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Flashcards in real exam weakness Deck (40):
1

net profit/loss=

revenue-total costs

2

net worth/capital=

assets-liabilities

3

net cash flow=

cash inflows-cash outflows

4

debtors

a person who owes money

5

creditors

a person who is owed money

6

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

7

writing frame for long answer question (6)

no intro
conclusion of largest impact/thing+why
2 paragraphs
it depends on
LT vs ST
add context/link to question

8

what is a mortgage for?

only property

9

label economic factors

exchange rates, inflation, employment, interest rates and taxation

10

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

11

Key activities of operations management

managing day to day operations like supervising and improving efficiency during the production process.

12

Key activities of processing and procurement

They gathered raw materials and are then responsible for turning them into products

13

Key activities of HR

They are responsible for recruitment, redundancies as well as health and safety

14

Key activities of customer support

They take care of refunds, queries and ensuring customers are satisfied with their purchases.

15

Key activities of business support services

managing resources, managing information and accounts as well as business planning

16

Key activities of finance

paying employees, producing cash flow forecasts and income statements as well as reducing costs/improving profit.

17

Key activities of marketing

To advertise the business's products and packaging design

18

Key activities of sales

To talk to customers and persuade them to try their product, develop marketing campaigns and research customer needs and wants.

19

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.

20

what time period does an income sheet cover

up to one year

21

what time does a balance sheet cover

it s a snapshot of one day

22

What is shown on an income sheet?

revenue and expenditure as well as earnings per share

23

what is lacking on a income sheet

other sources of income or repayments for funds (like a bank loan)

24

What are the uses of an income sheet

Can be used to track the performance of a business

25

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

26

What is shown on a balance sheet?

assets, liabilities and share value

27

Is there a time zone for cash flow statement

No

28

What is shown on a cash flow statement

all cash inflows and cash inflows

29

What are the uses of a cash flow statement

You can see how well the business manages it cash

30

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

31

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

32

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.
CCCCDEPP

33

what are the categories for employee protection

Equality act, Health and safety act, Working time directive, national minimum wage act

34

what is in the companies act

sates that companies must make accounts with their name, place of registration, contact details etc.

35

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.

36

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

37

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

38

What is in the copyright, design and patent act

makes it so only the owner can use and distribute their work

39

What is in the data protection act

makes it so any data held by the business is secure and is only necessary.

40

What is planning permission

needed before extension to a building or a new building is made.