Unit 2 Business Management Already Passed

human resource management {Ans: the effective management of the formal relationship between the employer and employees, and involving the recruitment, selection, training, development, appraisal and dismissal of staff}separate entity {Ans: accounting principle recognising that the owner's finances are separate to those of the business and therefore business transactions should be recorded separately}diversification {Ans: when businesses vary their range of products or their field of operations}domain name {Ans: the address of a website on the internet}crisis communication plan {Ans: outlines the policies and procedures to follow when handling unfavourable publicity and news personnel when a crisis occurs}product mix {Ans: the total range of products offered by a business}external recruitment {Ans: filling job vacancies with people from outside the business}flexible working conditions {Ans: conditions that allow employees to balance work and family responsibilities more effectively}e-marketing {Ans: the practice of using the internet to perform marketing activities}nepotism {Ans: occurs when a family member is favoured for a position and employed}quote {Ans: an estimate of the costs involved with an individual job, plus a certain amount so the business makes a profit}wage {Ans: an hourly or weekly rate of pay}place {Ans: