10 of the Business glossary’s terms, each with the part of the syllabus where you first meet it.
A cost that changes in direct proportion to the level of output, such as raw materials, packaging and piece-rate wages; it is zero when output is zero.
The difference between a budgeted figure and the actual figure for a revenue or a cost, calculated as budgeted figure minus actual figure and labelled favourable or adverse.
The process of calculating the differences between budgeted and actual figures, investigating their causes and taking action to correct problems or to update future budgets.
Finance provided by specialist investment firms to new or fast-growing businesses with high potential but high risk, in return for a share of the ownership.
Communication between different levels of hierarchy in an organisation, either downwards from managers to subordinates or upwards from subordinates to managers.
A merger or acquisition between businesses in the same industry but at different stages of production, such as a manufacturer and its supplier or its retailer.
A computer-generated, three-dimensional simulated environment that a user experiences and interacts with, usually through a headset, as if they were inside it; used for training, design and marketing.
A statement of what an organisation aspires to become or achieve in the long term, setting out its ideal future and giving a sense of direction to everyone in it.
The transfer of messages using images, such as charts, graphs, diagrams, infographics, photographs, videos, signs and symbols.