(part 6 ) terms list [alphabetical] Flashcards
stock control
the management activity of ensuring that the business has the right amount of stock at all times
stockout
when a business runs out of stock
strategic alliance
a form of inorganic growth of a business , 2 separate businesses agree to cooperate on a project , but remain 2 seperate businesses , AKA as a joint venture
strategic plan
a major long-term plan for a business
subrogation
an insurance principal that states that once you receive full compensation , that is all you are entitled to
subsidy
money given to a business so that it can charge a lower price for its products
sympathetic strike
an industrial action where employees goon strike in sympathy with another group
tactical plan
a short -term plan for a particular section of a business
takeover
a form of inorganic growth of a business , 1 business buys another business outright , with or without the other business’ consent AKA acquisition
tariff
a tax imposed on imports coming into a country
tertiary sector
the section of the economy involved in providing services for businesses and consumers
Theory X manager
a type of manager that believes that employees do not want to work , these managers use a combination of supervision and threats in order to make sure employees do their jobs
Theory Y manager
a type of manager who believes that employees enjoy working , these managers use a combination of encouragement and promotion in order to make sure employees do their jobs
time management
getting all the important jobs done in the time available
TQM
total quality management , a quality control technique that aims to ensure 100% perfection and 100& customer satisfaction
trade credit
a short term source of finance for a business , the business receives goods and pays for them later. the payment amount is included in the invoice
trading bloc
a group of countries that agree to trade freely with each other eg; NAFTA , EU
transnational company
a company with a head office in one country and branches in a number of other countries
uberrimae fidei
utmost good faith *
utmost good faith
an insurance principal that states that people must be truthful when completing an insurance proposal form. THey must provide accurate info. and volunteer any relevant info. that they are not asked for
variable rate loan
a loan that charges a varying rate of interest every year for a specified no. of years
waste management
how a business deals with the waste it produces , they should aims to reduce, reuse and recycle
whistle- blowing
people are encouraged to report unethical behaviour with an org.
whole life policy
a life assurance policy where the insurance company pays out only when the insured person dies
wildcat strike
an industrial action , where employees go on strike without giving notice, this is an illegal strike
worker director
an employee who is a member of the board of directors
worker capital ratio
a calc that shows how much money a business has for every 1€ it owes formula = current assets% current liabilities
works council
groups of employees who are elected by their fellow employees and have a say in the businesses plans and strategy
WRC
the workplace relations commision . a gov. body that aims to promote better industrial relations
WTO
world trade organisation , it negotiates the trading agreements that form the basis for international trade
