EDEXCEL IGCSE Business Studies Glossary of terms for 2022 November series latest questions and answers

Above-the-line promotion - Placing adverts using the media. Acid test ratio - Similar to the current ratio but excludes stocks from current assets. Sometimes called the quick ratio. Advertising - Communication between a business and its customers whereby messages are placed in the media to encourage the purchase of products. Agent or broker - An intermediary that brings together buyers and sellers. Anti-competitive practices or restrictive trade practices - An attempt by firms to prevent or restrict competition. Assets - Resources used or owned by the business in production. Assisted areas - Areas that are designated as having economic problems by the UK or EU and are eligible for support in a variety of forms. Auditing - An accounting procedure which checks thoroughly the accuracy of a company's accounts. Authority - The right to command and make decisions. Balance of trade or visible balance - The difference between visible exports and visible imports. Balance sheet - A summary at that time of business assets, liabilities and capital. Barriers to entry - Obstacles that make it difficult for new firms to enter a market. Batch production - A method which involves completing one operation at a time on all units before performing the next. Below-the-line promotion - Any promotion that does not involve using the media. Bonus systems - A payment in addition to the basic wage for reaching targets or in recognition for service