Finance Flashcards
(33 cards)
what is a franchise
when an established business sells the rights to use their brand.
what is a bill
a proposal for a new law or to change an existing law. It is presented for debate before parliament
what is an sla
service level agreement
what are service level agreements (sla’s)
decided between the employer and employee. decide what service will be provided and how it will be done
why are contracts important
everyone knows whats expected of themselves and others
work meets legal requirements
factors like pay, holiday and conditions already agreed
fair communication = better workplace relationships
what is the way of telling if metal products are good quality
hallmarks (stamps on the metal)
what are ISO9000 standards
ISO9000 are a group who give businesses the tools / lists they require to provide quality products / services. this sets a framework and clarity of what is expected
how is compliance checked
through audits, these test whether standards are being met. there can be internal or external auditors to do this
what is an invitation to tender
when someone puts out an offer of work that people can then apply to do
what is a pre payment agreement
when the business lays out what goods / services they will offer for what price then the customer is able to pay in advance
what is the cooling off period
when you enter a contract you have a period of 14 days where you can change your mind as long as the service hasnt been used
what is the returns policy
you have the right to return a product if its faulty, this is within a set timeframe
.what is a stakeholder
any person, group or organisation that has an interest in or is affected by the success of a business or the outcomes of its decisions
what are primary stakeholders
stakeholders that the business cannot run withought and who are essential to the operation of the business
what are secondary stakeholders
The business affects these stakeholders, but the business does not depend on them to stay afloat
give 5 key stakeholders that can make change
investors
trade unions
customers
government
media
what are internal stakeholders
stakeholders who have a direct interest in the business
what are external stakeholders
stakeholders who have an interest in the success / failure of the business but are not directly involved in its operations
what does PAYE stand for
pay as you earn
what is the paye system
when employers take taxes before they pay wages
what is a p60
shows how much tax you paid in a year (annual)
what is a p45
when you end employment, shows how much tax youve paid so far that year
how do self employed people do taxes
they submit a self assessment tax return to hmrc to pay what they owe in tax and national insurance contributions
what is hmrc
the uks tax authority who is responsible for collecting taxes and enforcing complience
