As 7131 Business Study Guide Graded A+

Job enrichment {Ans: Occurs when employee's jobs are redesigned to provide them with more challenging and complex tasks}Social media {Ans: Refers to the social interaction among people where they create, share or exchange information and ideas in virtual communities}Service {Ans: An intangible item such as insurance or decorating}Total contribution {Ans: Total revenue - Total variable costs}Hackman and Oldham's Model of Job Design {Ans: Identifies factors that influence the motivating potential of a job}Inventory control chart {Ans: Highlights issues relating to inventory management such as the re-order level quantity, usage rates and lead time}Long term finance {Ans: Sources of finance that are needed over a longer period of time, usually over a year}Capacity utilisation {Ans: Measures the existing output over a given period as a percentage of the maximum output}Balanced portfolio {Ans: An appropriate mix of products in terms of their market shares and market growth}Confidence interval {Ans: The possible range of outcomes for a given confidence level}Total revenue (Sales revenue or Turnover) {Ans: Selling price per unit x Number of units sold}Works council {Ans: A forum within a business where workers and management meet to discuss issues such