Unit 7E Glossary
BTEC Level 3 Business Studies. Unit 7: Business Decision Making
Cost of training - The money spent on materials, trainers and time away from work while training.
Equipment - Tangible items a business uses to produce their goods and services.
External training - Using personnel from outside the organisation to teach employees new skills and knowledge.
Financial resources - Money a business uses to operate.
Full-time worker - An employee who is contractually obliged to work a minimum number of hours per week. Usually between 30 - 35.
Human Resources - The function of an organisation responsible for staff.
In-house training - Using staff from within the organisation to develop skills and knowledge in employees.
IT hardware - The tangible and visible components of a computer system such as monitors and servers.
IT software - Instructions, data and programmes used to perform tasks using a computer system.
Part-time workers - Employees who have agreed hours that are less than a full time contract.
Physical resources - Tangible items that a business uses in production such as premises, vehicles and machinery.
Premises - The buildings used to perform business activities.
Recruitment process - The procedures used by businesses to attract and assess candidates to fill a job position.
Rent or buy - A decision businesses make on whether to invest in the ownership of an asset or pay a fee to another organisation for its use.
Running costs - Money that a business spends regularly on its day to day operations such as rent and utilities.
Salaries - Money paid to employees in regular installments based on an agreed annual sum.
Sources of finance - Where or how firms receive funds for investment or liquidity, such as working capital, loans, or overdrafts
Staff requirements for efficiency - The right number of employees with the right skills to minimise waste.
Start-up costs - Money a business needs to spend in its initial stages of development before spending is covered by revenue.
Suppliers - Organisations that provide raw materials and equipment to a business.
Training requirements - The skills and knowledge that the current staff body needs to develop in order to enhance productivity and efficiency.
Vehicles - Cars, vans, trucks, fork-lift trucks, lorries etc Wages - Money given to employees based on hours they worked or how much they produced.
