Keywords Flashcards
Adding value
How a business sells a product for more than it costs through the processes they apply
Advertising
Promotional method where a business pays to place an advert in form of media, such as newspaper or television
Aesthetic
The attractiveness of the design of a product
Aims and objectives
The overall goals of a business or organisation identifying what the business is trying to achieve
Application form
A method of applying for a job where the required details are decided by the business who is recruiting
Autonomy
The independence a worker has within their job
Average rate of rate
The annual percentage profit that an investment makes compared to the cost of the investment
Bar gate stock control graph
A method of displaying data on stock levels, which allows stock control policy to be decided, implemented and reviewed within a business
Batch production
Method of production where groups or types of products are made at several stages
Bonus
An extra amount of financial pay received through achieving a business target
Branding
What distinguishes a good or service from rivals
Breakeven
Where total revenue is the same as the total costs and no profit or loss is made
Buffer stock
A quantity of stock kept in store to safeguard against unforeseen shortages or demands
Business
An organisation set up to meet customer demand and to make a profit for its owners
Business environment
The external factor such as the economy and the law that influence how a business operates
Business plan
A document produced by a new or existing business that shows what its objectives are and how it will meet them
Capacity
The maximum production output a business can achieve with its existing resources
Capital
The initial money that is needs to start a business that is normally linked to purchases of machinery and premises
Cash-flow
The money that flows into and out of a business from sales and expenses
Cash-flow forecast
The prediction of how much money will come into and out of a business over a future period
Cash inflow
The money that comes into a business from sales and other sources
Cash outflow
The money leaving a business that it spends on raw materials, labour and other expenses
Centralised
Where business decision making and implementation take place at and from the business headquarters
Chain or command
Part of the structure of a business organisation which shows who is in charge of who
