Business terms

Protocol
A set of rules and procedures that must be followed e.g. following the fire bell
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Authority
The power managers have to direct subordinates and make decisions
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Hierarchy
The management levels within an organisation
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Chain of command
Is the path of authority along which instructions are passed, from the CEO downwards
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Span of control
Measure the number of subordinates reporting directly to a manager
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Delegation
The passing of authority down a chain of command (when managers entrust tasks or decisions to subordinates)
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Responsibility
Someone who has responsibility and is accountable for someone or something
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Line managers
Are responsible for overseeing the work of other staff
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Budget
Financial targets for the future covering revenue and expenditure over a certain period of time
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Variance
Where an actual figure differs from that expected of the budget
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Calculating the percentage variable
Difference between the two numbers / original number x 100
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Invoices
A document a business issues to customers requesting payments for goods and services
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Purchase order
A legally binding document between supplier and customer. It lists the items that a customer has ordered and the agreed purchase price
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Credit note
eat by a seller/supplier to a customer if they need to be refunded in some way. This can also be counterbalanced
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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
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Petty cash vouchers
Is used to help reimburse staff for small payments made on behalf of the business
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Stock and IT requisition forms
This is completed when goods need to be purchased e.g. printer paper
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Other cards in this set

Card 2

Front

Authority

Back

The power managers have to direct subordinates and make decisions

Card 3

Front

Hierarchy

Back

Preview of the front of card 3

Card 4

Front

Chain of command

Back

Preview of the front of card 4

Card 5

Front

Span of control

Back

Preview of the front of card 5
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