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CA Foundation Business & Commercial Knowledge Study Material – Other Business Terminology

June 5, 2018 by Prasanna

CA Foundation Business & Commercial Knowledge Study Material – Other Business Terminology

Other Business Terminology

  • Acquisition: Takeover of one firm by another.
  • Administration: The process of determining and executing the policies and programmes of an organisation.
  • Allowance: A fixed sum allowed by an employer to an employee e.g. house rent allowance.
  • Bankruptcy: A situation when a firm’s assets are insufficient to pay its liabilities.
  • Bottom line: Net profits.
  • Business environment: All forces and factors external to the firm but influence its working and performance.
  • Business facilitators: The individuals, organisations/institutions and arrangement that ease the setting up, operating and exit of business firms.
  • By products: Products recovered from material discarded in a main process e.g. molasses in sugar industry.
  • Corporate: A business entity distinct from its members e.g. a company.
  • Corporate governance: The system that ensures that a company’s operations are conducted in an ethical manner and as per the law. It consists of board of directors, independent audit and financial reporting.
  • Drawings: Cash or goods taken by the owner of the firm for personal/family use.
  • Electronic commerce: Commercial transactions conduced over the Internet.
  • Electronic filing: Fifing documents online e.g. fifing tax returns online.
  • Franchise: The license given by one company to another to use the former name and sell its product/ service in a specified territory in exchange for payment of fee.
  • Globalisation: The process of removing barriers to flow of goods, services, labour, capital and technology from one country to another leading to the emergence of a global economy.
  • Goodwill: Money Value of a company’s reputation.
  • Infrastructure: The basic facilities necessary for the operation of a society and business firms. It consists of buildings, roads, railways, posts, power supply, etc.
  • Joint sector: Business enterprises owned jointly by Government and private sector.
  • Joint products: Two or more products separated in the same processing operation which usually require further processing. For example, gasoline, lubricant, paraffin and kerosene are joint products, all produced from crude oil.
  • Liberalisation: Systematic removal of restrictions on private business operations.
  • Logistics: Movement of supplies to the production facilities (inbound logistics) and movement of products from centres of production to markets (outbound logistics).
  • Merger: Combination of two or more independent firms into a single firm.
    Mission Statement: A statement that defines the business scope (who we are and what we do) of an organisation.
  • Multinational: A company which has business operations in a country otherwise the country of its incorporation.
  • Patent: An exclusive legal right to the inventor for use of the invention.
  • Pestle: Political (P), Economic (E), Social (S), Technological (T), Legal (L) and Ecological (E) Environment.
  • Privatisation: Selling of public enterprises to public sector.
  • Private sector: All business enterprises owned and controlled by private persons.
  • Public sector: All enterprises owned and controlled by the Government.
  • Proprietorship: A business owned and controlled by an individual. Also known as sole proprietorship. Retained earnings: Undistributed profits of a company.
  • Return: Rate of earning on an investment.
  • Risk: Possibility of loss on an investment.
  • Secondary sector: Manufacturing and construction industries.
  • Subsidiary: A company owned and controlled by another company.
  • Sustainable development: Development that can be sustained over generations or development
    without compromising ecology or environment.
  • Term insurance: Insurance for a specific time period with no defrayal to the insured person and which become null on its expiry.
  • Triple bottom line: Profit, people and planet i.e. simultaneous development of economy, society and ecology.
  • Turnaround: Financial recovery of a loss making firm.
  • Vision: The roadmap of a company’s future.
  • Whole life insurance: An insurance policy the sum of which is payable after the death of the insured to his nominee.

Filed Under: CA Foundation Tagged With: Banking Terminology, Business & Commercial Knowledge, CA Foundation Study Material, CA-Foundation, Common Business Terminologies

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