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Business Theme 3 > Keywords > Flashcards

Keywords Flashcards

(85 cards)

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1
Q

Actual Values

A

Forecasts of the net cash flow resulting from a sequence of decisions.

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2
Q

Aims

A

A generalised statement of where a business is heading.

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3
Q

Annual General Meeting

A

A once-yearly meeting where shareholders have the opportunity to influence decisions and appoint directors/managers.

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4
Q

Average Cost

A

The cost of producing one unit of output (=total cost/current output)

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5
Q

Bad Debts

A

Monies owed to a business that will never be repaid

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6
Q

Benchmarking

A

Comparing your performances with that of rivals to identify and learn from best practise.

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7
Q

Bureaucratic

A

An organisation or activity that is stifled by excessive paperwork or re-checking of decisions

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8
Q

Competitive Advantage

A

The factors that enable a business to sustain a profitable position in a competitive market

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9
Q

Contingency Planning

A

Planning that encompasses possible outcomes other than those intended

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10
Q

Corporate Culture

A

The attitudes, decision-making practises and style of an organisation

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11
Q

Corporate Social Responsibility

A

Phrase used to describe the actions of an organisation when it attempts to act in an ethical way towards its wider ethical responsibilities (e.g. social, environmental)

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12
Q

Corporation Tax

A

A tax levied as a percentage of a limited company’s profits

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13
Q

Cost of Sales

A

All the costs arising from sales (including materials, supplies, packaging etc.)

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14
Q

Criterion Level

A

A rough measure set by management to judge whether investments/projects are worth pursuing

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15
Q

Critical Path

A

The activities that must be completed on time for a project to be completed in its anticipated time-frame

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16
Q

Cumulative Cash

A

The build up of cash over several time periods

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17
Q

Delegate

A

Passing authority down the hierarchy

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18
Q

Demography

A

Factors relating to the population; such as changes in the number of old people or immigration

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19
Q

Discounting

A

Applying a discount factor to a money sum to take into account the long term opportunity cost of money

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20
Q

Diseconomies of Scale

A

Factors that cause average costs to rise as output increases

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21
Q

Disruptive

A

Technology that would shift a whole sector towards a new way of doing things (e.g. www)

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22
Q

Disruptive Change

A

Sudden, unpredictable change

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23
Q

Distinctive Capabilities

A

Ways a firm operates that cannot easily be copied by rivals

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24
Q

Diversification

A

When a company expands its activities outside its normal range

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25
Dividends
Regular payments to shareholders as a reward for their investment
26
Downsizing
Re-organising staffing and resources to reflect reduced demand
27
Earning per share
Company profits after tax divided by the number of shares issued
28
Economies of Scale
Factors that cause average costs to fall as output increases
29
Expected Values
Forecast values adjusted by the probability of their occurrence
30
Float Time
Spare time that arises between the completion of an activity and the start of the next
31
Generic Strategy
A strategy position that will prove effective in every market (e.g. lowest cost, high differentiation)
32
Gross Profit
Revenue - cost of goods sold (profit made on trading activities)
33
Incremental Change
Planned, strategic changes taken in small steps over an extended time period
34
Inorganic Growth
Growth achieved via mergers or takeovers
35
Intuition
Deducing something from circumstances without any direct evidence
36
Liability
A debt (e.g. a bill) that has not yet been paid
37
Line Managers
Staff with responsibility for achieving specific business objectives and management of the resources associated with them
38
Liquidity
A measurement of the firm's ability to pay it's short term bills
39
Management by exception
Choosing to focus only on the most important issues in favour of micro-management
40
Market Dominance
Where one firm/product achieves a very high market share
41
M-Commerce
Electronics carried out on mobile devices
42
Mission
An aim expressed in a particularly inspiring way
43
Mission Statement
A statement that sums up a firm's mission that is shared throughout the organisation
44
Mittelstand
The family-owned SMEs that are the backbone of the German economy
45
Net gains/losses
Subtracting the initial outlay from the expected value to identify whether a decision is likely to produce a surplus
46
Net Realisable Value
The price that can be obtained for second hand stock after deducting selling costs
47
Network (Critical Path)
A diagram showing all the activities associated with a particular object
48
Network (Critical Path) Analysis
Breaking a project down into its component parts to identify a sequence of activities
49
Node
The thing in the middle of your fade
50
Node (Decision Trees)
A point in a decision tree where chance takes over (denoted by a circle)
51
Operating Profit
Gross profit - expenses
52
Organic Growth
Growth from within the business - resulting from its trading activities
53
Person Culture
- people believe themselves to be superior to the business - full of people with similar training, expertise and backgrounds - common in firms of professionals - lawyers, accountants - power lies in each group of individuas
54
Power Culture
An organisation where power is centralised and delegation may be limited, so decisions can be swift.
55
Present Values
The value in the present of a sum of money, in contrast to some future value it will have when it has been invested at compound interest.
56
Pressure Group
A group who try to further a common interest
57
Private Equity
Investors or groups that buy up businesses with a view to making short term profits from selling on or re-organisation
58
Probability
The likelihood of something occurring
59
Product Differentiation
The extent to which consumers perceive one product as being different from its rivals
60
Profit Quality
A measure of profit based on its long-term sustainability
61
Prudent
An accounting term meaning cautious
62
Psychometric Tests
Designed to test the psychological make-up of a prospective employee
63
Repositioning
Changing a product or its promotion to appeal to a different market segment
64
Reserves
A company's accumulated retained profit
65
Revenue
Sales Revenue (also known as turnover) is total income - calculated by multiplying the selling price of each unit by the total number of units sold.
66
Role Culture
Where focus on the job role takes precedence to the individual. People have clearly delegated authorities within a highly defined structure. Power is determined by a person's position. Decision making is very slow and they are less likely to take risks.
67
Sales Forecast
A method of predicting future sales using statistical methods
68
Seasonal Variation
Change in the value of a variable that is related to seasonal change
69
Shareholder
An owner of part of (a share if LTD) of a company
70
Shareholder Value
When a firm's focus is on the value of its shares or dividend
71
Short-termism
Making decisions on the basis of the immediate future and ignoring long-term factors or predictions
72
Social Responsibilities
Duties to stakeholder groups beyond the direct business interests of the firm
73
Stakeholder
An individual or group who affects and/or is affected by the actions of an organisation
74
Stock Market Index
A weighted average of the share prices of many companies measured over time (e.g. FTSE 100)
75
Stock Units
The number of different brands and pack sizes stocked by a company
76
Strategic Fit
Acquiring a business in order to boost long-term growth or profit
77
Substitutes
Rival Products (e.g. Dairy Milk and Galaxy) that are seen by consumers as relatively interchangeable
78
Synergies
(in Takeovers and Mergers) Gains/advantages realise that were not possible prior to the two firms becoming one (e.g. Scale Economies)
79
Tactical Decisions
Day to day decisions in response to events or short term factors
80
Takeover
Where one firm acquires a majority stake in another and gains control of it
81
Task Culture
Where employees and resources are organised around tasks or projects (often on a short term basis). Teams are formed and power derives from expertise as long as a team requires expertise. There is no single power source. The teams may develop their own objectives (a risk).
82
Trend
A general path that a series of values (e.g. sales) follows over time
83
Vested Interest
When someone has a personal interest in the outcome of a decision
84
'What if' Questions
Hypothetical questions used to test out the possibilities of different theories or approaches
85
Whistleblowing
When an employee reports illegal or unethical business practices to an official body or the media

Business Theme 3 (1 decks)

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