BUSINESS ACTIVITY
This is a person that organises, operates and take the risk for a new business venture.
What is an entrepreneur?
HR stands for this.
What is human resources?
The percentage of a total market held by one brand or business?
What is market share?
Production method where a single product is made to order.
What is job production?
Money spent on fixed assets that are expected to last more than a year.
What is capital expenditure?
Land, Labour, Capital and Enterprise are called this.
What is factors of production?
Theorist that thought you could motivate workers and increase their productivity by financial reward only.
Who was F.W Taylor?
What is product, price, place and promotion?
This is costs that does not vary with the number of units produced (in the short run) and they have to be paid whether a business producing or not.
What are fixed costs?
Percentage of the total loan, that in addition to the borrowed amount, has to be paid back to the bank when taking a bank loan.
What is interest rate?
A business owned by one person
What is a sole trader?
Training given to new employees, where you explain the firms activities, customs and procedures.
What is an induction program?
In promotion BOGOF is short for this?
What is "buy one get one free"?
The quantity of products that must be produced and sold for the total revenue to equal the total cost. After this quantity making profit is possible.
What is break-even point?
(Break even quantity/Break even level of output)
Finance needed for a business to pay its day to day costs.
What is working capital?
When two or more businesses start a new project together, sharing capital, risks and profits.
What is a joint venture?
A term that measure the number of subordinates working directly under a manager in an organisation chart.
What is span of control?
Pricing method when the price are set lower than the competitors prices in order to be able to enter a new market.
What is penetration pricing?
Japanese method for lean production that translated mean "continuous improvement" in which you try to eliminate all waste.
What is Kaizen?
A short term source of finance where you are allowed to take out more money from your bank account than you actually have at the moment.
What is overdrafts?
When a business merger/take over another firm in the same industry but at a later stage in the production chain its called this.
What is forward vertical integration (or merger)?
Payment method, sometimes used in retail, where staff payments are based on the number of sales the person has made.
What is commission?
Stage in the product life cycle where sales are stable at the highest point, competition is high and a decline is to expect in the future.
What is saturation point (phase/stage)?
Method where the quality of a product are checked at every single stage of the production process.
What is quality assurance?
Process in which a companies total capital is measured against the amount of long term bank loans.
What is gearing?