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Y12 Key Words Business JSL > Key Words > Flashcards

Key Words Flashcards

(93 cards)

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1
Q

Customer service

A

The methods used by a business to look after its current and future customers. This involves meeting customers before during and after the sale.

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2
Q

Float

A

Duration an activity can be extended or delayed so that the project still finishes within the minimum time.

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3
Q

Unlimited liability

A

Being personally responsible for all the debts of the business.

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4
Q

Franchise

A

An authorisation granted by a government or company to an individual or group enabling them to carry out specified commercial activities.

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5
Q

Public sector

A

A service provided by national government or local government .
Eg schools, hospitals.

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6
Q

Private sector

A

A private sector provided by private businesses. Eg franchises

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7
Q

Privatisation

A

When public sector enterprises are sold by the government to businesses which are owned by private shareholders.

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8
Q

Nationalisation

A

When private sector enterprises are bought/taken over by the government.
Business becomes a gov owned/controlled business.

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9
Q

Mission statement

A

Overall purpose of the business.

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10
Q

Aim

A

What you are trying to achieve (over time)

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11
Q

Objectives

A

More specific and short term.

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12
Q

Stakeholder

A

Anyone with an interest in the business.

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13
Q

Business plan

A

Sets out how the owners/managers of a business intend to achieve its objectives without such a plan a business is likely to drift.

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14
Q

Porters 5 forces framework

A

Is a tool for analysing competition of a business.

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15
Q

Contingency plan

A

Is a plan devised for if there is an outcome other than what is in the usual (expected) plan.

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16
Q

Forecasting

A

Using existing data to predict future trends.

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17
Q

Decision tree

A

A mathematical model used to help managers make decisions.

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18
Q

Multinational corporations

A

A corporate organisation which owns or controls production of goods or services in at least one country other than its home country.

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19
Q

Joint venture

A

Involves two or more businesses pooling their resources and expertise to achieve a particular goal.

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20
Q

Strategic alliance

A

An arrangement between two companies that have decided to share resources to undertake a specific, mutually beneficial project.

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21
Q

Job production

A

Making a unique and specific product to the customers order.

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22
Q

Batch production

A

Making a specific quantity of a product.

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23
Q

Mass/flow production

A

Making very large quantities of the same product on the one machine.

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24
Q

Specialisation

A

Is where a firm (or country) focuses on the production of a small range of products.

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25
Division of labour
Means that the main process of production is spilt up into many simple parts and each part is taken by different workers who are specialised in the production of that specific part.
26
Business plan
Sets out how the owners/managers of a business intend to achieve its objectives without a plan a business may drift.
27
Sole proprietor
A business owned by one person
28
Limited liability partnership
A type of partnership in which all partners are limited partners.
29
Private limited company (LTD)
A small to medium sized company, owned by shareholders who have limited liability. The company cannot sell its shares to the general public.
30
Limited company
Owned by its shareholders.
31
Productivity
Increasing output (products) in relation to inputs (labour and capital).
32
Economies of scale
The more you produce, the cheaper each one is to make. | E.g. purchasing, production, marketing.
33
Diseconomies of scale
When the business gets too big and the average costs start to rise. E.g. poor communication, staff morale, staff working poorly in a team.
34
External economies of scale
When the average costs fall for the industry. | E.g. research and experiment, transportation and communication, education, government support.
35
Break even
How many products must 1 produce and sell to cover total costs. Equation = fixed costs ————— Selling price-variable costs (Contribution)
36
Margin of safety
How many products are you above the break even point? | Equation = Actual sales - Break Even sales
37
Quality control
Checking the quality once the product has been made (at the end).
38
Quality assurance
Putting systems in place in advance to guarantee the quality whilst the product is being made.
39
Quality systems
Putting systems in place to guarantee good quality.
40
Just in Time Production (JIT)
A method of lean production (cutting out waste). | Involves keeping stock to an absolute minimum and the raw materials are only ordered when needed.
41
Kanban
Another method of lean production. A scheduling system that is used in lean production to help companies improve their production and reduce their overall inventory (stock).
42
Total quality management (TQM)
Everybody is involved in checking quality where they work. The product will move down the line once it passes quality checks.
43
Quality circles
A continuous improvement. Where staff attend a meeting looking at output and their mistakes etc.
44
Capacity utilisation
Percentage of potential capacity your business is using. Equation - Actual output ——————- times 100 Potential output
45
Efficient
Making the maximum use of your inputs. The aim is to keep inputs low and outputs high.
46
Wastage rates equation
Wastage ———— times 100 Output
47
Benchmarking
Identifying who is the best in your industry.
48
Logistics
Plans, implements and controls the flow and storage of goods between the point of origin and consumption.
49
Procurement
Process of selecting suppliers whom you can buy from vendors, establishing payment terms and negotiating contracts and actual purchasing of goods.
50
Operational objectives
Specific production targets set by an organisation to ensure that the company goals are achieved.
51
Work study
A system of accessing methods of working so as to achieve the maximum output and efficiency.
52
Ergonomics
The process of designing or arranging workplaces and systems so that they fit the workers who use them.
53
Waste management
The activities and actions required to manage waste from its inception to final disposal.
54
FINANCE Payback
The time it takes for a project to repay its investment.
55
ARR Accounting Rate of Return
``` Percentage rate of return. You get the annual average return. ARR = Average Annual Return —————————— Investment (£) ```
56
Internal | Sale of fixed assets
Selling assets of value, eg land.
57
Internal | Personal savings
Increasing the amount of savings in case of needing a contingency plan. Money from owner.
58
Internal | Divestment
You decide to stop and move the investment.
59
Internal | Sale/lease back
The giving back of money, eg if less work is done from what you’ve paid for.
60
Internal | Factoring
Selling a debt to somebody else to get funds.
61
Internal | Retained profits
Putting profits back to the business, eg to go towards machinery.
62
Internal sources of finance
The cash you generate from inside the business.
63
External sources of finance
External finance comes from banks and other sources outside the company
64
External | Venture Capital
Inviting someone to invest in business.
65
External | Overdraft
Where you can spend more than you have in your bank. Up to an agreed limit.
66
External | Trade Credit
You can receive goods and you don’t have to pay. You can sell goods then pay for them.
67
External | Leasing
Paying for the right to use a property, hiring etc.
68
External | Hire Purchase
To rent something for a period of time then become the owner.
69
External | Bank Loan
Money borrowed from the Bank with added interest.
70
External | Grant
Money from the government given for a specific purpose.
71
External | Share issue
Where a company makes new shares available.
72
External | Mortgage
An agreement from the Bank - a loan from bank property. | Money borrowed - Bank has an interest.
73
Share issue equation
Share value ——————— 200,000/1000
74
Margin of safety
The difference between the operating level of output and the break-even level of output.
75
Cash flow
Money flowing in and out of the business.
76
Cash flow forecast
A plan that shows how much money a business expects to receive in and pay out.
77
Lead time
Amount of time between placing order and receiving stock.
78
Buffer stock
Making sure the minimum level is more than 0, in case of any unexpected orders.
79
A stock control chart
To maintain stock levels so that total costs are minimised.
80
Quantifiable risk
A risk that can be measured.
81
Unquantifiable risk
A risk that cannot be measured.
82
Uncertainty
Decision-making, but a situation where the current knowledge is unknown.
83
Opportunity cost
A benefit, profit or value of something that must be given up to acquire or achieve something else.
84
What is the difference between profit and cash flow?
Profit is what remains from sales revenue after all the firm's expenses are subtracted whereas the cash flow is the total amount of money being transferred into a business.
85
Crisis management
Process by which an organisation deals with an unexpected event that threatens to harm stakeholders.
86
Working capital
The capital (machinery) of a business which is used in its day-to-day trading operations.
87
Operations management objectives
The areas of operational performance that a company tries to improve, or short term goals whose achievement comes close to long-term goals.
88
Management
The activities associated with running a company, eg controlling, leading, planning.
89
Marketing objectives
Set out what a business wants to achieve from its marketing activities.
90
What is the difference between customers and consumers?
Customers buy products from businesses. | Consumers use the products from the business.
91
What is product innovation? | What is process innovation?
Product innovation is the creation/introduction of a good/service that is either new/improved. Process innovation is the implementation of a new or improved production or delivery method.
92
Provision of services
The act of performing a task for a business or person that wants/requires it.
93
SWOT analysis
A framework for a business to assess its current position in order to be used to make strategic decisions.

Y12 Key Words Business JSL (1 decks)

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