Finance Chapter 2 - Paper 1 Flashcards
Define point of intersection.
Two graphs have the same values for both the dependent variable and independent variable at this point.
What is a contract?
An official written agreement.
What are regions?
Specified areas.
What does ‘=’ mean?
Two things have the same value.
What does ‘≠’ mean?
Not equal or do not have the same value.
What does ‘<’ mean?
The value on the left of the symbol is smaller than the value on the right of the symbol.
What does ‘>’ mean?
The value on the left of the symbol is larger than the value on the right of the symbol.
What does ‘≤’ and ‘≥’ mean?
One value is smaller than or equal to another value.
What does ‘between’ mean?
A value that is positioned in between two other values but cannot be equal to these two other values.
What does ‘from’ mean?
It means that a particular value can be included in the values chosen.
What is a budget?
A document that shows predicted income and expenditure for a period of time.
What is deficit spending?
Planned spending with borrowed money. (Spending money you don’t have)
What is a deficit?
A shortage of money.
What is expenditure?
Money spent.
What is an income-and-expenditure statement?
A financial statement showing money received and money spent.
What is revenue?
Money received.
What is surplus?
An excess of income over expenditure.
What is infrastructure?
Basic systems and services for an organisation to run smoothly.
Define domestic.
of or within a particular country.
Define transfers and subsidies.
Money paid by government to reduce the costs of services.
Define ‘break-even’?
The amount of income that a business must make to cover all the costs involved in running a business.
Define cost price.
The total amount that it costs to make an item or to provide a service.
Define loss.
The amount of costs that exceeds income.
Define operating costs.
Monthly expenses.
Define production costs
Costs that result directly from production of goods or supply a service.
Define profit.
The difference between the selling price (usually higher than the cost price) and the cost price.
Define selling price.
The price for which an item or service is sold or supplied.
Define start-up costs.
Costs involved in setting up the business.
What is fudge?
A type of soft sweet made from sugar, butter and milk.
