Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Business glossary
| Term | Definition |
|---|---|
| Acid test ratio | This ratio is used to assess the Liquidy position of a firm it calculates current assets-stock: current liabilities |
| Acquisition | This is a costly form of business expansion It involves a firm taking over another firm by purchasing the majority or all its shares |
| Actuary | This is a specialist employed by an insurance company the function of an actuary is to assess the risk to be excepted by the insurer the actuary decides what premium the insured should be charged |
| Ad hoc meeting | This type of meeting is usually arranged at short notice to deal with "one off" problems that has to be resolved A committee is formed to resolve the issue and if necessary to prepare a report to be submitted |
| Agenda | This is a document sent by the secretary of a particular organisation to all members who are entitled to attend an upcoming meeting It mentions the location date and time of the meeting and is signed by the secretary |
| Agri business | This term is used to describe the business of agriculture, as well as the other industries which use agricultural output as a source of Raw Material |
| Annual general meeting (AGM) | Every company club or an organisation holds a special yearly meeting. Purpose: enables the directors to explain to the SH the financial position Allow SH to question the directors |
| Annual percentage rate (APR) | This is the true cost of credit to the customer and is expressed as an annual percentage rate of the amount of credit granted by Financial institution |
| Arbitration | A way of resolving conflict when both parties to the dispute request a third party to make a Decision on the issue arbitration resolve is a conflict quickly without either side and during high legal costs |
| Articles of association | This document sets out the internal rules and regulations of the company Cause included: amount of authorised share capital Voting rights with different classes of shares Procedure for electing and replacing directors |
| Auditor | This is a qualified accountant who is employed by an accounting practice. This person prepares the trading accounts, profit and loss account, and balance sheet for a business and submits them to the management |
| AutoCratic leadership | With this style of leadership, instructions and decisions are issued from top management with no opportunities for subordinates to have a say in decision-making Instructions are implemented without discussion or query |
| Average clause | Average clause applies when I partial loss occurs because the risk is underinsured amount insured X amount of partial damage caused over value on date of loss |
| Balance of payments | This is the income and expenditure amounts of a country. it is a record of the difference between a country's total exports and total imports for the same period of time |
| Balance of trade | This is the balance when the total value of all goods exported is measured against the total value of all good goods imported during the same period of time. It is concerned with visible trade only |
| Balance sheet | This is a statement of the financial position of a business on a specified date. The purpose equals to show the firms assets and liabilities |
| Batch production | This is where identical goods are produced in batches of certain quantities and transferred to the warehouse in anticipation of being sold |
| Benchmark | This is an important way of measuring ongoing improvement Benchmarking involves measuring and evaluating the quality of affirms goods, services or procedures against the best performing competitor |
| Benefit in kind | This is the way of rewarding in ploys benefits additional to their wages They are given to employees as a way of recognising their loyalty and contribution to the firm and as a way of improving morale and job status E.g Company car, holiday |
| Brainstorming (meetings) | Brainstorming involves the meeting of a group of people to discuss a wide ranging ideas relevant to the future of the business The organiser will outline the objective & ask those present to be creative, objective and wide ranging in their comments |
| Branding | A brand is the name, term, design, symbol or feature that clearly distinguishes one sellers goods or services from another's. |
| Break even analysis | The objective of preparing a break even analysis is to find out what level of sales is required for a business to be neither making a profit nor incurring a loss which means the total revenue = total cost |
| Broadband | In the business world, communication is vital and every advantage must be exploited. Broadband refers to high speed Internet access that is always on that is much faster and more reliable than old traditional dial of access. |
| Buffer stock | Buffer stock is the name given to the minimum level, below which stock should not fall. The existence of a buffer level should insure that the firm will not lose sales if there is an increase in demand from cconsumers. |
| Business alliance (strategic alliance) | A business alliance is where two or more firms jointly co-operate for mutual benefits e.g. All parties increase profits as a result of this arrangement. |
Created by:
Erincusackx28
Popular Business sets