Buisness studies tearms 0.0 / 5 ? Business StudiesKey terms IGCSEEdexcel Created by: melbabesCreated on: 12-05-14 11:42 Busiess An organisation which produces goods and services 1 of 28 Consumer goods Goods and services sold to oridnary people rather than business 2 of 28 Entrepreneurs People who take risk and set up bnusinesses 3 of 28 Goods physical products like a mobile phone, packet or crisps or a pair of shoes 4 of 28 Private sector Business organisations owned by individuals or groups 5 of 28 Public sector business organisations owned by te centeral local goverment 6 of 28 Profit Maximisation Making as much profit as possible in a given time period 7 of 28 Limited Liabillity Where a business owner in only liable for the originak amount of money invested in the business 8 of 28 Unincorporated Business Those businesses where there is no legal difference between the owner and the business 9 of 28 Unlimited Liability Where the owner of a business is personally liable for all the business debts 10 of 28 Deed of partnership A binding legal document which states the formal rights of partners 11 of 28 Flotation The process of a company "going public" 12 of 28 Joint venture Where two or more companies share the cost. responsibility and profitsfrom a business venture 13 of 28 Globalisation The growing intergration of the world's economies 14 of 28 Exchange rate The price of one currency in terms of another 15 of 28 Free trade Trade between nations that is completely without goverment restrictions 16 of 28 Visible trade Trade in physical goods 17 of 28 Quota A physical limit on the quanity of imports allowed into a country 18 of 28 Tariff A tax on imports to make them more expensive 19 of 28 Authority The right to command and make descisions 20 of 28 Hierachy The order or levels of responibility in an organisation from the lowest to the highest 21 of 28 Span of control The number of people a person is directly responsible for in a business 22 of 28 Job description A document that shows clearly the taks, duties and responsibility expected of a worker for a paticular job 23 of 28 Maslow's Hierachy of needs Physiological needs, Safety and security, love and belonging, Esteem needs, self- Actualisation 24 of 28 Commission A payment based on the value of sales, usually a percentage of sales made 25 of 28 Profit sharing Where workers are given a share of the profits, usually as part of their pay 26 of 28 Budget A plan that shows how much money a business expects to spend or recieve in a specifield period 27 of 28 Cash flow The flow of money into and out of a business 28 of 28
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