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Business LC > (part 4 ) terms list [alphabetical] > Flashcards

(part 4 ) terms list [alphabetical] Flashcards

(65 cards)

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1
Q

jargon

A

technical lang. used by a specific group

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2
Q

job production

A

a production option , a business makes one product at a time , eg; handmaid suits

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3
Q

joint venture

A

strategic alliance *

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4
Q

just in time

A

a stock control strategy where the business aims to have exactly the right amount of stock needed at any time

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5
Q

labour court

A

a org. set up by the gov. to solve industrial disputes

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6
Q

labour force

A

all the people in ireland who are in work or available for work

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7
Q

labour turnover

A

the rate at which employees leave a business

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8
Q

labour intensive industry

A

an industry that uses more humans than machines eg; construction industry

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9
Q

laissez faire leadership

A

a style of leading where the manger does not interfere with how employees do their work

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10
Q

leading

A

the ability to direct people ,give them instructions and make them follow and obey you

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11
Q

leaning on a trade

A

keeping your supplier waiting for payments of goods you receive this affects your credit rating

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12
Q

legality of form

A

an essential element of some contracts , such as mortgage agreements . it means a contract must be drawn up in a certain way

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13
Q

legality of purpose

A

an essential element of a contract , means that contracts are legally binding only if they are used for legal things

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14
Q

limited liability

A

a legal term , if a private limited co. , PLC or co-op goes bankrupt shareholders lose only the capital they invested in the business , they do not have to sell their personal assets in order to repay the businesses debts

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15
Q

liquidation

A

closing down of a business and selling its assets

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16
Q

liquidity

A

the ability of a business to pay it’s short term bills

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17
Q

loading

A

an extra charge added to insurance premiums to cover higher risks

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18
Q

lockout

A

an industrial action where the employer excludes employees from work

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19
Q

loss leader

A

a pricing strategy , a business sells a product below cost in order to attract customers into the store , it is hoped that the customer will then buy other products as well

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20
Q

low cost leadership strategy

A

a business strategy where a co. keeps costs low so that it can sell its products cheaply

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21
Q

manpower planning

A

ensuring that the business had the right amount of employees with the right combination of skills

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22
Q

margin of safety

A

the difference bet. a business’s forecast sales and its breakeven point

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23
Q

market segmentation

A

dividing the overall market for a product into different groups of customers . Eg; The market for toiletries is segmented into men’s and women’s segments

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24
Q

marketing concept

A

the principle that the customer is the most important person in the business

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25
marketing strategy
a written plan outlining a businesses marketing objectives and how it aims to achieve them
26
mass production
a production option , a business makes the same product continuously , eg; chocolate bars
27
matrix organisation structure
an organisation structure that combines a functional organisation structure with a project team structure
28
mentor
an experienced businessperson who assists local businesses that are not set up community development
29
merchantable quality
under the sales of goods and supply of services act 1980 , goods bought must be of acceptable standard , taking into account their price and purpose
30
merger
a form of inorganic growth of a business , 2 seperate businesses voluntarily agree to join together to form a new business aka = amalgamation
31
minutes
a summary of what was said at a meeting and what decisions were made
32
mission statement
a statement of a business's principal objective
33
motivating
the manger energises employees and provides them with incentives so that they co-operate and work harder for the business
34
NAFTA
north american free trade agreement , trading bloc comprising the USA , canada , mexico
35
net profit
the profit made after business expenses have been subtracted from the gross profit
36
net profit percentage
a calc. that shows what percentage of sales is net profit , the formula = (net profit % sales ) * 100
37
niche market
a subset of the target market
38
niche strategy
a business strategy where a company aims to satisfy a niche market
39
offer
a person asks another to enter into a contract with him
40
off the job training
training employees outside of the normal working situation by sending them on training courses and conferences
41
ombudsman
a person who investigates complaints against public bodies
42
on the job training
training employees while they are performing their jobs , they learn by practical experience and observation
43
open economy
an economy that trades with most countries
44
ordinary share capital
equity capital *
45
organic growth
the slow , natural growth of a business
46
organising
the management activity of arranging a business's resources in the best way to help it achieve its goals
47
P21
a form sent by revenue to an employee showing the employee the balance of income tax he owes or is owed for the year
48
P45
a form given to an employee when he leaves a job , it outlines the pay earned and the PAYE and PRSI paid by the employee from the start of the year to the date he left
49
P60
a form given to an employee at the end of the tax year , it outlines the pay earned and the PAYE and PRSI paid by the employee in that tax year
50
patent
legal protection for an idea
51
PAYE
pay as you earn , an income tax that employees pay on their wages
52
paypath
a payment system where an employee's salary is paid directly into their bank account
53
performance appraisal
an evaluation of how an employee is performing her job
54
pictogram
a chart that uses pictures to convey info.
55
PLC
public limited company , a business owned by at least 7 owners, it can sell its shares to the public
56
planning
the management activity of setting goals for the future and devising strategies to use to achieve them
57
political strike
an industrial action where employees go on strike to protest against gov. action
58
polluter pays principle
a waste management principle that says that polluters must pay for cost of disposing the waste they produce
59
positive discrimination
a policy to ensure that protected groups achieve full equality in the workplace
60
preference shares
a long term loan similar to a debenture
61
price penetration strategy
a pricing strategy , a business charges as low as possible for its products in order to win customers from its competitors
62
price skimming strategy
a pricing strategy , initially charges a high price for a product to recoup money spent developing it as quickly as possible
63
primary picketing
an industrial action where the employees picket outside the employers business
64
primary sector
section of the economy involved in extracting raw materials
65
PRO
public relations office

Business LC (6 decks)

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