(part 2 ) terms list [alphabetical]

Question 1

contract condition

Answer 1

fundamental part of a contract , if you break one of a contract , the contract is terminated

Question 2

contract warranty

Answer 2

a term of a contract that is not fundamental to it. If you break a warranty the contract is terminated

Question 3

contribution

Answer 3

insurance principle that applies when you insure an item with a no. of insurance co. s

Question 4

contribution per unit

Answer 4

price of a product less its variable cost

Question 5

controller manager

Answer 5

manager who tells employees what to do and expects them to do it without question , they make decisions without consulting the employees

Question 6

controlling

Answer 6

management activity of ensuring that a business stays on target to achieve its goals

Question 7

co-op

Answer 7

business relationship where 2 or more stakeholders work together to help and benefit each other

Question 8

co operative relationship

Answer 8

business relationship where 2 or more stakeholders work together to help and benefit each other

Question 9

corp. tax

Answer 9

tax that companies pay on their annual profits

Question 10

cost of living claim

Answer 10

claim for a pay rise , based on increase in the cost of living

Question 11

council of European Union

Answer 11

Eu decision making body , comprising the gov. ministers from member states

Question 12

counter offer

Answer 12

new contract which replaces an existing contract . If you change the terms of a contract , you are making a counter offer

Question 13

court of justice

Answer 13

an eu court that ensures the eu laws are applied the same way in all member states

Question 14

Credit control

Answer 14

management control that aims to eliminate bad debts and encourages customers to settle their debts promptly

Question 15

credit rating

Answer 15

a person’s or businesses rep. fro paying back loans , someone with poor credit rating will find it difficult to get a loan

Question 16

creditor

Answer 16

someone you owe money to

Question 17

current spending

Answer 17

money the gov. spends to pay state workers

Question 18

customs duty

Answer 18

tax paid on imports from non EU countries

Question 19

CV

Answer 19

curriculum Vitae , a doc. summarising a job applicants qualifications , experiences and interests

Question 20

Data Protection Act 1988, 2003

Answer 20

A law that deals with information held about people on computer

Question 21

Data protection commissioner

Answer 21

a gov. official who checks how computer data is used and investigates claims of data misuse

Question 22

Debenture

Answer 22

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

Question 23

debt capital

Answer 23

money an investor lends to an entrepreneur for a business , the investor expects the loan to be repaid with interest

Question 24

debt/equity ratio

Answer 24

a calc. that shows how a business is financed , formula= debt capital / equity capital

Question 25

debtor

Answer 25

someone who owes you money

Question 26

deed of partnership

Answer 26

contract bet. partners to set up a business

Question 27

deficit

Answer 27

shortage of money

Question 28

delegation

Answer 28

a manger gives some of his work to an employee to do for him

Question 29

democratic leadership

Answer 29

a style of leading where the manger involves the employees when making decisions

Question 30

dependant relationship

Answer 30

a business relationship where 2 or more stakeholders need each other

Question 31

deregulation

Answer 31

removal of gov. regulation that restrict free trade

Question 32

desk research

Answer 32

using existing research in marketing

Question 33

differentiation strategy

Answer 33

a business strategy where a co. makes products that are so different , they stand out from the competitors products

Question 34

direct debit

Answer 34

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

Question 35

DIRT

Answer 35

deposit , interest , retention tax . a tax paid on the interest earned on savings

Question 36

Dividend

Answer 36

a share of a business’ profits , which is paid to shareholders

Question 37

dynamic relationship

Answer 37

business relationship where 2 or more stakeholder have a constantly changing relationship

Question 38

ecommerce

Answer 38

the use of internet tech. to conduct business

Question 39

economic variables (usual + t)

Answer 39

factors that affect an economy ( inflation, exchange rates , interest rates, tax rates

Question 40

economies of scale

Answer 40

a phenomenon whereby the more products a business produces , the less it costs to produce each individual product

Question 41

EDI

Answer 41

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

Question 42

EGM

Answer 42

extraordinary general meeting , co. meeting called to discuss a specific urgent issue

Question 43

embargo

Answer 43

ban on all foreign imports or ban on all imports from 1 specific country

Question 44

Emergency tax

Answer 44

tax paid by employees until they complete the form 12A

Question 45

Employee empowerment

Answer 45

giving employees power to make decisions for the good of the business

Question 46

employee participation

Answer 46

involving employees in the running of a business

Question 47

Employment Equality Act 1988, 2015

Answer 47

law that bans discrimination at work under nine grounds

Question 48

endowment policy

Answer 48

life assurance policy where the insurance co. pays out when the insured person reaches a specified age /dies whichever happens first.

Question 49

enterprise incubation unit

Answer 49

community business premises that local businesses can operate from. It is set up by the local APC

Question 50

enterprise Ireland

Answer 50

a state owned enterprise that provides advice and grants to indigenous Irish businesses to help them export

Question 51

entrepreneur

Answer 51

someone who spots a gap in the market and take the initiative to set up a business , taking both a financial and personal risk