Exam (elaborations)

CCEA A22 business key terms with complete verified definitions. (A+)

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CCEA A22 business

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CCEA A22 Business

CCEA A22 business key terms with complete verified definitions. (A+) Mission statement. Sets out a business's overall purpose to direct and stimulate the entire organization. Aims Long term plans of the business from which its corporate objectives are derived. Objectives Medium to long term...

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CCEA A22 business key terms with complete verified definitions.

Mission statement.
Sets out a business's overall purpose to direct and stimulate the entire organization.
Aims
Long term plans of the business from which its corporate objectives are derived.
Objectives
Medium to long term goals established to coordinate the business.
Profit
Measures the extent to which revenues from selling a product exceed the costs incurred in producing it
over time.
Cash flow
The amount of money moving into and out of a business over a time period.
Stakeholders
Individuals or groups (such as employees, customers and local residents) who have an interest in the
business.
Revenue
The earnings or income generated by a firm as a result of its trading activities (also called turnover or
sales revenue).
Profit
The surplus of total revenue over total costs for a business over a trading period.
Fixed costs
Costs that do not alter when a business alters its level of output. Examples include rent and rates.
Variable costs
Costs that alter directly with the business's level of output, for example, fuel costs.
Total costs
Fixed and variable costs added together.
Average costs
Total costs of production divided by the level of production or output to give the cost of producing a
single unit of output.
Sole trader

,A business that is owned and managed by one person, but it may employ other people.
Unlimited liability
Occurs when an individual or group of individuals is personally responsible for all the actions of their
business.
Company
A business organization that has its own legal identity and that has limited liability.
Incorporation
The process of establishing a business as a separate legal entity that allows it to benefit from limited
liability.
Shareholder
An investor in and one of the owners of a company.
Limited liability
Means that in an event of financial difficulties, the personal belongings of shareholders are safe.
Dividends
A share in the profits of a company that are distributed to the holders of certain types of company shares.
Market capitalization
The total value of the issued shares of a public limited company.
Takeover
Occurs when one company acquires control of another company by buying more than 50% of its share
capital.
Privatization
The process under which the state sells businesses that it has previously owned and managed to private
individuals and businesses.
Market conditions
Number of features of a market such as the level of sales, the rate at which they are changing and the
number and strength of competitors.
Demand
A term used by economists to indicate the amount of a particular good or service that consumers or
organizations want, and can afford, to buy at given prices.
Gross Domestic Product (GDP)
Measures the value of a country's total output of goods and services over a period of time, normally one
year.

, Business ethics
Refer to whether a business decision is perceived as morally right or wrong
Real incomes
Incomes that are adjusted for the rate of inflation (or increase in prices) to show changes in purchasing
power
Interest rates
The price of borrowed money
Good
A physical product such as a house or a designer suit
Service
An intangible item such as insurance or decorating
Product
A general term which includes goods and services
Fair trade
A social movement that exists to promote improved trading terms and living conditions for producers of
products in less developed countries
Sustainable production
Occurs when the supply of a product does not impose costs on future generations by, for example,
depleting non-renewable resources
Leadership
Includes the functions of ruling, guiding and inspiring other people within an organization in pursuit of
agreed objectives
Management
Planning, organizing, directing and controlling all or part of a business enterprise
Authority
The power or ability to carry through an action
Delegation
Passing authority down the organizational hierarchy
Empowerment
Provides subordinates with the means to exercise power or control over their working lives
Decentralization

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