- Accountability: when someone is held responsible for his/her actions.
- Accredited learnership programmes: on the job training with course material and qualifications that are approved by SAQA.
- Action plan: a plan which shows all the steps to be performed to reach a certain specified goal;the action plan shows
timeframes and the person responsible.
- Activity report: a report indicating which activities were completed.
- Aesthetics: the particular look and feel of a product,it can refer to beauty and to the ability it has to please the user.
- Agency fee: a fee deducted from employees wages for employees who are not union members.
- Agency shop: an agreement between a registered trade union and an employer to deduct an agency fee from the wages of
employees who are not members of the union.
- Amnesty: an official pardon,or to be forgiven.
- Annuity: regular payments made by a fund to an investor.
- Appreciate: increase in value overtime.
- Apps: an abbreviation for application,commonly used to refer to a downloadable programme that provides a service.
- Arbitration:the official settling of a dispute between two parties.
- Assurance: making someone feel comfortable,instilling confidence by providing the certainty that things will be as they
were before.
- Autocratic leadership: all decisions are made by the leader who often uses fear and threats to make sure people do their
jobs.
- Automobile dealers: registered dealers authorised by car manufacturers to sell their products.
- Bait and switch: a common advertising technique to attract customers hoping they will buy other products if the original
advertised product is not available.
- Bargaining council: a body that has jurisdiction to conclude agreements and resolve disputes.
- Blue chip shares: shares in a company that is performing very well in terms of profitability and stability.
- Bundling: packaging products in such a way that forces customers to make unwanted purchases.
- Brokers: licenced members of the stock exchange who trade securities.
- Brokers note: servers as proof that shares have been purchased.
- Brokerage: the fees charged by a broker for his/her professional services.
- Calculated risk: weighing up all the pros and cons of a decision and working out the loss or gain.
- Charismatic leader: leaders rely on their personality and are sensitive to the need of others, they inspire individuals to
accomplish more than what was expected.
- Code of conduct: guidelines explaining the attitude and behaviour the business expects from its employees.
- Collaboration: an agreement to cooperate between team members in order to reach a common goal.
- Collective bargaining: the process whereby unions negotiate on behalf of all their members.
- Compensation: an amount of money paid out as a result of a financial loss which has taken place or a financial reward which
must be paid,as agreed.
- Competitive intelligence: a business obtains as much information as possible about its main competitors.
- Compliance order: a written instruction, forcing the employer to fulfil his or her obligations.
- Compound interest: interest calculated using the original amount and all the accumulated payments added into the formula.
- Concentration strategy: the concentration of resources aimed at developing or expanding a product line.
- Consensus:an agreement between all the parties through a process of discussion and persuading each other.
- Contingency: a possible future event which might or might not happen.
- Continuity: permanence and stabilit, the continuity of business is linked to the life span of the owner.
- Cooling off-period: consumers have five days within which they may return unwanted products.
- Corporate citizenship: a company's obligation to conduct itself as a person by doing what people would do to help other
people or the environment.
- Corporate governance: the controls put in place by business to ensure that they comply with the highest standards of
honesty,transparency, legal behaviour and ethics.
- Corporate social investment: funds allocated to a project that aims to improve the standard of living of a community.
- Cost strategy: when a product or service can be offered more cost-effectively than that of a competitor.
- Credit bureau: provides vital important information about customers financial conduct.
- Credit providers: banks, insurance companies,retailers.
- Current value: present value on the market.
- Curriculum vitae: contains an applicant's details including personal details,qualifications,work experience and
references.'
- Debt restructuring: changing the method of payment to make it more manageable for the consumer.
- Defensive strategy: when a company needs to down scale in order to remain competitive e.g. retrenchment.Delicatessen: shops that sell high quality foods such as cheese,olives and cold meats.
- Democratic leader: uses the knowledge and skills of employees,and uses the majority rule as a basis for decision-making.
- Depreciate: decrease in value over time.
- Designated employers: as described by the ACT or constitution.
- Deviations: actions that change the standards or the chosen route.
- Differentiation strategy: this strategy applies when a business wants to develop new products.
- Dispute: a disagreement about something.
- Distribution channel: the chain of businessesthrough which a good or service passes until it reaches the consumer.
- Diversification: a business adds related products to its current product.
- Diversification strategy: expanding the business by adding either related or unrelated products to the range.
- Diversity: the many different ways people act,speak,interact,think,believe,appear,worship .etc
- Divestment: the opposite of investment,the process of selling assets.
- Dividend: a portion of the company's profit given as a reward to a shareholder for his/her investment in a company.
- Dormant: inactive.
- Family responsible leave: leave that can be taken when a workers child is sick,or when there is death in the immediate
family.
- Financial returns: money such as interest/dividends that an investor gets back.Financial risk insurance: insurance is taken out to protect the business against losses should the exchange rate drop or
price of product drops globally.
- Formulation: to put something together,such as strategy or plan.
- Forum bodies: a committee appointed by government departments to enforce the law.
- Fringe benefits: compensation beyond a regular salary or wage.
- Gourmet: a person who knows a lot about cooking.
- Growth strategy: a strategic plan to expand the business via more products or enterprises.
- Harassment: behaviour which is threatening or disturbing,it is a form of discrimination.
- Horizontal integration: when companies merge in order to sell their product in numerous markets.
- Horizontal strategy: companies expand to sell their products in numerous markets.
- Human rights: the basic rights and freedom of all people.
- Illiterate: not able to read or write.
- Improved security: employers need to provide for larger sums of money for example medical care should any employee become
injured while on the job.
- Indemnify: coverage for a potential loss that can be suffered as a result of a specific event.
- Indigenous knowledge: knowledge, practices and skills developed by indigenous people to provide their quality of life.Induction: the process whereby an employee is first introduced to the business.
- Insurable interest: the interest that the insured stands to lose if the property is damaged or lost, or ceases to exist,
insurable interest must be expressed in financial terms.
- Insurance: a guarantee of protection of an object or a person, or a guarantee against a loss or damage.
- Interdependence: the relationship which exists between for example two members in a team.
- Interest: the value added to the investment of a member in a CC.
- Internal: for the purpose of the SWOT analysis, internal is regarded as a controllable factor.
- Interest rate: the percentage that will be earned on an investment or paid on borrowed money.
- Internal environment: this includes variables such as the strengths and weaknesses in the organizations structure, the
organisations culture,and resources such as capital,equipment and human resources.
- International labour organisation: a United Nations Agency that promotes international Labour standards and decent work for
all.
- Job description: describes the duties and responsibilities of the employee specific to the job.
- Job specification: the knowledge,experience and skills a person must have to be able to carry out the tasks described in
the job description.
- Joint-venture: two companies join forces to form a third company.
- Jointly and severally liable: if one partner is held liable for the full debt to a third party,the partner may claim that
the creditor should hold each partner liable for a part of the debt.
- Key-drivers: an element that contributes to a situation.
- Laissez-faire leadership: leaders give employees free rein to decide for themselves,using trust to motivate individuals.
- Lateral thinking: the ability to think creatively, or 'outside the box'.
- Leader: a person who provides the overall vision and defines the goals of a business.
- Learnership: a programme that providers learning theory and practical skills on the job.
- Legal entity: the company does not exist physically as a person but acts as a legal person,and can therefore conclude
contracts and enter into transaction.
- Letter of appointment: an offer of employment to an applicant.
- Levy: a percentage that is taken from a payment and contributed for another purpose (example 5%) of the total.
- Liability insurance: a special insurance suppliers obtain to protect themselves against claims from consumers.
- Life policy: a life assurance policy that pays out on the death of the client.
- Liquidation: when a business is terminated or bankrupt,its assets are sold and the proceeds are used to pay creditors.
- Logistics solutions: a solution to something complicated.
- Low-cost strategy: a strategy that offers products at a low price in order to stimulate demand and gain market share.
- Manager: a manager makes sure that a business runs according to the systems and procedures that will ensure that the
business goals are reached.
- Manufacturing: transformation of raw material into something useful.
- Market environment: consists of both micro and macro-environment in which businesses operate.
- Market share: the size of the consumer market captured/gained by the business.
- Measuring instrument: a tool that is used to determine the standard that was achieved.
- Monetary: when financial value can be attached to something.
- Multi-peril: a number of potential risks eg. Theft,fire,natural disaster etc.
- Mutual association: a third party to ensure employers against their liabilities to employees in case accidents or diseases.
- Nationalism: ownership by the nation,in reality ownership by the state.
- Non-maleficence: when an act has no evil intent and will not cause harm.
- Paternalistic style:a leader style that assumes the role of a father who listens and cares about how the workers feel, but
still make the final decision,believing that it is in the best interest of the workers.
- PAYE: pay as you earn.
- Permanently disabled:occurs when a disability is so severe that an employee cannot return to work at all.
- PESTLE: an acronym for,political,economic,social,technological,local and environment.
- Portfolio: a collection of investments belonging to an investor.
- Preferential procurement: business must give preference to BEE when they buy goods or services.
- Premium: a monthly payment.
- Primary sector: exploitation or extraction of basic materials for example,mining,agriculture,fishing and forestry.
- Principal:the original amount invested.
- Procurement agreement: an agreement between the business and supplier that the business will buy stock from the supplier.
- Promotional competition: business offers prizes to winners in order to promote their products.
- Protected lock-out: if the CCMA fails to settle the dispute, the employer must give the unions 48 hours notice in writing
of the proposed lock-out of employees.
- Psychometric testing: a test that measures a persons mental abilities and personality.
- Quality: the worth of a product or service,that meets the needs and expectations of customers.
- Quality assurance: the production processes that ensure the product quality meets customers requirements.
- Quality control: the process of inspecting products to ensure that they meet the required quality standards.