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Business Unit 2 > L03 > Flashcards

L03 Flashcards

1
Q

COD - What does this abbreviation stand for?

A

Cash on delievery

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2
Q

E&OE - What does this abbreiviation stand for?

A

Errors and Emissions expected

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3
Q

T&C - What does this abbreviation stand for?

A

Terms and conditions

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4
Q

Terms - what does this mean?

A

The time length you have to pay for something.

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5
Q

What are the 4 transaction documents?

A

1)Purchase order
2)Invoice
3)Credit note
4)Statement of account

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6
Q

Define Purchase order

A

A commerical document issued by a buyer to a supplier indicating the typees, quantites and agreeded prices for products and services

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7
Q

What 3 things will be within a purchase order?

A

Date
Customer details
Supplier details

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8
Q

What is an invoice document?

A

An invoice document is a commerical itemized document which records products/services delivered to the customer

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9
Q

Define credit note

A

A document that indicates a return of funds to the buyer

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10
Q

Define statement of account

A

A document which reflects transactions between a seller and a buyer during a period of given time

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11
Q

What is a travel expense claim form?

A

The travel expense claim lets employees claim back on their expenses when they are travelling as a part of their role.

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12
Q

What type of document is the ‘travel expense claim form’

A

an employee document

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13
Q

What is a ‘petty cash voucher’ document?

A

funds things for incidental expenses like office supplies

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14
Q

What is a ‘stock requistion form’

A

a form used by organisations to request and restock items in an organisation

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15
Q

What is a ‘IT requistion form’ document?

A

A request by the organisation for IT supplies

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16
Q

What is the ‘reprographics requisition form’ document?

A

an organisation requesting for things to resized/printed

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17
Q

Define what a bank statement is.

A

A bank statement is a summary of transactions that have taken place within a period of time

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18
Q

Define what a budget variance report is.

A

A budget variance report is the difference between budgeted income and expenditure and actual income and expenditure.

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19
Q

Define Favourable variances.

A

Favourable variances is when actual figure is better than the budgeted figure

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20
Q

Define adverse variances.

A

Adverse variances is when the actual figure is worse than the budget figure.

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21
Q

Define what a delivery note is.

A

A delivery note is a document listing the items delivered.

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22
Q

Define what a goods received note is.

A

A good received note is a document listing items received.

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23
Q

Define what a payslip is.

A

A document showing an employees their gross salary, and their net salary after deductions have been taken off.

24
Q

What does ‘gross salary’ mean?

A

Gross salary means the full payment before deductions are payed

25
Q

What does ‘net salary’ mean?

A

The total salary the payee received after the deductions have been taken off the gross salary.

26
Q

Define what a receipt is.

A

A receipt is a proof of payment.

27
Q

Define what remittance advice is.

A

Remittance advice is a notifcation showing the invoice paid.

28
Q

Define what ‘request for repair form’ is.

A

A request for repair form is a document requesting for repairs to be made.

29
Q

Define what a cheque is.

A

A cheque is document which requests a payment to be made from the payer to the payee.

30
Q

What are the 3 advantages of the payer when using cheques?

A

-> more secure in comparison to cash
-> can be posted
-> paper trial

31
Q

What are the advantages of cheques towards the payee?

A

->more secure in comparison to cash
->paper trial

32
Q

What are the disadvantages of cheques towards the payer?

A

->time consuming
->bank charges

33
Q

What are the disadvantages of cheques towards the payee?

A

->time consuming
->bounce

34
Q

Define what a credit card is.

A

A credit card is a payment card used to purchase goods/services with credit.

35
Q

What are the 4 advantages of a credit card for the payer.

A

->Buy now, pay later
->Paper trail
->Safer than cash
->Purchases are insured

36
Q

What are the 2 advantages of credit card for the payee.

A

->safer than cash
->paper trail

37
Q

What are the disadvantages of credit card for payer?

A

->interest charges
->Fruad.

38
Q

What are the disadvanatages of credit card for the payee?

A

->charges
->fraud

39
Q

Define what a debit card is.

A

An bank card allowing payments from the payer’s bank account.

40
Q

What are the advantages of debit card for the payer?

A

->convenience
->safer than cash
->paper trail

41
Q

What are the 3 advantages of a debit card for the payee?

A

->safer than cash
->paper trail
->instantaneous

42
Q

What are the 2 disadvantages of debit card for the payer.

A

->fruad
->must have sufficient funds

43
Q

What are the disadvanatages of debit card for the payee?

A

->Processing fee
->Equipment

44
Q

What are the 3 advantages of using online payments for the payer?

A

->convenience
->safer than cash
->paper trail

45
Q

What are the 4 advantages of using online payments for the payee?

A

->Safer than cash
->Faster than cheques
->paper trail
->lower fee than credit card.

46
Q

What are the 3 disadvantages of using online payments for the payer?

A

->Fraud
->Account may be frozen
->Limit on amount paid

47
Q

What are the 2 disadvantages of using online payments for the payee?

A

Fees
payments are not instantanteous

48
Q

What are the 3 advantages of using mobile app payments for the payer?

A

->paper trail
->convenience
->safer than cash

49
Q

What are the advantages of using mobile app payments for the payee?

A

->safer than cash
->paper trail

50
Q

What are the disadvantages of using mobile app payments to the payer?

A

->fraud
->not accepted by all retailers
->smartphone required

51
Q

What are the 3 disadvantages of using mobile app payments for the payee?

A

->investment required
->not popular with some consumers
->new technology

52
Q

What are the 3 advantages of using electronic transfer for the payer?

A

safer then cash
convenience
paper trail

53
Q

What are the 3 advantages of using electronic transfer for the payee?

A

paper trail
faster than cheques
safer than cash

54
Q

What are the 3 disadvantages of using electronic transfer for the payer?

A

->fraud
->limit amount paid
->technology required

55
Q

What are the 2 disadvantages of using electronic transfer for the payee?

A

->fraud
->not popular with some consumers

Business Unit 2 (9 decks)

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