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Authority

The right to decide what to do in a situation and take command of it to be able to make decisions without referring to anyone else.

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Basic pay

Pay earned for working the basic working week.

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Bonds

A long-term loan where typically interest is paid at regular intervals like a year and the loan is all repaid at the end of the life of the bond.  Bonds are traded on stock markets.

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Bonus

Addition to the basic wage or salary. For instance achieving a target.

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Boston Matrix

A model which analyses a product portfolio according to the growth rate of the whole market and the relative market of a product within that market, a product is placed in one of four categories – star, cash cow, problem child or dog.

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Brand

A named product which customers see as being different from other products and which they can associate or identify with.

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Break-even chart

A graph which shows total revenue and total cost, allowing the break-even point to be drawn.

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Break-even point

The level of output where total revenues are equal to total costs; this is where neither a profit nor a loss is being made.

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Buffer stock level or minimum stock level

The lowest amount of stock to be kept by a business.

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Business ethics

Ideas about what is morally correct or not, applied in a business situation.

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Cash flow

The flow of cash into and out of a business.

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Centralisation

A type of business where decision-making is pushed down the hierarchy and away from the centre or core of the organisation and then passed down the chain of demand.

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Chain of command

The path (or chain) down which orders (or commands) are passed.  Ina company, this goes form the board of directors down to other workers in the organisation.

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Channel of communication

The path taken by a message, such as horizontal communication, vertical communication or grapevine communication

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Commission

Payment system usually operated for sales staff where their earnings are determined by how much they sell.

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Commission

Payment system usually operated for sales staff where their earnings are determined by how much they sell.

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