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Business y10 > Key terms > Flashcards

Key terms Flashcards

1
Q

CHAIN OF COMMAND

A

Route through which orders are passed down in the hierarchy

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2
Q

DELEGATION

A

Authority to pass down work from superior to subordinate

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3
Q

SPAN OF CONTROL

A

Number of people a person is directly responsible for in a business

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4
Q

FORMAL ORGANISATION

A

Internal structure of a business as shown by an organization chart

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5
Q

ORGANISATIONAL CHART

A

Diagram that shows the different job roles in a business and how they relate to each other

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6
Q

HIERARCHY

A

Order or levels of responsibility in an organisation from the lowest to the highest

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7
Q

AUTHORITY

A

Right to command and make decisions

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8
Q

PAYROLL OFFICER

A

Someone who is responsible for the administration of workers pay in a business

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9
Q

SUBORDINATES

A

People in the hierarchy who work under the control of a more senior worker

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10
Q

CENTRALISED

A

Type of organisation system where most decisions are made at the top of organisation and then passed down the chain of command

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11
Q

DECENTRALISED

A

Type of organisation system where decision making is pushed down the chain of command and away from the top

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12
Q

SHAREHOLDERS

A

Owners of limited companies

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13
Q

STAKEHOLDER

A

Anyone who has an interest in the company

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14
Q

ENTREPRENEURS

A
  • Innovators, they try to make money out of a business idea
  • Responsible for organising (giving instructions, making arrangements and setting up systems) other factors of production. They buy or hire resources, such as materials, labour and equipment
  • They have to make all the decisions
  • Take risks, they risk losing any money they put into the business.
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15
Q

SOLE TRADER

A

Business owned by a single person

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16
Q

PARTNERSHIP

A

Business owned by between 2 and 20 people

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17
Q

DEED OF PARTNERSHIP

A

Binding legal document that states the formal rights of partners, it states:

  • How much capital each partner will contribute
  • How profits and losses will be shared among the partners
  • The procedure for ending the partnership
  • How much control each partner has and rules for taking new partners
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18
Q

UNINCORPORATED

A

Businesses where there is no legal difference between the owner and the business

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19
Q

INCORPORATED

A

Business that has a separate legal identity from that of its owners

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20
Q

UNLIMITED LIABILITY

A

Owner of a business is personally liable for all business debts

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21
Q

LIMITED LIABILITY

A

Business owner is only liable for the original amount of money invested in the business

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22
Q

FRANCHISE

A

A license given to one business by another to sell goods and services using its names e.g McDonalds, The Body Shop

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23
Q

FRANCHISEE

A

The entrepreneur who wishes to open a new branch of a franchised chain (who pays the franchisor to do so- royalty payment)

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24
Q

FRANCHISOR

A

The owner of the brand

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25
Q

ROYALTY PAYMENT

A

% of the profits, as well as an arrival fee. Is a payment made by on one franchise to another that owns a particular asset, the licensor or franchisor for the right to ongoing use of that asset

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26
Q

FLOTATION

A

The process of a company going public

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27
Q

STOCK MARKET

A

A market for shares in public limited companies

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28
Q

JOINT VENTURE

A

Where two or more companies share the cost, responsibility and profits for a business venture

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29
Q

OBJECTIVES

A

Goals or targets set by a business
Specific, Measurable, Achievable, Realistic, Time specific
Financial: Survival, Profit, Sales, Increase market share, Financial security.
Non-financial: Social objectives, Personal satisfaction, Challenge, Independence and control

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30
Q

REVENUE

A

Money from the sale of good and services

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31
Q

VENTURE CAPITALISTS

A

Specialist investors (individuals or companies) who provide money for businesses purposes, often to new businesses.

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32
Q

SOCIAL ENTERPRISE

A

Business that aims to improve human or environmental well-being, charities for example

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33
Q

CERTIFICATE OF INCORPORATION

A

Document needed before a new company can start doing businesses

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34
Q

MEMORANDUM OF ASSOCIATION

A

Document that sets out the constitution and gives details about the company, it should include:

  • name of the company
  • name and address of the company and the nature of its activities
  • amount of capital to be raised and the number of shares to be issued
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35
Q

CHAIRPERSON

A

Someone who is in charge of a meeting or directs the work of a committee or organisation

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36
Q

MULTINATIONAL COMPANY

A

Large business with significant production or service operations in at least two different countries.

  • huge assets and turnover
  • highly qualified and experienced professional executives and managers.
  • Powerful advertising and marketing.
  • Highly up-to-date technology
  • Highly influential both economically and politically
  • Very efficient since they can exploit huge economies of scale
  • Ownership and control is centred in the host country
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37
Q

PUBLIC CORPORATIONS

A

Business organisations owned and controlled by the state/government.

  • State owned
  • Created by law
  • State-funded
  • Provide public services
  • Public accountability
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38
Q

NATURAL MONOPOLY

A

Market where it is more efficient to have just one organisation meeting total

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39
Q

PRIVATISATION

A

Transfer of public sector resources to the private sector, it can take a number of forms:

  • Sale of public corporations
  • Deregulation
  • Contracting out
  • The sale of land and property
40
Q

PRIMARY SECTOR

A

Production involving the extraction of raw materials from the earth.

41
Q

SECONDARY SECTOR

A

Production involving the conversion of raw materials into finished and semi-finished goods.

42
Q

TERTIARY SECTOR

A

Production of services in the economy

43
Q

DE-INDUSTRIALISATION

A

Decline in manufacturing

44
Q

TRADE BLOC

A

Group of countries situated in the same region that join together and enjoy trade free of barriers.

45
Q

BROWNFIELD SITES

A

Areas of land that were once used for urban development

46
Q

GREENFIELD SITES

A

Previously undeveloped areas of land, usually on the outskirts of towns and cities.

47
Q

ASSISTED AREAS

A

Areas that are designated by a government as having economic problems and are targeted to receive support in a variety of forms

48
Q

GLOBALISATION

A

Growing integration of the world’ s economies.

  • Goods and services are traded freely across international borders
  • People are free to live and work in any country they choose
  • There is a high level of interdependence between nations
  • Capital can flow freely between different countries
  • There is a free exchange of technology and intellectual property across borders
49
Q

MONETARY SYSTEM

A

System of money in a particular country or the world as a whole, and the way that is controlled by governments and central banks

50
Q

HOSTILE TAKEOVER

A

Takeover that the company being taken over does not wanton agree to

51
Q

BID

A

Offer to pay a particular price for something

52
Q

PATENTS

A

Legal documents giving a person or company the right to make or sell a new invention, product, or method of doing something and stating that no other person or company is allowed to do this

53
Q

CURRENCY RESERVES

A

Money in foreign currency held by a country and used to support its own currency and to pay for imports and foreign debts

54
Q

ENTERPRISE

A

The activity of starting and running businesses

55
Q

REPATRIATION

A

Where a multinational returns de profit from an overseas venture to the country where it is based, typically from a developing country to a developed country

56
Q

EXPORTS

A

Goods and services sold overseas

57
Q

IMPORTS

A

Goods and services bought from overseas

58
Q

VISIBLE TRADE

A

Trade in physical goods

59
Q

INVISIBLE TRADE

A

Trade in services

60
Q

BALANCE OF TRADE

A

Difference between visible exports and visible imports

61
Q

EXCHANGE RATE

A

Value of one currency in terms of another

62
Q

FISCAL POLICY

A

Using changes in taxation and government expenditure to manage the economy

63
Q

PROTECTIONISM

A

Use of trade barriers to protect domestic producers

64
Q

TRADE BARRIERS

A

Measures designated to restrict trade

65
Q

QUOTA

A

Physical limit on the quantity of imports allowed into a country

66
Q

INTEREST

A

Price of borrowed money

67
Q

MONETARY POLICY

A

Using changes in interest rates and the money supply to manage the efonomy

68
Q

BUDGETARY MEASURES

A

Actions taken by the government to influence business and the economy

69
Q

URBANISATION

A

Process of constructing more and more buildings on rural land

70
Q

SUSTAINABLE DEVELOPMENT

A

Idea that people should satisfy their basic needs and enjoy improved living standards without compromising the quality of life of future generations

71
Q

EXTERNAL FACTORS

A

Events and issues that sometimes businesses have to deal with and that are completely beyond their control

72
Q

CAPITAL EMPLOYED

A

Amount of money invested in a business

73
Q

OVERTRADING

A

Taking on more work than a business can afford to fund effectively

74
Q

DOWNTURN

A

Period or process in which business activity, production, etc… is reduced and conditions become worse

75
Q

UNDERCAPITALISED

A

Starting a business with insufficient capital

76
Q

COMMUNICATION CHANNELS

A

Routes along which information might travel in a business

77
Q

DOWNWARD COMMUNICATION

A

Passing messages from the top of the organisation at those at the bottom

78
Q

UPWARD COMMUNICATION

A

Passing messages from the bottom to those at the top

79
Q

HORIZONTAL COMMUNICATION

A

Exchange of information between parties on the same level in an organisation’s hierarchy

80
Q

INTERNAL COMMUNICATION

A

Communication between people inside the business

81
Q

EXTERNAL COMMUNICATION

A

Communication between the business and those outside such as customers, inventors or the authorities

82
Q

FORMAL COMMUNICATION

A

Use of recognized channels when communicating

83
Q

INFORMAL COMMUNICATION

A

Use of non-approved channels when communicating (on the grapevine)

84
Q

JOB DESCRIPTION

A

Document that shows clearly the tasks, duties and responsibilities expected of a worker for a particular job

85
Q

PERSON SPECIFICANTION

A

Personal profile of the type of person needed to do a particular job

86
Q

JOB APPLICATION FORM

A

Standard document used to collect information from a job applicant.

87
Q

CURRICULUM VITAE

A

Document used by a job seeker that lists personal details, qualifications, work experience, referees and other details

88
Q

SHORTLIST

A

List of the most suitable people for a job, chosen from all the people who were first considered

89
Q

INDUCTION

A

Introduction of someone into a NEW job, company or official position

90
Q

INTERNAL RECRUITMENT

A

Appointing workers from inside the business

91
Q

EXTERNAL RECRUITMENT

A

Appointing workers from outside the business

92
Q

MINIMUM WAGE

A

Minimum amount per hour, which most workers are entitled to be paid

93
Q

INDUCTION TRAINING

A

Training given to NEW employees when they first start a job

94
Q

TRAINING

A

Process that involves increasing the knowledge and skills of a worker to enable them to do their job more effectively

95
Q

ON-THE-JOB TRAINING

A

Training that takes place while doing the job

96
Q

OFF-THE-JOB TRAINING

A

Training that takes place away from the work areas

Business y10 (3 decks)

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