(part 1 ) terms list [alphabetical] Flashcards
4 ps
the 4 tools of marketing : price, place,product , promotion
Absenteeism
frequent absence from work without reason
Acceptance
a person agrees to all the terms of a contract
Accrued expenses
bills for services that are used now and paid for later , Eg. the cost of phone services is one
acid test ratio
a calc. that tells a business how much real cash it has when stock is ignored , formula = current assets - closing stock % current liabilities (shows the business’s liquidity)
acquisition
takeover *
advertising
the pain non-personal communication of information about a product/service through various media
Agenda
document listing items to be discussed at a meeting
AGM
annual general meeting all companies must hold one each year
agribusiness
business that converts farm produce into food
amalgamation
merger*
AOB
any other business , last item to be discussed at a meeting
APC
area partnership company, an org. that helps local people set up a business in their area
APR
annual percentage rate shows cost of a loan including the interest and any other charges
Arbitration
the use of an independent 3rd party to settle industrial relations conflicts (usually legally binding)
Area action plan
plan drawn up an APC to enable a local community to set up businesses
asset stripping
an offensive reason for business expansion a business takes over a company in order to sell that company’s assets at a profit
Autocratic leadership
a style of leading where the manager makes all the decisions without consulting the employees
average clause
a rule applied to an underinsured item , if you insure an item for only a fraction of what it’s worth , the insurance co. will pay out only the same fraction of the compensation
backward vertical integration
defensive reason for business expansion , a business takes over it’s supplier in order to protect it’s supplies
bad debts
debts that have to be written off because the customers cannot pay them
balance of payments
the difference bet. the value of all the products and services that ireland exports and imports
balance of trade
difference bet. visible exports and imports
balance sheet
financial statement showing everything the business owns and the money it owes
bank overdraft
source of finance whereby the bank allows an individual/business to pay for things by writing cheques up to an agreed limit even though they do not have enough money in their accounts to cover these cheques
batch production
a large amount of identical products is made in one production run
BIK
benefit in kind , non cash payment made to an employee (eg; co. car)
brainstorming
a technique used to generate ideas , a group of people list all the relevant ideas they can think of after they have generated enough ideas they start analysing them
Brand name
name /symbol/design/logo used by a business to distinguish it’s products from others
break even price
min price a business can charge to cover the cost of making and selling a product
breaking bulk
a purchasing strategy , a wholesaler buys large quantities of a product direct from the manufacturer and then sells smaller quantities to the retailers
business ethics
a set of moral principles that tells businesspeople what is the right and wrong thing to so in a given situation
business plan
a doc. that outlines a business’s objectives and strategies, it is used to attract investors
CAD
computer aided design , computer software that is used to design new products
CAI
consumers assn’ of Ireland, an interest group
CAM
computer aided manufacture , comp. software that controls factory machines
CAP
common agri. policy , an EU policy designed to give all EU farmers a good standard of living
capacity to contract
an essential element to a contract , meaning you have the legal ability and authority to make a legally binding contract
capital
money used to set up a business
capital spending
money the gov. spends to maintain the country’s infrastructure
capital intensive industry
an industry that uses more machines than employees , eg; manufacturing
cartel
illegal secret agreement bet. businesses to restrict competition
cash flow forecast
a doc. that outlines how much money the business expects to spend and receive in the future
CAT
Capital acquisitions tax, you pay on gifts/inheritance
Caveat emptor
the principal of “buyer beware” (resolves disputes arising from information asymmetry)
CEO
chief executive officer, the person in overall control of a business
certificate of incorporation
doc. sent by the registrar of companies to the shareholders of a private limited company , it enables the co. to start trading
CFP
common fisheries policy , an EU policy designed to give all involved in the EU fishing industry a good standard of living . It also aims to conserve fish stocks
Capital gains tax
tax you pay if you sell an asset and make a profit from the sale
channel of distribution
means by which a business distributes its produce to its customers eg; manufacturer sells to a wholesaler who then sells to a retailer who then sells to a customer
Civil service
employees of government departments
climate change
changes to earth’s climate caused by the use of fossil fuel
closed shop
the situation where workers have only one choice on union to join
code of ethics
a doc. outlining the moral behaviour and expectations of an org. it shows managers and employees exactly what is regarded as ethical or unethical behaviour
collateral
an asset that is used as security on a loan
collective agreement
an agreed settlement after negotiations
commercial rates
tax that businesses pay to their local council every year
community development
process where a local community identifies the problems it faces and develops plans to solve these problems
compatibility claim
claim for a pay rise , based on pay rises given to those who perform similar work
Comparative advertising
type of advert. a business advertises how much better its product is than its competitors products eg; lidl advertises than they are better value than unnes
competitive advertising
business relationship where 2 or more stakeholders fight against each other
conciliation
an independant outsider helps 2 disputing parties to talk out their differences and reach a mutually acceptable solution
consent to contract
essential element of a contract , payment 1 party gives to another as part of the contract
consideration
an essential element of a contract , payment 1 party gives to another as part of the contract
constructive dismissal
situation where an employee is forced to resign because of unfair treatment by her/his employee
consumer panel
A group of consumers who are monitored to get their opinion on a product
CPI
consumer price index , a measure of the level of prices in the economy , it is calc. by monitoring the cost of the average family’s shopping each month
