Dictionary
Aa
Article of association- Set of rules which regulate the internet management of a company including voting rights and how profits are shared.
Asset- Anything owned by a business.
Bb
Bank draft- Cheque drawn on a bank
Bankrupt- Person or business unable to meet its debts.
Bank Statement- Written statement from a bank giving details of credits, debits and balance of an account.
Bounced cheque- Cheque on which the bank refuses payment because there is insufficient money in the account to cover it.
Business- Is all he commercial activities undertaken by the various organizations which produce and supply goods and services.
Cc
Capital- Value of asset {wealth} owned by a business and use to create further capital. May include money, machinery, stock and premises.
Cash- Money in the form of coins or banknotes, especially that issued by the government.
Cash discount- Percentage deduction from the price of goods or services to encourage prompt payment.
Certificate of incorporation -Issued by the Registrar of companies to a new company, which meets the legal requirements, allowing it to begin trading.
Cheque- Written instruction to a bank asking them to pay a certain amount of money to someone else.
Communication-Process of passing information from one person to another.
Company - is a legally formed business whose owners may be separate from those who control and manage it.
Consumer- Individual or organization which purchases goods and/or services.
Cooperation- is a business owned by persons who share common interest and goods.
Credit- Being allowed paying for goods or services over a period of time.
Credit card- plastic card which allows good to be purchase without immediate payment.
Credit note- sent by a supplier to a customer to make an allowance which is deducted from the original invoice.
Creditor- someone to whom a business owes money, e.g. a supplier of stock who has not been paid.
Crossed cheque- this is a cheque that cannot Demand Payment in cash instead he will have to deposit the amount into the bank before withdrawal. This cheque can be drawn cross vertical or horizontal with double lines.
Dd
Debit -This is acknowledging as the sum of money owing by the business.
Debit card- Card that allow you to transfer money electronically from one bank account to another when making purchase.
Debit note- sent to consumers to notify them of an increase in the amount owed.
Debtor- Someone who owes Money to a business, e.g. for goods which they have bought.
Director- Person appointed by shareholders to help run a company on their behalf.
Dividend- when investors purchase shares in a company and receive their share of the company’s profit.
Drawee- the name of the bank on which a cheque is drawn.
Drawer- person who writes and signs a cheque.
Ee
Economic system- is the way s in which a society organizes for the production and distribution of goods and service to satisfy the needs of its people.
Entrepreneur- someone who brings together the factors of production,{land, labor, capital} and organizes them into a ‘business’, taking risks in anticipation of making a profit.
Environment- The surroundings and circumstances which affect the way in which an organization operates.
Ff
Factors of production- This is the essential resources needed for the production of goods and services, which would consist of land, labour, capital and enterprise.
Free economy- an economy where the mechanism of supply and demand determines the amount charged for goods and the number of goods produced. All resources and organization are owned by private individuals.
Gg
Goods- Physical items which can be purchased.
Hh
Ii
Invoice- gives full detail of the goods sent, conditions of sale and delivery. It also shows how much is being charged.
Ll
Labour- The total of human effort used in the production of goods or provision of services.
Laissez-faire- it’s a form of free market economy system.
Land- All the natural resources used by man, e.g. soil, coal, trees and fish.
Liability- the debts of the business. Money that the business owe.
Limited liability- liable to lose only what is invested in the business.
Mm
Management- A group of people who are appointed by the owners of a company to run it.
Manager’s cheque- it a form of with drawers that give us a chegue to use instead of cash in hand.
Market- Any situation where buyers and sellers come into contact.
Media- Different means of communication, e.g. advertising, telephone, letters.
Memorandum- note or message from one person to anther in an organization
Memorandum association- document giving detail of the rules governing the external affairs of a company, including its name, address, objectives and capital.
Mixed Economic- an economy where some resources and organization are owned privately and some by the state. The market mechanism of supply and demand dictates prices and production in the private sector, while in the public sector prices and levels of production are set by the state.
Money- is anything generally acceptable as a means of payment.
Nn
Oo
Objectives- What a business aims to achieve, e.g. profit, growth, market share.
Open cheque- Is an open cheque is one in which no definite sum of money is to be made payable to the payee. And there is no kind of marking on the face of the chegue except what is normally acceptable.
Organization- A group of people who co-operate together for a common purpose, e.g. schools, college, libraries, unions and businesses.
Overdraft- Being allowed taking more money t out of a bank current account than there is in it.
Pp
Partnership- an association of two to twenty persons in business Together with the aim of earning profit.
Partnership deed- It‘s a document which outline the agreement between all the persons {partner}. Entering into a Partnership business.
Payee- person to who a certain sum of money is to pay.
Private limited company- this type of business does not issue shares to the public and must include the word limited in the title.
Private sector- Term used to describe all businesses owned by individuals or groups that are run essentially for profit.
Production-Making or manufacturing of goods for sales.
Profit- money left over after expenses have been paid.
Promissory note- a signed promise to pay a sum of money on a certain date.
Performa invoice- when a consumer receive goods that they did not want from the supplier and the goods are return a Performa is used to checks to see if the goods receive match that on the invoice.
Proprietor- owner of the business enterprise.
Public limited company- this type of business is owned by the shareholders. It must indicate its Public status by including the letters PLC in its title.
Public Sector-Businesses that are owned and controlled by
Rr
Receipt- a written statement that money has been paid or something has been received.
Recycling- The recovery and use of materials from spent products, e.g. old newspapers.
Resources- Premises and equipment (physical), people (human), and capital (financial) needed to start and run a business.
Responsibility- When a manager can delegate a task but is still ultimately accountable for the work carried out.
Ss
Services- Facilities which we use like the telephone, buses, education and entertainment.
Share- each of the equal parts that a business company’s is divided into and that gives the person who holds it the right to receive a proportion {called a divided} of the profit.
Share holder- a person who wishes to become a part owner of the company must by shares in the company.
Sole trader- a person who owns his or her own business.
Sleeping Partner- Partners that contribute capital but does not take part in the daily running of the business.
Stakeholder- Someone who has an interest in how a particular organization operates.
Tt
Tax- Money that people or business firms are requires paying to the government, to be used for public purposes.
Technology- Application of scientific processes to improve production and efficiency, e.g. computers and robots.
Trade Association- A group of companies in a similar trade or profession.
Trade Discount- Percentage reduction in price given to business in the same trade.
Uu
Unemployment- A situation where people are actively seeking to obtain work but are unable to do so because there are insufficient jobs.
Unlimited Liability- the owner is not only liable to lose the money invested in the business but also his personal assets may used to pay off his debts.
Ww
Wealth- The quantity of money or assets possessed by individuals or organizations.
Working Population- Everyone with a job, those registered as unemployed and the self-employed.
Article of association- Set of rules which regulate the internet management of a company including voting rights and how profits are shared.
Asset- Anything owned by a business.
Bb
Bank draft- Cheque drawn on a bank
Bankrupt- Person or business unable to meet its debts.
Bank Statement- Written statement from a bank giving details of credits, debits and balance of an account.
Bounced cheque- Cheque on which the bank refuses payment because there is insufficient money in the account to cover it.
Business- Is all he commercial activities undertaken by the various organizations which produce and supply goods and services.
Cc
Capital- Value of asset {wealth} owned by a business and use to create further capital. May include money, machinery, stock and premises.
Cash- Money in the form of coins or banknotes, especially that issued by the government.
Cash discount- Percentage deduction from the price of goods or services to encourage prompt payment.
Certificate of incorporation -Issued by the Registrar of companies to a new company, which meets the legal requirements, allowing it to begin trading.
Cheque- Written instruction to a bank asking them to pay a certain amount of money to someone else.
Communication-Process of passing information from one person to another.
Company - is a legally formed business whose owners may be separate from those who control and manage it.
Consumer- Individual or organization which purchases goods and/or services.
Cooperation- is a business owned by persons who share common interest and goods.
Credit- Being allowed paying for goods or services over a period of time.
Credit card- plastic card which allows good to be purchase without immediate payment.
Credit note- sent by a supplier to a customer to make an allowance which is deducted from the original invoice.
Creditor- someone to whom a business owes money, e.g. a supplier of stock who has not been paid.
Crossed cheque- this is a cheque that cannot Demand Payment in cash instead he will have to deposit the amount into the bank before withdrawal. This cheque can be drawn cross vertical or horizontal with double lines.
Dd
Debit -This is acknowledging as the sum of money owing by the business.
Debit card- Card that allow you to transfer money electronically from one bank account to another when making purchase.
Debit note- sent to consumers to notify them of an increase in the amount owed.
Debtor- Someone who owes Money to a business, e.g. for goods which they have bought.
Director- Person appointed by shareholders to help run a company on their behalf.
Dividend- when investors purchase shares in a company and receive their share of the company’s profit.
Drawee- the name of the bank on which a cheque is drawn.
Drawer- person who writes and signs a cheque.
Ee
Economic system- is the way s in which a society organizes for the production and distribution of goods and service to satisfy the needs of its people.
Entrepreneur- someone who brings together the factors of production,{land, labor, capital} and organizes them into a ‘business’, taking risks in anticipation of making a profit.
Environment- The surroundings and circumstances which affect the way in which an organization operates.
Ff
Factors of production- This is the essential resources needed for the production of goods and services, which would consist of land, labour, capital and enterprise.
Free economy- an economy where the mechanism of supply and demand determines the amount charged for goods and the number of goods produced. All resources and organization are owned by private individuals.
Gg
Goods- Physical items which can be purchased.
Hh
Ii
Invoice- gives full detail of the goods sent, conditions of sale and delivery. It also shows how much is being charged.
Ll
Labour- The total of human effort used in the production of goods or provision of services.
Laissez-faire- it’s a form of free market economy system.
Land- All the natural resources used by man, e.g. soil, coal, trees and fish.
Liability- the debts of the business. Money that the business owe.
Limited liability- liable to lose only what is invested in the business.
Mm
Management- A group of people who are appointed by the owners of a company to run it.
Manager’s cheque- it a form of with drawers that give us a chegue to use instead of cash in hand.
Market- Any situation where buyers and sellers come into contact.
Media- Different means of communication, e.g. advertising, telephone, letters.
Memorandum- note or message from one person to anther in an organization
Memorandum association- document giving detail of the rules governing the external affairs of a company, including its name, address, objectives and capital.
Mixed Economic- an economy where some resources and organization are owned privately and some by the state. The market mechanism of supply and demand dictates prices and production in the private sector, while in the public sector prices and levels of production are set by the state.
Money- is anything generally acceptable as a means of payment.
Nn
Oo
Objectives- What a business aims to achieve, e.g. profit, growth, market share.
Open cheque- Is an open cheque is one in which no definite sum of money is to be made payable to the payee. And there is no kind of marking on the face of the chegue except what is normally acceptable.
Organization- A group of people who co-operate together for a common purpose, e.g. schools, college, libraries, unions and businesses.
Overdraft- Being allowed taking more money t out of a bank current account than there is in it.
Pp
Partnership- an association of two to twenty persons in business Together with the aim of earning profit.
Partnership deed- It‘s a document which outline the agreement between all the persons {partner}. Entering into a Partnership business.
Payee- person to who a certain sum of money is to pay.
Private limited company- this type of business does not issue shares to the public and must include the word limited in the title.
Private sector- Term used to describe all businesses owned by individuals or groups that are run essentially for profit.
Production-Making or manufacturing of goods for sales.
Profit- money left over after expenses have been paid.
Promissory note- a signed promise to pay a sum of money on a certain date.
Performa invoice- when a consumer receive goods that they did not want from the supplier and the goods are return a Performa is used to checks to see if the goods receive match that on the invoice.
Proprietor- owner of the business enterprise.
Public limited company- this type of business is owned by the shareholders. It must indicate its Public status by including the letters PLC in its title.
Public Sector-Businesses that are owned and controlled by
Rr
Receipt- a written statement that money has been paid or something has been received.
Recycling- The recovery and use of materials from spent products, e.g. old newspapers.
Resources- Premises and equipment (physical), people (human), and capital (financial) needed to start and run a business.
Responsibility- When a manager can delegate a task but is still ultimately accountable for the work carried out.
Ss
Services- Facilities which we use like the telephone, buses, education and entertainment.
Share- each of the equal parts that a business company’s is divided into and that gives the person who holds it the right to receive a proportion {called a divided} of the profit.
Share holder- a person who wishes to become a part owner of the company must by shares in the company.
Sole trader- a person who owns his or her own business.
Sleeping Partner- Partners that contribute capital but does not take part in the daily running of the business.
Stakeholder- Someone who has an interest in how a particular organization operates.
Tt
Tax- Money that people or business firms are requires paying to the government, to be used for public purposes.
Technology- Application of scientific processes to improve production and efficiency, e.g. computers and robots.
Trade Association- A group of companies in a similar trade or profession.
Trade Discount- Percentage reduction in price given to business in the same trade.
Uu
Unemployment- A situation where people are actively seeking to obtain work but are unable to do so because there are insufficient jobs.
Unlimited Liability- the owner is not only liable to lose the money invested in the business but also his personal assets may used to pay off his debts.
Ww
Wealth- The quantity of money or assets possessed by individuals or organizations.
Working Population- Everyone with a job, those registered as unemployed and the self-employed.