Across
- 2. The people hired to be responsible for overseeing certain functions, operations or departments within an organization.
- 3. This activity happens when an organization relocates some of its operations overseas, usually due to cost advantages.
- 6. The group of senior managers who run a company on behalf of the owners of the company.
- 10. The debts of a business, i.e. the money owed to others, e.g. money owed to financiers, trade creditors, and the government (for tax).
- 11. This financial service enables businesses to have access to fixed assets, by hiring these assets, but without the high costs of capital expenditure.
- 13. The money (income) received by a business from the sale of goods and/or services.
- 15. The process of hiring a suitable worker. This would typically involve a thorough job analysis in order to attract suitable candidates and then to selecting (hiring) the one(s) most suited to the job.
- 17. The charges that an organization incurs from its operations, e.g. rent, wages, salaries, and insurance.
- 19. These are the clearly defined targets of a business in order to achieve its aims. They are often based on the SMART acronym – specific, measurable, agreed, realistic and time specific.
- 20. The people or organizations that have shares in a company. Their interest is financial, i.e. regular dividends and a higher share price.
- 24. Refers to a discrepancy between the planned (budgeted) item of expenditure or revenue and the actual amount.
- 26. The employer’s decision to terminate a worker’s employment contract, usually due to the worker’s incompetence and/or a breach of their employment contract.
- 30. Also known as a performance review, this is the formal procedure of assessing the performance and effectiveness of an employee, in relation to his/her job description.
- 32. A type of current asset, referring to individual or business customers that owe money to the organization as they have bought goods or services on trade credit, i.e. they need to pay within 30 and 60 days.
- 33. Occurs when an organization no longer has a job for the employer or when the employer can no longer afford to hire the employee, i.e. the job ceases to exist.
- 34. Ways in which a business plans to reach its long-term organizational aims.
- 35. These are for-profit social enterprises owned and run by their members (usually employees, managers or customers). Their primary goal is to create value for their member-owners.
- 36. A growth strategy in the Ansoff matrix, which involves a business launching new products in new markets, such as Honda (motor vehicles) manufacturing lawnmowers and jet planes.
- 38. Also known as layoffs, this form of action taken by employers involved cutting back on its staffing, as certain job roles are no longer required
- 43. Suppliers that allow a business to purchase goods and/or services on trade credit.
Down
- 1. This growth strategy involves the right to trade using another company’s products, brand name and corporate logo.
- 4. The individuals, organizations or groups with a vested interest in the actions and outcomes of a specific organization. They are directly affected by the performance of the business.
- 5. Refers to the process of greater integration and interdependence of businesses and economies throughout the world.
- 7. The financial surplus that remains when a firm's total costs (TC) of production are deducted from its total sales revenues (TR). Hence, profit = TR – TC.
- 8. The fall in the value of a fixed asset over time, mainly due to wear and tear (usage) and obsolescence.
- 9. a business alliance consisting of between 2 and 20 individual owners who are jointly responsible for the business (although this number can vary between countries).
- 12. These are the long-term aspirations of an organization.
- 14. A banking service that enables customers (personal and business customers) to withdraw more money from their account than exists in the account.
- 16. This occurs when a firm’s total costs are greater than its total revenues, i.e. the business is unprofitable.
- 18. Payment made to the government if the business earns profit after all costs and expenses have been paid.
- 21. Form of government assistance, provided to encourage firms to increase their output of certain goods or services, which are deemed to be beneficial for society as a whole.
- 22. Phase in the business cycle that occurs when there is a decline in the level of economic activity (GDP) for at least half a year.
- 23. Type of training intended for new employees in order to help them acclimatize with the people, policies and processes of the organization.
- 25. The possessions owned by a business, which have a monetary value, e.g. buildings, land, machinery, equipment, inventories and cash.
- 27. Also known as subcontracting, this is the use of external (third-party) personnel for certain non-core business operations.
- 28. Also known as average revenue, this is the amount of money a product is sold for.
- 29. This form of external growth involves two or more companies agreeing to form a single, larger company thereby benefiting from operating on a larger scale.
- 31. A management tool used to analyze the factors in the external business environment that impact on business operations, i.e. social, technological, economic, ethical, political, legal, and environmental factors.
- 37. The money a business has, either “in hand” (at its premises) and/or “at bank” (i.e. in its bank account). It is the most liquid of a firm’s current assets and is easily accessible.
- 39. This is an extension of conciliation, but involves using an independent arbitrator who decides on the most appropriate outcome after considering the demands of both parties in the conflict situation.
- 40. Capital expenditure with the intention of a financial return on this spending at some point in the future.
- 41. The process of employers selecting the most suitable applicants and inviting them for a job interview.
- 42. A detailed financial plan for the future, usually involving the expected costs and revenues or a cash flow forecast, for a pre-determined period of time.
- 44. The opposite of labor turnover, this measures the ability of an organization to keep its employees at the firm.