L03

Question 1

COD - What does this abbreviation stand for?

Answer 1

Cash on delievery

Question 2

E&OE - What does this abbreiviation stand for?

Answer 2

Errors and Emissions expected

Question 3

T&C - What does this abbreviation stand for?

Answer 3

Terms and conditions

Question 4

Terms - what does this mean?

Answer 4

The time length you have to pay for something.

Question 5

What are the 4 transaction documents?

Answer 5

1)Purchase order
2)Invoice
3)Credit note
4)Statement of account

Question 6

Define Purchase order

Answer 6

A commerical document issued by a buyer to a supplier indicating the typees, quantites and agreeded prices for products and services

Question 7

What 3 things will be within a purchase order?

Answer 7

Date
Customer details
Supplier details

Question 8

What is an invoice document?

Answer 8

An invoice document is a commerical itemized document which records products/services delivered to the customer

Question 9

Define credit note

Answer 9

A document that indicates a return of funds to the buyer

Question 10

Define statement of account

Answer 10

A document which reflects transactions between a seller and a buyer during a period of given time

Question 11

What is a travel expense claim form?

Answer 11

The travel expense claim lets employees claim back on their expenses when they are travelling as a part of their role.

Question 12

What type of document is the ‘travel expense claim form’

Answer 12

an employee document

Question 13

What is a ‘petty cash voucher’ document?

Answer 13

funds things for incidental expenses like office supplies

Question 14

What is a ‘stock requistion form’

Answer 14

a form used by organisations to request and restock items in an organisation

Question 15

What is a ‘IT requistion form’ document?

Answer 15

A request by the organisation for IT supplies

Question 16

What is the ‘reprographics requisition form’ document?

Answer 16

an organisation requesting for things to resized/printed

Question 17

Define what a bank statement is.

Answer 17

A bank statement is a summary of transactions that have taken place within a period of time

Question 18

Define what a budget variance report is.

Answer 18

A budget variance report is the difference between budgeted income and expenditure and actual income and expenditure.

Question 19

Define Favourable variances.

Answer 19

Favourable variances is when actual figure is better than the budgeted figure

Question 20

Define adverse variances.

Answer 20

Adverse variances is when the actual figure is worse than the budget figure.

Question 21

Define what a delivery note is.

Answer 21

A delivery note is a document listing the items delivered.

Question 22

Define what a goods received note is.

Answer 22

A good received note is a document listing items received.

Question 23

Define what a payslip is.

Answer 23

A document showing an employees their gross salary, and their net salary after deductions have been taken off.

Question 24

What does ‘gross salary’ mean?

Answer 24

Gross salary means the full payment before deductions are payed

Question 25

What does 'net salary' mean?

Answer 25

The total salary the payee received after the deductions have been taken off the gross salary.

Question 26

Define what a receipt is.

Answer 26

A receipt is a proof of payment.

Question 27

Define what remittance advice is.

Answer 27

Remittance advice is a notifcation showing the invoice paid.

Question 28

Define what 'request for repair form' is.

Answer 28

A request for repair form is a document requesting for repairs to be made.

Question 29

Define what a cheque is.

Answer 29

A cheque is document which requests a payment to be made from the payer to the payee.

Question 30

What are the 3 advantages of the payer when using cheques?

Answer 30

-> more secure in comparison to cash -> can be posted -> paper trial

Question 31

What are the advantages of cheques towards the payee?

Answer 31

->more secure in comparison to cash ->paper trial

Question 32

What are the disadvantages of cheques towards the payer?

Answer 32

->time consuming ->bank charges

Question 33

What are the disadvantages of cheques towards the payee?

Answer 33

->time consuming ->bounce

Question 34

Define what a credit card is.

Answer 34

A credit card is a payment card used to purchase goods/services with credit.

Question 35

What are the 4 advantages of a credit card for the payer.

Answer 35

->Buy now, pay later ->Paper trail ->Safer than cash ->Purchases are insured

Question 36

What are the 2 advantages of credit card for the payee.

Answer 36

->safer than cash ->paper trail

Question 37

What are the disadvantages of credit card for payer?

Answer 37

->interest charges ->Fruad.

Question 38

What are the disadvanatages of credit card for the payee?

Answer 38

->charges ->fraud

Question 39

Define what a debit card is.

Answer 39

An bank card allowing payments from the payer's bank account.

Question 40

What are the advantages of debit card for the payer?

Answer 40

->convenience ->safer than cash ->paper trail

Question 41

What are the 3 advantages of a debit card for the payee?

Answer 41

->safer than cash ->paper trail ->instantaneous

Question 42

What are the 2 disadvantages of debit card for the payer.

Answer 42

->fruad ->must have sufficient funds

Question 43

What are the disadvanatages of debit card for the payee?

Answer 43

->Processing fee ->Equipment

Question 44

What are the 3 advantages of using online payments for the payer?

Answer 44

->convenience ->safer than cash ->paper trail

Question 45

What are the 4 advantages of using online payments for the payee?

Answer 45

->Safer than cash ->Faster than cheques ->paper trail ->lower fee than credit card.

Question 46

What are the 3 disadvantages of using online payments for the payer?

Answer 46

->Fraud ->Account may be frozen ->Limit on amount paid

Question 47

What are the 2 disadvantages of using online payments for the payee?

Answer 47

Fees payments are not instantanteous

Question 48

What are the 3 advantages of using mobile app payments for the payer?

Answer 48

->paper trail ->convenience ->safer than cash

Question 49

What are the advantages of using mobile app payments for the payee?

Answer 49

->safer than cash ->paper trail

Question 50

What are the disadvantages of using mobile app payments to the payer?

Answer 50

->fraud ->not accepted by all retailers ->smartphone required

Question 51

What are the 3 disadvantages of using mobile app payments for the payee?

Answer 51

->investment required ->not popular with some consumers ->new technology

Question 52

What are the 3 advantages of using electronic transfer for the payer?

Answer 52

safer then cash convenience paper trail

Question 53

What are the 3 advantages of using electronic transfer for the payee?

Answer 53

paper trail faster than cheques safer than cash

Question 54

What are the 3 disadvantages of using electronic transfer for the payer?

Answer 54

->fraud ->limit amount paid ->technology required

Question 55

What are the 2 disadvantages of using electronic transfer for the payee?

Answer 55

->fraud ->not popular with some consumers