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Business LC > (part 4 ) terms list [alphabetical] > Flashcards

(part 4 ) terms list [alphabetical] Flashcards

1
Q

jargon

A

technical lang. used by a specific group

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2
Q

job production

A

a production option , a business makes one product at a time , eg; handmaid suits

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3
Q

joint venture

A

strategic alliance *

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4
Q

just in time

A

a stock control strategy where the business aims to have exactly the right amount of stock needed at any time

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5
Q

labour court

A

a org. set up by the gov. to solve industrial disputes

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6
Q

labour force

A

all the people in ireland who are in work or available for work

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7
Q

labour turnover

A

the rate at which employees leave a business

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8
Q

labour intensive industry

A

an industry that uses more humans than machines eg; construction industry

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9
Q

laissez faire leadership

A

a style of leading where the manger does not interfere with how employees do their work

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10
Q

leading

A

the ability to direct people ,give them instructions and make them follow and obey you

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11
Q

leaning on a trade

A

keeping your supplier waiting for payments of goods you receive this affects your credit rating

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12
Q

legality of form

A

an essential element of some contracts , such as mortgage agreements . it means a contract must be drawn up in a certain way

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13
Q

legality of purpose

A

an essential element of a contract , means that contracts are legally binding only if they are used for legal things

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14
Q

limited liability

A

a legal term , if a private limited co. , PLC or co-op goes bankrupt shareholders lose only the capital they invested in the business , they do not have to sell their personal assets in order to repay the businesses debts

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15
Q

liquidation

A

closing down of a business and selling its assets

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16
Q

liquidity

A

the ability of a business to pay it’s short term bills

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17
Q

loading

A

an extra charge added to insurance premiums to cover higher risks

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18
Q

lockout

A

an industrial action where the employer excludes employees from work

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19
Q

loss leader

A

a pricing strategy , a business sells a product below cost in order to attract customers into the store , it is hoped that the customer will then buy other products as well

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20
Q

low cost leadership strategy

A

a business strategy where a co. keeps costs low so that it can sell its products cheaply

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21
Q

manpower planning

A

ensuring that the business had the right amount of employees with the right combination of skills

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22
Q

margin of safety

A

the difference bet. a business’s forecast sales and its breakeven point

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23
Q

market segmentation

A

dividing the overall market for a product into different groups of customers . Eg; The market for toiletries is segmented into men’s and women’s segments

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24
Q

marketing concept

A

the principle that the customer is the most important person in the business

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25
Q

marketing strategy

A

a written plan outlining a businesses marketing objectives and how it aims to achieve them

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26
Q

mass production

A

a production option , a business makes the same product continuously , eg; chocolate bars

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27
Q

matrix organisation structure

A

an organisation structure that combines a functional organisation structure with a project team structure

28
Q

mentor

A

an experienced businessperson who assists local businesses that are not set up community development

29
Q

merchantable quality

A

under the sales of goods and supply of services act 1980 , goods bought must be of acceptable standard , taking into account their price and purpose

30
Q

merger

A

a form of inorganic growth of a business , 2 seperate businesses voluntarily agree to join together to form a new business aka = amalgamation

31
Q

minutes

A

a summary of what was said at a meeting and what decisions were made

32
Q

mission statement

A

a statement of a business’s principal objective

33
Q

motivating

A

the manger energises employees and provides them with incentives so that they co-operate and work harder for the business

34
Q

NAFTA

A

north american free trade agreement , trading bloc comprising the USA , canada , mexico

35
Q

net profit

A

the profit made after business expenses have been subtracted from the gross profit

36
Q

net profit percentage

A

a calc. that shows what percentage of sales is net profit , the formula = (net profit % sales ) * 100

37
Q

niche market

A

a subset of the target market

38
Q

niche strategy

A

a business strategy where a company aims to satisfy a niche market

39
Q

offer

A

a person asks another to enter into a contract with him

40
Q

off the job training

A

training employees outside of the normal working situation by sending them on training courses and conferences

41
Q

ombudsman

A

a person who investigates complaints against public bodies

42
Q

on the job training

A

training employees while they are performing their jobs , they learn by practical experience and observation

43
Q

open economy

A

an economy that trades with most countries

44
Q

ordinary share capital

A

equity capital *

45
Q

organic growth

A

the slow , natural growth of a business

46
Q

organising

A

the management activity of arranging a business’s resources in the best way to help it achieve its goals

47
Q

P21

A

a form sent by revenue to an employee showing the employee the balance of income tax he owes or is owed for the year

48
Q

P45

A

a form given to an employee when he leaves a job , it outlines the pay earned and the PAYE and PRSI paid by the employee from the start of the year to the date he left

49
Q

P60

A

a form given to an employee at the end of the tax year , it outlines the pay earned and the PAYE and PRSI paid by the employee in that tax year

50
Q

patent

A

legal protection for an idea

51
Q

PAYE

A

pay as you earn , an income tax that employees pay on their wages

52
Q

paypath

A

a payment system where an employee’s salary is paid directly into their bank account

53
Q

performance appraisal

A

an evaluation of how an employee is performing her job

54
Q

pictogram

A

a chart that uses pictures to convey info.

55
Q

PLC

A

public limited company , a business owned by at least 7 owners, it can sell its shares to the public

56
Q

planning

A

the management activity of setting goals for the future and devising strategies to use to achieve them

57
Q

political strike

A

an industrial action where employees go on strike to protest against gov. action

58
Q

polluter pays principle

A

a waste management principle that says that polluters must pay for cost of disposing the waste they produce

59
Q

positive discrimination

A

a policy to ensure that protected groups achieve full equality in the workplace

60
Q

preference shares

A

a long term loan similar to a debenture

61
Q

price penetration strategy

A

a pricing strategy , a business charges as low as possible for its products in order to win customers from its competitors

62
Q

price skimming strategy

A

a pricing strategy , initially charges a high price for a product to recoup money spent developing it as quickly as possible

63
Q

primary picketing

A

an industrial action where the employees picket outside the employers business

64
Q

primary sector

A

section of the economy involved in extracting raw materials

65
Q

PRO

A

public relations office

Business LC (6 decks)

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