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Business > Unit 2 Definitions > Flashcards

Unit 2 Definitions Flashcards

1
Q

Delegated budget

A

A budget given to a specific manager to control

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2
Q

Variance

A

The difference between a budgeted and an actual figure

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3
Q

Favourable variance

A

A change from a budgeted figure that leads to higher than expected profits

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4
Q

Adverse variance

A

A change from a budgeted figure that leads to lower than expected profits

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5
Q

Creditors

A

Suppliers owed money by the business

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6
Q

Credit control

A

The monitoring of debts to ensure credit periods are not exceeded

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7
Q

Bad debt

A

Unpaid customer bills that are unlikely to ever be paid

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8
Q

Over trading

A

Expanding a business rapidly without obtaining the necessary finance so cash flow problems are acquired

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9
Q

Profit margin

A

Profit made as a proportion of sales revenue

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10
Q

Gross profit

A

Sales revenue - variable costs

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11
Q

Net profit

A

Sales revenue - total costs

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12
Q

Return on capital (& equation)

A

The proportion of capital invested that is net profit (%)

Net profit/capital invested x 100

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13
Q

Organisational structure

A

The way jobs, responsibilities and power are organised within a business

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14
Q

Organisational chart

A

A diagram showing job titles, lines of communication and responsibility within a business

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15
Q

Levels of hierarchy

A

The number of levels of management in an organisation

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16
Q

Chain of command

A

The lines of authority in a business

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17
Q

Span of control

A

The number of subordinates one job holder is responsible for

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18
Q

Work load

A

How much work one employee/department has to complete within a gives time period

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19
Q

Job role

A

The tasks involved in a particular job

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20
Q

Delegations

A

The passing down of authority to make specific decisions

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21
Q

Communication flow

A

How information is passed around an organisation

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22
Q

Workforce performance

A

Methods of measuring the effectiveness of employees including labour productivity, staff turnover and absenteeism

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23
Q

Labour turnover

A

Percentage of total workforce who leave in a given time period

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24
Q

Labour productivity (& equation)

A

The output per employee over a given time period

Total output in given period/number of employees

25
Q

Absenteeism

A

Number of working days lost as a result of employees absence from work

26
Q

Recruitment and selection process

A

How a business chooses the best candidate for a job role

27
Q

Job description

A

A summary of the main duties associated with a job

28
Q

Internal recruitment

A

Candidates selected from inside the organisation

29
Q

External recruitment

A

Candidates are selected from outside the organisation

30
Q

Training

A

Giving employees the knowledge, skills and techniques necessary for the job

31
Q

Induction training

A

An initial preparation upon taking up a post

32
Q

Off-the-job training

A

Training away from the place of work e.g. Training centre

33
Q

On-job-training

A

Learning by doing the job

34
Q

Motivation

A

Factors that inspire employees to complete tasks at work

35
Q

Job design

A

Changing the nature of a job role in order to increase motivation or reduce dissatisfaction at work

36
Q

Expenditure budget

A

A plan of the future expenses of a business

37
Q

Job rotation

A

Varying an employees job on a regular basis

38
Q

Job enlargement

A

Expanding the number of tasks completed by an employee

39
Q

Job enrichment

A

Increase the level of responsibility within a job to make work more challenging and rewarding

40
Q

Operational targets

A

These are specific and usually measurable objectives set for each operations activity of a business

41
Q

Capacity

A

The maximum output that a firm can produce with existing resources

42
Q

Capacity utilisation (& equation)

A

The proportion of full capacity that is current output

Current output/maximum output x 100

43
Q

Unit cost

A

Average cost of unit per output

Total costs/output

44
Q

Excess capacity

A

When a business has greater production capacity than is likely to be used in the near future

45
Q

Overtime

A

Staff working beyond their contracted hours in exchange for a higher hourly wage

46
Q

Temporary staff

A

Workers employed for a fixed period of time after which the employment contract may not be renewed

47
Q

Part-time staff

A

Workers employed on a less than full weekly hours contract

48
Q

Sub contracting

A

Using a supplier to manufacture part/all of a firms product or service

49
Q

Rationalisation

A

Reorganising resources to cut costs

50
Q

Quality product

A

A product that meets or exceeds customer expectations

51
Q

Quality standards

A

The expectations of customers expressed in terms of the minimum acceptable production pr service standards

52
Q

Quality control

A

Based on inspection of the product/sample of products

53
Q

Quality assurance

A

A system of agreeing and meeting quality standards at each stage of production

54
Q

Total quality management (TQM)

A

An approach to quality that aims to involve all employees in the quality improvement process

55
Q

Internal customers

A

People within the organisation who depend on the quality of work being done by others

56
Q

Supplier relationships

A

Links with the companies that supply a business with goods & services

57
Q

Information technology

A

The use of electronic technology to gather, store, process and communicate information

58
Q

Supply chain

A

All of the stages in the production process from obtaining raw materials to selling to the consumer, from point of origin to point of consumption

Business (4 decks)

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