Newest Key Terms Flashcards
Internal communication
Communication between the employees within the business
External communication
Communication to people outside the business
Centralised decisions
Decisions made by the higher ups which all employees must follow
Decentralised decisions
Decisions made by individual branches which only those branches have to follow
Full time
Work for > 35 hours a week
Part time
Hours < 35 hours a week of work
Permanent contract
Contract with no fixed end date
Temporary contract
Also known as a seasonal or casual contract. A contract with a specific end date.
Remote working
Able to work from home or whilst travelling
Freelance contract
Someone self employed carries out a specific piece of work over a given time
Flexible hours
Set number of hours but you can move hours around
Job sharing
Get a full time job and they split the work apart into two people who are both doing part time
Zero hour
The employer decides when you work and how much work you get, can go as low as zero hours. Not guaranteed work
Working while mobile
Time otherwise wasted on commute is used to do work thanks to technology
Domestic market
Businesses operating in their own country
Stakeholder
Someone who has an interest in the business
Health and safety act 1974
Employers must provide a safe working environment and ensure their health isn’t affected by work.
Crowdfunding
Where you ask the public for investment and then they’ll get something in return
Venture capital
Someone or a group of people who buys shares in a small business. Normally startups
Excise duties
The customer pays these taxes when they buy products such as alcohol or cigarettes
