People in business

• Wage


   Payment for work, usually paid weekly
• Time rate


   Amount paid to an employee for one hour of work
• Piece rate 


  Amount paid for each unit of output
• Salary


  Payment for work, usually paid monthly.
• Bonus


  Additional amount of payment above basic pay as a reward for good work.
• Commission


  Payment relating to the number of sales made
• Organisational structure


  Levels of management and division of responsibilities within an organisation
• Chain of command


  Structure in an organisation which allows instructions to be passed down from senior management to lower levels of management.
• Organisational chart


  Refers to a diagram that outlines the internal management structure
• Span of control


  Number of subordinates working directly under a manager
• Line managers


  Direct responsibility for people below them in the hierarchy of an organisation.
• Leadership styles


  Different approaches to dealing with people and making decisions when in apposition of authority

  Autocratic - Manager is fully in charge and has orders followed

  Democratic - Employees are involved in the decision making

  Laissez-faire - Employees are left to make their own decisions
• Job description


  Outlines the responsibilities and duties to be carried out by someone employed to do a specific job.
• Job specification


  Outlines the requirements, qualifications, expertise, physical characteristics, etc., for a specified job
• dismissal 


  When employment is ended against the will of the employee, usually for not working according to the employment contract.
• Redundancy


  When the employee is no longer needed and so loses their job. It is not due to any aspect of their work being unsatisfactory.
• Communication barriers


  Factors that stop the effective communication of messages