question

Primary Sector

answer

Businesses involved in the extraction of natural resources, such as farming, mining, fishing, etc.

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Secondary Sector

answer

Business activity is concerned with the construction and manufacturing of physical products.

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Tertiary Sector

answer

Business activity is concerned with the provision of services to customers

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Private Sector

answer

Part of the economy under the control of private individuals and businesses, rather than the government. (sole traders, partnerships, corporations)

question

Public Sector

answer

Part of the economy under the control of the government

question

Incorporation

answer

There is a legal difference between the owners of a company and the business itself. Ensures that the owners are safeguarded against any losses made by the companies.

question

Limited Liability

answer

Restriction on the amount of money that can be lost from the owners of a business if it goes into bankrupcy

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Unlimited Liability

answer

No limit to how much debt a sole trader is legally responsible to pay if failure

question

Non - governmental organization (NGO)

answer

Any private sector organization that does not primarily aim to make profit. Instead, they operate for the benefit of others in society

question

Private Limited company

answer

Business organization owned by shareholders with limited lability but whose shares cannot be bought or sold to the general public (stock exchange)

question

Public Limited company

answer

Incorporated business organization that allows the general public to buy and sell shares in the company via stock exchange

question

Partnership

answer

Form of private sector business owned by 1 - 20 people. They share the responsibilities and burdens of running and owning the business.

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Sole trader

answer

Self - employed person. He or she runs the business on their own and has sole responsibility for its success or failure.

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Unincorporated

answer

The owner is legally the same as the business (he or she is treated as a single entity) Owner is personally responsible for all debts

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Vision statement

answer

Outlines a business's aspirations (where it wants to be) in the distant future

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Mission statement

answer

A simple declaration that broadly states the underlying purpose of an organization's existence

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Aims

answer

General long - term goals of an organization.

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Objectives

answer

Short term and more specific goals of an organization based on its aims.

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Tactical Objectives

answer

Short - term objectives that affect a segment of the organization. Specific goals that guide the daily functioning of certain operations that are in line with the primary objectives of the business

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Strategic Objectives

answer

Long term aims of a business organization. For example: profit maximization, growth, image and reputation, and market standing.

question

SMART Objectives

answer

Specific, measurable, agreed, realistic and times

question

Corporate Social Responsibility

answer

Businesses that act morally towards their stakeholders such as their employees and the local community.

question

Social Audit

answer

Independent assessment of how a firm's actions affect society

question

Stakeholder

answer

Any person or organization that has a direct interest in and is affected by the performance of a business

question

Internal Stakeholders

answer

Employees, shareholders, managers and directors of the organization

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External Stakeholders

answer

Suppliers, customers, special interest groups, competitors and the government

question

Stakeholder mapping

answer

Allows managers to assess how to deal with conflicting stakeholder objectives

question

PEST Analysis

answer

A framework used to analyse the opportunities and threats of the political, economical, social and technological environments on business activity

question

SWOT Analysis

answer

Analytical tool used to assess the internal strengths and weaknesses and the external opportunities and threats of an organization or a decision

question

Decision making framework

answer

Systematic process of dealing with business problems, concerns or issues in order to make the best decision

question

Decision Tree

answer

Quantitative decision-making tool that allows firms to calculate the probable values of different options if they are pursued

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Fishbone Model

answer

Identifying the root causes of a problem or issue

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Economies of Scale

answer

Lower average costs of production as a firm operates on a larger scale

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Internal economies of scale

answer

Technical, Financial, Managerial, Specialization, Marketing, Monopsony, Commercial, Risk-bearing

question

External economies of scale

answer

Those that arise form outside the firm due to its favorable location or growth in the industry.

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Diseconomies of scale

answer

Cost disadvantages of growth. Unit costs are likely to eventually rise as a firm grows in size due to internal factors and external factors

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External diseconomies of scale

answer

An increase in the average costs of production as a firm grows due to factors beyond its control

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Internal (organic) growth

answer

When a business grows internally, using its own resources to increase the scale of its operations and sales revenue

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External growth

answer

Dealings with outside organizations.

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Strategic alliances

answer

Two or more businesses seek to form a mutually beneficial affiliation by cooperating in a business venture.

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Franchise

answer

Form of business ownership whereby a person or business buys a license to trade using another firm's name, logo, brands, and trademarks

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Porters generic strategies

answer

Outlines the ways that any business can gain a competitive advantage

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Ansoff matrix

answer

Analytical tool that helps managers to devise their product and market growth strategies

question

Globalization

answer

The growing integration and interdependence of the worlds economies

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Multinational corporation (MNC)

answer

Business organization that operates in two or more countries.

question

Regional trading blocs

answer

A group of countries that agree to freer international trade with each other through the removal of trade barriers

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Joint Venture

answer

When two or more businesses decide to split the costs, risks, control and rewards of a business project.

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Appraisal

answer

Formal process of evaluating the contributions and performance of an employee, usually conducted through observations and an interview with the appraisees line manager.

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Decentralization

answer

When some decision-making authority and responsibility is apssed onto others in the rganization

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Flat organizational structure

answer

There are only a few layers in the organizational hierarchy and hence managers have a wide span of control

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Tall organizational structure

answer

There are many layers in the organizational hierarchy and hence managers have a narrow span of control

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Matrix structure

answer

flexible organization of employees from different departments within an organization temporarily working together on a particular project.

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Offshoring

answer

Involves relocating business functions and processes to another country

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Outsourcing

answer

The act of finding external people or businesses to carry out non-core functions of a business

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Communication

answer

Transfer of information between different people and business organization

question

Communication channel

answer

The methods or routes through which information is passed form the sender to the recipient. Open channels are used when information is not confidential and can be shared by anyone. Restricted channels of communication are used when information is confidential and is directed only to those who need to know.

question

Communication network

answer

A diagram representing the communication structure within an organization

question

Delayering

answer

A method of improving communication by reducing the number of levels in an organizational hierarchy

question

Formal communication

answer

The official channels of communication that are established by an organization

question

Informal communication

answer

Unofficial channels of communication naturally established by people from within an organization, often based on their common interest

question

Non-verbal communication

answer

Any form of communication other than oral communication. (electronic systems such as email, written methods such as letters, visual stimulus such as body language)

question

Verbal communication

answer

Communication via the use of spoken works, such as meetings, interviews, and appraisals

question

Visual communication

answer

Communication methods that use visual images and stimuli, such as poster displays and a person's body language

question

Autocratic

answer

Managers and leaders that adopt an authoritarian style by making all the decisions rather than delegating any responsibility to their subordinates. They tell others what to do.

question

Contingency theory

answer

Leadership model based on the belief that the best leadership style for a business depends on a range of interconnected factors, such as the size, skills, and abilities of the workforce

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Democratic leader

answer

Decision-maker who takes into account the views of employees.

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Leadership

answer

The skill of getting things done through other people by inspiring, influencing and motivating them

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Management

answer

The practice of achieving an organization's objectives by using the available resources of the business, including human resources

question

Management by objectives

answer

Management technique whereby employees set their own objectives, with the help and advice of their manager. Subordinates then decide how they will achieve these targets. Progress towards meeting these objectives is then tracked with follow-up meetings with the manager

question

Paternalistic

answer

Managers and leaders treat their employees as if they were family members by guiding them through a process of consultation. In their opinion, they act in the best interest of their workers.

question

Situational leadership

answer

The belief that there is no distinct or unique approach to leadership and management which suits all organizations and all employees. The best style depends on different situations, such as the culture and attitudes of managers and workers

question

Corporate culture

answer

The traditions and norms within an organization such as: dress code, work ethos and attitude towards punctuality

question

Culture clash

answer

When there is conflict between two or more cultures within an organization. This may exist, for example, when two firms integrate via a merger or takeover

question

Culture gap

answer

Difference between the existing culture of an organization and its desired culture. Management will use different strategies to reduce this gap

question

Collective bargaining

answer

Negotiation process whereby trade union representatives and employer representatives discuss issues with the intention of reaching a mutually acceptable agreement

question

Arbitration

answer

Process that involves an independent person or body, known as the arbitrator, deciding on an appropriate outcome to dispute.

question

Conflict resolution

answer

Course of action taken to resolve conflict and differences in opinion

question

Deadlock

answer

A situation where there has been a failure to reach a satisfactory compromise in the negotiation process

question

Go-slow

answer

Form of industrial action that involves employees working at the minimum pace allowable under their employment contract

question

Contingency planning

answer

How to deal with a crisis to ensure the continuity of the business.

question

Crisis management

answer

The responses of an organization's management team to a crisis situation. It involves setting up measures to allow instantaneous and constructive action to be taken in the even of a crisis

question

Crisis planning

answer

Being reactive to events and changes that might cause serious disruptions and damage to a business.

question

Business angels

answer

Wealthy and entrepreneurial investors who risk their money in small to medium sized businesses that have high growth potential. Their hand-on approach, experience and financial investment can have a large impact on the success of business start-ups

question

Capital expenditure

answer

Spending by businesses on fixed assets such as the purchase of land and buildings. Such expenditure is seen as vital to the growth and survival of businesses in the long run.

question

Creditors

answer

Individuals or organizations that the business owes money to that needs to be settled within the next 12 months.

question

Debentures

answer

Long-term loan to a business with the promise of fixed annual interest payments to the debenture holders. The vast majority of these loans are also repayable on maturity, although some are indefinite so are classed as permanent capital to the firm as there is no maturity date.

question

External financing

answer

Getting sources of finance from outside the organization such as through debt, share capital, or funding from the government

question

Leasing

answer

Is suitable if a firm needs to use expensive assets such as equipment or vehicles. The leasing company owns the equipment and hires it out to the customers. Lessees do not have to commit to large amounts of their own capital

question

Overdrafts

answer

A service offered by financial institutions that allow a business to spend in excess of the amount in its account, up to a predetermined limit.

question

Revenue expenditure

answer

Spending on the day-to-day running of a business such as, rent, wages and utility bills

question

Sources of finance

answer

General term used to refer to where or how businesses obtain their funds, such as from working capital, commercial lenders and/or government assistance

question

Working capital

answer

Day-to-day money that is available to a business. It is calculated as the difference between a firm's liquid assets (the value of cash, stocks and debtors) and its short-term debts (such as creditors, tax and overdrafts)

question

Investment appraisal

answer

Financial decision-making tool that helps managers to assess whether certain investment projects should be undertaken based mainly on quantitative techniques

question

Net present value

answer

An investment appraisal technique that calculates the total discounted cash flows, minus the initial cost of an investment project. If the figure is positive, then the project is viable and should be undertaken

question

Payback period

answer

An investment appraisal technique that calculates the total discounted cash flows minus the initial cost of an investment project. If the figure is positive, then the project is viable and should be undertaken.

question

Qualitative investment appraisal

answer

Refers to judging whether an investment project is worthwhile through non-numerical means, such as whether an investment decision is in line with the corporate culture.

question

Quantitative investment appraisal

answer

Appraisal refers to judging whether an investment project is worthwhile through numerical means

question

Working capital

answer

The amount of finance available to a business for its daily operations.

question

Current assets

answer

Resources that belong to a business that are intended to be used within the next twelve months, such as cash, debtors and stocks

question

Net cash flow

answer

The cash that is left over after cash outflows have been accounted for from the cash inflows. If it is positive, then this means the value of cash inflows exceeds that of cash outflows.

question

Overheads

answer

The costs not directly associated with the production process but necessary for providing and maintaining business operations

question

Closing balance

answer

The value of cash left in a business at the end of the month closing balance= opening balance + net cash flow

question

Liabilities

answer

Debts owed by a business. Current liabilities are short-term debts such as an overdraft which need to be repaid within twelve months from the balance sheet date. Long-term liabilities such as mortgages and bank loans are repayable over a long period

question

Liquidity

answer

Ability of a business to convert assets into cash quickly and easily without a fall in its value

question

Liquidity crisis

answer

A cash flow emergency situation where a business does not have enough cash to pay its current liabilities

question

Budget

answer

Financial plan for expected revenue and expenditure for an organization for a given period of time

question

Variance analysis

answer

Any discrepancy between actual outcomes and budget outcomes. Favorable variances exist when the variance is beneficial for the business, such as sales being higher than budgeted or costs turning out to be lower than expected. The opposite is true for adverse (unfavorable) variances

question

Appropriation account

answer

The final section of a profit and loss account which shows how the net profits of a business are distributed. Profits are appropriated in three ways: taxation, dividends and retained profits

question

Balance sheet

answer

Financial statement showing a firm's assets and liabilities at a specific point in time. It shows the sources of funds, such as long-term loans and owners equity, which must be balanced with the uses of funds, such as the purchase of fixed assets

question

Book value

answer

The value of an asset as shown on a balance sheet. The market value of assets may be higher than its book value because of intangible assets

question

Capital employed

answer

Value of all long-term sources of finance for a business, such as bank loan, share capital and any reserves that the business holds

question

Cost of goods sold

answer

Shown in the trading account of the profit and loss account. It represents the direct costs of producing or purchasing a particular level of stock that has actually been sold to customers.

question

Depreciation

answer

The fall in value of fixed assets over time. The main cause of depreciation is wear and tear (loss of value due to the asset being used) although some assets can become obsolete (outdated or out of fashion)

question

First in, First out (FIFO)

answer

Method of stock valuation whereby stock is valued based n the order in which it was purchased by the business. This method ensures that any unsold stock is more realistically valued a its replacement cost

question

Fixed assets

answer

Items of monetary value that are owned by a business but are not intended to be sold within the next twelve months. They can be used repeatedly to generate revenue for the business

question

Gross profit

answer

The difference between the sales revenue of a business and its direct costs incurred in manufacturing or purchasing the products that have been sold to its customers. It is calculated by using sales revenue - COGS

question

Goodwill

answer

When the value of a firm exceeds its book value (the value of the firms net assets).

question

Intangible assets

answer

Type of fixed asset but do not exist in physical form.

question

Last in, Last out (LIFO)

answer

Method of stock valuation that uses the most recent batches of stock first. It is a suitable method for stock that does not need to be rotated. This method raises the value of COGS

question

Net assets

answer

Show the value of a business by calculating the value of al its assets minus the long-term liabilities.

question

Net profit

answer

Is the surplus that a business makes after all expenses have been paid for out of gross profit. Calculating: Expenses - gross profit

question

Profit and Loss Account

answer

Financial statement of a firm's trading activity over a period of time.

question

Trading account

answer

Appears at the top section of the profit and loss account and shows the difference between a firms sales revenue and its direct costs of trading.

question

Window dressing

answer

Legal act of manipulating financial information to make the results look more flattering.

question

Current ratio

answer

Short - term liquidity ratio that calculates the ability of a firm to meet its debts within the next twelve months. It is worked out by: current assets/current liabilities

question

Creditor days ratio

answer

An efficiency ratio that measures the number of days it takes, on average, for a business to pay its creditors

question

Debtor days ratio

answer

An efficiency ratio that measures the average number of days it takes for a business to collect the money owed from its debtors

question

Earnings per share (EPS)

answer

Shareholders raio which shows the amount of money that stockholders could receive per share if the company allocated all its after - tax profits to the shareholders.

question

Liquid assets

answer

Assets of a business that can be turned into cash quickly, without losing their value

question

Net profit margin

answer

Profitability ratio that shows the percentage of sales revenue that turns into net profit

question

Gross profit margin

answer

Profitability ratio that shows the percentage of sales revenue that turns into gross profit

question

Liquidity crisis

answer

A situation where a firm is unable to pay its short - term debts

question

Ratio analysis

answer

Management tool that compares different financial figure. It requires the application of figures found in the balance sheet and profit and loss account of a business

question

Return on capital employed (ROCE)

answer

Efficiency ratio. It measures the profit of a business in relation to its size. The higher the ROCE figure, the better it is for a business as it shows more profit being generated form the amount of money invested in the firm

question

Stock turnover

answer

Efficiency ratio that measures the number of times a firm sells its stocks within a year

question

Market share

answer

Measures the value of a firms sales revenues as a percentage of the industry total

question

Marketing

answer

Management role of predicting, identifying and meeting the needs and wants of customers in a profitable manner

question

Marketing audit

answer

A review of a firms current marketing mi in terms of its strengths, weaknesses, opportunities and threats

question

Marketing mix

answer

Main elements of a firms marketing strategy. It consists of the 4 P's - product, price, promotion and place

question

Marketing plan

answer

The document outlining a firms marketing objectives and strategies for a specified time period

question

Position map

answer

Visual aid that shows the customers perception of a product or brand in relation to others in the market

question

Primary research

answer

Involves data being collected by the researcher since the information does not currently exist

question

Quota sample

answer

Sampling method that involves segmenting the population and then selecting a certain number of people in each market segment

question

Random sample

answer

Sampling method that gives every person in the population an equal chance of being selected

question

Repositioning

answer

Strategy that involves changing the markets perception of a product or brand relative to those offered by rival firms

question

Sales forecasting

answer

Quantitative technique that attempts to estimate the level of sales a business expects to achieve

question

Sampling

answer

Practice of selecting a representative group of a population for primary research purposes

question

Secondary research

answer

Involves using data and information that has already been collected by another party

question

Segmentation

answer

`Categorizing customers into distinct groups of people with similar characteristics and similar wants or needs for research and targeting purposes

question

Unique selling point

answer

Any aspect of a product that makes it stand out form those offered by rival businesses

question

Boston matrix

answer

Tool used for analyzing the product portfolio of a business. It measures whether products have a high or low market share and operate in high or low market growth industries

question

Branding

answer

Use of an exclusive name, symbol or design to identify a specific product or business

question

Cash cow

answer

Refers to any product that generates significant sales revenue due to its large market share in a slowly expanding or mature market

question

Consumer goods

answer

Items bought by the final user for their own personal consumption

question

Differentiation

answer

Refers to any strategy used to make a product appear to be dissimilar from others

question

Extension strategy

answer

Attempt by marketers to lengthen the product life cycle of a particular product

question

New product development

answer

Process of getting the latest products onto the market

question

Product life cycle

answer

Typical process that products go through form their initial design and launch to their decline and often their death

question

Product Portfolio

answer

Range of products or strategic business units owned and developed by an organization

question

Absorption cost pricing

answer

Type of cost-based pricing method that focuses on covering all costs of production. Indirect costs are apportioned to different departments based on a predetermined set of criteria

question

Competition based pricing

answer

Pricing strategies based on the prices charged by the rivals in the industry

question

Cost based pricing

answer

Setting prices based on the costs of production rather than on the level of demand or the prices set by competitors

question

Cost plus pricing

answer

Takes place when a firm calculates its unit costs and then adds a percentage profit to determine the price

question

Cross price elasticity of demand (CED)

answer

Measures the degree of responsiveness of the level of demand for one product due to a change in the price of a related good

question

Advertising elasticity of demand (AED)

answer

Measures the impact on the demand for a firm's product following a change in its advertising expenditure

question

Income elasticity of demand (YED)

answer

Measures the degree of responsiveness of changes in demand due to a change in consumer income levels

question

Marginal cost pricing

answer

Calculates the cost of supplying an extra unit of output in order to determine a suitable price

question

Market - led pricing strategies

answer

Based on the level of customer demand for a firm's products.

question

Penetration pricing

answer

Market-led pricing strategy that involves a firm setting low prices to gain entry into a new market.

question

Predatory pricing

answer

Competition-based pricing strategy that involves a firm setting prices so low that other competitors cannot compete at a profitable level

question

Price discrimination

answer

Pricing strategy that involves charging different prices to different groups of customers for the same product

question

Price Elasticity of demand (PED)

answer

Measures the degree of responsiveness of changes in demand due to a change in the products own price

question

Skimming

answer

Market-lef pricing strategy that involves charging a high price for innovative or high-tech products for an initial period

question

Above the line promotion

answer

Any form of paid-for advertising through the mass media in ordre to reach a wide audience

question

Advertising

answer

Method of informative and/or persuasive promotion that has to be paid for

question

Below the line promotion

answer

Refers to promotional methods that do not directly use the mass media as a form of promotion

question

Personal selling

answer

Form of promotional technique that relies on keen and knowledgeable sales staff directly helping and persuading customers to make a purchase

question

Promotion

answer

Component of the marketing mix. Refers to the methods used to inform, persuade or remind people about its products, brands or business.

question

Promotional mix

answer

Combination of individual promotional methods used by business

question

Agents

answer

Negotiators who help to sell the vendor's products, such as real estate agents selling residential property on behalf of their clients

question

Channels of distribution

answer

The ways that a product gets from the manufacturer to the consumer

question

Distribution

answer

Is the fourth P in marketing mix, placement, refers to the process of getting product to customers at the right time and place in the most cost-effective way

question

Supply chain management

answer

Art of managing and controlling the sequence of activities from the production of a good or service to its delivery to the end customer

question

Retailers

answer

The sellers of products to the general public that operate in outlets

question

Wholesalers

answer

Businesses that purchase large quantities of products form a manufacturer and then separate or break the bulk purchases into smaller units for resale to retailers

question

B2B

answer

Business-to-business and refers to online trade conducted directly for the business customer rather than the end-user, such as Amazon supplying books to other book retailers

question

B2C

answer

Business-to-consumer and refers to online business conducted directly for the end-user

question

E-commerce

answer

Trading of good and services via the internet

question

Batch production

answer

Involves producing a collection of identical products

question

Cell production

answer

Production method that organizes workers into independent cells

question

Flow production

answer

Form of mass production whereby different operations are continuously and progressively carried out in sequence

question

Line production

answer

Form of flow production whereby a product is assembled in various stages along a conveyor belt until a finished product is made

question

Mass production

answer

Manufacturing of large amounts of homogeneous product

question

Job production

answer

Method of production that involves the production of a unique or one-off job

question

Production process

answer

Refers ti the method of turning inputs into outputs by adding value in a cost-effective way

question

Purchasing

answer

Buying of raw materials, components and/or equipment needed for the production process

question

Specialization

answer

The division of a large task or project into smaller tasks that allow individuals to concentrate on one or two areas of expertise

question

Standardization

answer

Means producing an identical or homogenous product in large quantities such as printing a particular magazine, book or newspaper

question

Fixed costs

answer

The costs that do not vary with the level of output (rent, salaries and interest repayments/bank loans)

question

Indirect costs (overheads)

answer

Costs which do not directly link to the production or sale of a specific product

question

Revenue

answer

Money that a business collects from the sale of its good and services

question

Variable costs

answer

Those that change in proportion to the level of output such as raw materials and piece rate earnings of production workers

question

Break-even chart

answer

Graph that shows a firms costs, revenues and profits at various levels of output

question

Break-even point

answer

Position on a break-even chart where the total cost line intersects the total revenue line TC-TR

question

Break-even quantity (BEQ)

answer

Level of output that generates neither any profit nor loss

question

Contribution per unit

answer

Used to work out the break-even quantity

question

Margin of safety

answer

The difference between a firms level of demand and its break-even quantity

question

Benchmarking

answer

The process of identifying best practice in an industry, in relation to products, processes, and operations

question

Kaizen

answer

Those who stive for total quality culture

question

Lean production

answer

The approach used to eliminate waste in an organization.

question

Quality assurance

answer

Methods used by a business to reassure customers about the quality of their products in meeting certain quality standards

question

Quality control

answer

Traditional way of quality management that involves checking and reviewing work processes

question

Total quality culture (TQC)

answer

In organizations that embed quality in all aspects of business activity, with every employee accustomed to being responsible for quality control and quality assurance

question

Total quality management (TQM)

answer

The process that attempts to encourage all employees to make quality assurance paramount to the various functions of the organization

question

Clustering

answer

A business locates near other organizations that operate in similar or complementary markets

question

Infrastructure

answer

Term used to describe the transportation, communication and support networks in a certain area

question

Innovation

answer

The commercial development, use and exploitation of an invention or creative idea that appeals to the customers

question

Patents

answer

Legal protection for a finite period of time to the registered producer or user of a newly invented product or process

question

Research and development (R&D)

answer

Technological and scientific research that helps to generate a flow of new ideas and processes

question

Trademarks

answer

A form of intellectual property right that uses signs or logos to represent a business or its brans and products

question

Cost - benefit analysis

answer

Financial decision making tool. It compares the financial costs of a decision with the quantitative benefits

question

Just-in-case

answer

Is the traditional stock management system that recognizes the need to maintain large amounts of stock in case there are any emergencies or supply and demand fluctuations

question

Just-in-time

answer

Is the stock control system where materials and components are scheduled to arrive precisely when they are needed in the production service

question

Offshoring

answer

Overseas firm in another country as the subcontractor

question

Outsourcing

answer

The practice of using external firms to provide goods or services as a method of reducing costs

question

Critical path

answer

Most efficient sequence of activities in a project which maximizes the time needed to complete a project

question

Critical path analysis

answer

Project management tol, which serves to improve the efficiency in the production process by systematically scheduling tasks and resources

question

Earliest start time (EST)

answer

When a particular activity can begin

question

Float

answer

Refers to spare time that is available

question

Latest finishing time (LFT)

answer

The deadline for a particular activity so that the entire project can be completed in the minimum time

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