Business Studies Grade 12 Vocabulary Review

Vocabulary flashcards based on Grade 12 Business Studies covering key terms, legislation, HR functions, forms of ownership, and financial concepts.

Affirmative action

The policy and process of providing preferences in employment opportunities for previously disadvantaged people.

Bargaining council

Negotiations between trade union representatives and employer organisations on labour-related issues such as demand for higher wages or improved working conditions.

BBBEE Scorecard

A scorecard measuring a business's compliance with BBBEE, resulting in a certificate that stipulates their official BBBEE rating.

Broad-Based Black Economic Empowerment Act (BBBEE)

An Act introduced to ensure the full economic participation of previously disadvantaged individuals across a broad spectrum of society.

Basic Conditions of Employment Act (BCEA)

An Act that sets the minimum standards for employment in order to promote fair labour practice.

Collective agreement

An agreement entered into between a trade union and an employer organisation concerning the terms of employment for specific matters.

Compensation for Occupational Injuries and Diseases Act (COIDA)

An Act that gives employees who are injured or contract diseases while on duty the right to claim compensation.

Collective bargaining

The process of engaging and solving labour disputes collectively between trade union representatives and employer organisations.

Compensation Fund

A fund that provides compensation to employees who are injured or contract diseases through the course of their employment.

Consumer Protection Act (CPA)

An Act aimed at promoting and protecting the economic interests of consumers by providing them with information to make informed choices.

Credit providers

Businesses that sell goods and services on credit, offer credit purchasing options, or provide credit facilities/products to customers.

Debtors counsellors

Professionals who provide advice and counselling to private citizens, businesses, or organisations that are overindebted and offer methods of debt repayment.

Discrimination

The intentionally unjust, prejudicial, or differential treatment of people or social groups based on race, age, gender, sexual orientation, disability, or religion.

Discriminatory actions

Treating a person or group of people differently from how other people are treated.

Disputes

An argument or disagreement between people or groups of people in the workplace.

Employment contract

A legally binding agreement between the employer and the employee outlining duties, remuneration, and working conditions.

Equity

Fair and equal treatment in the workplace and in society.

Learnerships

Theoretical and practical training opportunities that lead to a recognised occupational qualification.

Levies

The imposition or collection of money by the government, usually in the form of tax.

Lockout

Occurs when the employer prevents employees from entering the business premises during strike action and dispute resolution to prevent looting and property damage.

Labour Relations Act (LRA)

An Act introduced to promote simple procedures for the resolution of labour disputes in the workplace.

National Credit Act (NCA)

The regulatory body that applies the NCA, educates consumers about their rights, and ensures adherence across the credit industry.

Ombudsman

A state official responsible for investigating complaints of private citizens made against businesses, organisations, or government.

SETAs

Vocational skills training organisations in South Africa that identify, manage, and create learnerships, internships, and apprenticeships within their jurisdiction.

Skills Development Act (SDA)

An Act whose main aim is to improve the skill levels of people who are already employed in the business.

Skills Development Levy (SDL)

A levy equal to $1\%$ of payroll, payable by employers whose annual salary bill exceeds $R500\,000$, to fund employee skills development.

Strikes

A partial or complete concerted refusal to work by a group of employees to remedy a grievance or dispute regarding a matter of mutual interest.

Workplace injuries

Injuries that take place while conducting or performing workplace duties and responsibilities.

Curriculum Vitae (CV)

A summary of the education, qualifications, experience, skills, previous occupations, and special personality traits of an individual used when applying for a job.

External recruitment

The process of sourcing potential candidates for available posts from outside the business.

Fringe benefits

Benefits provided by the business to employees in addition to their regular salaries.

Induction

Introductory training of new workers to the workplace/organisation, providing information about products, processes, procedures, policies, and immediate management.

Internal recruitment

The process of sourcing potential candidates for available posts from within the existing workforce of the business.

Interview

A formal meeting where information is exchanged between the interviewer and the interviewee/applicant.

Job analysis

A tool used by the human resources function to obtain and analyse information about the workforce to place the right person in the right job, consisting of a job description and job specification.

Job description

A written description detailing the duties, responsibilities, key performance areas, and working conditions of a specific job.

Job specification

A written description detailing the minimum acceptable personal qualities, skills, qualifications, and experience needed for a job.

Placement

The process whereby selected candidates are positioned where they will function optimally and add value to the business.

Preliminary interviews

A short form of interviewing potential candidates to determine which applicants meet specific selection criteria.

Recruitment

The process used by businesses to identify vacancies in the business and attract suitable candidates for them.

Selection

The process of choosing a qualified candidate for an available post based on the requirements of the job analysis.

UIF (Unemployment Insurance Fund)

A fund offering short-term financial assistance to workers when they become unemployed or unable to work due to illness, maternity, or adoption leave.

Limited liability

A condition in which business losses are limited to the amount the owner invested, protecting the owner's personal assets against business debt.

Unlimited liability

A condition in which the owners' liability for business debts is not limited to the business, meaning personal assets may be seized to pay business debts.

Ordinary shares

Shares that entitle the holder to receive variable dividends only when profits are made and declared, alongside full voting rights at Annual General Meetings.

Preference shares

Shares that entitle holders to a fixed rate of return/dividend payment regardless of dividend declaration for ordinary shares, and priority claim on remaining assets upon liquidation.

Simple interest

Interest earned on the original principal amount only, where the principal value remains constant throughout the investment period.

Compound interest

Interest earned on the original amount invested plus accumulated interest from preceding years, increasing the overall investment capital over time.

Types of Shares

The four distinct share classifications issued by public companies: Ordinary shares, Preference shares, Bonus shares, and Founders shares.

Principles of Insurance

The four foundational legal principles governing insurance contracts: Indemnification/Indemnity, Security/Certainty, Utmost good faith, and Insurable interest.

UIF Benefits

The five major categories of financial support provided by the Unemployment Insurance Fund: Unemployment benefits, Illness/Disability benefits, Maternity benefits, Adoption benefits, and Dependant benefits.