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| involves paid for communications which help the businesses attract customers |
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| the general long term goal of a business this can be the overall goal of the owner |
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| pieces of software designed for a specific purpose and for use on smartphones and tablets |
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| something that is owned by a business; examples include land, vehicles and machinery |
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| the power to control others and to make decisions |
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| compares the average yearly profit from an investment with the cost of the investment and is stated as a percentage |
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| sets out the assets and liabilities that a business has on a particular day |
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| The Boston Matrix is a common method of portfolio analysis developed by the Boston Consulting Group (BCG).The product life cycle shows the sales of one product over time. However, businesses often have many products and will want to have an overview of how they are doing. Product portfolio analysis involves an assessment of the position of all of the products of a business to help with planning. This assesses how products are performing in relation to market share and market growth. |
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| the level of production at which a businesses total costs and revenue are equal |
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| shows a businesses costs and revenues and the level of production needed to break even |
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| organisations that offer a range of financial services their major business is providing savings accounts and lending money for the purpose of buying property |
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| Money that the business has in cash or at the bank. |
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A financial planning tool that estimates the money coming into and going out of the business on a month-by-month basis; it allows the business to predict times when additional finance may be needed to maintain liquidity. |
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| Money received by the business from its operations or investments. |
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| Money paid out by the business to fund its operations or investment activities. |
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| Maintaining control by keeping authority at the senior levels of the organisation. |
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| The line through the hierarchy that shows who is responsible for whom from top to bottom of an organisation. |
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| The route the ownership of the product transfers from the seller to the buyer; it may be a single transaction or pass through others such as wholesalers, distributors, agents and retailers. |
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| The amount that remains in the account at the end of an accounting period. |
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| An amount of money paid to an employee that is based on a percentage of the sales he/she achieved; paid in addition to a basic salary. |
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The rivalry between businesses looking to sell their goods/services in the same market. |
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| Setting the price of a product so that it is in line with competitors’ prices. |
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| Laws designed to ensure that businesses make products that are safe and of good quality, and that they deal with customers honestly and fairly. |
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| The money spent by households on goods and services to satisfy their needs and wants. |
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| A legal document that sets out the terms and conditions of the job for the employer and the employee. |
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| The money spent by a business on goods and services. |
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| Setting the price of a good or service at an amount higher than the cost of producing it so that a profit is made. |
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| Individuals, businesses or organisations that purchase goods/services and make decisions about which supplier to choose. |
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| The likelihood that past customers will continue to buy from the business, enhanced by high quality customer service and/or reward programmes. |
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Whether customers are pleased with the goods/services they receive; whether they would purchase again.
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Where authority is spread widely through the organisation.
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| The reorganisation of the organisation’s employees so that there are fewer levels of management. |
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| Allocating a task to someone who would not normally be responsible for it. |
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The quantity of a particular product that will be bought at particular price over a specific time.
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| The people who are elected by the shareholders to run the business on their behalf. |
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| When a business grows too large, leading to a possible increase in unit cost. |
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| The removal, storage or destruction of unwanted material. Methods include recycling, burning and landfill sites. |
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| A portion of the after-tax profit that is paid to shareholders according to the number of shares they own. |
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| Business transactions carried out electronically on the internet. |
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| the cost advantage of producing on a large scale. As output increases the unit cost decreases. |
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| Individuals who work full time or part time for the business; they have a contract of employment detailing their duties and rights. |
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| Rulings that relate to the rights and responsibilities of people who work for a business; they affect the recruitment and selection process and how the business deals with its workers. |
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| The ability to identify business ideas and opportunities to bring them to fruition and to take risks where appropriate. |
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| A person who has the vision to use initiative to make business ideas happen, managing the resources and risks. |
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| Protects people from discrimination in the workplace and in wider society. It sets out the different ways in which it is unlawful to treat someone. |
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| a business goals that relate to fair business or moral guidelines and make a positive contribution to the business reputation |
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| The moral principles that guide how a business operates |
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| The price of one currency based on another or the cost of buying one currency from another, for example £1 = $1.21. |
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| Average income from the sales of each individual good (total revenue/quantity). |
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| When the value of one currency rises in value to another. |
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| A record of all financial transactions between the UK and the rest of the world. |
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Balance of payments (current account) deficit |
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| When the value of the UK’s exports of goods and services are less than the value of imported goods and services. X > M. |
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Balance of payments (current account) surplus |
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When the UK’s exports of goods and services are greater than the values of imported goods and services. X > M.
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| The part of the current account that records the sales and purchase of physical items between the UK and the rest of the world. |
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| the intention to reach a goal |
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| good/service sold to a customer in another country |
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| methods that can be used to prolong the life of a product could include price reductions or modifications to the product and relaunch |
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