

46
Q

Joint Venture

A

Two or more business agree to work closely on a project

47
Q

Cooperatives

A

Business that is owned and run jointly and sharing the benefit

48
Q

Holding companies

A

Business organisation that owns and controls different business but DOES NOT BRING THEM TOGETHER

49
Q

Difference between managers and leader

A

Micromanagement and MACRO management

50
Q

Planning

A

Give business direction

51
Q

Organising

A

Allocating resources

52
Q

Coordinating

A

Each department to contribute towards the common goal

53
Q

Commanding

A

Guiding leading an supervising the workforce

54
Q

Controlling

A

Ensure everything is going to plan and fix it when it is not

55
Q

Autocratic leadership

A

Ability to make all decisions
Does not share information
1 wat communication

56
Q

Democratic leadership

A

Good amount of information
2 way communication
Encourage participation

57
Q

Paternalistic leadership

A

Managers do what they think is good for the company
Management want workers to be happy
Some consultation but not meaningful

58
Q

Laissez-Faire

A

Delegate power to employee

59
Q

McGregor’s management Theory X and Y

A

X leaders control employees at work

Y leaders take responsibility, creative and enjoy the job

60
Q

Informal leader

A

Employees who are experienced and have been at a business for a long time, they gain high level of respect

61
Q

Emotional Intellegince by Daneil Galeman

A

Self aware
Self manage
Social awareness
Social skills

62
Q

Organisation Chart

A

Document showing levels of management and division of responsibility within an organisatio

63
Q

Hierarchy

A

Levels of management from top to bottom

64
Q

Levels of hierarchy

A

People given similar levels of responsibility in an organisation

65
Q

Chain of control

A

How instruction is passed through organisation

66
Q

Span of control

A

How many subordinates working under someone

67
Q

Delegation

A

amount of authority given to subordinates

68
Q

Workforce planning

A

Right skills available at right time

69
Q

Recruitment and selection

A

Appropriate employees and inducting them to the business

70
Q

Developing employees

A

training

71
Q

Employment contract

A

Preparing legal terms of employment into legal format

72
Q

HMR across the business

A

Involving all decision makers within the business

73
Q

Moral and Welfare

A

Giving advice and guidance to employees when required

74
Q

Incentive system

A

Developing appropriate pay system

75
Q

Monitoring

A

Monitor and measure performance

76
Q

Job description

A

Detailed list of key points about the job

77
Q

Personal specification

A

Attract suitable applicants but also repel unsuitable ones

Essential desired experience, qualification and charactreristics

78
Q

Job advertisement

A

Reflect requirements of job and personal qualities needed, making sure its in the right place and does not include discriminations

79
Q

Shortlisting

A

Selecting candidates for interview

80
Q

Selection

A

Interview is the most common form, questions would be asked

81
Q

Labour turnover

A

Number of employees over average number employed

82
Q

Induction training

A

New recruits to familiarise with the business

83
Q

On the job training

A

Learning the job from co-workers while doing the job

84
Q

Off the job training

A

Going offsite to learn the job at a specialist centre

85
Q

5 formals of unfair dismissal

A

Pregnancy, religion, Race, non-relevant crime record, member of trade union

86
Q

Sender/transmitter

A

Person passing the message

87
Q

Medium of communication

A

Method of sending the message

88
Q

Reciever

A

Message who it is intended for

89
Q

Feedback

A

Reciever responds that they have recieved the message

90
Q

One way communication

A

Message is passed to reciever and do not have the chance to reply

91
Q

Two way communication

A

When there’s a reply

92
Q

Internal communication

A

Communication between members of the same business

93
Q

External communication

A

Communication between memebers of business and people outside the business

Business Studies (8 decks)

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