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Business studys
Key words
| Term | Definition |
|---|---|
| BIK | Benefits in kind is any non cash benefit of monetary value that you provide for your employee |
| Personal resources | personal resources refer to the skills ,experience, knowledge, and character |
| Financial resources | financial resources are the funds and assets that finance an organisations activities and investments |
| want | a want is something that you want but is not a need for e.g. new phone, new playstation, holiday etc |
| need | a need is something essential for e.g. food, water, house and hygiene etc |
| physical resources | physical resources refer to tangible assets that a business utilizes to produce goods and deliver services. These include items such as buildings, machinery, equipment, vehicles, and inventory |
| human resource | human resources are a division of business responsible for recruiting, screening, and training job applications |
| irregular expenditure | irregular expenditure. This refers to any household bills where the amount you pay changes depending on how much of the item you use |
| Discretionary expenditure | Discretionary expenditure refers to non-essential that you should only buy if you have money left over |
| Capital expenditure | Capital expenditure refers to long-term or once-off spending |
| current expenditure | Current expenditure refers to day-to-day or short-term spending |
| Income | Income refers to the money you spend during a particular period and can be fixed if the amount we spend is not related to how much of the item we use [for e.g. the TV license] |
| impulse buying | impulse buying refers to making a puchase without prior planning or forethought |
| opportunity cost | opportunity cost refers to |
| budget surplus | a budget surplus occurs when total expected income is greater income is greater than total expected expenditure during particular period |
| budget defecit | a budget defecit occors when total expected expenditure is greater than total expected income during a particular period |
| consumer | the definition of a consumer is someone who buys goods or services for your own use |
| guarantee | a guarantee is a formal assurance or a certan condition to be filled |
| bank overdraft | bank overdraft is when your bank gives you permission to overdraw your current account |
| hire purchase | hire puchase is when you puy stuff until the last payment is made |
| term loan | term loans refer to when you repair your dept ovetime |
| mortgage | a mortgage is a loan used to buy a house |
| credit card | a credit card is a card you can use to buy something and pay it back |
| store card | a store card is a card that can be used in one specific store |
| moneylender | a moneylender is someone who lends money |
| medium term loan | a medium term loan is between 1 to 5 years |
| long term loan | a long term loan is from 5 to 10 years |
| short term loan | a short term loan is less than 1 year |
| rent | to rent it means you are paying for something but you dont own it |
| solute | The substance that does the dissolving is called the solvent |
| solvent | The solvent is usually present in the greater amount. It can be a liquid, solid, or gas, |
| solution | It is uniform throughout (you can’t see the solute separately). The particles are evenly mixed. |
| soluble | If something is soluble, it can dissolve. |
| insoluble | If something is insoluble, it does not dissolve. |
| suspension | A suspension is a type of mixture where solid particles are mixed in a liquid (or gas) but do not dissolve. |
| dilute | Dilute means a solution that has a small amount of solute compared to the amount of solvent. |
| concentrated | Concentrated means a solution that contains a large amount of solute compared to the amount of solvent. |
Created by:
CShaw24