(part 5 ) terms list [alphabetical]

Question 1

product life cycle

Answer 1

stages in the sales history of a product , it comprises introduction, groth, maturity , saturation , decline

Question 2

product organisational structure

Answer 2

an organisation structure that splits a business up into departments , each of which is responsible for a product the business makes

Question 3

product screening

Answer 3

assessing the ideas for new products and deciding which ones to pursue and which ones to reject

Question 4

productivity claim

Answer 4

a claim for a pay rise based on increased workload or changes to work

Question 5

profit and loss account

Answer 5

a financial statement showing how much profit or loss a business has made in a given year

Question 6

profitability ratios

Answer 6

calc. s that evaluate the profit made by the business

Question 7

protectionism

Answer 7

a means of preventing or limiting foreign imports coming into a country , it can be achieved by an embargo , a quota or a tariff

Question 8

prototype

Answer 8

the first working model of a new product

Question 9

PRSI

Answer 9

pay related social insurance , a tax that employees pay on their wages , paying this tax entitles them to social welfare benefits

Question 10

Psychological pricing

Answer 10

a pricing strategy , a business uses its price to appeal to customers emotions , a business might charge a high price because its customers associate high prices with quality

Question 11

public service

Answer 11

those employed by the gov. to provide a service to the public, the public service includes doctors, nurses and teachers

Question 12

quality circle

Answer 12

a group of employees who work together to solve quality issues in a business

Question 13

quality control

Answer 13

the management activity of ensuring that the business’s products meet consumers’ expectations

Question 14

quota

Answer 14

a limit , on number of imports allowed into a country, limit on the amount of food that can be produced , limit on the number of fish that can be caught

Question 15

reality perception

Answer 15

ability to see things as they really are , and not just as you would prefer them to be

Question 16

Registrar of friendly societies

Answer 16

the org. that is responsible for the registration of among others , a co-op

Question 17

relativity claim

Answer 17

a claim for a pay rise , based on a pay rise achieved by a linked group . Eg; TD’s salary is linked to civil service salaries

Question 18

reminder advertising

Answer 18

a type of advertising , a business uses advertising to remind customers that its brand is still available

Question 19

reserves

Answer 19

retained earnings *

Question 20

retained earnings

Answer 20

profits that the owners have reinvested in the business

Question 21

revenue

Answer 21

a gov. body that ensures that all citizens pay the correct tax

Question 22

risk management

Answer 22

taking steps to reduce the risks a business is exposed to , businesses hire security guards to minimise the risk of theft

Question 23

ROI

Answer 23

return on investment , the percentage profit made on the money invested Formula = (net profit % capital employed) * 100

Question 24

sales promotions

Answer 24

incentives a business offers consumers to encourages them to buy more of its products

Question 25

sampling

Answer 25

a quality control strategy where inspectors examine samples in different batches of products , if the sample fails to meet quality standards , the entire batch is rejected

Question 26

secondary picketing

Answer 26

industrial action , where employees picket outside another employer’s business

Question 27

secondary sector

Answer 27

the section of the economy involved in converting raw materials into products . It includes manufacturing and construction

Question 28

selection

Answer 28

choosing the best candidate for a job vacancy from all those who applied

Question 29

self-assessment income tax

Answer 29

an income tax paid by a sole trader or a partnership

Question 30

semi-state body

Answer 30

state owned enterprise*

Question 31

service screening

Answer 31

assessing the ideas for new services and deciding which ones to pursue and which ones to reject

Question 32

share options

Answer 32

shares that can be bought by employees at a reduced price

Question 33

shop steward

Answer 33

a trade union representative who acts as a liason bet. a trade union and employees

Question 34

SIPTU

Answer 34

services , industrial. professional and technical union (an interest group)

Question 35

small claims court

Answer 35

a court dedicated to judging consumer claims quickly and cheaply without involving solicitors

Question 36

social responsibility

Answer 36

a business’s duty to treat people and the environment well

Question 37

specific performance

Answer 37

a remedy for a breach of contract whereby the person who breaks the contract is forced to carry it out exactly as originally agreed

Question 38

span of control

Answer 38

the no. of employees that directly report to a manger

Question 39

spreadsheet

Answer 39

a computer programme used for basic accounting calculations

Question 40

stakeholders

Answer 40

people who are affected by how a business is run

Question 41

standardised marketing mix

Answer 41

a marketing mix that is not changed when marketing in different cultures

Question 42

standing order

Answer 42

a system where an account holder instructs her bank to regularly pay money from her account to another account , the amount is always the same

Question 43

state owned enterprise

Answer 43

a business owned by the Irish gov. on behalf of the irish people AKA = semi-state body, state sponsored body

Question 44

statutory meeting

Answer 44

the initial meeting of a private limited company