Business Studies All Terms

Front 1

Cash

Back 1

Notes or coins- instantly available (bank transfers,ATM)

Front 2

Income

Back 2

All of the cash earned by a business from revenue, dividends, selling other items,rent, interest on savings.

Front 3

Revenue

Back 3

Cash earned from selling usual goods

Front 4

Capital

Back 4

Cash or other important or valuable items to start or expand a business

Front 5

Assests

Back 5

Something of value owned by a business

Front 6

Expenses

Back 6

Cost of running a business (but not raw materials)

Front 7

Net Profit

Back 7

The final profit figure after all deductions

Front 8

Gross Profit

Back 8

Sales revenue minus the cost of raw materials

Front 9

Equity

Back 9

The value contained within an asset- after all debts are paid off

Front 10

Investment

Back 10

Putting cash into a business with the intention of a return or profit

Front 11

Acceptance

Back 11

When a candidate agrees they will take a job offer

Front 12

Act of God

Back 12

A natural disaster that cannot be prevented

Front 13

Advertising

Back 13

Making the public aware that a job vacancy exists

Front 14

Agenda

Back 14

A document that sets out the topics that will be discussed in a meeting

Front 15

Aim

Back 15

The overall purpose/intention of a business

Front 16

Application Form

Back 16

A document that is produced by a business and given to applicants for a vacancy for them to fill in

Front 17

Aptitude Test

Back 17

A test to assess a candidate's abilities

Front 18

Balance Sheet

Back 18

A document that shows the assets (items owned), liabilities (debts) and equity (value) of a business

Front 19

Batch

Back 19

A method of production where products are made in groups

Front 20

Benchmarking

Back 20

Setting a model for how the organisation wants their product or business to be and working to that standard

Front 21

Break Even

Back 21

The point at which a product's sales and costs are equal

Front 22

Budgeting

Back 22

Estimating figures for the sales or costs a business expects to receive/pay

Front 23

Capital

Back 23

One of the 4 factors of production - the cash or assets used to start a business

Front 24

Cashflow Forecast

Back 24

A document that predicts the cash coming into and going out of a business

Front 25

Cashflow Statement

Back 25

A document that records the cash coming into and going out of a business

Front 26

Communication

Back 26

Transmitting a message from one person or group to another

Front 27

Creditor

Back 27

Someone that the business owes cash to

Front 28

CV

Back 28

A document that shows the contact information, education, qualifications and work experience of someone applying for a job

Front 29

Debtor

Back 29

Someone who owes the business cash

Front 30

Demographics

Back 30

Characteristics of a population

Front 31

Diseconomies of Scale

Back 31

The problems from being a larger business

Front 32

Economies of Scale

Back 32

The benefits of being a larger business

Front 33

Enterprise

Back 33

One of the 4 factors of production - the ideas and risk taking of the entrepreneur

Front 34

Factors of Productions

Back 34

The 4 things needed to start a business

Front 35

Fixed Costs

Back 35

Costs that do not vary in line with output (sometimes called overheads)

Front 36

Flow

Back 36

A method of production where products are made continuously

Front 37

Global Trends

Back 37

Things that are happening around the world that can affect New Zealand businesses

Front 38

Income Statement

Back 38

A document that records the income, expenses and profit or loss for a business

Front 39

Induction

Back 39

The process a person goes through when being introduced to their new job

Front 40

Innovation

Back 40

Doing something that is different in some way

Front 41

Interview

Back 41

A formal discussion where the business asks an applicant questions to assess how suitable they are for the job

Front 42

Job

Back 42

A method of production where products are made one at a time

Front 43

Job Analysis

Back 43

Investigating whether a vacancy actually exists

Front 44

Job Description

Back 44

A document that describes the duties and responsibilities for a job role

Front 45

Kaizen

Back 45

Making small, regular improvements to the quality of a product or the processes a business uses

Front 46

Labour

Back 46

One of the 4 factors of production - the people who work for the business

Front 47

Land

Back 47

One of the 4 factors of production - the space or premises where a business operates

Front 48

Letter of Application

Back 48

Something an applicant writes to describe themselves when applying for a job

Front 49

Longevity

Back 49

The ability of a business to continue to survive in the longer term

Front 50

Malicious Damage

Back 50

Where assets are harmed intentionally

Front 51

Market Oriented

Back 51

A business that listens to what consumers want and then produces it for them

Front 52

Mission Statement

Back 52

A summary of the main direction the business is heading in and what they believe in

Front 53

Objective

Back 53

A specific target a business sets itself

Front 54

Offer

Back 54

When the best candidate is asked if you would like to take the job

Front 55

Person Specification

Back 55

A document that describes the perfect person for a job role

Front 56

Personality Conflict

Back 56

When people do not get along, causing problems with communication and/or conflict

Front 57

Product Oriented

Back 57

A business that creates a product and hopes that consumers will buy it

Front 58

Psychometric Testing

Back 58

A test to assess a candidate's personality

Front 59

Quality Control

Back 59

Checking quality at the end of the production process

Front 60

Recruitment

Back 60

The process of attracting applicants for a job vacancy

Front 61

Screening

Back 61

Reviewing applications and removing any that are unsuitable

Front 62

Seasonality

Back 62

A concept that explains that some businesses experience fluctuating levels of demand throughout the year

Front 63

Segmentation

Back 63

Splitting the market into groups of consumers who have similar characteristics

Front 64

Selection

Back 64

The process of choosing the right applicant for a job vacancy

Front 65

Shortlisting

Back 65

Drawing up a list of those applicants the business wants to interview

Front 66

Small Business

Back 66

An organisation that has less than 20 employees

Front 67

Sources of Finance

Back 67

Ways in which businesses can buy items or pay for expenses

Front 68

Stakeholder

Back 68

Any person or group with a connection to the business

Front 69

Target Market

Back 69

The group of consumers that a product is aimed at

Front 70

Total Quality Management

Back 70

Quality is checked by every body at every stage of the production process

Front 71

Variable Costs

Back 71

Costs that vary directly in line with the number of products produced

Front 72

Verbal

Back 72

Communication that uses telephone calls, meetings, podcasts etc.

Front 73

Visual

Back 73

Communication that uses images, photos, video etc.

Front 74

Written

Back 74

Communication that uses letters, emails, reports etc.

Front 75

Minutes

Back 75

A document that records what was discussed in a meeting

Front 76

Profit

Back 76

Sales revenue minus costs

Front 77

Dividends

Back 77

Shares in a profit

Front 78

Tikangs

Back 78

Protocols

Front 79

Rangitiratanga

Back 79

Leadership

Front 80

Mana

Back 80

Power, Respect

Front 81

Kaitiakitanga

Back 81

Guardianship

Front 82

Matatika

Back 82

Ethical

Front 83

Whanaungatanga

Back 83

Acting as a Family

Front 84

Kotahitanga

Back 84

Unity

Front 85

Korero

Back 85

Speech

Front 86

Turanga

Back 86

Foundation

Front 87

Taonga

Back 87

Valuable Item

Front 88

Kanohi ki te kanohi

Back 88

Face to face

Front 89

Putake

Back 89

Reason for being

Front 90

Rautaki

Back 90

Strategy