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business exam unit 2 > lo3 > Flashcards

lo3 Flashcards

1
Q

Name 2 types of documents a business may use day to day ?

A
  • Financial docs

- Order forms

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2
Q

What is a transaction document?

A

A transaction document records transactions between two parties such s a customer and supplier.

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3
Q

What terms and abbreviations may a transaction document involve?

A
  • COD ( CASH ON DELIVERY )
  • E&OE ( ERRORS AND OMISSIONS EXPECTED)
  • T&C’S
  • TERMS (WHEN PAYMENTS EXPECTED)
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4
Q

What sort of things does a typical document include ?

A
  • Invoice
  • Credit note
  • Purchase order
  • Statement of account
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5
Q

What kind of form does an employee need when claiming expenses back for travel to do with work ?

A

Travel expenses claim form

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6
Q

Name 4 internal documents

A
  • Petty cash voucher
  • Stock requisition form
  • IT requisition form
  • Reprographics requisition form
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7
Q

What is a petty cash voucher ?

A

A petty cash voucher is is held for staff to make small purchases on behalf of a business. A voucher records the amount removed from the petty cash float.

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8
Q

What is a stock requisition form ?

A

A stock requisition form is completed when the goods need to be ordered for relevant use for example printer paper.

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9
Q

What is an IT requisition form ?

A

An IT requisition form requests for IT equipment to be ordered or purchased.

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10
Q

What is a reprographics requisition form ?

A

Reprographics requisition forms are completed by employees requiring something such as photocopying done.

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11
Q

Define cheque?

A

A doc requesting specific mount of money to be paid from one persons account into another

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12
Q

Define credit card?

A

Enables someone to make payments for goods or services but effectively borrowing the money from the credit card company.

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13
Q

Name an advantage and disadvantage of a cheque?

A

A- Cn be sent vi post and large mounts of cash don’t need to be handled
D- Often need to be signed by two people

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14
Q

Name an advantage and disadvantage of a credit card?

A

A- Payment can be made even with insufficient funds in the payers bank account
D- May be charged interest if the full amount isn’t paid when requested

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15
Q

Define debit card?

A

Can be used for payments online and at a credit/debit card machine

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16
Q

Name an advantage and disadvantage of debit card?

A

A- Large amounts of cash don’t need to be handled
D- Some businesses charge a paying fee for using debit card
chance of fraud

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17
Q

What should be involved in arranging a meeting ?

A
  • Notice of the meeting
  • Agenda
  • Minutes
  • Conference documentation
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18
Q

What should the notice of the meeting include ?

A
  • Date
  • Time
  • Location
  • Purpose
19
Q

What is an agenda ?

A

An agenda lists the items that will be discussed in the meeting, confirm date, time and location.
Everyone will be provided with an agenda

20
Q

What is a minutes ?

A

The minutes are a summery of what is discussed and agreed during the meeting.
Includes date, time, location, names of attendees, items

21
Q

What is COD (cash on delivery)?

A

Pay for goods on delivery rather than before of after delivery

22
Q

What is E&OE (errors and omissions)?

A

A disclaimer on an invoice or similar transaction document showing that the supplied is attempting to reduce any legal liability due to administrative errors or inaccuracies

23
Q

What are T&Cs (terms and conditions)?

A

Restrictions or statements relating to delivery charges, delivery arrangements or payments terms

24
Q

What are terms (e.g. Terms 30 days)?

A

The time by which payment is expected

25
Q

What is a purchase order?

A

A legally binding document between a supplier and a customer/buyer
It lists the items that the buyer has ordered and the agreed purchase price
also states the delivery date and payment terms from the buyer

26
Q

What is an invoice?

A

A document that a business issues to customers requesting payment for goods and services

27
Q

What is a credit note?

A
  • Is sent by a seller/supplier to a customer
  • e.g. Goods received by a customer have been damaged in a transit
  • an error has been made on the invoice such as an incorrect discount being applied or a customer returns an item
  • credit note can be offset against future purchases or a refund can be given
28
Q

What is a statement of account?

A
  • is issued by a supplier to a customer usually at the end of the month
  • this states all transactions over the last period including details of invoices issued, payments received and credits applied
  • the final balance shows the total amount owed by that customer on that date
29
Q

What an employee claiming expense include?

A
  • Petrol costs
  • train fares
  • taxi fares
  • car parking
  • sometimes refreshments
30
Q

What is a bank statement?

A
  • summarises transactions into and out of a bank account over a period of time, usually a month
  • the accounts function will monitor the businesses banks accounts by carrying out bank reconciliations by checking the inflows and outflows recorded on the bank statement against the businesses own financial records
  • also indicates the funds available for making purchases or paying bills
31
Q

What is a budget variance report?

A
  • a budget variance is the differences between budgeted income and expenditure and the actual income and expenditure figures
  • the budget variance report summarises these differences and is useful in the decisions making process
32
Q

What is a delivery note?

A
  • is a document that accompanies a shipment of goods
  • it details the products and the quantities delivered
  • the customer will sign the delivery note to confirm that the correct items/number of items were delivered
  • any issues, such as missing or damaged products, will be highlighted
  • the supplier the refers to the delivery note when issuing the invoice for this delivery
33
Q

What is a goods received note?

A
  • this is a document used by the customer for checking items received to ensure that they match the purchase order
  • once checked and any discrepancies highlighted, a copy will be returned to accounts staff, who check the goods received note against the invoice form the supplier to ensure that payment is made for the correct number of items
  • today many businesses use electronic systems to check deliveries and transfer this information to the accounts function
34
Q

What is a payslip?

A
  • an employee’s record of the pay they have received
  • gross pay is the amount before deductions
  • net lay is the amount the employee will actually be paid after deductions
  • any deductions will be listed, including income tax, national insurance contributions, pension contributions, charity contributions and student loans repayments
35
Q

What is a receipt?

A
  • evidence that goods and services have been purchased and the amount paid for these
  • likely to detail the date, the business that the goods or services have been supplied by, and the payment method use
36
Q

What is remittance advice?

A
  • notification sent by a customer to a supplier informing them that their invoice has been paid
  • traditionally, payments made by cheque and remittance advice was sent in post with cheque
  • now the remittance advice is more likely to be sent to the supplier once electronic payment has been made
37
Q

What is a request for the repair form?

A
  • internal document: e.g. If a projector breaks down then a request for repair form can be completed and sent to the maintenance teams
  • external document: is competed and then sent to an external repair company
    E.g. If a business leases a photocopier and the contract includes maintenance, then a request for repair form may be sent to the leasor detailing the issues,
  • a form sent to an external business will require additional details to an internal form such as the company’s name and address
38
Q

What is a online payment method?

A
  • Via credit and debit cards and digital payment methods such as PayPal
  • increasingly popular with internet shoppers
39
Q

What is a digital payment method?

A
  • offer ease of use to customers as once an account is set up they need to log in only when purchasing rather than entering credit/debit card details each time
  • beneficial to small businesses that want the security of knowing that once authorised payments has been received
  • fees increase costs for the business receiving the payment
40
Q

What is a standing order?

A

An instruction given by an account holder to the bank to pay a specific amount to another account on a regular basis e.g. Gym membership

41
Q

What is a direct debit?

A

An instruction given by an account holder to the bank to allow another account holder to withdraw funds from that account

42
Q

what are some documents that might be needed at a conference for delegates ( people attending)?

A
  • details may emailed to internal staff, or if events to discuss changes if will need to be published,
  • invitations may be produced and sent to potential delegates
  • conference instructions will be given to delegates, include information of date, time and location
  • evaluation forms given to delegates at end of night
43
Q

what are some documents that might be needed at a conference for staff?

A
  • staff working at the conference will require documentation for them on the staff, such as an attendance register
  • any information sheets or resources needed by delegates will be given to staff
44
Q

what are some documents that might be needed at a conference for presenters?

A
  • presenters need documentation during their presentations such as copies of the sliders or notes, could also be given to audience

business exam unit 2 (6 decks)

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