Topic 1.5

Question 1

Stakeholder

Answer 1

Individual or organisation that has an interest in and/or is affected by the activities of a business

Question 2

Legislation

Answer 2

Laws passed by acts of Parliament ; breaking these laws may result in a fine or even a prison sentence

Question 3

Express terms

Answer 3

Terms which are expressly stated in the contract of employment

Question 4

Implied terms

Answer 4

Terms which are not written down but are taken to be agreed, usually because they are obvious

Question 5

National minimum wage

Answer 5

Minimum pay per hour almost all workers are entitled to, set by the Government for all employees aged 16 or over

Question 6

The Economy

Answer 6

Collection of business transactions that take place throughout a country within a given year

Question 7

Unemployment

Answer 7

Situation of actively looking for employment but not being currently employed

Question 8

Consumer income

Answer 8

Amount households have available to spend after income taxes have been deducted

Question 9

Inflation

Answer 9

Change in prices over time

Question 10

Interest rates

Answer 10

Price at which you can borrow money or the return in how much you can save

Question 11

Exchange rate

Answer 11

Price of one currency expressed in terms of another currency

Question 12

SPICED

Answer 12

Stronger
Pound
Imports
Cheaper
Exports
Dearer

Question 13

Tax

Answer 13

Proportion of an individual’s income or a businesses’s profits that must be paid to the Government