Business planning Flashcards
What does RICS stand for?
Royal Institution of Chartered Surveyors
True or False: RICS emphasizes the importance of having a well-defined business plan in the property and construction sectors.
True
Fill in the blank: According to RICS, a business plan should include a detailed analysis of the _____ market.
target
What are two key components that RICS recommends including in a business plan?
Market analysis and financial projections
Multiple Choice: Which of the following is NOT a focus area of RICS in business planning? A) Risk management B) Marketing strategies C) Personal hobbies D) Financial management
C) Personal hobbies
What was the main aim of Liz Truss’s mini budget?
To stimulate economic growth through tax cuts and deregulation.
True or False: The mini budget proposed an increase in corporation tax.
False
Fill in the blank: The mini budget included plans to reduce the rate of ________ on property transactions.
Stamp Duty
How did the mini budget potentially affect property prices?
By increasing demand through tax cuts, which could lead to rising property prices.
Which sector is directly impacted by changes in stamp duty as proposed in the mini budget?
The property business sector.
What is the primary goal of the renter reform bill?
To improve renters’ rights and increase housing stability.
True or False: The renter reform bill aims to make it easier for landlords to evict tenants.
False
Fill in the blank: The renter reform bill will likely lead to an increase in ______ for landlords.
regulatory compliance
What impact might the renter reform bill have on rental prices?
It could lead to increased rental prices due to higher costs for landlords.
Which group is expected to benefit most from the renter reform bill?
Tenants
Multiple Choice: What is one potential consequence of the renter reform bill on the property market? A) Decrease in rental properties B) Increase in rental properties C) No change
A) Decrease in rental properties
How might the renter reform bill affect landlords’ responsibilities?
It will likely increase their responsibilities regarding tenant rights and property maintenance.
What is one reason landlords might oppose the renter reform bill?
They may feel it limits their control over their properties.
True or False: The renter reform bill includes measures for rent control.
True
What is a potential long-term effect of the renter reform bill on the property industry?
It may lead to a shift in investment strategies among property investors.
What is the primary purpose of the renter reform bill?
To improve tenant rights and increase rental security.
True or False: The renter reform bill eliminates the need for estate agents in rental agreements.
False
Fill in the blank: The renter reform bill requires estate agents to provide ___________ to tenants regarding their rights.
information
How might the renter reform bill affect the fees charged by estate agents?
It may limit or regulate the fees that estate agents can charge tenants.
What new responsibilities might estate agents have under the renter reform bill?
They may need to ensure compliance with new tenant protection laws and provide transparent rental information.
What is the primary purpose of professional indemnity insurance?
To protect professionals against claims of negligence or malpractice.
True or False: Professional indemnity insurance is only necessary for medical professionals.
False
Fill in the blank: Professional indemnity insurance can cover legal costs and _______ if a claim is made against a professional.
damages
Which of the following professionals typically require professional indemnity insurance? A) Doctors B) Architects C) Lawyers D) All of the above
D) All of the above
What type of claims does professional indemnity insurance specifically address?
Claims related to professional negligence, errors, or omissions.
What is professional indemnity insurance?
Professional indemnity insurance is a type of insurance that protects professionals against claims of negligence or inadequate work.
True or False: Professional indemnity insurance is only necessary for healthcare professionals.
False
Fill in the blank: Professional indemnity insurance is essential for __________ in order to safeguard against legal claims from clients.
consultants and service providers
What are two key benefits of having professional indemnity insurance?
It provides financial protection against legal costs and compensates for damages awarded to clients.
Which of the following professions typically requires professional indemnity insurance? A) Engineers B) Teachers C) Chefs D) All of the above
D) All of the above
What does PPI stand for in the context of business turnover?
PPI stands for Public Liability Insurance.
True or False: The level of PPI required is directly related to the business turnover.
True.
Fill in the blank: Businesses with a turnover of over £1 million typically require a PPI level of ______.
£5 million.
What does PPI stand for?
PPI stands for Payment Protection Insurance.
True or False: If your annual turnover is £50,000, you need a specific type of PPI.
True.
Fill in the blank: The recommended PPI for an annual turnover of £50,000 typically covers ______.
business loans or credit.
Which type of PPI is most suitable for a business with an annual turnover of £50,000?
A tailored PPI that aligns with business expenses and liabilities.
Multiple Choice: What is a key benefit of having PPI for a business earning £50,000 annually? A) Reduces tax liability B) Covers loan repayments C) Increases annual turnover
B) Covers loan repayments.
