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Business Studies 12
Business Studies revision for matrics based on the 2012 syllabus
| Question | Answer |
|---|---|
| Define: Affirmative Action | The process to ensure that people from designated groups have equal opportunities in the workplace. It is also known as Employment Equity |
| Define: Apprenticeship | A method of training people for a trade. The apprentice works on-the-job under supervision of a qualified artisan for a specific period and must also pass an exam on the theory of the particular trade |
| Define: Arbitration | Similar to mediation, but follows a more formal procedure, and the ruling is legally binding on both parties |
| Define: Artisan | A person who has served an apprenticeship and has the necessary skills required to perform practical work, such as plumbing, welding or hairdressing |
| Define: Assurance | Life insurance - a type of insurance policy that will pay out a specified amount of money to the policy holder's family on death |
| Define: BBBEE | Broad-Based Black Economic Empowerment |
| Define: BEE | Black Economic Empowerment |
| Define: Broker | Independent salesperson who offers advice on a range of financial products from different institutions |
| Define: CCMA | The CCMA (Commission for Conciliation, Mediation and Arbitration) is an independent body, which carries out a range of workplace dispute resolutions and prevention functions |
| Define: Code of ethics | A written document stating the principles and values the business upholds |
| Define: Collective bargaining | The interactions between management and trade unions where representatives of labour and the employer negotiate shared agreements of the employment relationship such as salaries |
| Define: Critical success factors | Those factors which must be present in a business to ensure its long-term sustainability. All eight business functions are critical success factors |
| Define: CV | Curriculum Vitae - a written document detailing your personal details and previous working experience. Sometimes it is called a résumé |
| Define: Discriminate | To make a distinction between people based on a particular reason such as race or gender |
| Define: Employee benefits | These are at the discretion of the company, and can include pension fund payments, and medical aid |
| Define: Employment Equity Act | The Employment Equity Act, Act No. 55 recognises that the disparities created by discriminatory laws and practices of the past will be corrected in the workplace. Another term for Employment Equity is Affirmative Action |
| Define: Family responsibility leave | An employee has a right to take three days' paid leave per year when a child is ill, a child is born, or if a partner or close family member dies |
| Define: Free-market system | A system in which organisations conduct their business with a minimum government interference |
| Define: Globalisation | The process of buying and selling products and services (trading) in the international market |
| Define: HDI | Historically Disadvantaged Individual/Human Development Index |
| Define: Hierarchy | A ranking or ordering system |
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