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Business Studies
Nouns/terms used in Business Studies, with definitions
| Question | Answer |
|---|---|
| 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
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