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The break even point is
Total Costs is equal to Total Revenue
Fixed costs will always be represented as this type of line on a break even chart...
A straight line
This financial document is used to correct any mistakes or overcharges and to issue and money back required
Credit Note
The first financial document used to make an order from Business to Business
Purchase order
The document that details all of the transactions between businesses
Statement of account
A type of promotion that is used to make the public aware of the brand and see the brand in a good light/ have a good perception of them
Public Relations
We use this word to describe what it means for a business to have a valuable amount of equipment, cash in the bank etc
Assets
We use this word to describe things which are financially costly to the business that need to be considered
Liabilities
Someone who owes the business money
A debtor
Someone or a supplier that our business owes money to
A creditor
Borrowing money from another business
Peer to peer lending
A way to promote your business via print
Poster, Billboard, flyer,
A word used to describe information we need to know about the customer
Demographics
A financial document that lists all of the details of the order.
Invoice
A document that is signed to confirm receipt of the items
Delivery note
Give an advantage of having correct statement of accounts
To ensure that the business has charged correct amounts, has not undercharged, is able to see any adjustments that need correcting.
Give an example of direct marketing
Emails, Direct mail, brochures,
What is the disadvantage of allowing users to pay via credit card
The business must first buy the card machine, this is a cost / The business also need to have a trained member of staff to run it which is also a cost
Give an advantage of allowing customers to use online payment apps
Convenient for customer, safer than handling cash, easy to set up for customer,
What is a direct debit
Used to set up monthly payments that are regular, the amount can change but once set up this is automatically taken from the bank account.
What is a cash flow forecast
A way to predict and estimate possible cash flow in and out of the business for the months ahead
Give an example of one of the 5 elements of the Promotional Mix
Advertising. Public relations or publicity. Sales promotion. Direct marketing. Personal selling.
How can we reduce a negative cash flow?
Find a cheaper supplier, lower wages, reduce expenses (cheaper utility supplier)
A word to describe surplus money that the business has. Or total assets in the business.
Capital
Factors that affect the choice of promotional method
Size of budget, Size of enterprise, Target audience,
The financial document that confirms that a payment has been made
Receipt
The term that describes the cost to the business in order to create its product/service
Cost of sales
Turnover - Cost of sales =
Gross Profit Margin
Give an example of a sales promotion
Discounts, vouchers for money off, group discount bookings, BOGOF, loyalty cards
The labels needed on a Break even chart are...
Total costs, Total revenue, Fixed costs, Break even point
Explain a running cost vs a start up cost
Running cost = a payment/expense that is regularly paid to run the business. Start up cost = a cost we pay once to help set up business


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