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key words Flashcards

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1
Q

savings

A

a business owner providing their own money as part of the start-up capital for a new business

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2
Q

raw materials

A

the planets natural resources

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3
Q

manufacturing

A

the making of goods using a production or construction process

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4
Q

service

A

the provision of deed or action

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5
Q

primary activity

A

the extraction of raw materials

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6
Q

secondary activity

A

the manufacturing of products

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7
Q

tertiary activity

A

the provision of a service

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8
Q

private sector

A

business owned by individuals to make a profit (sole trader)

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9
Q

public sector

A

businesses owned by the government

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10
Q

third sector

A

organisations run for social benefit that are not owned by the government

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11
Q

sole trader

A

a business that only has one owner

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12
Q

unlimited liability

A

business and owner are equal

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13
Q

partnership

A

a business with two or more owners who have joint control

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14
Q

private limited company

A

a business owned by one or more shareholders who have brought shares privately

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15
Q

limited liability

A

the owners and business are separate - the business is only liable for the debts

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16
Q

incorporated

A

the business is deemed a legal entity separate from its owners

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17
Q

public limited company

A

a business owned by two or more shareholders who have brought shares on the stock exchange

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18
Q

registered charity

A

a business with charitable status

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19
Q

community interest company

A

a company set up by private individuals to benefit society rather than make a profit

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20
Q

deed of partnership

A

a document detailing the rights and responsibilities of each partner

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21
Q

memorandum of association

A

a document which states what the company has been formed to do

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22
Q

articles of association

A

a document which governs the internal rules of how the company is to be run

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23
Q

form 10

A

a form declaring director names the name of the company secretary and the businesses registered office

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24
Q

form 12

A

a statutory declaration that all requirements of the company registration process have been complied with

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25
aims and objectives
what a business is trying to achieve
26
revenue
the money a business gets when payment is made for the goods and services it provides
27
profit
the amount left when costs has been taken away from revenue
28
break-even
making just enough revenue to cover costs
29
market share
the proportion of the total market the business sells to
30
functional area
the division of work into separate areas of expertise
31
financial forcasts
prediction of a businesses future financial situation
32
financial statement
the businesses actual financial situation
33
pricing strategy
the method used to set the prices of the products / services
34
shortlisting
selecting which candidates to interview
35
redundancy
losing an employee because their job is no longer needed
36
quality control
making sure products are made to required standard
37
refunds
giving customers their money back
38
stock control
managing stocks of physical resources e.g. raw materials
39
hierarchical structure
the organisation of job roles by rank
40
flat structure
a business with hierarchy with few levels
41
tall structure
a business hierarchy with many levels
42
centralised structure
a business structure where decisions are made at the top of the hierarchy
43
decentralised structure
a business where decisions are made lower down the hierarchy
44
matrix structure
a business structure where teams of people from different functional areas work together on specific projects
45
command status
downwards flow of the chain relating to who a particular employee can give orders to
46
reporting status
upwards flow of the chain relation to who a particular employee must report to
47
superior
higher status
48
subordinates
lower status
49
status level
rank of a specific job role
50
per annum
per year
51
income statement
a document that reports the profit or loss the business has made
52
gross profit
the accounting term used when variable costs have been deducted from revenue
53
operating profit
used when costs of sales and operating expenses have been deducted from revenue
54
profit before tax
used when costs of sales, operating expenses and non-operating expenses have been deducted from revenue
55
net profit
used when all business costs have been deducted from revenue
56
dividends
payments made to shareholders as a reward for investing in the company
57
retained profit
the amount of profit not distributed to owners
58
statement of financial position
a document that shows what a business is worth at a given moment in time
59
non-current assets
assets that the business owns that are intended to remain in the business to help it carry out its day-to-day operations
60
net book value
the value of non-current assets at the present time
61
current assets
items the business owns that are likely to be converted to cash during its annual trading cycle
62
trade receivables
money owed to the business by debtors
63
prepayments
monies paid in the accounting period
64
trade parables
money the business owes to creditors, usually for the purchase of stock which the business has brought on credit
65
accruals
expenses for this accounting period which have yet to be paid
66
net assets
all of the business assets minus all of its liabilities
67
total equity
the total capital invested in the business
68
cash flow statement
a document that shows the historic flow of funds into and out of a business
69
cash flow forecast
a document that predicts the expected flows of funds into and out of a business in the future
70
overtime
working extra hours
71
strike
an organised form of industrial action where workers withdraw their labour and do not turn up for work
72
boycott
a refusal to buy goods/services
73
conflict resolution
dealing with and resolving a disagreement completely
74
conflict management
the process of limiting the negative effects of a conflict
75
demographic issues
issues relating to the size and structure of the population
76
disposable income
a person total income minus taxes
77
automation
the replacement of human labour with machines
78
CAD/CAM
computer aided design
79
e-commerce
websites allowing purchases to be made online
80
EPOS
electronic point of sale
81
video conferencing
holding virtual meetings using audio and video screens
82
imports
buying goods from abroad
83
exports
selling goods to other countries
84
sterling
the UK currency
85
ethical factors
issues concerned with doing what is right
86
sustainability
behaving in a way which preserves the planets natural resources for future generations
87
corporate social responsibility
a business behaving in a way which improves the welfare of society
88
internal source of finance
funding obtained from the business itself
89
external source of finance
funding obtained from outside of the business
90
short-term financial needs
finance required for up to 12 months
91
long-term financial needs
finance required for longer than 12 months
92
benchmarking
judging performance by comparing against a standard
93
overdraft
a business is allowed to withdraw money from a bank account even of it does not have enough money
93
loan
a sum of money borrowed fro a set period of time
94
mortgage
used to buy property
95
credit card
buy goods now and pay off the bill later
96
hire purchase
pay a deposit for an asset and then regular payments for a set period of time
97
trade credit
a business buys goods from a supplier and pays for them later
98
venture capital
a person invests their own funds into a project which is 'high risk' they then own a share of the business
99
share issue
a limited company issues further shares to family to raise capital to expand a business
100
crowdfunding
funding a project
101
business plan
formal document produced by a business that sets out how it will succeed

business unit one (16 decks)

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