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business unit one > key words > Flashcards

key words Flashcards

1
Q

savings

A

a business owner providing their own money as part of the start-up capital for a new business

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2
Q

raw materials

A

the planets natural resources

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3
Q

manufacturing

A

the making of goods using a production or construction process

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4
Q

service

A

the provision of deed or action

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5
Q

primary activity

A

the extraction of raw materials

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6
Q

secondary activity

A

the manufacturing of products

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7
Q

tertiary activity

A

the provision of a service

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8
Q

private sector

A

business owned by individuals to make a profit (sole trader)

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9
Q

public sector

A

businesses owned by the government

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10
Q

third sector

A

organisations run for social benefit that are not owned by the government

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11
Q

sole trader

A

a business that only has one owner

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12
Q

unlimited liability

A

business and owner are equal

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13
Q

partnership

A

a business with two or more owners who have joint control

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14
Q

private limited company

A

a business owned by one or more shareholders who have brought shares privately

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15
Q

limited liability

A

the owners and business are separate - the business is only liable for the debts

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16
Q

incorporated

A

the business is deemed a legal entity separate from its owners

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17
Q

public limited company

A

a business owned by two or more shareholders who have brought shares on the stock exchange

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18
Q

registered charity

A

a business with charitable status

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19
Q

community interest company

A

a company set up by private individuals to benefit society rather than make a profit

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20
Q

deed of partnership

A

a document detailing the rights and responsibilities of each partner

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21
Q

memorandum of association

A

a document which states what the company has been formed to do

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22
Q

articles of association

A

a document which governs the internal rules of how the company is to be run

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23
Q

form 10

A

a form declaring director names the name of the company secretary and the businesses registered office

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24
Q

form 12

A

a statutory declaration that all requirements of the company registration process have been complied with

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25
Q

aims and objectives

A

what a business is trying to achieve

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26
Q

revenue

A

the money a business gets when payment is made for the goods and services it provides

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27
Q

profit

A

the amount left when costs has been taken away from revenue

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28
Q

break-even

A

making just enough revenue to cover costs

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29
Q

market share

A

the proportion of the total market the business sells to

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30
Q

functional area

A

the division of work into separate areas of expertise

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31
Q

financial forcasts

A

prediction of a businesses future financial situation

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32
Q

financial statement

A

the businesses actual financial situation

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33
Q

pricing strategy

A

the method used to set the prices of the products / services

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34
Q

shortlisting

A

selecting which candidates to interview

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35
Q

redundancy

A

losing an employee because their job is no longer needed

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36
Q

quality control

A

making sure products are made to required standard

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37
Q

refunds

A

giving customers their money back

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38
Q

stock control

A

managing stocks of physical resources e.g. raw materials

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39
Q

hierarchical structure

A

the organisation of job roles by rank

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40
Q

flat structure

A

a business with hierarchy with few levels

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41
Q

tall structure

A

a business hierarchy with many levels

42
Q

centralised structure

A

a business structure where decisions are made at the top of the hierarchy

43
Q

decentralised structure

A

a business where decisions are made lower down the hierarchy

44
Q

matrix structure

A

a business structure where teams of people from different functional areas work together on specific projects

45
Q

command status

A

downwards flow of the chain relating to who a particular employee can give orders to

46
Q

reporting status

A

upwards flow of the chain relation to who a particular employee must report to

47
Q

superior

A

higher status

48
Q

subordinates

A

lower status

49
Q

status level

A

rank of a specific job role

50
Q

per annum

A

per year

51
Q

income statement

A

a document that reports the profit or loss the business has made

52
Q

gross profit

A

the accounting term used when variable costs have been deducted from revenue

53
Q

operating profit

A

used when costs of sales and operating expenses have been deducted from revenue

54
Q

profit before tax

A

used when costs of sales, operating expenses and non-operating expenses have been deducted from revenue

55
Q

net profit

A

used when all business costs have been deducted from revenue

56
Q

dividends

A

payments made to shareholders as a reward for investing in the company

57
Q

retained profit

A

the amount of profit not distributed to owners

58
Q

statement of financial position

A

a document that shows what a business is worth at a given moment in time

59
Q

non-current assets

A

assets that the business owns that are intended to remain in the business to help it carry out its day-to-day operations

60
Q

net book value

A

the value of non-current assets at the present time

61
Q

current assets

A

items the business owns that are likely to be converted to cash during its annual trading cycle

62
Q

trade receivables

A

money owed to the business by debtors

63
Q

prepayments

A

monies paid in the accounting period

64
Q

trade parables

A

money the business owes to creditors, usually for the purchase of stock which the business has brought on credit

65
Q

accruals

A

expenses for this accounting period which have yet to be paid

66
Q

net assets

A

all of the business assets minus all of its liabilities

67
Q

total equity

A

the total capital invested in the business

68
Q

cash flow statement

A

a document that shows the historic flow of funds into and out of a business

69
Q

cash flow forecast

A

a document that predicts the expected flows of funds into and out of a business in the future

70
Q

overtime

A

working extra hours

71
Q

strike

A

an organised form of industrial action where workers withdraw their labour and do not turn up for work

72
Q

boycott

A

a refusal to buy goods/services

73
Q

conflict resolution

A

dealing with and resolving a disagreement completely

74
Q

conflict management

A

the process of limiting the negative effects of a conflict

75
Q

demographic issues

A

issues relating to the size and structure of the population

76
Q

disposable income

A

a person total income minus taxes

77
Q

automation

A

the replacement of human labour with machines

78
Q

CAD/CAM

A

computer aided design

79
Q

e-commerce

A

websites allowing purchases to be made online

80
Q

EPOS

A

electronic point of sale

81
Q

video conferencing

A

holding virtual meetings using audio and video screens

82
Q

imports

A

buying goods from abroad

83
Q

exports

A

selling goods to other countries

84
Q

sterling

A

the UK currency

85
Q

ethical factors

A

issues concerned with doing what is right

86
Q

sustainability

A

behaving in a way which preserves the planets natural resources for future generations

87
Q

corporate social responsibility

A

a business behaving in a way which improves the welfare of society

88
Q

internal source of finance

A

funding obtained from the business itself

89
Q

external source of finance

A

funding obtained from outside of the business

90
Q

short-term financial needs

A

finance required for up to 12 months

91
Q

long-term financial needs

A

finance required for longer than 12 months

92
Q

benchmarking

A

judging performance by comparing against a standard

93
Q

overdraft

A

a business is allowed to withdraw money from a bank account even of it does not have enough money

93
Q

loan

A

a sum of money borrowed fro a set period of time

94
Q

mortgage

A

used to buy property

95
Q

credit card

A

buy goods now and pay off the bill later

96
Q

hire purchase

A

pay a deposit for an asset and then regular payments for a set period of time

97
Q

trade credit

A

a business buys goods from a supplier and pays for them later

98
Q

venture capital

A

a person invests their own funds into a project which is ‘high risk’ they then own a share of the business

99
Q

share issue

A

a limited company issues further shares to family to raise capital to expand a business

100
Q

crowdfunding

A

funding a project

101
Q

business plan

A

formal document produced by a business that sets out how it will succeed

business unit one (16 decks)

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