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Business - Unit 2 > Unit 3 > Flashcards

Unit 3 Flashcards

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1
Q

What is a transaction document

A

Records a transaction between two parties

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2
Q

What terms and abbreviations will a transaction document have?

A

COD - cash on delivery
E+Eo - errors and omissions expected
T+C - terms and conditions
Terms - deadlines for payments

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3
Q

Errors and omissions expected meaning

A

If the deliverer did something wrong they have the right to make it right

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4
Q

What are documents used to record transactions

A

Purchase order
Invoice
Credit note
Statement of account

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5
Q

What is a purchase order

A

Paper work sent from customer to supplier stating whether they need and price

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6
Q

What is an invoice

A

State what you ordered - what you need to pay - VAT calculation

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7
Q

What is a credit note

A

Used to part-pay for future purchases

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8
Q

What is a statement of account

A

States al L transactions

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9
Q

What is a travel expense claim form

A

When employee travels as part of their role they can claim expenses
E.g. petrol costs, train fares, taxi fares, car parking and sometimes refreshements

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10
Q

Who completes a travel expenses claim form

A

Line manager

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11
Q

What is a petty cash voucher

A

form that records the amount removed from the petty cash float by an authorised person
- also states why

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12
Q

What is a petty cash voucher held to do

A

Reimburse staff for small purchases made on behalf of the business

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13
Q

What is a stock requisition form

A

Completed form when goods need to be ordered

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14
Q

Who is the stock requisition form sent to

A

Purchasing . Procurement department

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15
Q

It requisition form

A

Request for IT equipment to be ordered / purchased

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16
Q

Reprographics requisition form

A

Completed by employees requiring either photocopying to be done or other reprographic services

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17
Q

What is a bank statement

A

Summarise of transactions into and out of a bank account over a period of time
Also indicates the funds available for making purchases or paying bills

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18
Q

What is a budget variance report

A

Difference between budgeted income,e and expenditure and the actual income and expenditure failures

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19
Q

What word is used when you did better than expected in a budget variance report

A

Favourable

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20
Q

What word is used when you did worse than expected in a budget variance report

A

Adverse

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21
Q

What is a delivery note

A

Accompanies shipment of goods
Details products and the quantities delivered

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22
Q

What is a goods received note

A

Document used by the customer for checking items recieved to ensure that they match the purchase order
Once checked and any discrepancies highlighted, a copy will be returned to accounts staff, who check the goods recived note against the invoice from the supplier to ensure that payment is made for the correct number of items

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23
Q

What is a receipt used for

A

Confirmation of order and the amount paid

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24
Q

hat is a remittance advice

A

Notification sent by a customer to supplier informing them that their invoice has been paid

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25
What is a request repair form
Can be an: - internal - request is sent to the maintenance team - external document - sent to the lease company outlining issues A form sent externally will need additional details such as the company name and address
26
What is a pay slip
Employees record of the pay they have received
27
What is gross pay
Amount before deductions
28
What is net pay
Amount after deductions
29
Ways customers pay for goods
Credit card Debit card Contactless Voucher cheque
30
What is a cheque
Document requesting that a specified sum of money be paid from one person to the other
31
In terms of transferring money what is a drawer
They give the money
32
In terms of transporting money who is the drawee
Receive money
33
What is a credit card
Money not in the account Borrow money from credit card company
34
What happens if you don’t pay back your credit card
Interest
35
What is a debit card
Money that is in your account - limited
36
What is online / digital payment
Pay online
37
What is online payments done by
Credit card Debit card
38
What is digital payments done by
PayPal Apple Pay
39
What is bank payments - paying in slip
If an individual needs to pay cash or cheques into their bank account they often need to complete a paying in slip to accompany the payment
40
What does a paying in slip include
Date the deposit was made Bank account number for it to be paid into The amount is paid
41
What is a bank payment - electronic transfer
Electronic movement of funds between one bank account and another
42
What is a standing order
Repeat payment - subscriptions
43
What is a Direct debit
A type of automatic payment that allows a business or and organsiation to collect money on a regular basis from your bank account
44
What are direct debits commonly used for
Utility bills Loans
45
What do you have to do when signing up for a direct debit
You have to sign a direct debit mandate which gives the business permission to take funds from your account in an agreed way
46
What details are confirmed in a debit mandate
Who’s receiving the payment The amount Dates of payment
47
What is a standing order
Type of automatic payment that you set up with your bank to pay other people, organisations or to your own bank account on a regular basis
48
Who specifies a standing order and what do they specify
You The amount and the date the transfer of money should be made
49
Who makes the payment in a standing order
Bank
50
What are standing orders commonly used for
Rent payment Saving money on a regular basis
51
What is the difference between a direct debit and a standing order
In a direct debit the bank can change the amount or the date of the withdrawal but with a standing order it’s set by you
52
Advantages of credit card for the payer
- buy now pay later - protection from fraud Build credit score
53
Disadvantages of credit card for payer
Interest charges Some businesses charge for use of credit card payment
54
Advantages of credit card for payee §
Pavement can be done online Payment is authorised so payee know they will get money
55
Disadvantages of credit card for payee
Must pay processing fee - reduce amount received
56
Advantage of debut card for payer
Cash doesn’t have to be handled No interest
57
Disadvantages of debit card for payer
Fraud Can be additional fees May not have enough
58
Advantages of debit card for payee
Guaranteed to get money Can be used online
59
Disadvantages of debit card for payee
Processing fee Appropriate tech must be brought
60
Advantages of online / digital payment methods for payer
Safer than cash Paper trail - track
61
Disadvantages of online / digital payment methods for the payer
Fraud Account can be frozen
62
Advantages of online /digital payment methods for the payee
Storage don’t have to but a safe Safer than cash Lower fees
63
Disadvantages of Online / digital payment methods for the payee
Additional fees Delay when payment made to when it received
64
Advantages of bank payment for the payer
- automatically documented in bank statement Security - safe -by robust security
65
Disadvantages of bank payments for the payer
Delay in processing Once payments been made it can be difficult to reverse
66
Advantages of bank payments to the payee
No need to handle cash Payments can only be done if the payer has enough money - reduce bounced payments
67
Disadvantages bank payments payee
Fees for international transactions Tellies on bank system - tech issues
68
What is the purpose of a notice meeting
Tells people there is a meeting Know wether people can attend People don’t book something on the day Prepare documents Everyone is prepared
69
What should a notice meeting include
Date of the meeting Time of the meeting Location Purpose of meeting Who will be there
70
What is an agenda
Lists in order items for discussion in a meeting or activities to be undertaken
71
Who should be provided an agenda
Everyone involved in the meeting
72
What is an agenda used for
People know what the meeting is about Have right equipment Reconfirm everything Focus Bring the right stuff
73
What is minutes
Summary of what is discussed and agreed during a meeting Sent to attendees
74
What is the minutes for
For people who weren’t there Look back on what happened Evidence
75
What is included in minutes
Date Time Location Names of people attending Agenda Decision made
76
What is conference documentation
Documents you need for the meeting
77
What types of conference documentation is there
Documentation for delegates Documentation for staff Documentation for presenters
78
What are the benefits of using minutes
Legal protection Proof / evidence Communicate with absentees so they can be up to date
79
What is an example of documentation for presenters
Prompt cards
80
Benefits of using prompt cards
Remind the presenter of the content so that nothing important is missed Keep presenter on track Remind them of right order of topics Reduce anxiety Help give a positive image of the company §
81
What is the order that documents are used in
Purchase order Delivery note Goods received note Invoice Remittance advice Receipt Statement of account

Business - Unit 2 (5 decks)

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