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Business Theme 3 > Keywords > Flashcards

Keywords Flashcards

1
Q

Actual Values

A

Forecasts of the net cash flow resulting from a sequence of decisions.

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2
Q

Aims

A

A generalised statement of where a business is heading.

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3
Q

Annual General Meeting

A

A once-yearly meeting where shareholders have the opportunity to influence decisions and appoint directors/managers.

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4
Q

Average Cost

A

The cost of producing one unit of output (=total cost/current output)

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5
Q

Bad Debts

A

Monies owed to a business that will never be repaid

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6
Q

Benchmarking

A

Comparing your performances with that of rivals to identify and learn from best practise.

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7
Q

Bureaucratic

A

An organisation or activity that is stifled by excessive paperwork or re-checking of decisions

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8
Q

Competitive Advantage

A

The factors that enable a business to sustain a profitable position in a competitive market

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9
Q

Contingency Planning

A

Planning that encompasses possible outcomes other than those intended

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10
Q

Corporate Culture

A

The attitudes, decision-making practises and style of an organisation

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11
Q

Corporate Social Responsibility

A

Phrase used to describe the actions of an organisation when it attempts to act in an ethical way towards its wider ethical responsibilities (e.g. social, environmental)

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12
Q

Corporation Tax

A

A tax levied as a percentage of a limited company’s profits

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13
Q

Cost of Sales

A

All the costs arising from sales (including materials, supplies, packaging etc.)

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14
Q

Criterion Level

A

A rough measure set by management to judge whether investments/projects are worth pursuing

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15
Q

Critical Path

A

The activities that must be completed on time for a project to be completed in its anticipated time-frame

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16
Q

Cumulative Cash

A

The build up of cash over several time periods

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17
Q

Delegate

A

Passing authority down the hierarchy

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18
Q

Demography

A

Factors relating to the population; such as changes in the number of old people or immigration

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19
Q

Discounting

A

Applying a discount factor to a money sum to take into account the long term opportunity cost of money

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20
Q

Diseconomies of Scale

A

Factors that cause average costs to rise as output increases

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21
Q

Disruptive

A

Technology that would shift a whole sector towards a new way of doing things (e.g. www)

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22
Q

Disruptive Change

A

Sudden, unpredictable change

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23
Q

Distinctive Capabilities

A

Ways a firm operates that cannot easily be copied by rivals

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24
Q

Diversification

A

When a company expands its activities outside its normal range

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25
Q

Dividends

A

Regular payments to shareholders as a reward for their investment

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26
Q

Downsizing

A

Re-organising staffing and resources to reflect reduced demand

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27
Q

Earning per share

A

Company profits after tax divided by the number of shares issued

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28
Q

Economies of Scale

A

Factors that cause average costs to fall as output increases

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29
Q

Expected Values

A

Forecast values adjusted by the probability of their occurrence

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30
Q

Float Time

A

Spare time that arises between the completion of an activity and the start of the next

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31
Q

Generic Strategy

A

A strategy position that will prove effective in every market (e.g. lowest cost, high differentiation)

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32
Q

Gross Profit

A

Revenue - cost of goods sold (profit made on trading activities)

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33
Q

Incremental Change

A

Planned, strategic changes taken in small steps over an extended time period

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34
Q

Inorganic Growth

A

Growth achieved via mergers or takeovers

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35
Q

Intuition

A

Deducing something from circumstances without any direct evidence

36
Q

Liability

A

A debt (e.g. a bill) that has not yet been paid

37
Q

Line Managers

A

Staff with responsibility for achieving specific business objectives and management of the resources associated with them

38
Q

Liquidity

A

A measurement of the firm’s ability to pay it’s short term bills

39
Q

Management by exception

A

Choosing to focus only on the most important issues in favour of micro-management

40
Q

Market Dominance

A

Where one firm/product achieves a very high market share

41
Q

M-Commerce

A

Electronics carried out on mobile devices

42
Q

Mission

A

An aim expressed in a particularly inspiring way

43
Q

Mission Statement

A

A statement that sums up a firm’s mission that is shared throughout the organisation

44
Q

Mittelstand

A

The family-owned SMEs that are the backbone of the German economy

45
Q

Net gains/losses

A

Subtracting the initial outlay from the expected value to identify whether a decision is likely to produce a surplus

46
Q

Net Realisable Value

A

The price that can be obtained for second hand stock after deducting selling costs

47
Q

Network (Critical Path)

A

A diagram showing all the activities associated with a particular object

48
Q

Network (Critical Path) Analysis

A

Breaking a project down into its component parts to identify a sequence of activities

49
Q

Node

A

The thing in the middle of your fade

50
Q

Node (Decision Trees)

A

A point in a decision tree where chance takes over (denoted by a circle)

51
Q

Operating Profit

A

Gross profit - expenses

52
Q

Organic Growth

A

Growth from within the business - resulting from its trading activities

53
Q

Person Culture

A
  • people believe themselves to be superior to the business
  • full of people with similar training, expertise and backgrounds
  • common in firms of professionals - lawyers, accountants
  • power lies in each group of individuas
54
Q

Power Culture

A

An organisation where power is centralised and delegation may be limited, so decisions can be swift.

55
Q

Present Values

A

The value in the present of a sum of money, in contrast to some future value it will have when it has been invested at compound interest.

56
Q

Pressure Group

A

A group who try to further a common interest

57
Q

Private Equity

A

Investors or groups that buy up businesses with a view to making short term profits from selling on or re-organisation

58
Q

Probability

A

The likelihood of something occurring

59
Q

Product Differentiation

A

The extent to which consumers perceive one product as being different from its rivals

60
Q

Profit Quality

A

A measure of profit based on its long-term sustainability

61
Q

Prudent

A

An accounting term meaning cautious

62
Q

Psychometric Tests

A

Designed to test the psychological make-up of a prospective employee

63
Q

Repositioning

A

Changing a product or its promotion to appeal to a different market segment

64
Q

Reserves

A

A company’s accumulated retained profit

65
Q

Revenue

A

Sales Revenue (also known as turnover) is total income - calculated by multiplying the selling price of each unit by the total number of units sold.

66
Q

Role Culture

A

Where focus on the job role takes precedence to the individual. People have clearly delegated authorities within a highly defined structure. Power is determined by a person’s position. Decision making is very slow and they are less likely to take risks.

67
Q

Sales Forecast

A

A method of predicting future sales using statistical methods

68
Q

Seasonal Variation

A

Change in the value of a variable that is related to seasonal change

69
Q

Shareholder

A

An owner of part of (a share if LTD) of a company

70
Q

Shareholder Value

A

When a firm’s focus is on the value of its shares or dividend

71
Q

Short-termism

A

Making decisions on the basis of the immediate future and ignoring long-term factors or predictions

72
Q

Social Responsibilities

A

Duties to stakeholder groups beyond the direct business interests of the firm

73
Q

Stakeholder

A

An individual or group who affects and/or is affected by the actions of an organisation

74
Q

Stock Market Index

A

A weighted average of the share prices of many companies measured over time (e.g. FTSE 100)

75
Q

Stock Units

A

The number of different brands and pack sizes stocked by a company

76
Q

Strategic Fit

A

Acquiring a business in order to boost long-term growth or profit

77
Q

Substitutes

A

Rival Products (e.g. Dairy Milk and Galaxy) that are seen by consumers as relatively interchangeable

78
Q

Synergies

A

(in Takeovers and Mergers) Gains/advantages realise that were not possible prior to the two firms becoming one (e.g. Scale Economies)

79
Q

Tactical Decisions

A

Day to day decisions in response to events or short term factors

80
Q

Takeover

A

Where one firm acquires a majority stake in another and gains control of it

81
Q

Task Culture

A

Where employees and resources are organised around tasks or projects (often on a short term basis). Teams are formed and power derives from expertise as long as a team requires expertise. There is no single power source. The teams may develop their own objectives (a risk).

82
Q

Trend

A

A general path that a series of values (e.g. sales) follows over time

83
Q

Vested Interest

A

When someone has a personal interest in the outcome of a decision

84
Q

‘What if’ Questions

A

Hypothetical questions used to test out the possibilities of different theories or approaches

85
Q

Whistleblowing

A

When an employee reports illegal or unethical business practices to an official body or the media

Business Theme 3 (1 decks)

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