Course glossary

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Here are some worlds which should be familiar for you till the end of the course, try to cover them when you will have free time.


Browse the glossary using this index

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P

Patent

An official legal document confirming that an individual or company has the sole right to make, use or sell a particular invention.

PAYE

Pay as you earn. A method of collecting income tax on behalf of the Government by taking it directly from your employees’ weekly/monthly pay.

Philanthropy

Making donations to charities in order to improve human wellbeing.

Present value

Comparison of the money available to the company in the future with the value of money it currently holds, e.g. due to interest.

Private limited company

A type of legal company structure that, among other features, limits the personal liability of the company owners so that they can’t be made bankrupt by company debts.

Privatisation

The process of moving state-owned assets into the private sector.

Producer price index

A measure of inflation in goods bought and manufactured by British-based industry.

Product elasticity of demand (PED)

The degree to which demand for products or services changes with the price. Essential goods, such as food, do not experience an increase in demand when the price changes, and are deemed “inelastic”, but non-essential goods do.

Profit and loss account

A financial statement that shows any incomes or outgoings of a company over a certain period of time so as to show the net profit or loss for that time.