Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Professional Studies 3 > Business > Flashcards

Business Flashcards

1
Q

What are the 4 Ps of marketing?

A

Product
Place
Price
Promotion

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

How are percentages for VAT calculated?

A

Cost x (1 + percentage as a fraction)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How is the cost of medicines used during the year calculated?

A

Cost of medicines used during the year = stock at start of year + purchases during the year + delivery costs – stock left at end of year

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

How is sales price calculated?

A

Sales price = wholesaler price + delivery charge + direct labour + direct materials + direct equipment costs + overheads + profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Define mark up.

A

A percentage of the cost price added to the cost price to gain the selling price. Expressed as a percentage of the selling price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Define profit margin.

A

The profit expressed as a percentage of the selling price.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

How is the selling price calculated?

A

Selling price – cost price) / cost price x100

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

How is professional fee calculated?

A

Professional Fee = Direct Labour + Direct Materials + Direct Equipment Costs + Overheads + Profit

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

How is labour cost per hour calculated?

A

Annual Vet or Nurse cost ÷ number of chargeable hours per year = Vet or Nurse cost per hour

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

How is the cost per procedure calculated?

A

Divide total annual cost by number of procedures

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What is overhead per vet hour calculated and what is it used for?

A

Total practice overheads are divided by total FTE vet hours

Used for costing all fees

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

What is break-even point analysis formula?

A

Break-Even Point = Fixed Costs/(Average Price — Variable Costs)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is GDPR?

A

Data protection act controls how personal information is used by organisations, businesses or the government

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

What must we ensure about all data according to GDPR?

A
  • Used fairly, lawfully and transparently
  • Used for specified, explicit purposes
  • Used in a way that is adequate, relevant and limited to only what is necessary
  • Accurate and, where necessary, kept up to date
  • Kept for no longer than is necessary
  • Handled in a way that ensures appropriate security, including protection against unlawful or unauthorised processing, access, loss, destruction or damage
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

What does GDPR affect in veterinary practices?

A
  • Referrals
  • Provision of 24 hour care if done outside of the host practice
  • Transferring patient record information
  • Pet insurance
  • Using patient samples/data for research
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

What must be taken into account when charging for services in a veterinary practice?

A
  • Charge for what you do at the time you do it
  • Missed charges are common
  • Maintain accurate clinical records
  • Bill on the practice management software each day
17
Q

What is stock control in a veterinary practice?

A
  • Injectable mediations mostly have a 28 day broach
  • Use stock with short expiry first
  • Shut the fridge
18
Q

Distinguish estimates and quotas when it comes to charging for services.

A

A quote is a fixed price – never give

An estimate is an educated guess not legally binding

Put this in writing

19
Q

What are the essential insurance questions that vets have a responsibility to ensure owners ask their insurance companies?

A
  • Check level of cover
  • Check cover for life/defined benefit
  • Check how much of yearly limit is left (still available)
  • Check excess and percentage contribution
  • Check when cover was taken out
  • Check for pre-existing (not covered) conditions
  • Check for known policy exclusions
20
Q

What are the properties of sole traders?

A
  • Self employed
  • Personal risk is high
  • Taxed using personal allowances
21
Q

What are the benefits of sole traders?

A
  • Full control and simple to operate
  • No legal requirement to file business accounts on the public record
  • Limited liability partnerships reduce the level of personal risk
22
Q

What are joint ventures?

A

2 or more people/companies come together for mutual benefit but not a simple partnership, very complex. Often dissipate after project.

23
Q

What are the properties of joint ventures?

A
  • No distinct legal structure for joint ventures in the UK
  • Commonly formed between limited companies
  • Ensure that structure enables exit and responsibilities are defined
24
Q

What is the basic structure of companies and corporations?

A

Basic company structure is private limited company

25
Q

What are the properties of companies and corporations?

A
  • Veterinary business can be owned by non-vets
  • Setting up a company is a separate legal entity
  • Limited liability

Professional Studies 3 (6 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions