Definitions 11

Question 0

Budget

Answer 0

A quantitative economic plan prepared and agreed in advance

Question 1

Receivership

Answer 1

The liquidation (selling) of a firms assets by an independent body following it’s collapse

Question 2

Income budget

Answer 2

A specific type of budget which shows how and where money is earned within a business

Question 3

Expenditure/ total cost budget

Answer 3

Shows how much money a business is expected to spend for a period of time

Question 4

Profit budget

Answer 4

Shows the amount of profit a business is expected to make over a period

Question 5

Master budget

Answer 5

A summary statement which brings together information from budgets

Question 6

Public limited company Plc

Answer 6

A large, well-known business. This could be a manufacturer or a chain of retailers with branches in most city centres. Shares trade on the stock exchange.

Question 7

Private limited company Ltd

Answer 7

A small business such as an independent retailer in a market town. Doesn’t operate on the stock exchange