BUSINESS STUDIES FLASHCARDS (MOD2)

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  • Created by: Rhiannan
  • Created on: 13-03-13 20:27
DELAYERING
Removing layers form withing the hierachy
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LEVELS OF HIERACHY
Levels withing an organisation
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PERSON SPECIFICATION
Qualities successful candidates will possess
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JOB DESCRIPTION
Overview of responsibilities and tasks and pertinent information about position and company
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MASLOW: HIERACHY OF NEEDS
An ideal model divided into needs, you must satisfy lower levels before progressing to the next 1) Physological needs 2) Security needs 3) Belongingness needs 4) Esteem needs 5) Self-actualisation needs
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MOTIVATOR HYGIENE THEORY
Job enlargement, job enrichment, job rotation and empowerment are the main motivators in the work place
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SPAN OF CONTROL
How many people a manager is responsible for
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CHAIN OF CONTROL
Who's responsible for who
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ELTON MAYO: HAWTHORNE EFFECT
'An increase in worker productivity produced by the psychological stimulus of being singled out and made to feel important'
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FREDERICK WINSLOW: MONEY IS THE MAIN MOTIVATOR
People should be paid by the amounts of units they produce as a result of this productivity will increase and absenteeism will decrease
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DOUGLAS MCGREGORS: X AND Y-THEORY Y
Employees are naturally motivated, thrive on responsibility and have a participative style of management (MAJORITY)
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DOUGLAS MCGREGORS: X AND Y-THEORY X
Employees are naturally un-motivated, avoid responsibility, need to be supervised and are only motivated by money (MINORITY)
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ORGANISATION STRUCTURE
The way in which a business is arranged to carry out activities. The four main areas are routes of communication, authority and power, roles and titles and accountability and responsibility
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ABSENTEEISM (FORMULA)
Number of staff absent/total number of staff X100
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LABOUR TURNOVER (FORMULA)
Number of staff leaving/average number of staff X100
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LABOUR PRODUCTIVETY (FORMULA)
Output per time period/number of employees at work
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OPERATIONS MANAGEMENT
The process that uses the resources of an organisation to provide the right goods or service for the customer
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RETURN ON CAPITAL (FORMULA)
Net profit/capital invested X100
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PRICE ELASTICITY
The responsiveness of demand for a product to a change in price
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PROFIT
Difference between the income of a business and its total costs
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PROFITABILITY
Ability of a business to generate profit/ the efficiency of a business in generating profit
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PROFIT (FORMULA)
Revenue-total costs
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NET PROFIT MARGIN
Compares the profit made with the sales income of the business/branch
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RETURN ON CAPITAL
Compares the profit made with the amount of capital invested by the entrepreneur or financial backer
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NET PROFIT MARGIN (FORMULA)
Net profit before tax/sales income X100
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CASH FLOW
Amounts of money flowing into and out of a business over a period of time
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BANK OVERDRAFT
An agreement whereby the holder of a current account in a bank is allowed to withdraw more money than there is in the account
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SHORT TERM LOAN
This is the sum of money provided to a firm or an individual for a specific, agreed perpose (re-payment of the loan will usually take place within 2 years)
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FACTORING
When a factoring company (usually a bank) buys the rights to collect the money from the credit sales of an organisation
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SALES OF ASSETS
A process that converts an asset into cash
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SALE AND LEASEBACK OF ASSETS
Assets owned by the firm are sold and then rented back
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BUDGET
A financial plan for the future concerning revenue and costs of a business
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HISTORICAL BUDGETING
Using last years figures to base the budget on
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ZERO BUDGETING
Budgeting costs and revenues are set at zero, the budget is based on new proposals
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VARIANCE
Difference between actual and budget figures
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VARIANCE ANALYSIS
The process by which the outcomes of budgets are examined and then compared to the budgeted figures
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FAVOURABLE VARIENCE
When costs are lower then expected or revenue is higher then expected
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ADVERSE VARIANCE
When costs are higher than expected or revenue is lower than expected
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VARIANCE (FORMULA)
Budget figure-actual figure
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Other cards in this set

Card 2

Front

Levels withing an organisation

Back

LEVELS OF HIERACHY

Card 3

Front

Qualities successful candidates will possess

Back

Preview of the back of card 3

Card 4

Front

Overview of responsibilities and tasks and pertinent information about position and company

Back

Preview of the back of card 4

Card 5

Front

An ideal model divided into needs, you must satisfy lower levels before progressing to the next 1) Physological needs 2) Security needs 3) Belongingness needs 4) Esteem needs 5) Self-actualisation needs

Back

Preview of the back of card 5
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