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Business > AS Lvls > Flashcards

AS Lvls Flashcards

1
Q

Opportunity cost

A

Benefits lost when making a choice between options because the option chosen is better/ more suitable

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2
Q

Product life cycle

A

Stages a product goes through from initial design to removal from the market.

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3
Q

Induction training

A

Training given to new employees – business systems and business layout.

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4
Q

Productivity levels

A

Ratio of outputs to inputs during production

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5
Q

Cash flow forecasting

A

Estimation of future cash inflows and outflows

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6
Q

Shareholder

A

People or institutions that own shares in a limited company.

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7
Q

Supply Chain Management

A

Management of the flow of goods and services – includes all processes that
transform raw materials into final products.

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8
Q

Time-Based Payment

A

Payment to a worker made for each period of time worked example per hour.

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9
Q

Cost Based Pricing

A

Pricing method that is based on the cost of production, manufacturing, and distribution of a product.

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10
Q

Fixed Cost

A

Fixed costs do not change when a business alters its level of output of goods or services

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11
Q

Inventory

A

Materials & goods held by a business which are required to allow production of their products and supply to consumers.

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12
Q

Social Enterprise

A

A business with mainly social objectives that reinvests most of its profits into benefitting society rather than maximising
returns to owners.

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13
Q

Commission

A

A payment to an employee according to the amount/value of sales achieved

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14
Q

Human Needs

A

Basic requirement that an individual wishes to satisfy at work

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15
Q

Dismissal

A

When a worker is dismissed/fired from their job due to lack of discipline and breach of incompetence.

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16
Q

Mass Marketing

A

Targeting the majority of the market

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17
Q

Labour Productivity

A

Output per labour hour

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18
Q

Bank Overdraft

A

Credit that a bank agrees can be borrowed by a business up to an agreed limit as and when required.

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19
Q

Job production

A

A production method that businesses use that produces goods that are specific to customer requirements.

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20
Q

Marginal Cost

A

The extra cost of producing one more unit of output

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21
Q

Empowerment

A

The giving of skills, resources, authority and opportunity to employees so that they can take decisions and be accountable for their work.

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22
Q

Customer (market) orientation

A

Producing what the customer / market wants & putting the customer first.

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23
Q

Market Segmentation

A

Subgroup of a whole market in which consumers have similar characteristics.

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24
Q

Partnership

A

When two people own and manage the business together and have to share their profits with each other.

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25
Q

Performance-related pay

A

When businesses pay their workers or employees based on their performance, it is usually a bonus or addition to basic salary.

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26
Q

Capital intensive production

A

High quantity of capital equipment in the production process rather than labour.
(outputs to inputs using automated machinery).

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27
Q

Sources of finance

A

Various means by which businesses can obtain the necessary funds to finance their operations, investments, and growth

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28
Q

Price elasticity of demand

A

the percentage change in the quantity demanded of a good or service divided by the percentage change in the price.

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29
Q

Internal sources of finance

A

Raising finance from the business’s own assets or from profits left in the business(retained earnings)

30
Q

Published accounts

A

The accounts of a company are published to give greater publicity to the company and to enable the members, investors and public to understand the profitability and financial positions of the concern.

31
Q

Flexibility of operations

A

When businesses are flexible and can adapt to changing conditions of the market well.

32
Q

Marketing objectives

A

Sets out what a business seeks to achieve through its marketing activities.

33
Q

Corporate objectives

A

Specific business wide objectives that can
be broken down into departmental targets/objectives.

34
Q

Retained earnings

A

Profit after tax retained in a company rather than paid out to shareholders as dividends.

35
Q

Short term finance

A

Money needed for short term until 1 year.

36
Q

Example of short term finance:

A
  • Bank overdraft
  • Debt factoring
37
Q

Long term finance:

A
  • Long term loans
  • Debentures
38
Q

Scale of operations

A

Maximum of output businesses can produce given its current amount of input available.

39
Q

Laissez faire

A

Means ‘let them do it’. A management style that leaves much of the business decision-making to the workforce.

40
Q

Demand

A

Amount of a product that consumers are willing to buy.

41
Q

Market research

A

Process of collecting, recording and analysing data about customers, competitors and the market

42
Q

Employee morale

A

the attitude, satisfaction, and overall outlook of employees at the workplace.

43
Q

Autocratic leadership

A

Leadership style when one manager takes all decisions with very little, if any inputs from others

44
Q

Piece rate

A

Payments made to employees based off how many units produced by each individual.

45
Q

Time based payment

A

Payments made to employees based on the number of hours worked

46
Q

Stakeholders

A

People or group of people that are interested/affected by the activities of the business.
Example: Shareholders, managers, employees, customers, suppliers.

47
Q

Sustainability

A
48
Q

Public sector

A

Organisations owned & managed by the government

49
Q

Mission statement

A

Visionary aim for a business of the direction. It helps set objectives

50
Q

Business objectives

A

Specific targets that should have a time period to achieve it.

51
Q

Labour turnover

A

The measure of rate at which employees leave the company

52
Q

Economy of scale

A

Cost advantages a business gains from increasing output.

53
Q

Motivation

A

The internal and external factors that keep businesses continually interested and wanting to do well in their jobs.

54
Q

HRM

A

The strategic approach to effective management of employees so they help the business gain competitive advantage.

55
Q

Bonus payment

A

Extra payment made in addition to contracted wage or salary if workers increase output, productivity or sales.

56
Q

Job rotation

A

A scheme that allows workers to switch from one job to another.

57
Q

Market share

A

Percent of total sales in an industry generated by a company.

58
Q

Job description

A

A detailed list of key points about the job to be filled, stating all its key tasks and responsibilities.

59
Q

Internal growth

A

Internal growth comes from an increase in sales from re-investment in the
business and not mergers & takeovers.

60
Q

Capital intensive

A

When businesses use more capital such as machinery that operates 24 hours a day in the production process rather than labor.

61
Q

Promotion methods

A

Various strategies and tactics that businesses use to raise awareness of their products/service to persuade customers to buy them.

62
Q

Internal g

A
63
Q

Democratic leadership

A

A leadership style that encourages the active participation of workers in decision making process.

64
Q

Liquidity

A

The ability for businesses to pay their short term liabiliites.

65
Q

Efficiency

A

The least amount of inputs to make the maximum output to reduce waste

66
Q

Annual cost formula

A

Variable cost + output per year

67
Q

Batch production

A

Production of a limited number of identical products - each item in the batch passes through 1 stage of production before passing to the next stage.

68
Q

Brand

A

A brand is the name or logo that
differentiates a product or service
from the competitors, like McDonalds and KFC.

69
Q

Joint venture

A

Two or more businesses agree to work closely together on a particular project and create seperate business division to do so.

70
Q

Cost-based pricing

A

Business (15 decks)

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