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Business Studies

Nouns/terms used in Business Studies, with definitions

QuestionAnswer
Matters relating to money and cash flow. Finance
Matters relating to promotion and advertising. Marketing
Matters relating to the making of a product. Production
An individual who works for a company. Employee
An individual who runs either a section of a company, or a whole company. Manager
Place where business matters usually take place. Normally have desks, computers and telephones. Office
A building in which merchandise or equipment is stored. Warehouse
A building in which materials or merchandise are manufactured. Factory
Most common time for an arranged gathering of two or more business associates to discuss matters relating to the business. Meeting
Individual who oversees financial matters for individuals or companies. Accountant
Anything owned which has a money value. Asset
Related to marketing; the business of promoting a business, its services or products to a target market. Advertising
Assessing a particular employee's performance. Appraisal
A document which lists a businesses assets and liabilities against one another. Balance Sheet
Money borrowed from a bank or building society. Loan
Type of production where items are not produced individually, but are also not produced for a mass market. Batch
One-off payments which can be seasonal (normally at Christmas) or relating to performance exceeding targets. Bonus
Giving all products or services related to your business a distinctive name and image which makes it recognisable to its target market. Branding
The point at which a business's revenue and total costs are the same figure. Break Even
A financial plan for future action which takes into account likely incomes and outgoings in order to create a framework for future spending. Budget
Money available for investment in machinery, equipment, premises, employees and raw materials required to start, expand or maintain a business. Capital
The term for the amount of money available to a business at any given time. Ideally there is a greater amount of money coming into a business than going out - in that situation, this term is described as "healthy". Cash Flow
A situation in which similar businesses are attempting to win over customers from one another. Competition
Single term for all use of goods of services by an end user. Consumption
Personal document relating to one individual, usually presented to employers in response to a vacancy. Gives details of qualifications and work experience. Often called a "CV". Curriculum Vitae
Matters relating to Employees. Personnel
The movement of goods from the producer to the consumer, often via shops. Distribution
The variable price at which foreign currency can be bought. Different for different currencies. Exchange Rate
Type of production (sometimes referred to as "Flow") in which products are produced for a large market, not on a client-at-a-time basis. Examples would include production of magazines or toiletries. Mass
A document which uses past data on how a business has performed to predict how it will perform in the future. Forecast
A large business with a particular brand, service or product which allows a smaller sole trader to use their original idea in exchange for a percentage of their profits. Examples include McDonalds and Kwik Fit. Franchise
Physical good which have been produced for consumers to purchase. Goods
Money coming in to a business from external sources, including interest and investment. Income
A policy taken out with specific companies so that in the event of a future mishap or accident, if products, equipment or premises are damaged or destroyed, the company will pay their value in order that they can be replaced. Insurance
The overall rate at which prices rise in every area of a market over a period of time. Inflation
The amount paid for borrowing money, and the amount recieved for investing money. Interest
Using money to earn more money by either placing it in a bank or linking it to the success of another business. Investment
Details of goods supplied including date, quantity and cost to the buyer. Unlike receipts they are often supplied before buyers have made a payment. Invoice
Type of production in which items are created for specific clients unique to their specific needs. Examples would be a design plan or a commissioned piece of art. Job
Term for human work in any form in a business. People are employed to perform this action. Labour
Where a business physically is. For businesses which require access to their customers or rely on customers finding them by chance, this is perhaps the most important factor in planing a business. Location
The percentage of a potential market a business is actually serving at a given time. Market Share
Two businesses joining together by agreement (rather than one obtaining control of the other) to form one larger company. Merger
A large business with production or operational locations in more than one country. Multinational
The opportunity to work more hours than are specified as the minimum in a contract. Often paid at a higher hourly rate than standard hours. Overtime
The physical object in which a product is displayed to the customer. This can be used to differentiate one product from another in the marketplace. Packaging
Where two or more people agree to run a business together. Partnership
The rate at which someone works. This is an important factor in establishing how long things in a business will take, and affects forecasting and budgeting. Productivity
The money left after all current costs have been subtracted from income and capital. Profit
Encouraging sales of a product or service. Marketing and advertising are all part of this process. Promotion
Proof of purchase. This document gives the buyer legal rights and proves when they bought an item and for how much. Receipt
Money paid monthly based on a fixed rate of pay for the year. This is the alternative for hourly rates of pay. Salary
Literally, a portion of the company which can be bought or sold. These give someone the right to vote on the actions of the company, and can be bought and sold at a price depending on the current value of the company. Shares
Having your product name displayed by another organisation in return for a donation of money, goods or services to them. Common in sport. Sponsorship
A form of growth that involves one business gaining control of another, usually by buying a majority of its shares. Takeover
Group designed to represent the interests of employees within a business or specific industry, and represent their rights and wishes to employers. Trade Union
Teaching staff to use new skills, equipment or techniques. This needs to be updated over time as new developments occur in the busines or marketplace. Training
Income from sales, minus any returns by customers. Turnover
Abbreviation for Value Added Tax, which is set at 17.5%. VAT
Money paid each week for the number of hours worked. Wages
Business which buys goods in bulk from producers, and sells them on in smaller quantities to retailers at a profit. Wholesaler
Created by: sjohnson