20 of the Business glossary’s terms, each with the part of the syllabus where you first meet it.
The shared values, beliefs and unwritten rules of behaviour that most members of a country learn while growing up and that distinguish them, on average, from people of other countries.
The transfer of the ownership of a private sector business into the public sector, so that it is owned and controlled by the government.
The relocation of business activities to a country close to the home country, usually a neighbouring country with lower costs, combining lower costs with shorter and less risky supply chains.
The basic requirements that people must have to survive, such as food, water, shelter and clothing, and in modern societies healthcare and education.
An approach to managing change in which managers offer incentives or concessions to employees or their representatives in exchange for accepting a change.
The value of a business's total assets minus its total liabilities; it always equals total equity.
The value of a non-current asset in the accounts at a given date, calculated as its original cost minus the accumulated depreciation charged so far.
The difference between the total cash inflows and the total cash outflows of a business in a period; negative when outflows are larger than inflows.
The sum of the present values of an investment's future net cash flows minus its initial cost; a positive value means the project earns more than the discount rate.
A diagram that shows a project's activities as arrows between numbered nodes, in the order in which they must be completed, so that the project's sequence and timing can be analysed.
A small, clearly defined segment of a larger market, with specific needs that are not fully met by mass-market products.
An agreement between an employer and a trade union in which the union agrees not to take strike action for a set period, usually in return for improved terms or arbitration of disputes.
A circle on a network diagram marking the start or end of activities, divided to show the node number, the earliest start time and the latest finish time.
Any interference that prevents a message from being received or understood as the sender intended, such as physical sound, technical faults, unclear language or the receiver’s emotions.
Assets a business expects to keep and use for more than one year, such as land, buildings, machinery, vehicles and intangible assets.
Debts a business does not have to repay within the next year, such as long-term bank loans, mortgages and debentures.
Ways of motivating employees that do not involve direct payment, such as job enrichment, job rotation, job enlargement, empowerment, purpose and teamwork.
A non-profit organisation that is independent of government and pursues social, humanitarian or environmental aims, reinvesting any surplus in those aims.
The transfer of meaning without words, through body language, facial expressions, gestures, eye contact, tone of voice and appearance.