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Unit 2 Business Resources Keyterms

Unit 2 Business Resources Keyterms

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Tags: resources   business   btec   level 3   unit 2  

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UK and EU laws
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Legislation
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when employees are recruited and developed to fill each key role within the company
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Succession Planning
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additional rewards that employers give to employees as a reward
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Incentives
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goods that customers have to buy regularly because they wear-out or are used-up
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Consumables
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when managers officially check, watch and/or record employees
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Formal Monitoring
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managers are making a subtle judgement about how an employee is fitting in or if they have a problem
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Informal Monitoring
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taking on employees
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Recruitment
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keeping employees at the workplace for as long as possible, to benefit from their experience
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Retention
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a list of working conditions that come with a job e.g. duties, hours, pay etc.
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Job Description
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skills that enable us to get on with other people and promote positive relationships in the workplace
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Interpersonal Skills
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place where an industrial or manufacturing process takes place
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Plant
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when a business gives a new look to its offices or stores, it can help keep staff and customers happy
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Refurbishment
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to pass information on to a succession of others
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Cascade
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measure of a firm's ability to meet short-term cash payments
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Liquidity
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sales revenue minus cost of goods sold
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Gross Profit
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gross profit minus other expenses e.g. rent, advertising etc.
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Net Profit
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when a business is able to pay its expenses as it has money available within the business
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Solvency
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customers who have purchased goods/services on credit, meaning they owe it money
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Debtors
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the opening stock plus the closing stock, divided by two
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Average Stock
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the personnel of a business/organisation
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Human Resources
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resources that include plant, machinery, equipment, premesis etc.
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Physical Resources
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software, music or text owned by a business/organisation
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Technological Resources
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where the money invested in a business comes from
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Sources of Finance
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