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Flashcards in Business and People - Key Words Deck (61):
1

Profit

Money left over from sales after costs have been paid

2

Revenue

The amount of money a business makes from selling its product/service

3

Sole trader

A business that is owned and controlled by one person

4

Partnership

A business that has 2-20 owners

5

Limited liability

The owners are not personally responsible for any debts the business has, they can only.lose what the put it

6

Multinational

A business that is based in one county, but operates in multiple others

7

Economies of scale

They arise when costs fall and output rises. E.g. If you buy in bulk it will cost less

8

Franchise

When an already established business sells the right to sell its product service and logo to an individual

9

Royalty payment

A payment made to a franchisor on the revenue or profit of the franchise

10

Stakeholder

An individual or group of people who have an interest in the business and its activities

11

Private sector

All business that are owned by private individuals

12

Public sector

All business owned by the government

13

Insolvency

When a business cannot cover its costs with its revenue

14

Merger

When two companies join together to from a new larger business

15

Takeover/acquisition

When control of a business is achieved by buying the majority of its shares (51%)

16

Primary sector

First stage of production, farming or mining

17

Secondary sector

The secondary stage of production, factory's making things

18

Tertiary sector

Where products are sold and services provided

19

Interdependence

The way in which a businesses in different sectors depend on each other

20

Productivity

The measure of how well workers are working, measured by the amount the produce or the average cost of production

21

Job description

A document that describes the duties of a worker

22

Person specification

A profile of the type of person needed for a job

23

Internal recruitment

When a vacancy in a business if filled by someone already in the business

24

External recruitment

When a vacancy has in a business if filled by someone outside the business

25

Psychometric test

Tests the help identify a candidates skills, knowledge and personality

26

Presentations

When the applicant is asked to give a talk to the employer on a give subject

27

Motivation

The will or desire to work and do a good job

28

Autocratic

When an owner has full control of decision making

29

Democratic

When an owner works with employees to make a decision

30

Laissez-faire

When an owner gives full control of decision making to employees

31

Induction training

Training aimed at introducing new employees to a business and its procedures

32

On-the-job training

Employees receive training whilst remaining in the workplace

33

Off-the-job training

When employees receive training away from the business

34

Appraisal

A formal assessment on an employees performance

35

IP - investors In people

A scene for business to provide opportunities for staff development

36

Life long learning

The ideas the workers will need to keep.learning different skills during the working life

37

Employment tribunal

A special court of law the deals with disputes between workers and employers

38

Trade unions

An organisation the represents workers, and give individuals a way of communicating with their employees

39

Industrial action

Strike
Working to rule
Overtime bans

40

Redundancy

When employment is ended because RJ e business no longer need the work that was done by an employee

41

Single union agreement

When workers and employees agree that workers will only be represented by one union

42

ACAS

Advisory conciliation and arbitration service

43

Organisational charts

Organisational charts are diagrams that show the internal structure of the business

44

Levels/layers

The number of levels or layers a business has

45

Authority

The power that one person has to make decisions and to control what other workers do

46

Span of control

The number of employees for whom a manager is responsible

47

Accountability

The responsibility that a person has for a job and anything that goes wrong or right

48

Line manager

The person how is directly responsible for other workers

49

Subordinates

The workers that a line manager is responsible for

50

Delegated

The process of giving a manager authority to a subordinate

51

Delegated

The process of giving a manager authority to a subordinate

52

Chain of command

It is concerned with the way in which responsibility for employees if organised within the business

53

Tall structures/flat structures

An organisational structure that has many/few layers of hierarchy

54

Wide/narrow span of control

When some controls 5+/4- people

55

Delayering

The process of removing layers from a hierarchy

56

Market research

Gaining info about customers, competitors and market trends by collecting primary and secondary data

57

Socio economic groups

A way of grouping consumers based on the job of he head of the household. Their occupation effects their income, and so how a business targets them

58

Promotion

How a business informs customers about their products or services

59

Promotion

How a business informs customers about their products or services

60

E-commerce

Online shopping

61

Product mix

The range of products a business offers for sale