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Key Terms Flashcards

(93 cards)

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1
Q

Revenue

A

total sales made by a business

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2
Q

Capital employed

A

Total value of long term finance in business

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3
Q

Values of output

A

Total value of company’s production

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4
Q

Market shares

A

total sales of business divide total sales of industry

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5
Q

Internal growth

A

Business expanding its own operation

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6
Q

Merger

A

2 or more businesses form a new business

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7
Q

Takeover

A

Company gets control of another company

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8
Q

Horizontal intergration

A

Business in the same industry and at same stage of production merges or take over

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9
Q

Conglomerate integration

A

business merge or takeover another business in a different industry

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10
Q

Vertical integration

A

Business operating in the same industry but at different stage of production

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11
Q

Sole trader

A

Business in which one person has sole control and keeps all profit

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12
Q

Partnership

A

Business formed by 2 or more people with shared investment and unlimited liability

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13
Q

Franchise

A

Owner of company sells the right to another person or company to use the franchisor’s name, logo, products and methods in return for a fee

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14
Q

Social enterprise

A

A business that has a ‘triple bottom line’ and does not operate for profit maximisation

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15
Q

limited liability

A

does not lose personal assets to pay debts

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16
Q

Memo of Association

A

Basic details of a business

e.g. name, address, objectives, liability and number of shareholder

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17
Q

Article of Association

A

Internal running of a business
Internal running of a business
e.g. how to appoint director, meeting schedules

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18
Q

Private limited company

A

Shares can only be bought and sold privately with the unanimous agreement form each shareholder

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19
Q

Public limited company

A

Shares bought and sold on the stock market

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20
Q

Dividend

A

Payment made to shareholders which can be at the end, or middle or quarter of a year.

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21
Q

Economies of scale

A

As business grow average cost of production gets smaller

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22
Q

Purchasing economies

A

Buying in bulk, enabled by storage space or/and large level of production making less but bigger deliveries

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23
Q

Marketing economies

A

Afford larger advertising campaign

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24
Q

Financial economies

A

Better credit rating, less interest rate encourage borrowing

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25
Technical Economies
Able to afford latest and most specialised equipment
26
Risk bearing economies
Larger range of production
27
Diseconomies of scale
When business gets larger and become less efficient
28
Communication breakdown
Across country or across the world, different language culture and time
29
Management diseconomies
conflict between different management styles
30
Labour diseconomies
Worker gets bored with repetitive tasks
31
Agglomerate diseconomies
May merge and takeover too many businesses wth different methods. Difficult to run all areas
32
Mission statement
A statement the business core aims phrased in a way to motivate those who work there and to stimulate interest for those who don't
33
Corporate objectives
Gives details that aims and mission statement dont have but are based on
34
Corporate culture
the way things are done, the code of behaviour
35
Stakeholder
Individuals or groups of individuals who have an interest in the activity of a business
36
Corporate social responsibility
Concept that businesses should consider the interests of society in their decisions beyond their legal obligation
37
Taylor's scientific method of production
- Dividing labour into simple jobs | - Least amount of time to increase output
38
Maslow's theory
Hierarchy of needs
39
Hawthorne effect
- Manager maintain communication with employees | - Employees should have a say on what goes on
40
Hertzberg Two factor theory
Motivator and hygine factors
41
Salary
Set amount paid regardless of hours worked
42
Wage
Paid per hour
43
Piece Rate
Paid according to units made
44
Commission
Amount paid on top of basic salary, a percentage of sale
45
Fringe benefit
Benefit in kind, recieved above basic pay
46
Joint Venture
Two or more business agree to work closely on a project
47
Cooperatives
Business that is owned and run jointly and sharing the benefit
48
Holding companies
Business organisation that owns and controls different business but DOES NOT BRING THEM TOGETHER
49
Difference between managers and leader
Micromanagement and MACRO management
50
Planning
Give business direction
51
Organising
Allocating resources
52
Coordinating
Each department to contribute towards the common goal
53
Commanding
Guiding leading an supervising the workforce
54
Controlling
Ensure everything is going to plan and fix it when it is not
55
Autocratic leadership
Ability to make all decisions Does not share information 1 wat communication
56
Democratic leadership
Good amount of information 2 way communication Encourage participation
57
Paternalistic leadership
Managers do what they think is good for the company Management want workers to be happy Some consultation but not meaningful
58
Laissez-Faire
Delegate power to employee
59
McGregor's management Theory X and Y
X leaders control employees at work | Y leaders take responsibility, creative and enjoy the job
60
Informal leader
Employees who are experienced and have been at a business for a long time, they gain high level of respect
61
Emotional Intellegince by Daneil Galeman
Self aware Self manage Social awareness Social skills
62
Organisation Chart
Document showing levels of management and division of responsibility within an organisatio
63
Hierarchy
Levels of management from top to bottom
64
Levels of hierarchy
People given similar levels of responsibility in an organisation
65
Chain of control
How instruction is passed through organisation
66
Span of control
How many subordinates working under someone
67
Delegation
amount of authority given to subordinates
68
Workforce planning
Right skills available at right time
69
Recruitment and selection
Appropriate employees and inducting them to the business
70
Developing employees
training
71
Employment contract
Preparing legal terms of employment into legal format
72
HMR across the business
Involving all decision makers within the business
73
Moral and Welfare
Giving advice and guidance to employees when required
74
Incentive system
Developing appropriate pay system
75
Monitoring
Monitor and measure performance
76
Job description
Detailed list of key points about the job
77
Personal specification
Attract suitable applicants but also repel unsuitable ones | Essential desired experience, qualification and charactreristics
78
Job advertisement
Reflect requirements of job and personal qualities needed, making sure its in the right place and does not include discriminations
79
Shortlisting
Selecting candidates for interview
80
Selection
Interview is the most common form, questions would be asked
81
Labour turnover
Number of employees over average number employed
82
Induction training
New recruits to familiarise with the business
83
On the job training
Learning the job from co-workers while doing the job
84
Off the job training
Going offsite to learn the job at a specialist centre
85
5 formals of unfair dismissal
Pregnancy, religion, Race, non-relevant crime record, member of trade union
86
Sender/transmitter
Person passing the message
87
Medium of communication
Method of sending the message
88
Reciever
Message who it is intended for
89
Feedback
Reciever responds that they have recieved the message
90
One way communication
Message is passed to reciever and do not have the chance to reply
91
Two way communication
When there's a reply
92
Internal communication
Communication between members of the same business
93
External communication
Communication between memebers of business and people outside the business

Business Studies (8 decks)

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