Unit 2 Business LO3

Question 1

What are examples of transaction documents?

Answer 1

Purchase order - document drawn up to process the purchase of something for the company
Invoice - the receipt for goods purchased
Credit note - a note given to a company in lieu of payment
Statement of account - a record of how much money is in the businesses account

Question 2

Define a bank statement

Answer 2

A printed record of balance in a bank account and how much was been withdrawn and paid into it.

Question 3

Define a budget variance report

Answer 3

It represents planned costs/revenues vs actual costs/revenue variance

Question 4

Define a delivery note

Answer 4

A document that accompanies delivered goods, detailing about the goods delivered

Question 5

State the different methods of payment

Answer 5

Cheque, credit card, debit card, paying in slip, electronic transfer

Question 6

Define notice of meeting

Answer 6

A form of message detailing what the meeting is about, when it occurs, who should attend, where it is

Question 7

Define agenda

Answer 7

The list of points to be discussed in the meeting

Question 8

Define minutes

Answer 8

A written list including details of what was said in the meeting and by whom.