Principles of Business grade 10
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| 🇬🇧 | 🇬🇧 |
| Term used when values can be calculated in units of money; records can be kept in units; a function of money | Unit of Account |
| Term used for when money can be stored and still retain its value; a function of money | Store of value |
| The value of a debt can be calculated in money now and can be paid back in terms of this value; a function of money | Standard for deferred payments |
| A financial instrument of payment which gives the holder access to goods and services on credit | Credit Card |
| Involves the movement of funds from one account to another electronically | Electronic Money Transfer (EMT) |
| The means through which a payment is made e.g-notes,coins,cheques,etc. | Instrument of Exchange |
| Enables the transfer of money from one account to another using telephone communications | Tele-banking |
| Consists of small, medium and large-scaled businesses that is set up principally to earn a profit | Private Sector |
| Movement from the Private Sector to the Public Sector | Nationalisation |
| A type of partnership in which each partner is involved in the management of the business | Ordinary or "Unlimited" Partnership |
| A type of partnership in which partners are not involved in the management or the day-to-day running of the business | Sleeping or "Limited" partnership |
| A form of business organization formed by groups with similar objectives and/or interests | Co-operatives |
| The type of company where have in part or in whole been "sold" to the public,who become investors in the business | Public Company |
| Producing enough foods and services to live, but without making a significant surplus to build for the future | A type of economic system; Traditional (Subsistence) |
| An economy in which the government creates the plans for the production of goods, jobs and how goods are allocated between citizens of the country | Command or planned(socialist) |
| An economy in which the which the decisions about how to produce, and what to produce are made by private businesses and consumers | Free Market or Capitalist |
| An economy that combines elements of command (state) planning with the free market | Mixed (public and private) |
| Individuals withing an organization who have a special interest in its activities and how well it performs | Internal Stakeholder |
| Individuals who are not employed by,or members of, an organisation but who have a vested interest in its activities and its financial performance | External Stakeholders |
| Concealing the origins of illegally obtained money so that it appears to have come from a legitimate source | Money Laundering |
| A set of values which describe how a company and its people are expected to behave in a moral way | Code of ethics |
| Individuals who purchase goods that are produced or use the services provided by the company | Consumers |
| 1) indivisibility 2) storage 3)unavailability of some required items that nobody produced 4)having no standard exchange rate | Disadvantages of Bartering |
| Term used when money is generally accepted as a form of payment | Medium of Exchange |
| The items are valued because of it's relatively scarce supply | Characteristic of money; scarcity |
| When an item is accepted as payment then it is money | Characteristic of money; Acceptability |
| The item is easy to carry around | Characteristic of money; Portability |
| The item is hard-wearing and long lasting | Characteristic of money; Durability |
| The item consists of units so large it can be broken down into smaller units | Characteristic of money; Divisibility |
| Two people who each wants what the other has to offer | Double coincidence of wants |
| Responsible for making goods to meet the customer's orders,to the standards expected and in a safe way | Key functional area of a business; Production |
| Responsible for identifying customer requirements, and developing plans to satisfy these requirements | Key functional area of a business; Marketing |
| Responsible for finding the financial information for a company | Key functional area of a business; Finance |
| Responsible for managing and motivating people in an organization | Key functional area of a business; Human Resources (HR) |
| Grouping individuals on the basis of the role or purpose each performs in the organization | Functional Area |
| Determining what is to be done and taking the necessary steps to accomplish it | Function of management; Planning |
| The process of bringing together all the resources such as capital, labour and technology in such a way that the goals of the organization can be met | Function of management; Organizing |
| The process of influencing, guiding the work process, and motivating the employees to get the various tasks completed in an effort to achieve the goals of the organization | Function of management; Directing/supervising/leading |
| Bringing together the various elements of a plan or on organization in such a way that they work together harmoniously | Function of management; Coordination |
| Handing over responsibility to others for carrying out specified tasks and activities | Function of management; Delegating |
| The process by which workers are encouraged or influenced to take the right action through incentives | Function of management; Motivating |
| The number of people he/she manages or supervises directly | Span of Control |
| Shows the lines of responsibility in an organisation | Chan of Command |
| Managers are... | Task-oriented |
| Leaders are... | People-oriented |
| It is said that leaders possess... | Followers |
| It is said that managers possess.. | Subordinates |
| In a managerial sense, it means to be open and ethical about situations; admitting one's mistakes | Characteristic of a good leader; Honesty |
| When an individual has the ability to adapt to changing situations | Characteristic of a good leader; Flexibility |
| Having the vision to break out of the norm and aim for greater things | Characteristic of a good leader; Focus |
| The ability to trust their superior to make sound decisions | Characteristic of a leader; Trustworthiness |
| Possessing the knowledge to think logically, analyse accurately and interpret problems clearly | Characteristic of a good leader; Intelligence |
| The leadership style in which the leader has the absolute authority on all matters | Autocratic(authoritarian) Leadership |
| The leadership style in which the leader will consult his/her subordinates which making a decision | Democratic(participative) Leadership |
| In this style of leadership the leader gives limited direction to the subordinate workers | Laissezz-faire(free rein) Leadership |