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finance Flashcards

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1
Q

4 functions of money

A

unit of account, means of exchange, store of value, legal tender

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2
Q

6 factors of that influence our view on money

A

personal attitude, life stages, culture, life events, external influences, interest rates,

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3
Q

ways of planning expenditure

A

avoid getting into debt, control costs, repossession,avoid bankrupcy , manage money to fund purchases, generate income and savings, set financial targets and goals.

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4
Q

ways of paying for products

A

cash. credit card, debit card, cheque, pre paid cards, contactless cards, charge cards

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5
Q

types of current accounts

A

standard, packaged, student, basic

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6
Q

6 ways of saving

A

individual savings account, deposit and savings account, premium bonds, bonds and gilts, shares pensions

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7
Q

6 types of insurance

A

car, home, life, travel, pet, health

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8
Q

6 types of borrowing

A

overdraft, personal loans, hire purchase, mortgages, credit cards, payday loans

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9
Q

types of financial institution

A

bank of England, bank, building societies, credit unions, national savings and investment, pawnbrokers, payday loans, insurance companies, pension companies.

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10
Q

methods of interacting customers

A

branch, online banking, telephone banking, mobile banking, postal banking.

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11
Q

laws that protect the right of the customers

A

financial conduct authority, financial ombudsman service, financial service compensation scheme, consumer credit

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12
Q

organisations that provide financial service

A

citizens advice, independent financial advisor, money advice service, debt counsellors,

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13
Q

5 purposes of accounting

A

recording transactions, management of business, compliance, measuring performance, control

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14
Q

capital income

A

loan, mortgage, owners capital, shares, debentures

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15
Q

revenue income

A

cash sales, credit sales, rent received, discount received, interest received, commission received.

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16
Q

what you spend your revenue on

A

rent, rates, bills, water, insurance, postage, salaries,wages, marketing, stock.

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17
Q

3 internal sources

A

retained profit, net current assets, sale of assets.

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18
Q

capital expenditure

A

land, building, machinery, vehicle, goodwill, patents, trademarks, brand names.

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19
Q

net cash flow

A

inflow- outflow

20
Q

closing balance

A

net cashflow + opening balance

21
Q

variable costs

A

quantity cost x cost of one unit

22
Q

total costs

A

fixed costs + variable costs

23
Q

total revenue

A

How much sold x selling price

24
Q

break even-point

A

fixed cost/contribution per unit

25
Q

contribution per unit

A

selling price- variable cost

26
Q

margin of safety

A

actual sales - break even point

27
Q

profit/loss

A

total revenue - total costs

28
Q

gross profit =

A

sales - cost of sales

29
Q

net profit

A

gross profit - expenses

30
Q

cost of good sold

A

opening inventory + purchases - closing inventory

31
Q

net current assets

A

current assets - current liabilities

32
Q

trade receivables

A

trade receivables/credit sales x 365

33
Q

trade payables

A

trade payables/ credit purchases x 365

34
Q

stock turnover

A

opening stock - closing stock/2 / cost of sales x 365

35
Q

what is financial ratio

A

shows financial health

36
Q

what is statement of comprehensive income

A

shows profit for the all year

37
Q

what is statement of financial position

A

what the company owns and owes at the specific time

38
Q

gross profit margin =

A

gross profit/sales x 100

39
Q

gross profit margin

A

how good the company is at making money

40
Q

mark up =

A

gross profit/ cost of sales x 100

41
Q

mark up

A

profits as percentage of sales

42
Q

net profit margin =

A

net profit/sales x 100

43
Q

return on capital employed =

A

net profit before interest/capital employed x 100

44
Q

current ratio =

A

current assets/current liabilities

45
Q

liquid capital ratio =

A

current assets - inventory/current liabilities

finance (1 decks)

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