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Level 2

unit 2


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Training
is a range of activities giving employees job-related skills and knowledge.
Induction training
is the training that is given to an employee when he or she first starts a job.
Person Specification
states the qualifications and skills required by an employee to fill a particular job.
Curriculum vitae
(CV) is a document that sets out information about the person, including qualifications, employment history and interests.
Recruitment
is the process of finding and appointing new employees.
Selection
is picking the right employees from among those who have applied for a job.
Centralisation
occurs when a small number of senior managers in a business take all the important decisions.
Decentralisation
allows employees working in all areas of the business to take decisions.
Authority
is the power to control others.
Delegation
is the passing down of authority to more junior employees.
Organisational chart
is a plan showing the roles of, and relationships between, all the employees in a business.
Line manager
is an employees immediate superior or boss.
Span of control
is the number of employees managed directly by a manger.
Levels of hierarchy
they are the layers of authority in a business.
Liquidity
is teh amount of a cash a business has and shows whether the business can pay its debts over coming months.
Current assets
are the items that a business owns but is not expected to keep for more than one year, such as cash and stock.
Current liabilities
are the debts that a business has that are due for payment within 1 year, such as payments to suppliers.
Stock
is raw materials that have not yet been used or products that have been made but not sold.
Gross profit
is a business's sales revenue minus its costs of sales over a period of time, normally a year.
Revenue
is the value of sales achieved by a business over a period of time, normally a year.