Flashcards in real exam weakness Deck (40):
net cash flow=
cash inflows-cash outflows
a person who owes money
a person who is owed money
list 5 key components of a deed of partnership
-how profits are shared
-what happens if one of the partner wants to retire
-how much capital each partner invested
-how important decisions are made
-names of partners
writing frame for long answer question (6)
conclusion of largest impact/thing+why
it depends on
LT vs ST
add context/link to question
what is a mortgage for?
label economic factors
exchange rates, inflation, employment, interest rates and taxation
Name all of the functional areas of business
Operations management, Processing and procurement, HR, Customer support, business support services, fiance, marketing, sales and research and development
Key activities of operations management
managing day to day operations like supervising and improving efficiency during the production process.
Key activities of processing and procurement
They gathered raw materials and are then responsible for turning them into products
Key activities of HR
They are responsible for recruitment, redundancies as well as health and safety
Key activities of customer support
They take care of refunds, queries and ensuring customers are satisfied with their purchases.
Key activities of business support services
managing resources, managing information and accounts as well as business planning
Key activities of finance
paying employees, producing cash flow forecasts and income statements as well as reducing costs/improving profit.
Key activities of marketing
To advertise the business's products and packaging design
Key activities of sales
To talk to customers and persuade them to try their product, develop marketing campaigns and research customer needs and wants.
Key activities of R&D
To improve the businesses product, to find cheaper ways to make the product and to make new products for the business to sell.
what time period does an income sheet cover
up to one year
what time does a balance sheet cover
it s a snapshot of one day
What is shown on an income sheet?
revenue and expenditure as well as earnings per share
what is lacking on a income sheet
other sources of income or repayments for funds (like a bank loan)
What are the uses of an income sheet
Can be used to track the performance of a business
what are the uses of a balance sheet
To see what debts need to be paid, where your sources if income are from and finally the worth of the business
What is shown on a balance sheet?
assets, liabilities and share value
Is there a time zone for cash flow statement
What is shown on a cash flow statement
all cash inflows and cash inflows
What are the uses of a cash flow statement
You can see how well the business manages it cash
what are currents assets and current liabilties
assets that can be turned into cash within a year or debt to be delt with within a year
What are non-current liabilities and assets
Debts to be paid that will take longer than a year or assets that will be turned into cash over a year
list the 8 acts
Companies act, consumer rights act, consumer protection act, Copyright, design and patent act, Data protection act, employee protection act, Partnership act, planning permission.
what are the categories for employee protection
Equality act, Health and safety act, Working time directive, national minimum wage act
what is in the companies act
sates that companies must make accounts with their name, place of registration, contact details etc.
what is in the partnership act
This says that partners in the business get an equal amount of profit and can help in management and there must be at least two partners.
what is in the consumer rights act
: this states that a business cannot use misleading information when selling their product and must give money back or give another service/product to a customer if they did not meet expectations
what is in the consumer protection act
the business is responsible for the harm caused by their products and can be seized by the local government if deemed too unsafe
What is in the copyright, design and patent act
makes it so only the owner can use and distribute their work
What is in the data protection act
makes it so any data held by the business is secure and is only necessary.