Unit 3 Business Decisions & Strategy 2022 Update

Unit 3 Business Decisions & Strategy 2022 Update Absenteeism - ANS-where workers fail to turn up for work without good reason Acquisition - ANS-the purchase of one company by another Administrative expenses - ANS-Costs relating to running a business average rate of return (ARR) - ANS-method of investment appraisal that measures the net return per annum as a percentage of the initial spending Back Data - ANS-Data obtained from a previous time period. backward vertical integration - ANS-joining with a business in the previous stage of production Break-Even - ANS-When a business generates just enough revenue to cover its total costs. Brexit - ANS-The informal term relating to the UK leaving the EU ('British Exit') Bribe - ANS-money paid to persuade somebody to do what you want them to Bureaucracy - ANS-The system of rules bureaucracy - ANS-the system of rules Business continuity plan - ANS-Shows how a business will operate after a serious incident and how it expects to return to normal in the quickest time possible Business Ethics - ANS-the moral principles that guide the way in which a business behaves Business interruption cover - ANS-A type of insurance that covers the loss of income that a business suffers after a disaster capital cost - ANS-the amount of money spent when setting up a new venture capital gain - ANS-the profit made from selling a share for more than it was bought for Cartel - ANS-a group of businesses that act together to reduce competition in a market - by fixing prices, for example. CONTINUES...