Business School Glossary
Glossary
Use our search box to find any key term you would like more information on.
Key Terms A to Z
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National Insurance
- a direct tax paid to the government by both employers and employees. National Insurance is used to provide certain state benefits, including the state pension, sick pay, maternity and paternity payments and unemployment benefits. Back to Top
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National Minimum Wage (1998)
- an Act of Parliament that established a general minimum wage for all workers aged of 22 and over. There are also minimum wages for 'young workers' (aged 16 - 17, providing they are older than the school leaving age) and workers aged 18 - 21. The Act applies to all workers, whether they are employed on a full time, part time or temporary basis. The National Minimum Wage was introduced in April 1999 and has been increased every October. The current rates for the National Minimum Wage can be found at the following website: http://www.berr.gov.uk/employment/pay/national-minimum-wage/index.html Back to Top
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Net Profit
- a measure of profit that is calculated by deducting the total expenses / overheads from the gross profit figure. Back to Top
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Net Profit Margin
- an accounting ratio that compares a business' net profit to its sales revenue. The result is expressed as a percentage. The formula for calculating the net profit margin is: (Net Profit / Sales) x 100 Back to Top
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Niche market
- a very tiny section (or segment) of a market. Niche markets often involve specialist products or services aimed at a fairly small number of customers. Niche marketing is the opposite of mass marketing which involves targeting the whole market. Examples of businesses that target niche markets are the retailers Tie Rack, Knickerbox and Sock Shop, which are all specialists in one particular type of product. Back to Top
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Non-executive Director
- a member of the Board of Directors who is not employed by the business. The Non-executive Directors represent the interests of the shareholders and are appointed to use their knowledge and experience to give independent advice. Back to Top
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