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business > Key Words T3 > Flashcards

Key Words T3 Flashcards

1
Q

Fiscal Policy

A

Using changes in taxation and government expenditure to manage the economy

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2
Q

Lay Off(staff)

A

Make employees redundant

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3
Q

Social security payments

A

Money taken by the brithish government from people’s wages to pay for the system of payments to people who are unemployed or ill

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4
Q

Anti-competitive practice

A

Attempts by firms to prevent or restrict competition

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5
Q

Barriers to entry

A

Restrictions that mean it will be more difficult for new firms to enter the market

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6
Q

Merger

A

When two or more businesses join to make a new firm

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7
Q

Protectionism

A

The use of trade barriers to protect domestic producers

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8
Q

Infant industries

A

Businesses that are yet to be established

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9
Q

Dumping

A

Where a business sells goods in another country often below price

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10
Q

Trade barriers

A

Measures designed to restrict trade

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11
Q

Quota

A

Physical limit on the quantity of imports allowed into a country

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12
Q

Subsidy

A

Financial support given to a domestic producer to help compete with overseas firms

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13
Q

Interest

A

Price of borrowed money

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14
Q

Monetary policy

A

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

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15
Q

Budget

A

An official statement that a government makes about how much it intends to spend and what the rates of taxes are for the next six months or year

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16
Q

Tax allowances

A

Part of income that is not taxed

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17
Q

Budgetary measures

A

Actions taken by the government to influence business and the economy

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18
Q

Urbanisation

A

Process of constructing more and more buildings on rural area

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19
Q

Capital intensive

A

Use of relatively more machinery than labour in production

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20
Q

Sustainable development

A

The idea people should satisfy their basic needs and enjoy improved living standards with ought compromising the quality of life of future generations

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21
Q

Capital employed

A

Amount of money invested in a business

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22
Q

Overtrading

A

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

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23
Q

Inventory

A

Stocks of goods

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24
Q

Fixed assets

A

Resources that’s re used repeatedly for a period of time by a business

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25
Q

Downturn

A

Period or process in which business activity, production e.t.c is reduced and conditions become worse

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26
Q

Undercapitalised

A

Starting a business with insufficient capital

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27
Q

Outcompeted

A

Perform more effectively in a particular field

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28
Q

Overdue

A

Money that has not been paid by the time expected

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29
Q

Communication channels

A

Routes along which information might travel in a business

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30
Q

Downward communication

A

Passing messages form the tip of the organisation to those at the bottom

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31
Q

Upward communication

A

Passing messages form the bottom of an organisation to those at the top

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32
Q

Horizontal communication

A

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

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33
Q

Internal communication

A

Communication between people inside the business

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34
Q

External communication

A

Communication between the business and those outside such as customers

35
Q

Formal communication

A

Use of recognised channels when communicating

36
Q

Informal communication

A

Use of non approved channels when communicating

37
Q

Redeployment

A

Moving someone or something to a different place or job

38
Q

Internal recruitment

A

Appointing workers from inside the business

39
Q

External recruitment

A

Appointing workers from outside the business

40
Q

Surplus

A

Amount of something that is more than what is needed or used

41
Q

Exports

A

Goods and services sold overseas

42
Q

Imports

A

Goods and services bought from overseas

43
Q

Visible trade

A

Trade in physical goods

44
Q

Invisible trade

A

Trade in services

45
Q

Balance of trade

A

Difference between visible exports and visible imports

46
Q

Transactions

A

Business deals or actions such as buying or selling something

47
Q

Exchange rate

A

Value of one currency in terms of another

48
Q

Commission

A

Extra amount of money that is paid to a person or organisation according to the value of the goods they have sold or the services they have provided

49
Q

Unfair dismissal

A

When a worker is dismissed illegally by a business

50
Q

Ombudsman

A

Someone who deals with complaints made by ordinary people against the government banks insurance companies and so on

51
Q

Minimum wage

A

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

52
Q

Training

A

Process that involves increases the knowledge of workers to be more effectively

53
Q

Induction training

A

Training given to new employees

54
Q

On the job training

A

Training that takes place while doing the job

55
Q

Of the job training

A

Training that takes place away from the work area

56
Q

Mentoring

A

Where people sir lots of knowledge advise and help new workera

57
Q

Supervising

A

When you supervise someone or something

58
Q

Job rotation

A

Where employees alternate between different jobs during their course of their employment

59
Q

Job satisfaction

A

Pleasure, enjoyment or sense of achievement that employees get from their work

60
Q

Job enrichment

A

Making a job more challenging and interesting

61
Q

Remuneration

A

Money paid to employees for their work or service

62
Q

Time rate

A

Payment system based on the amount of time employees spend at work

63
Q

Gross pay

A

Pay before deduction sus as tax

64
Q

Net pay

A

Take home pay, that is, pay after deductions such as income tax pension

65
Q

Overtime

A

Rate of pay before the normal rate to compensate employees for working extra hours

66
Q

Salary

A

Pay, usually to non manual workers

67
Q

Piece rate

A

Payment system where workers receive an amount of money for each unit produced

68
Q

Performance related pay

A

Payment system designed for non manual workers where pay increases are given if performance targets are met

69
Q

Bonus system

A

Payment in addition to the basic wage

70
Q

Commission

A

Payment based on the value of sales

71
Q

Fringe benefits

A

Over and above the normal wage salary

72
Q

Design brief

A

Set of instruction about what a new product should look like

73
Q

Formal organisation

A

Internal structure of a business

74
Q

Organisational chart

A

Diagram that shows the different job roles in a business

75
Q

Payroll officer

A

Someone who is responsible for the administration of workers pay in an organisation

76
Q

Accounts clerk

A

Someone who keeps records or accounts in an office

77
Q

Span of control

A

Number of people a person is directly responsible for

78
Q

Centralised

A

Type of organisation system where most decisions are made and the passed to the bottom of the organisation

79
Q

Decentralised

A

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

80
Q

Contracts of employment

A

Written agreements between an employer and employee in which each has certain obligations

81
Q

Trade unions

A

Organisation usually in a particular trade or profesión, that represent workers, especially in meetings with employers

82
Q

Employment tribunal

A

Court that deals with cases involving disputes between employers and employees

83
Q

Market orientated

A

Where a business focuses on the needs of consumers when developing products

84
Q

Wholesalers

A

Persons or businesses that buy goods from manufacturers and sell them in smaller quantities

business (6 decks)

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