Business administration

Question 1

commission

Answer 1

amount paid to an employee based on a percentage of an amount received (as distinguished from a salary)

e.g. in sales one often gets this as additional income based on number of sold items

NL: commissie

Question 2

inventory

Answer 2

an itemized list of merchandise or supplies on hand

NL: inventaris

Question 3

executive summary

Answer 3

first part of a business document only stating the main points, often read by people who aren’t experts or who won’t read the entire document

NL: samenvatting

Question 4

touchpoint

Answer 4

point of contact between a business and its customers to strengthen its brand (social media, company website, etc.)

NL: contactmoment

Question 5

intellectual property

Answer 5

exclusive rights are given to ideas that someone thinks of such as music, words, or other intangible creations

NL: Intellectuele eigendom

Question 6

appropriation

Answer 6

money set aside (as by a legislature) for a specific purpose

NL: (betalings)krediet

Question 7

auditor

Answer 7

a qualified accountant who inspects the accounting records and practices of a business

Question 8

Chamber of Commerce

Answer 8

a local association to promote and protect the interests of businesses

NL: Kamer van Koophandel

Question 9

credit

Answer 9

money available for a client to borrow

Question 10

wholesale

Answer 10

the selling of goods to merchants, usually in large quantities

NL: groothandel

Question 11

inheritance/estate tax

Answer 11

Tax paid by person who is left money or property

NL: erfbelasting / successierechten

Question 12

indirect competition

Answer 12

competition between two suppliers of different products that fulfill the same needs (e.g. ice cream shop and cake shop have)

Question 13

gross income

Answer 13

the entire amount of income before any deductions are made

Question 14

GDP (gross domestic product)

Answer 14

measures the levels of production of all the citizens or corporations from a particular country working or producing in any country

NL: BBP (bruto binnenlands product)

Question 15

GNP (Gross national product)

Answer 15

refers to and measures the domestic levels of production in a country. It represents the monetary value of all goods and services produced within a nation’s geographic borders over a specified period of time.

NL: BNP

Question 16

net pay

Answer 16

amount of gross income after tax and other deductions

Question 17

franchise

Answer 17

a business operated under an authorization to distribute a company’s goods in a particular area

Question 18

elastic demand

Answer 18

demand that changes when price changes

—when price or other factors have a big effect on the quantity consumers want to buy. You’ll see it most often when consumers respond to price changes. If the price goes down just a little, they’ll buy a lot more. If prices rise just a bit, they’ll stop buying as much and wait for them to return to normal.

Question 19

Inelastic demand

Answer 19

when the quantity demanded changes less than the price does.

Question 20

tort

Answer 20

any wrongdoing for which an action for damages may be brought

NL: onrechtmatige daad

Question 21

overdraft

Answer 21

withdrawing excess, resulting in a negative balance

NL: bankschuld/debet/overdispositie

Question 22

ergonomics

Answer 22

the biological science to study the relation between workers and their environments

Question 23

outsource

Answer 23

obtain goods or services from an outside supplier

Question 24

asset

Answer 24

a useful or valuable quality of a person

Question 25

Cash conversion cycle (CCC)

Answer 25

measures how long a company won't have money if it raises its investments to increase sales

Question 26

warrant

Answer 26

legal document granting permission to do something

Question 27

margin

Answer 27

difference between retail price(from manufacturer) and the price in the store(third party distribution channel)

Question 28

accountability

Answer 28

responsibility to someone or for some activity

Question 29

storyboard

Answer 29

a series of illustrations and text outlining a commercial's key scenes in sequential order to communicate an idea

Question 30

unemployment benefits

Answer 30

payments made by the state or other authorized bodies to unemployed people

Question 31

overhead

Answer 31

an accounting term that refers to all ongoing business expenses not including or related to direct labour, direct materials or third-party expenses that are billed directly to customers. A company must pay this on an ongoing basis, regardless of whether the company is doing a high or low volume of business. For example, a service-based business that operates in a traditional white-collar office setting has overhead expenses such as rent, utilities and insurance

Question 32

time utility

Answer 32

making a product available at a certain time to make it more attractive. _ is providing the consumer his desired goods at the time when he requires them. Depending upon the everyday needs, holiday season or weather conditions, consumer demand will vary. Ensuring that the goods are delivered to the consumers at the right time forms _. e.g. demand for cold-drinks often increase during the summer season and hence companies like Coca-cola and Pepsi increase their production and advertising during this peak period. e.g. Turkeys at Thanksgiving

Question 33

loss leader

Answer 33

a pricing strategy where a product is sold at a price below its market cost to stimulate other sales of more profitable goods or services.

Question 34

purchasing power

Answer 34

koopkracht

Question 35

after sale service

Answer 35

dienst na verkoop

Question 36

vourcher / coupon

Answer 36

cadeaubon

Question 37

sales forecast

Answer 37

prognose

Question 38

target population

Answer 38

doelgroep

Question 39

recession

Answer 39

teruggang, daling, baisse (in de economie)

Question 40

excess supply

Answer 40

aanbodoverschot

Question 41

retail price

Answer 41

winkelprijs

Question 42

services rendered

Answer 42

verleende/bewezen diensten

Question 43

barter

Answer 43

ruilhandel

Question 44

insufficient funds

Answer 44

onvoldoende saldo

Question 45

adjustable rate mortgage (ARM)

Answer 45

hypotheek met variabele rente

Question 46

teaser rate

Answer 46

lokpercentage

Question 47

bridging loan

Answer 47

overbrugingskrediet

Question 48

income support (UK) / welfare benefits (US)

Answer 48

sociale bijstand

Question 49

severance pay

Answer 49

ontslagvergoeding