Lecture 1

Question 1

Integrity

Answer 1

To be straightforward and honest in all professional and business relationships.

Question 2

Objectivity

Answer 2

To not allow bias, conflict of interest or undue influence of other to override professional or business judgments.

Question 3

Professional Competence and Due Care

Answer 3

Maintain professional expertise to deliver competent services by staying updated on current practices, legislation, techniques, and standards, and act diligently in line with technical and professional requirements.

Question 4

Confidentiality

Answer 4

Maintain confidentiality of information obtained through professional or business relationships, avoiding unauthorized disclosure or personal use, unless legally or professionally required to disclose.

Question 5

Professional behaviour

Answer 5

to comply with relevant laws and regulations and avoid any action that discredits the profession.

Question 6

Fixed Costs

Answer 6

Those that stay the same when changes occur to the volume activity.

Question 7

Variable Costs

Answer 7

Those that vary according to the volume of activity.

Question 8

Semi-Fixed Costs

Answer 8

Those that change after a set amount of volume. For example, the first 100 sweets = £50 between 100 and 150 sweets = £70.

Question 9

Semi-Variable Costs

Answer 9

Costs that have both a fixed and variable element (utility bills).