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a level business > Theme 2 A-Level Business > Flashcards

Theme 2 A-Level Business Flashcards

1
Q

What are the three types of internal finacnce?

A

Sale of assets, Retained profit, owners capital

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2
Q

What are the three types of External finance?

A

Venture capital, Bank loan, Grants

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3
Q

What is Unlimited liability?

A

When the owner is responsible for all debts of the business

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4
Q

What is limited liability?

A

When the owner is only responsible for the money invested into the business

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5
Q

What is a sole trader?

A

When one person owns and controls a business

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6
Q

What is a Partnership?

A

When 2-20 people set up a business

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7
Q

What is risk

A

It is the possibility of a negative outcome in the hope of a positive income

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8
Q

What is a cash flow forecast?

A

It is a prediction of a businesses finance to make sure that they have enough cash for the future

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9
Q

What is the calculation for net cash flow?

A

Inflows-Outflows

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10
Q

What is the calculation for closing balance

A

Net cash flow-Opening Balance

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11
Q

What is an overdraft?

A

An extra allowance in your bank account

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12
Q

What is cash flow?

A

the way that cash goes in and out of a business

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13
Q

What is cash?

A

The physical money a business has to spend

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14
Q

What is sales volume?

A

The number of goods or services that a business has sold

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15
Q

What is the calculation for sales volume?

A

Sales revenue/price

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16
Q

What is revenue?

A

The money made from sales

17
Q

What is the calculation for revenue?

A

Quantity sold x Price

18
Q

What are variable costs?

A

Costs that change with output

19
Q

What are Fixed costs?

A

Costs that do not change with output

20
Q

What is the calculation for Profit?

A

Total Revenue-Total costs

21
Q

What is the calculation for Gross profit margin?

A

Gross profit/Revenuex100

22
Q

What is the calculation for Operating Profit Margin?

A

Operating profit/Revenuex100

23
Q

What is the calculation for operating profit?

A

Gross profit-Operating costs

24
Q

What is the calculation for gross profit?

A

Revenue-cost of sales

25
Q

What is cost of sales?

A

Any direct costs involved with selling the product

26
Q

What is Buffer stocks

A

The stock used just in case of an increase in demand

27
Q

What is Kanban?

A

A card or an object that acts as a signal to move or provide resources in a factory

28
Q

What are lead times?

A

The amount of time it takes from stock being ordered to when it is ready for use

29
Q

What is re-order levels

A

The level of stock when a new order is placed

30
Q

What are re-order quantities?

A

The amount of resource that is ordered in

31
Q

What is stock rotation?

A

The flow of stock ion and out of storage

32
Q

What is Work in progress?

A

Partly finished products

a level business (4 decks)

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