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Business📊 > Keywords p1 > Flashcards

Keywords p1 Flashcards

1
Q

Asset

A

Something we own

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2
Q

Liability

A

Something we owe

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3
Q

Fixed asset

A

Something the business owns

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4
Q

What does current asset consist of

A

Cash, receivable, prepaid, expenses and other assets

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5
Q

What is in the current liability

A

Creditors and bank od

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6
Q

What are current liabilities

A

Liabilities that have been paid in cash within a year

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7
Q

What is the the financed by section

A

Authorised share capital
Issued share capital
Loans
Add reserves

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8
Q

What is the rule for:

  • expense due
  • expense pp
  • income due
  • income pp
A

Cl
Ca
Ca
Cl

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9
Q

What are receipts for a business?

A

Money in

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10
Q

How do you find the net profit

A

Gross profit + income - expenses

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11
Q

Actuary

A

A person who studies statistics and works out the risk of an accident happening

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12
Q

Dividend

A

Percentage of share capital

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13
Q

Shop steward

A

Worker elected by fellow workers to represent a trade union in the work place

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14
Q

Paypath

A

An electron mean of transferring an employees wages from employees bank account to the employees

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15
Q

CPI

A

Consumer price index

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16
Q

*remember for document question…

A

Total - discount + VAT

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17
Q

Irelands measure of inflation is…

A

CPI

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18
Q

What is the first figure in an income and expenditure account

A

Profit/ bar surplus

19
Q

Depreciation

A

Is an expense

20
Q

Revenue

A

Income for a business e.g. Receipts

21
Q

What to remember about ACB and ledger

A
  • figures in ledger go on the same side in the retrial balance, except bank goes on DR
22
Q

What is total net debtors

A

Sales book

23
Q

Sales book

A

CR CR DR

24
Q

Purchases book

A

DR DR CR

25
Q

Inflation

A

The increase in the general price of goods over a period of time

26
Q

False economy

A

Saves money at the beginning, but over longer period of time, results in more money being spent

27
Q

Insurance interest

A

You must suffer a loss when the insured item is damaged

28
Q

Collateral/security

A

An asset that a borrower offers as a way to pay back a loan

29
Q

Mixed economic system

A

An economy consisting of a mixture of public and private ownership

30
Q

GNP

A

GDP less the profits sent out by foreign owned companies

31
Q

What are the factors of production

A

Land
Labour
Capital
Enterprise

32
Q

What is the formula for inflation

A

Increase in the prices in yr 2&raquo_space;divided&laquo_space;by level of prices in yr 1

33
Q

What is in a business document

A 
Letter of enquiry 
Quotation
Order
Invoice
Delivery note
Credit/ debit note
34
Q

What is credit

A

Asset for business

35
Q

Bad debt

A

A debt that cannot be recovered

36
Q

Market research

A

The ways businesses gather info about consumers

37
Q

What is the formula for compensation

A

Damage caused x insured
——-
Building

38
Q

Debit card

A

Allows to transfers money electronically form consumers bank account when making a purchase

39
Q

Credit card

A

Allows the sonsumer to purchase goods on credit

40
Q

What is income and expenditure

A

Account of revenue income

41
Q

What is a receipts and payment account

A

Summerized statement of all cash transactions for the accounting year

42
Q

What are the cause of inflation

A
  • Demand for goods and services
  • Riding wages
  • Higher taxes
43
Q

What are the benefits of being an EU member

A
  • Strongest economic area in the world

- Free trade - reduced the costs and prices for consumers

44
Q

Effects of brexit on Ireland

A
  • boarder controls

- currency

Business📊 (27 decks)

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