LCVP Link Modules flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Enterprise

The initiative shown by an individual or group in taking a risk and organising resources - money, people and materials - to produce goods or services.

Entrepreneur

A person who identifies a business opportunity, takes a calculated risk, and organises the resources needed to turn the idea into a trading business.

Calculated risk

A risk taken after weighing the likely loss against the likely return, so the decision is informed rather than a gamble.

Social enterprise

An organisation that trades to earn income but reinvests its surplus in a social or community purpose rather than distributing it to owners.

Intrapreneur

An employee who shows entrepreneurial behaviour - initiative, innovation and risk-taking - within an existing organisation rather than by founding a new one.

Local multiplier effect

The process by which money spent with a local business is partly re-spent locally on wages and local suppliers, supporting further local activity.

Tariff

A tax charged on imported goods, which raises their price in the domestic market and can protect domestic producers from cheaper imports.

Import quota

A physical limit placed on the quantity of a particular good that may be imported into a country during a given period.

Exchange rate

The price of one currency expressed in another; a weaker domestic currency makes exports cheaper abroad and imports more expensive at home.

Globalisation

The growing interconnection of national economies through trade, investment, communication and movement of people, giving firms wider markets and wider competition.

Feasibility study

An assessment of whether a business idea can work in practice, examining demand, costs, resources and likely profitability before money is committed.

Primary market research

Research that collects new first-hand data for a specific purpose, for example through surveys, interviews, questionnaires or observation.

Secondary market research

Research that uses data already gathered by someone else, such as published statistics, government reports, trade journals or company accounts.

Break-even point

The level of sales at which total revenue equals total costs, calculated in units as fixed costs divided by price minus variable cost per unit.

Cash flow forecast

A table showing the expected money coming into and going out of a business in each period, used to predict and plan for cash shortages.

SWOT analysis

A planning tool that sets out a venture's internal strengths and weaknesses alongside external opportunities and threats in the business environment.

SMART objective

A goal framed to be Specific, Measurable, Achievable, Relevant and Time-bound, so that progress towards it can be judged.

Apprenticeship

A structured training route combining paid on-the-job experience with off-the-job study, leading to a recognised qualification in a trade or profession.

Career investigation

A structured study of an occupation covering entry requirements, duties, working conditions, pay and progression, compared against the investigator's own aptitudes.

Transferable skills

Abilities such as communication, teamwork, numeracy and IT that can be applied across different jobs, courses and careers.

Curriculum vitae

A summary document of a job applicant's personal details, education, qualifications, work experience, skills and referees, sent to employers.

Cover letter

A short letter sent with an application stating the post applied for, matching the applicant's skills to the job requirements, and requesting an interview.

Job specification

A document setting out the duties, responsibilities and required qualifications of a post, used to attract and shortlist suitable applicants.

Net pay

The amount an employee actually receives after deductions such as income tax, social insurance and pension contributions are taken from gross pay.

Gross pay

An employee's total earnings for a period before any deductions such as income tax or social insurance have been subtracted.

Work experience diary

A daily record kept during a placement noting tasks performed, dates, skills used and reflections, later used as evidence for the placement report.

Workplace confidentiality

The duty not to disclose client, commercial or staff information learned during a placement or employment to people outside the organisation.

Employer expectations

The standards an employer expects of a new entrant, typically punctuality, attendance, appropriate dress, honesty, willingness to learn and following instructions.

Plagiarism

Presenting another person's words, ideas or data as one's own without acknowledgement, avoided by citing and referencing every source used.

Communication process

The sequence sender, message, channel, receiver and feedback, in which noise is any factor that interferes with the message being understood.

Team development stages

The sequence forming, storming, norming, performing and adjourning through which a group develops into an effective working team.

Consensus decision

A decision reached when every team member accepts and is willing to support the outcome, even if it is not each member's first preference.