I'm Anthony and I'm currently studying in business administration for about 2 years. So, I've decided to give people an idea about what is the definition of business administration and its terms in this following glossary. I've used google dictionary to help me get a better understanding of the definitions and explanations of each term.
account
noun
a report or description of an event or experience.
Example: The balance sheet, the profit and loss account and the cash flow statement
fr: compte
Actuary
noun
Actuaries are employed by insurance companies and pensions providers to calculate factors such as life expectancy, accident rates and likely payouts by using complex mathematical formulas.
Example: . We need the advice of a qualified actuary using the projected unit method.
fr: actuaire
administration
noun
The process or activity of running a business, organization, etc.
Example: When a company gets into financial trouble and is unable to pay its debts, an administrator or administrative receiver may be appointed.
fr: admistration
Annual bonus
noun
Annual Bonus refers to any compensation paid in addition to base annual salary associated with services conducted during any calendar year which is payable to an employee under an employer's yearly bonus and cash incentive plans.
Example: The annual bonus is calculated on the basis of the number of months worked in the factory.
budget
noun
an estimate of income and expenditure for a set period of time.
Example: Preparation of the annual budget
fr: budget
Economic growth
noun
An increase in the amount of goods and services produced per head of the population over a period of time.
Example: The total output of the country - the value of all the food produced, all the pharmaceuticals manufactured, cars assembled and services rendered - forms GDP.
Economies of scale
phrase
A proportionate saving in costs gained by an increased level of production.
Example: Economies of scale refer to the lowering of per unit costs as a firm grows bigger. Examples of economies of scale include: increased purchasing power, network economies, technical, financial, and infrastructural.
Elasticity
noun
the degree to which a demand or supply is sensitive to changes in price or income.
Example: Elasticity is an economic measure of how sensitive an economic factor is to another, for example, changes in supply or demand to the change in price, or changes in demand to changes in income.
Fiscal year
noun
A year as reckoned for taxing or accounting purposes.
Example: The US fiscal year runs from October 1 to September 30.
Income tax
noun
Tax levied by a government directly on income, especially an annual tax on personal income.
Inflation
noun
A general increase in prices and fall in the purchasing value of money.
Example: If inflation is 10%, then a £50 pair of shoes will cost £55 in a year's time and £60.50 a year after that.
fr: inflation
Inheritance tax
noun
A tax imposed on someone who inherits property or money.
Example: Married couples and relatives are liable to pay 40% inheritance tax on assets passing on death.
investment
noun
The action or process of investing money for profit or material result.
Example: He realized 10000 dollars from his investment.
fr: investissement
Macroeconomics
noun
The part of economics concerned with large-scale or general economic factors, such as interest rates and national productivity.
Example: The part of economics which looks at economies as a whole, rather than dealing with the actions of individuals or groups
Microeconomics
noun
The part of economics concerned with single factors and the effects of individual decisions.
Example: Microeconomics takes a close up look at decisions taken by individuals and companies, without worrying about the wider economy.
fr: Microéconomie
Minimum wage
noun
The lowest wage permitted by law or by a special agreement.
Example: Workers aged 18 to 21 get £4.45 an hour.
Personal loan
noun
Personal loan is an unsecured credit provided by financial institutions based on criteria like employment history, repayment capacity, income level, profession and credit history.
Example: A personal loan is a way of borrowing money from a bank, building society or other financial service provider.
Profits
noun
A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Example: In simple terms, profits, or earnings, are the excess of revenues over all costs.
Savings account
noun
A bank account that earns interest.
Example: A savings account is a deposit account held at a financial institution that provides principal security and a modest interest rate.
Unemployment
noun
The state of being unemployed.
Example: When people are not working, but they are actively looking for work; for example, Glenn did not work at all last week, though he tried to find a job, so he is considered unemployed.