Buisness studies tearms

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

Card 2

Front

Consumer goods

Back

Goods and services sold to oridnary people rather than business

Card 3

Front

Entrepreneurs

Back

Preview of the front of card 3

Card 4

Front

Goods

Back

Preview of the front of card 4

Card 5

Front

Private sector

Back

Preview of the front of card 5
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