(part 4 ) terms list [alphabetical] Flashcards
jargon
technical lang. used by a specific group
job production
a production option , a business makes one product at a time , eg; handmaid suits
joint venture
strategic alliance *
just in time
a stock control strategy where the business aims to have exactly the right amount of stock needed at any time
labour court
a org. set up by the gov. to solve industrial disputes
labour force
all the people in ireland who are in work or available for work
labour turnover
the rate at which employees leave a business
labour intensive industry
an industry that uses more humans than machines eg; construction industry
laissez faire leadership
a style of leading where the manger does not interfere with how employees do their work
leading
the ability to direct people ,give them instructions and make them follow and obey you
leaning on a trade
keeping your supplier waiting for payments of goods you receive this affects your credit rating
legality of form
an essential element of some contracts , such as mortgage agreements . it means a contract must be drawn up in a certain way
legality of purpose
an essential element of a contract , means that contracts are legally binding only if they are used for legal things
limited liability
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
liquidation
closing down of a business and selling its assets
liquidity
the ability of a business to pay it’s short term bills
loading
an extra charge added to insurance premiums to cover higher risks
lockout
an industrial action where the employer excludes employees from work
loss leader
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
low cost leadership strategy
a business strategy where a co. keeps costs low so that it can sell its products cheaply
manpower planning
ensuring that the business had the right amount of employees with the right combination of skills
margin of safety
the difference bet. a business’s forecast sales and its breakeven point
market segmentation
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
marketing concept
the principle that the customer is the most important person in the business
marketing strategy
a written plan outlining a businesses marketing objectives and how it aims to achieve them
mass production
a production option , a business makes the same product continuously , eg; chocolate bars
matrix organisation structure
an organisation structure that combines a functional organisation structure with a project team structure
mentor
an experienced businessperson who assists local businesses that are not set up community development
merchantable quality
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
merger
a form of inorganic growth of a business , 2 seperate businesses voluntarily agree to join together to form a new business aka = amalgamation
minutes
a summary of what was said at a meeting and what decisions were made
mission statement
a statement of a business’s principal objective
motivating
the manger energises employees and provides them with incentives so that they co-operate and work harder for the business
NAFTA
north american free trade agreement , trading bloc comprising the USA , canada , mexico
net profit
the profit made after business expenses have been subtracted from the gross profit
net profit percentage
a calc. that shows what percentage of sales is net profit , the formula = (net profit % sales ) * 100
niche market
a subset of the target market
niche strategy
a business strategy where a company aims to satisfy a niche market
offer
a person asks another to enter into a contract with him
off the job training
training employees outside of the normal working situation by sending them on training courses and conferences
ombudsman
a person who investigates complaints against public bodies
on the job training
training employees while they are performing their jobs , they learn by practical experience and observation
open economy
an economy that trades with most countries
ordinary share capital
equity capital *
organic growth
the slow , natural growth of a business
organising
the management activity of arranging a business’s resources in the best way to help it achieve its goals
P21
a form sent by revenue to an employee showing the employee the balance of income tax he owes or is owed for the year
P45
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
P60
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
patent
legal protection for an idea
PAYE
pay as you earn , an income tax that employees pay on their wages
paypath
a payment system where an employee’s salary is paid directly into their bank account
performance appraisal
an evaluation of how an employee is performing her job
pictogram
a chart that uses pictures to convey info.
PLC
public limited company , a business owned by at least 7 owners, it can sell its shares to the public
planning
the management activity of setting goals for the future and devising strategies to use to achieve them
political strike
an industrial action where employees go on strike to protest against gov. action
polluter pays principle
a waste management principle that says that polluters must pay for cost of disposing the waste they produce
positive discrimination
a policy to ensure that protected groups achieve full equality in the workplace
preference shares
a long term loan similar to a debenture
price penetration strategy
a pricing strategy , a business charges as low as possible for its products in order to win customers from its competitors
price skimming strategy
a pricing strategy , initially charges a high price for a product to recoup money spent developing it as quickly as possible
primary picketing
an industrial action where the employees picket outside the employers business
primary sector
section of the economy involved in extracting raw materials
PRO
public relations office
