Punjab PSEB Senior Secondary NSQF Management & Entrepreneurship (Secretary) flashcards

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

Unity of Command

Each subordinate should receive orders from one superior only. Receiving orders from two superiors causes confusion and divided loyalty. It is distinct from unity of direction.

Break-Even Quantity

Fixed Cost divided by contribution per unit, where contribution is selling price minus variable cost per unit. It shows the volume at which total revenue equals total cost and profit is zero.

Quorum

The minimum number of members or directors whose presence is required before a meeting can validly transact business. Any decision taken without quorum is invalid.

Seven Cs of Communication

Clear, concise, concrete, correct, coherent, complete and courteous. These criteria are used to check whether a business message will be understood and acted upon.

Delegation

Transfer of authority by a manager to a subordinate to carry out a task. Accountability for the task remains with the manager who delegated it.

Working Capital

Current assets minus current liabilities. It funds day-to-day operations such as stock, receivables and expenses, and differs from fixed capital used for plant and machinery.

Statutory Register of Members

A mandatory company record listing each member's name, address, shares held and date of becoming a member. It is prima facie evidence of membership and is open to inspection as prescribed.

Memo

An internal written communication with To, From, Date and Subject headings. It carries no salutation or complimentary close because both sender and receiver work in the same organisation.

Span of Control

The number of subordinates directly reporting to one manager. A narrow span creates a tall structure with more levels; a wide span creates a flat structure.

SWOT Analysis

A planning tool mapping internal strengths and weaknesses against external opportunities and threats. It informs strategy when used with evidence rather than as a descriptive list.

Proxy

A person appointed by a member to attend and vote at a general meeting on their behalf. A proxy cannot speak at the meeting and is usually not counted for quorum.

Grapevine Communication

Informal communication that spreads through an organisation outside official channels. It is fast but often inaccurate, and is monitored for early warning rather than relied on for decisions.

Contribution per Unit

Selling price per unit minus variable cost per unit. It shows how much each sale contributes toward covering fixed costs and then generating profit.

Herzberg's Two-Factor Theory

Hygiene factors such as salary and working conditions prevent dissatisfaction but do not motivate. Motivators such as achievement, recognition and growth create satisfaction and commitment.

Annual General Meeting

A yearly general meeting of members that transacts ordinary business such as adoption of accounts, declaration of dividend, appointment of auditors and appointment of directors.

Active Listening

Listening with full attention, then paraphrasing and asking clarifying questions to confirm meaning. It reduces misunderstanding and is a core employability and customer-service skill.

Management by Objectives

A Drucker approach in which superior and subordinate jointly set specific measurable goals, review progress periodically and appraise performance against the agreed targets.

Current Ratio

Current assets divided by current liabilities. It indicates short-term liquidity, showing whether a firm can meet obligations falling due within a year.

Minutes of Meeting

The official written record of proceedings and decisions of a meeting, kept in the minutes book and signed by the chairman within the prescribed time.

STAR Method

A structure for interview answers: Situation, Task, Action and Result. It gives a complete example with a measurable outcome instead of a general claim.

Maslow's Hierarchy

Needs ordered as physiological, safety, social, esteem and self-actualisation. A lower need is generally satisfied before the next becomes a strong motivator.

Business Model

A description of who the customer is, what value is offered, how it is delivered and how revenue is earned. It links customer need to cost structure and income.

Special Resolution

A resolution passed by the higher majority prescribed by company law, unlike an ordinary resolution which needs a simple majority of votes cast.

Curriculum Vitae

A longer, complete record of academic and professional history. It differs from a resume, which is a short targeted summary of skills and experience for a specific role.

Unity of Direction

One head and one plan for a group of activities with the same objective. It prevents duplication of effort and conflicting plans within an organisation.

MSME Udyam Registration

The current Indian registration route for micro, small and medium enterprises, linked to PAN and Aadhaar. It replaces the earlier Udyog Aadhaar registration.

Memorandum of Association

The charter of a company stating its name, registered office, objects, liability and capital clauses. It governs the company's relationship with the outside world.

Group Discussion Assessment

Evaluation of a candidate in a group discussion on content, communication, listening, teamwork and leadership, not merely on how much is spoken.

Controlling Cycle

Setting standards, measuring actual performance, comparing against standards, analysing deviations and taking corrective action. It is a continuous management function.

Contribution Margin Ratio

Contribution divided by sales, expressed as a percentage. Break-even sales in rupees equals fixed cost divided by this ratio.

Board Resolution

A formal decision recorded in the minutes of a board meeting, authorising a specified action. It is often required as proof of authority for company transactions.

Assertiveness

Stating one's needs and views clearly while respecting the other person's position. It differs from aggression, which disregards the other party's interests.