Small Business Management: Terminology: Definition: Accounts Money debtors owe Receivable Break even Where total revenue equals total costs Budget Statement of income and expenditure Contract A legally binding agreement between two or more people Corporate Affairs A place where a business is registered Commission Depreciation Funds set aside to cover the wearing out of an asset Equity A share of accumulated funds of a company Entrepreneur Risk taker, but if successful gains a hefty amount of money Franchise An agreement, busines permitted use registered name under license Incorporation Process by which a firm legally becomes a company Inventory A list of stock waiting to be sold Labour Turnover The percentage of employees who leave work volentarily. Leverage (Gearing) Using borrowed funds to purchase assets, or to even continue in operation Mark-up Additional costs added upon the total cost of the product sold, in which to establish a retail price National Debt Public sectors debts, which the Government owes (Doesn't include Corporations) Net worth Total Assets - Total Liabilities Patent Copyright placed on a product/service which stops other companies from copying the design or using it without the companies permission Professional An insurance protecting a company (particularly Indemnity companies such as stockbroking agencies, accounting services, etc)when an individual in an organisation gives damaging advice, or provides a faulty service or product Profit margin The amount made after passing a break-even point Public Risk An insurance covering the business against any injuries sustained while a member of the public is dealing with a business Seed Capital The initial amount of money invested into the business, when starting a business. Capital given to develop an idea Taxation Money charged by the government to all people, who earn over a certain amount must pay back some of it to the government, a tax also exists for the profits of a company Terms of Trade A ratio of export prices to import prices Transfer of title Transfer of ownership of an item/product/land Worker's An insurance which covers emloyers when workers Compensation fall ill, or attain an injury while in a working environment Working Capital The difference extra between your assets and your liabilities Product Marketing: Customer base All your customers Distribution The method of how a product arrives to the customer Gross profit The amount of money after costs have been taken away from the amount from sales Marketing Activities concerned with gathering and analysing Research information to enable decisions on target markets and the marketing mix Pre-Tax Profit See Gross Profit Product The business is liable for faulty products it Liabilities produces when an injury occurs Product The activities of a business based around a Orientation certain product Profitability How profitable/viable/cost effective a product is Representitive Individuals or companies who sell your products Industrial Relations: Absenteeism Accounts for between 13 to 18 times more working days lost per year than those lost through strikes ACTU Australian Council of Trade Unions - Federal association representing trade unions Arbitration Resolution of a dispute via a legally binding decision Autocratic Style A non-democracy type of management Management Award Legal agreements that set out the terms and conditions of employment Boycotts Protests and restrictions impossed by a union eg. when workers refuse to perform certain tasks in relation to certain demands Collective Direct negotiations between unions and management Bargining Conciliation Process whereby a third party tries to find comprimise Deregistration Can happen to a union in cases of industrial misconduct or repeated rejection of industrial relations principles or orders Dispute Created when a log of claims is served by one party and rejected by another Employer They guide their members in relation to awards Association and legislations and promote commercial intrests of members Fringe Benefit Non-wage forms of income, provided by an employer, eg. a company car Industrial The study of how individuals, grouped, organisation Relations and institutions make decisions that shape the employment relationship between management and labour IRC Industrial Relations Commission - Federal body established to settle industrial disputes Lockout A direct form of action involving the employer not allowing workers to enter the place of work Log of Claims List of demands by a union Managerial Rules established by management Policy Mediation Intervention into a dispute by a neutral third party, who is not acting on state or federal legislation Negotiation Workers meet management to discuss issues without the intervention or assistance of authorities Occupational Issues concerning a workers welfare Health & Safety Orders A demand by the IRC for certain actions to be taken by employee and/or employers Party Government, Tribunals, Employees, Employers, Employer associations, and Trade Unions Picket Physical presence of workers protesting outside a business Shop Steward On-site union representitive Trade Union A group of workers who join together to improve wages and working conditions Union Organiser Off-site union representitive Work Ban A refusal to undertake a certain request Work Practices Rules about non-wage issues
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