Definitions Unit 1

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Mission
An organisations aims or long term intensions, its ultimate purpose, a business mission is sometimes the same as its corporate aims
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Business Objectives
Goals that must be acheived in order to realise the stated aims of an orgainisation, department or individual team, can be corporate or functional objectives
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Corporate Objectives
Goals of the whole organisation rather than of different elements of the organisation. They are set in order to coordinate the activities of, give a sense of direction to, and guide the actions of the organisation.
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Functional Objectives
Goals of each of the functional areas of a business including marketing, financial operation and human resources.
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Cash Flow
The amounts of money flowing into and out of a business over a period of time.
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Profit
The difference between the income of the business and its total cost
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Unincorperated Business
There is no distinction in the law between the individual owner and the business itself, the identity of the business and the owner are the same- tend to be the sole traders or partnerships.
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Incorperated Business
Has a legal identity that is seperate from the individual owners, meaning the organisation can own assets, owe money and enter into contracts in their own right- e.g. private and public limited companies
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Unlimited Liability
A situation in which the owners of a business are liable for all their debts that the business may incur.
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Limited Liability
A situation in which the liability of the owners of a business is limited to the fully-paid up value of the share capital.
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Sole Trader
A business owned by one person.
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Private Limited Company
A small- medium sized business that is usually run by a family or a small frou of indiviuals who own it.
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Public Limited Company
A business with limited liability, with a share capital of over £50,000, at least two share holders, two directors and usually a wide spread of shareholders.
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Ordinary Share Capital
Money given to a company by shareholders in return for a share certificate that gives them part ownership of the company.
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Dividend
A payment made by a company to its shareholders out of profits earned.
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Shareholder
The owner of a limited company, any person, company or other instituation that owns at least one share in a company.
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Demographics
The characteristics of human populations and population groups, e.g. analysis of trends in age and migration trends.
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Demand
The amount of a product (i.e. a good or service) that consumers are willing and able to buy at any given price over a period of time.
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Other cards in this set

Card 2

Front

Goals that must be acheived in order to realise the stated aims of an orgainisation, department or individual team, can be corporate or functional objectives

Back

Business Objectives

Card 3

Front

Goals of the whole organisation rather than of different elements of the organisation. They are set in order to coordinate the activities of, give a sense of direction to, and guide the actions of the organisation.

Back

Preview of the back of card 3

Card 4

Front

Goals of each of the functional areas of a business including marketing, financial operation and human resources.

Back

Preview of the back of card 4

Card 5

Front

The amounts of money flowing into and out of a business over a period of time.

Back

Preview of the back of card 5
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