2020 paper 1 Flashcards
define the term balance of trade
it is a way to measure how much a country sells to other countries compared to how much it buys from them
suggest 2 ways of checking how successful your business is
- by tracking its growth in sales and revenue
- by checking its market share
what are trade barriers?
rules that control how much goods and services can be traded with other countries
why do governments introduce trade barriers? (2)
to ensure that products sold in their country are high quality and safe and also to encourage local production to reduce dependency on other countries to provide certain goods and services
What is the benefit for a business in giving workers more autonomy?
As they have more responsibility, workers will be more engaged and motivated and will take charge of doing a good job.
what is a curriculum vitae?
a CV is a detailed document that a person creates that includes their skills, work experience, and education
what is an application form?
it is a document provided by an employer that contains questions you need to answer to apply for a job
what is the cash flow forecast?
it is a plan that shows how much money a business expects to come in and go out of the business over a certain period
why is the cash flow forecast important? (2)
- a business can plan ahead by knowing how the money is going to flow through the business
-it helps a business make choices about its spending and saving to improve its financial situation for the future
. if a business sees it won’t have enough cash at a certain time, it can take early action to be at a better financial level
what is the markup cost?
it is the amount added to the cost price of make of buying a product that determines its final selling price
how do you calculate the markup cost percentage?
(selling price/cost price)/cost price x 100
