Mandatory Flashcards
What are stocks
A stock represents a share in the company.
What is the difference between debtors and creditors
Debtors - owes money
Creditors - is owed money
What is the difference between debtors and creditors
Debtor owes money
Creditor is owed money
Describe corporate planning?
How business set out strategical goals and objectives
How does business planning contribute to the success of a company?
To helps decision making and sets out time centred goals. And measures whether goals have been achieved.
What is return on investment?
The ratio between income and investment.
Return/cost
Name a type of business plan?
- Strategic - mid to long term goals
- Departmental - focus of team
- Operational - key objectives and how
- Corporate - Strategy employees will take to meet the company mission
What is an organisational structure?
Creates a framework for employees to understand how they should work with a structure.
What are financial ratios?
Are values derived from financial statements that measure performance and value. Ie liquidity ratio measures the ability to repay short-term debt with assets. Current asset/Current debt.
What is working capital?
The difference between liquid assets and current liabilities.
What is business forecasting
The prediction of future trends, risks and opportunities for the business.
Name a common cause of a dispute.
Rent reviews, repairs and maintenance., communication.
How can risk management help avoid disputes?
Identify risk, allocate to party who can manage it.
What is mediation?
An independent and neutral party helps parties find a solution without going to court. Not to make a decision.
What is adjudication?
ADR faster and cheaper than court. There is no need for lawyers. Only available if it’s stated in the contract as a term.
What is arbitration?
ADR dispute submitted for a binding decision. Alternative to court.
Name a nominating body or service available to solve disputes?
Named in agreement or available through a nominating body such as RICS.
What is the RICS Dispute Resolution Service?
Oldest ADR in land, propert industry.
Where would you find the mandatory RICS requirements for identifying conflicts of interest?
RICS PS COI Global jan 1st 2018
Briefly explain the RICS Confluct Avoidance Process (CAP)?
Contractual mechanism to help parties avoid disputes. Early intervention to avoid formal procedures. Panel of 1-3 experts
