General

Question 1

What is the difference between RPI and CPI

Answer 1

RPI typically higher.
RPI includes some components that are not in CPI, such as mortgage repayments and housing costs.
It incorporates the cost of living, CPI does not.

Question 2

What is the bank of england base rate and current rate of inflation

Answer 2

4.5% - interest rate.
Inflation = 2.6%

Question 4

What is a balance sheet

Answer 4

Statement of financial position, showing assets and liabilities at a given date, usually at the end of the financial year.

Question 5

What is a profit and loss account ?

Answer 5

Also known as an income statement, summary of business’s income and expenditure transactions, usually prepared on an annual basis

Question 6

What is a cash flow forecast

Answer 6

Used to predict movement of cash in and out over a specific period, usually a year, helps identify potential liquidity problems and understand their position. Often monthly

Question 7

What is a budget

Answer 7

A plan for expected income and expenditure over a year

Question 8

What is a cash flow statement

Answer 8

Shows all actual receipts and expenditure to include VAt

Question 9

What is the Paris agreement

Answer 9

Cop21 - international treaty on climate change, 196 parties, limit global warming to 1.5 degrees. 2015

Question 10

What was the Levitt review

Answer 10

Sure! Here’s a flashcard-style summary:

Levitt Review (2021): Investigated governance failings at RICS, revealing a lack of transparency, poor leadership, and suppression of a critical audit. Led to leadership changes and calls for reform

Question 11

What was the bichard review

Answer 11

Bichard Review (2022): Follow-up review recommending 36 reforms to modernise RICS, restore public trust, and improve governance, accountability, and purpose. All recommendations were accepted.