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Homework - Study All 20 An Inspector Calls Quotes (The Ones Highlighted in Class) - Quotes Test On Monday. (10 Feb 2025 at 20 - 13)

The document is a glossary of business terms and concepts, providing definitions for various terms related to finance, marketing, production, and organizational structure. It includes entries on topics such as cash flow, competition, pricing strategies, and types of business organizations. This glossary serves as a reference for understanding key terminology in the business field.

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Maryam Absar
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18 views7 pages

Homework - Study All 20 An Inspector Calls Quotes (The Ones Highlighted in Class) - Quotes Test On Monday. (10 Feb 2025 at 20 - 13)

The document is a glossary of business terms and concepts, providing definitions for various terms related to finance, marketing, production, and organizational structure. It includes entries on topics such as cash flow, competition, pricing strategies, and types of business organizations. This glossary serves as a reference for understanding key terminology in the business field.

Uploaded by

Maryam Absar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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GLOSSARY we-the-line promotion placing adverts using the media counts clerk Someone who Keeps records or accounts in an oe cid test ratio similar to the Curent ratio but excludes stocks from sent assets (sometimes called the quick ratio) nts includes adjustments for the profits made on the jeposal of assets zevetising communication between a business and its customers anere messages are placed in the media to encourage the purchase y products agent oF broker intermediary that brings together buyers and sellers snt-competitive practices (restrictive trade practices) attempts by firs to prevent or restrict competition spprenticeship system of training new entrants to a trade or gofession, often, but not always, younger workers, mostly on-the- ob training but often with some college attendance sears money that you owe someone, or is owed to you, because youhave not made, or have received, regular payments atthe corect intervals or amounts, assembly plant factory where parts are put together to make a frished product assets resources used or owned by a business, such as cash, sick, machinery, tools and equipment assisted aroas areas that are designated by a government as raving economic problems and are targeted to receive support in a variety of forms. audit oficial examination of a company's financial records in order fo check that they are correct auditing accounting procedure that checks thoroughly the accuracy ofa company's accounts auiomation use of computers and machines instead of people to do ab automotive relating 10 cars balance of trade (or visible balance) difference between visible exports and visible imports benk overdraft agreement with a bank where a business spends more money than it has in its account (up to an agreed lit) teriers to eniry restrictions that mean tis dificult for new firms to eter a market production method that involves completing one operation at Meee ra ne oo ptorng ert below.the-line promotion any promotion that does rot involve wing the media bd oer to pay a particular price for someting (for example, a bonus systems payment in addtion to the basic wage for reaching targets or in recognition for service Boston matrix 2x2 matrix that describes products according to the ‘market share they enjoy and whether the market has any potential for growth break-even chart graph that shows total cost and total revenue: ‘break-even point is where total cost and total revenue intersect, break-even point level of output where total costs and total revenue ‘are exactly the same: neither a profit nor a loss is made brownfield sites areas of land that were once used for urban development budget an official statement that a government makes about how ‘much it intends to spend and what the rates of taxes will be for the ext year or six months ‘budgetary measures actions taken by the government to influence business and the economy bulk breaking diving a large quantity of goods received from a ‘supplier before selling them on in smaller quantities to customers, bulk buying buying goods in large quantities, which is usually cheaper than buying in small quantities, business organisation that produces goods and services ‘business to consumers (B20) seling of goods by businesses to capital employed amount of money invested in a business ‘capital finance provided by the owners of a business ccapital-intensive production production methods that make more, use of machinery relative to labour Capital-intensive use of relatively more machinery than labour in production ceash flow flow of money into and out of a business cash flow forecast prediction of all expected receipts and expenses ‘of a business over a future time period, which shows the expected ‘cash balance atthe end of each month ‘cash inflow flow of money into a business ‘cash outflow flow of money out of a business: centralised type of organisation system where most decisions are ‘made atthe top of the organisation and then passed down the chain ‘of command certificate of incorporation document needed before anew company can start doing business chairperson someone who isin charge of a meeting or directs the work of a committee or organisation ‘charities organisations that give money, goods or help to people ‘who are poor, sick or in need ‘losing cash balance amount of cash that the business expects to have at the end of each month (takes into account the cash inflows ‘and cash outflows) ‘commission extra amount of money that is paid to a person ‘organisation according to the value of the goods they have S013 OF the services they have provided ‘commission payment based on the value of sales, usualy @ percentage of sales made ‘commodities products that are bought and sold (n business often refers to things lke ol, gold, ron ore, rice, wheat and meat) ‘communication channels routes along which information might travel in a business competition-based pricing pricing strategies based on the prices charged by rivals computer aided design (CAD) use of computers to design products computer aided manufacturing (CAM) where computers ink and Control the design and preduction of goods in manufacturing ‘computer integrated manufacturing (CIM) use of computers to control the entire production process. ‘computer numerically controlled machines (CNCs) machines that carry out the instructions fed by computers ‘consumer cooperative cooperative that is owned by its customers ‘consumer goods goods and services sold to ordinary people (consumers) rather than businesses. ‘consumer panels groups of customers are asked for feedback ‘about products over a set period contracts of employment written agreements between an employer ‘and an employee in which each has certain obligations. ‘cooperative company, factory or organisation in which al the people working there own an equal share oft cost plus or cost-based pricing adding a percentage (the mark-up) to the costs of producing a product to get the price costs expenses that must be met when setting up and running a business ‘coupons printed piece of paper given to customers by the seller of 4 product, allowing the customer to pay less than usual for the product when they next buy it, or to get a free gift crowd funding where a large numberof individuals (the crowa) frvest in a business venture using an online platform and therefore avoiding using a bank ‘currency reserves money in foreign currency held by a country and ‘ised to support its own currency and to pay for imports and foreign debts ‘current assets assets likely to be changed into cash within a year current liabilities debts that have to be repaid within a year current ratio assesses the firm's liquidity by dividing current abilities into current assets de-industrialisation deciine in manufacturing debenture long-term security yielding a fixed rate of interest, issued by a company and secured against assets EUS risation system where decision making ig decentralised type of organisalon oye oP gushed down the chain of Com vod of partnership binang eae document hat sates the forma fights of partners .graphi ation di demographic segmentatl {hpe of people tat make up a pariowat ‘age, sex and income instructions about what a.new product should it should have icing setting a low price until vals have viding a market according to the ‘group, in particular ther design brief sot of Took lke or what features i destroyer or predatory Pri Sone out of business rtisements that are sent to people inthe post, often irect mall adver direct mail adver rer chosen because they might be interested in people who have the product direc solling where businesses sell ther products directly to ‘consumers .g average costs when a fim becomes diseconomies of scale rsin too big distributed profit proft that is returned tothe owners ofa business distribution channel route taken by a product from the producer to the customer diversity a business, company or country diversfies, it increases the range of goods or services it produces dividends share ofthe profit paid to shareholders in a company division of labour specialisation in specific tasks or sks by an, individual downsizing process of reducing capacity, usuelly by laying of stat downturn period or process in which business activity, production, ttc. is reduced and conditions become worse downward communication passing messages from the top of he organisation to those at the bottom drawings money taken out of the business by the owner for personal use umping were a business sas goods in another county of elow cost -commerce or e-tailing use of electronic systems to sell goods and services: ‘early adopters consumers who are keen to buy new products 85 ‘00n as they are launched ‘economies of scale financial advantages (aling average co) Producing something in very large quantities fMerung economies mpi growing economien ft eamle i) ~ emerging economies have huge growth potential but #S° Bose significant risks oe = mployment tribunal cout that dels with cases vena dates feen employers and employees enterprise the activity of starting and running businesse3 {entrepreneur person who takes risks and sets up businesses, indviual who organises the other actors of producton at Own money in a business venture SN ‘exchange rate value of on an Fone currency in terms of another ‘companies in the UK o 'AXe8 On selected goods, tobacco In the UK * SUCH a6 those on petrol and Globalisation growing integration of the world's economie goods physical products, such as a mobile phone, a packet of ‘an of th trontant dedsens “aanisation or company who help make crisps ora pair of shoos exports goods and services sold overseas ‘Goodwill value that a company has because it has a good ‘lationship with its customers and suppliers exposure advertising and pubic arin Dublely that's used to sella product or greenfield sites provicusly undeveloped areas of and, usualy on the outskits of towns and cities {gross pay pay before deductions, such as tax ation communication by ication between the business and '8 Customers, investors or the authorities, external economies of scale c: industry can enjoy when the inch F088 profit sales revenue less cost of sales {97088 profit margin (or mark-up) gross profit expressed as a ‘Ost benefits that all ims in the percentage of turnover external recruitment appointing workers from outside the business ‘extraction industries industry where mat wh terials, are obtained from under the ground in driling horizontal communication exchange of information between such as ol and coa, Parties 08 the same level in an organisation's hierarchy ‘mining and quarrying hostile takeover takeover that the company being taken over does factors of production resources used to produce goods and aac services ~ Including land, labour, capital and enterprise finance cost interest paid on loans human capital people and their skis. human resources in some businesses, the department that deals finance income interest recoived by the business on deposit with employing, taining and helping people aoc. hygiene factors (Herzberg's) things at work that result in financial return monetary return dissatisfaction finite having an end or a init imports goods and services bought from overseas tcl poly sn changes texaton and gore expended Duss hat ha spate ety tom hao temanage te ecchomy its onners fixed assets resoutcs that aro used repeatedly for api of time duetion training taining given to new employees when they ft by a business such as property, tools, vehicles and machinery L fixed capital stock of human-made resources, such as machines __‘ifant industries new industries that are yet to be established thd tol, used to help make goods and sorioas without limits in space or time fixed costs costs that do not vary with the level of output formal communication use of non-approved channels when ccommunicatin flexitime system in which people work a fixed number of hours each 2 week or month, but can change the times at which they start and infrastructure basic systems and structures that a country or finish each day ‘organisation needs in order to work properly flotation process of a company ‘going public’ innovator someone who introduces changes and new ideas flow production large-scale production of a standard product, insolvent inability to meet debts where each operation on a unit is performed continuously one after the other, usually on a production line istalment one of a series of regular payments made until all the ‘money owed has been repaid formal communication use of recognised channels when intellectual .eople's knowledge or creative ideas that ‘communicating ee a have commercial value and are protectable under different forms of format organisation internal structure of a business as shown by an copyright ope aaron chert interest price of borrowed money (and the reward to savers) ‘ranchise structure in which a business (the franchisor allows interm organisation that helps to arran ‘other operator (the franchisee) to trade under their name Intermediary peepog oF or oa ‘agreements or business deals between other people or ‘hee trade trade between nations that is completely without ‘organisations prenment restrictions: fernal communication communication between people inside the ffoge benefits ‘perks’ over and above the normal wage or salary business FYSE 100 index that measures the share prices of the top 100 internal economies of scale cost benefits that an individual frm ET BESTA SIE Guossany {00 prodetion me reg re sry of neds ord of PHOPI' Need staring mmerchandi Jnandaing way in which 9200S re arTaNged an place, abour peooie employed na bsneessed |bour productivity output per werker na given tine period 3 jning together tot merger two oF more busines {abour-intonsive production production methods that make more (er cn ens fa a wehbe, Une of abou relate to mactunery pacer eye mb co large business « business that employs more than 250 people tld t be pa Se lay off (sta make empoyees redundant monetary pli using changes in interest rates and the mon supply to manage the economy lean production approach to production aimed at reducing the monetary systom syst of money ina particular courty cng word as whol, andthe way that tis controled by gore abies debts of the business, which provide a source of nds iboats limited companies business orgarisations that have a separate tmérigece long-term loan‘secired with properly legal identty rom that of te ooone te mativators (Herzberg) things at Work hal esti sta bined lability business owe sony lable or the orignal amount ‘of money invested nthe business: eho responsibe for the debts ofa compen choles are legaly multinational company large business with sign Wy according ta how many, or service operations in atleast two different count ‘natural monopoly market where itis more efficient toh Udo rot ae eerie orgarisation meeting total market demene : ut do rot take part inthe Reeds basic requirements for human survival Hiquid asset thats easiy changed into cash et assets value ofall assets less the value of. all abies: tn the bottom of the fist part ofthe balance shoes 1auidty ease or seed with which assets can be sold fr cash fowing eta erence Between the cash towing in arta livelixood way you earn money in order to ive flowing out of a beeey : 1688 in a given time per Known seit assets current assets minus curentlabites known as working capital iod {ongrterm finance money borrowed fr mere than one year {oss leader product sold below cost to craw in customers ‘margin of safety amount of output availa ie 0 be sald above the Net pay take home pay, break-even point where the business man (esa proft lncome tax pension cont at is, pay at ibutions or stu deductions, su fent loan repayments busin Patcntage added to costs that makes a profit ora riche market sm business when setting the price aller market, usualy wit industry : "market analysis quanttatve and qualtative assessment ofa Market 90N-current assets as sets that last for mor ‘market orientation where € business focuses onthe needs ot erreurentlabtios debs that are payable ater 12 sort Consumers when developing products ormat oa mane itoret erat "2OUM prot a business needs to ke tonite ; rch colection, presentation and anaiysis of terest ofthe owner(s) ration lating othe marketing and consumo 9o0ds and ‘“Plestves goals or targets set by a business pt} ag 09 tt ako place away tom the wore yman someone who deals with ] j complains | sees creer cote by ordinary ‘surance companies and | tne trblng tanng ta take ior thes place wile doing he ont Jperating Profi FOSS PIO ess expensag saris ational chat gram tht shone Serr atom be etown or ne atcometed pram ma ofa napa ra tpt anoutto Peder Work Bedion eee ey by @ person, machine or ring contacting ou wor at ign Sto ent ante ett ctw vn ‘overdue money that has not been paid by the ime expected ertheads money spent egy on nt ares encnsy a Startins that needa to heap a buses Yan arin ris of Day above he nomainauioe rene, ‘employees for working extra hours — exerting aking on ore werk han a buses can aod oan Seany parvership business omed by between? an! 20 people psa docrents gi a pan er compen htt faker ole now wonton praetor eee tareting and Sang tat noe nono eee ned Sone payrl officer someone whos espns for the aniston ot ee paceman ovat abon iin eal a ei ator tal bocca euuusha tine rarlat pha ney beraeeditee ces pertorance-rlated pay payren jtam desired for no aca esas anodony tecmecer qian taeecs eyesore pharmaceutical ltng ote production ofp nd medcnes | | ngonisaion or Sueh a8 acl Or business, that has formed for i j piece rate payment system where workers receive an amount of money for each unit produced Portfolio collection (of business intorests or products) | predator business that res to use another's weakness to g2t advantages ‘| premises buildings and land used by a shop or business i seinen net ns | rot aeady exist 1 | mary vector Gut) production ohing he exacton mw | materials from the earth ESE EEE iter eters ater the company rama Goren %0.0., Czech 8.r0., Htalian s.r, Slovak s.r0, and UAE LLC. mee Brivate sector business organisations own groups of individuals: ca Drivatization transfer of pubkc sector resources tothe pate sector rocess production form of tow production where mater. rough plant wher a eres of prveases we toes anes to change the product. fewer Producer goods goods and sence produced by ona bro rode by one business or Product development iderting oporinites and sas for new Bross and convoring those eas to staat ese serves Product te oyce orl of sales a the doen stages thou which a product passes over time corms Product olentation vir a bsinss focuses onthe design ar ‘manufactur ofthe product tel rather than the needs cheers oduct portfolio oroduct mi range of prouet a business Curent marketing Product positioning way that peop think about a product n relation tothe companys oher products and to compen oducts, or the way thatthe company woul he Ve tink Shot Production anformation of resources nto ata product Productivity eat which goods are produced, andthe amount produced, especialy in lation othe wor, mo and mares roeded to produce them Profit maximisation making as much prof as possi ina gen time panos Broft money et over tera costs have boon subvacte om revenve Profit satisticing making enough prot to saisy te edo the Business nner) Prospectus document produced by a company that wants the public to buy its shares. protectionism use of trade barriers to protect domestic producers ‘public corporations business organisations owned and controlled by the state/government public limited company (Pic in the UK, a limited company whose shares are freely sold and traded, with a minimum share capital of {£50000 and the letters Pic after its name, ther countries have similar arrangements with diferent lettrs after the company name: German AG (Aktiengesellschaf), Czech as. Itaian SpA. and ‘Spanish, French, Polish, Greek and Romanian SA public relations attempt by a business to communicate with interested parties central or ocal public sector business organisations owned by central or government ‘Qualitative: Ind intentions. tative data ing - in entation about attitudes beliefs, ar ‘Guality teat sstomers tures of Reeds WS Of product that allow it to satisy cu Quality ass. urance w Customers’ wants une natheds that take into account Suarentoong ere ncn aay ofan meee uatity “ SERNY, icles sma group ot factory workers who meet regulary 12 5 v8 to Improve working methods and to solve problems ualty control making sure thatthe meet ons rat he quay ofa product meets Quantitative data information uantative data rfrmaton tat can be quand ta

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