(part 2 ) terms list [alphabetical] Flashcards
contract condition
fundamental part of a contract , if you break one of a contract , the contract is terminated
contract warranty
a term of a contract that is not fundamental to it. If you break a warranty the contract is terminated
contribution
insurance principle that applies when you insure an item with a no. of insurance co. s
contribution per unit
price of a product less its variable cost
controller manager
manager who tells employees what to do and expects them to do it without question , they make decisions without consulting the employees
controlling
management activity of ensuring that a business stays on target to achieve its goals
co-op
business relationship where 2 or more stakeholders work together to help and benefit each other
co operative relationship
business relationship where 2 or more stakeholders work together to help and benefit each other
corp. tax
tax that companies pay on their annual profits
cost of living claim
claim for a pay rise , based on increase in the cost of living
council of European Union
Eu decision making body , comprising the gov. ministers from member states
counter offer
new contract which replaces an existing contract . If you change the terms of a contract , you are making a counter offer
court of justice
an eu court that ensures the eu laws are applied the same way in all member states
Credit control
management control that aims to eliminate bad debts and encourages customers to settle their debts promptly
credit rating
a person’s or businesses rep. fro paying back loans , someone with poor credit rating will find it difficult to get a loan
creditor
someone you owe money to
current spending
money the gov. spends to pay state workers
customs duty
tax paid on imports from non EU countries
CV
curriculum Vitae , a doc. summarising a job applicants qualifications , experiences and interests
Data Protection Act 1988, 2003
A law that deals with information held about people on computer
Data protection commissioner
a gov. official who checks how computer data is used and investigates claims of data misuse
Debenture
A long term loan that has to be paid in one lump sum in the future , in the meantime the co. pays a fixed rate of interest on the loan every year
debt capital
money an investor lends to an entrepreneur for a business , the investor expects the loan to be repaid with interest
debt/equity ratio
a calc. that shows how a business is financed , formula= debt capital / equity capital
debtor
someone who owes you money
deed of partnership
contract bet. partners to set up a business
deficit
shortage of money
delegation
a manger gives some of his work to an employee to do for him
democratic leadership
a style of leading where the manger involves the employees when making decisions
dependant relationship
a business relationship where 2 or more stakeholders need each other
deregulation
removal of gov. regulation that restrict free trade
desk research
using existing research in marketing
differentiation strategy
a business strategy where a co. makes products that are so different , they stand out from the competitors products
direct debit
a system where an account holder instructs her bank to regularly pay money from her account into someone else’s , the amount can change each time Eg; many people pay ESB and phone by direct debit
DIRT
deposit , interest , retention tax . a tax paid on the interest earned on savings
Dividend
a share of a business’ profits , which is paid to shareholders
dynamic relationship
business relationship where 2 or more stakeholder have a constantly changing relationship
ecommerce
the use of internet tech. to conduct business
economic variables (usual + t)
factors that affect an economy ( inflation, exchange rates , interest rates, tax rates
economies of scale
a phenomenon whereby the more products a business produces , the less it costs to produce each individual product
EDI
electronic data interchange , a system that links the computer s of 2 diff. companies so that they can exchange standard docs. without any human intervention
EGM
extraordinary general meeting , co. meeting called to discuss a specific urgent issue
embargo
ban on all foreign imports or ban on all imports from 1 specific country
Emergency tax
tax paid by employees until they complete the form 12A
Employee empowerment
giving employees power to make decisions for the good of the business
employee participation
involving employees in the running of a business
Employment Equality Act 1988, 2015
law that bans discrimination at work under nine grounds
endowment policy
life assurance policy where the insurance co. pays out when the insured person reaches a specified age /dies whichever happens first.
enterprise incubation unit
community business premises that local businesses can operate from. It is set up by the local APC
enterprise Ireland
a state owned enterprise that provides advice and grants to indigenous Irish businesses to help them export
entrepreneur
someone who spots a gap in the market and take the initiative to set up a business , taking both a financial and personal risk
