1548241
Description
Flashcards by jade.tannen, updated more than 1 year ago
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Created by jade.tannen
over 9 years ago
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| Question | Answer |
| Business Cycle | The change in an economy's production levels and trade over time |
| Capital Resources | Equipment and machinery that is used for producing goods and sevices |
| Aims | The direction in which an organisation would like to go. |
| Balance Sheet | The financial statement that shows a firm's assets and liabilities and owners claim on the business |
| Batch Production | One lot of products is made at a time |
| Budget | A projection of the organisation's future financial performance |
| Capital Resources | Equipment and machinery that is used for producing goods and services |
| Cash Budget | A Financial statement that shows where money is likely to come from and where it is likely to be spent in a financial period |
| Communication | The sending out and receiving of messages |
| Company | A business in which the stakeholders (owners) I separate from the business entity |
| Culture | The attitude of people within an organisation to work and each other |
| Entrepreneur | A person who invests time and money and then innovation to develop it into a workable business opportunity |
| External funding | Money and assets that come from outside sources such as investors or lending institutions |
| Financial Statements | Statements that shall how well and organisation has performed in a given financial period |
| Flow/Continuous Production | The production of goods where they flow from one part of an operation to the next |
| Formal Communication | Communication that is official and in which a record is kept |
| Human Resources | Labour and skills contribute to buy people to the production of goods and services |
| Informal Communication | More relaxed and casual interactions that may be impromptu or social in nature |
| Innovation | A new and improved idea, object, unique product or approach to completing something |
| Innovator | A person who comes up with an innovation |
| Internal Environment | The physical elements, people, methods, and processes used to by a business |
| Internal Features | Factors an organisation can control: information held, how things are done, the managers and workers, and the general environment (locations, facilities, and atmosphere) |
| Internal Funding | Money and assets an owner provides to a business |
| Job Production | Products are produced one-off by different people/departments |
| Legal Entity | A business is seen as legally separate from its owner(s) |
| Limited Liability | The amount of business debt owners are liable for is limited to their unpaid share off investment in the business |
| Long-term Funding | Money, such as loans and mortgages, borrowed over long period of time to help fund a business |
| Market Research | Orderly gathering of information to find an answer to a particular question or problem |
| Natural Resources | Resources that come from nature such as water or electricity that are used in the production process |
| Non-verbal Communication | Messages that are written or delivered without words being spoken, such as body language, gestures and signs |
| Objectives | Specific goals an organisation wants to achieve usually written as SMART goals specific; measurable, achievable, realistic and time-bound |
| One-sided Communication | Sender transmits a message to the receiver not expecting or giving the opportunity for response |
| Opportunities | Potential prospects of business sees it could offer in the marketplace |
| Organisation | A people working together to achieve a particular aim or goal |
| Owner's Investment | Assets put into a business by the owner |
| Partnership | A business operation performed when two or more people join together for the purpose of making money |
| Personal Assets | Asset such as motor vehicles and computer equipment that an owner may invest into a business or need to use to help meet business debts |
| Primary Research | New information collected to allow a given problem or question to be answered |
| Processes | Systems and methods used in production of a good |
| Sales Records | Information that shows an organisation how, when and where its revenue was earned |
| Secondary Research | Information collected for another purpose but which might answer a given problem or question |
| Short-term Funding | Money borrowed by a firm for a short period of time, e.g. a bank overdraft |
| Small Business | A business that has less than 20 people working within it - a sole trader, partnership or privately owned company |
| Sole Trader/Proprietor | One person in business on his/her own |
| Threats | Something in the external environment that has the potential to do the business harm, e.g. competitors or a chain law change |
| Two-Sided Communication | Senders sends messages to receiver who responds to the message and a discussion may follow |
| Types of Production | The way in which goods and services can be produced |
| Union | A representative body that employees can join which then act for them in employment negotiations |
| Unlimited Liability | Business owners are responsible for all business debt |
| Verbal Communication | Spoken messages and interactions |
| Vision Statement | States the strategic direction and organisation plans to be in the future |
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