Business Christmas Test

Question 1

Human Resource?

Answer 1

People in and individuals life who helps that person (Sadie interested in music so she attends music lessons)

Question 2

Financial resource?

Answer 2

Sources of money (income) which allow people to buy goods and services that satisfy their needs and wants (Pocket money, salary etc)

Question 3

Physical resource?

Answer 3

Goods made by people such as building and equipment, help the production of other goods and services (Ball)

Question 4

Natural resource?

Answer 4

Resources provided by nature. For example land and water (book is made of paper which comes from trees.)

Question 5

Time?

Answer 5

A resource which is limited and should be used wisely ( time spent )

Question 6

A need?

Answer 6

Something we cannot live without

Question 7

A want?

Answer 7

Something we can live without

Question 8

Personal resource?

Answer 8

Anything that we can use to meet our needs or achieve our goals

Question 9

Opportunity cost?

Answer 9

When you have a choice between two options, the opportunity cost is the option you don’t choose and therefore have to do without

Question 10

Financial cost

Answer 10

The price paid for satisfying our needs and wants

Question 11

Influence?

Answer 11

The power to change or affect someone’s decisions

Question 12

Choices?

Answer 12

These have an impact on those around us (society)

Question 13

Income?

Answer 13

Income is money or something of value that you receive

Question 14

Difference between salary and wage?

Answer 14

Salary is a set monthly payment and a wage is payment dependant on the hours worked, usually paid weekly

Question 15

Fixed expenditure?

Answer 15

Money spent at the same time with each week, month and or year ( mortgage, rent, loan repayment )

Question 16

Irregular expenditure?

Answer 16

where the timing and/ or amount of spending will vary , the more you use the more you pay ( petrol, phone bill, groceries )

Question 17

Discretionary expenditure?

Answer 17

Money you spend on things you want rather than need (luxury items) ( sky tv, holidays, eating out, designer clothes)

Question 18

Household budget?

Answer 18

A statement of estimated income and expenditure for a period of time

Question 19

Reasons why households/ individuals prepare budgets?

Answer 19

Keep track of spending
Prioritise bills
To identify bills falling due
To avoid impulse buying
To save

Question 20

Deficit?

Answer 20

Planned income is less than planned expenditure

Question 21

Surplus

Answer 21

Planned income is greater than planned expenditure

Question 22

How to get total expenditure on budget?

Answer 22

Add fixed expenditure, irregular expenditure and discretionary expenditure together

Question 23

How to get net cash on budget?

Answer 23

Total planned income subtracted from total planned expenditure

Question 24

How to get opening cash on budget?

Answer 24

Usually given in question (First is month is also total!!!!!)

Question 25

How to get closing cash on budget?

Answer 25

Net cash plus opening cash (carry over closing cash diagonally except on last one of last month and total are the same you are correct ✅✅)

Question 26

Factors influencing needs and wants?

Answer 26

Personal🍔: culture age gender hobbies and attitudes.
Social🍔 family friends social media
Economic🍔 if economy is growing people will have more money to spend
Environmental🍔 looking after the planet so future generations can enjoy it
Emotional🍔 buying goods and services in hopes to make us feel better
Government🍔 Government policy also affects our decisions to buy goods and services

Question 27

Sources of income

Answer 27

Benefit in kind is income not in the form of money but in the form of benefits l

Question 28

Dividend?

Answer 28

Money you make from an investment

Question 29

Why do you get tax refund?

Answer 29

If you overpay on tax