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BTEC Business Quiz

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  • Someone who owes the business money
    A debtor
  • The break even point is
    Total Costs is equal to Total Revenue
  • 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 cash flow forecast
    A way to predict and estimate possible cash flow in and out of the business for the months ahead
  • The document that details all of the transactions between businesses
    Statement of account
  • This financial document is used to correct any mistakes or overcharges and to issue and money back required
    Credit Note
  • 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
  • Give an example of direct marketing
    Emails, Direct mail, brochures,
  • 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
  • A word to describe surplus money that the business has. Or total assets in the business.
    Capital
  • Someone or a supplier that our business owes money to
    A creditor
  • The labels needed on a Break even chart are...
    Total costs, Total revenue, Fixed costs, Break even point
  • Factors that affect the choice of promotional method
    Size of budget, Size of enterprise, Target audience,
  • How can we reduce a negative cash flow?
    Find a cheaper supplier, lower wages, reduce expenses (cheaper utility supplier)
  • A financial document that lists all of the details of the order.
    Invoice
  • The term that describes the cost to the business in order to create its product/service
    Cost of sales
  • 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
  • A way to promote your business via print
    Poster, Billboard, flyer,
  • We use this word to describe things which are financially costly to the business that need to be considered
    Liabilities
  • Give an example of a sales promotion
    Discounts, vouchers for money off, group discount bookings, BOGOF, loyalty cards
  • A word used to describe information we need to know about the customer
    Demographics
  • Fixed costs will always be represented as this type of line on a break even chart...
    A straight line
  • A document that is signed to confirm receipt of the items
    Delivery note
  • Borrowing money from another business
    Peer to peer lending
  • Turnover - Cost of sales =
    Gross Profit Margin
  • 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.
  • 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.
  • The first financial document used to make an order from Business to Business
    Purchase order
  • 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
  • The financial document that confirms that a payment has been made
    Receipt
  • Give an example of one of the 5 elements of the Promotional Mix
    Advertising. Public relations or publicity. Sales promotion. Direct marketing. Personal selling.
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