Business terms 0.0 / 5 ? Applied BusinessBusinessA2/A-levelOCR Created by: livrowlandsCreated on: 05-12-17 17:21 Protocol A set of rules and procedures that must be followed e.g. following the fire bell 1 of 17 Authority The power managers have to direct subordinates and make decisions 2 of 17 Hierarchy The management levels within an organisation 3 of 17 Chain of command Is the path of authority along which instructions are passed, from the CEO downwards 4 of 17 Span of control Measure the number of subordinates reporting directly to a manager 5 of 17 Delegation The passing of authority down a chain of command (when managers entrust tasks or decisions to subordinates) 6 of 17 Responsibility Someone who has responsibility and is accountable for someone or something 7 of 17 Line managers Are responsible for overseeing the work of other staff 8 of 17 Budget Financial targets for the future covering revenue and expenditure over a certain period of time 9 of 17 Variance Where an actual figure differs from that expected of the budget 10 of 17 Calculating the percentage variable Difference between the two numbers / original number x 100 11 of 17 Invoices A document a business issues to customers requesting payments for goods and services 12 of 17 Purchase order A legally binding document between supplier and customer. It lists the items that a customer has ordered and the agreed purchase price 13 of 17 Credit note eat by a seller/supplier to a customer if they need to be refunded in some way. This can also be counterbalanced 14 of 17 Statement of account Issued by a supplier to a customer, usually at the end of the mont showing all of the transactions for that period 15 of 17 Petty cash vouchers Is used to help reimburse staff for small payments made on behalf of the business 16 of 17 Stock and IT requisition forms This is completed when goods need to be purchased e.g. printer paper 17 of 17
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