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Business - Unit 2 > Unit 3 > Flashcards

Unit 3 Flashcards

1
Q

What is a transaction document

A

Records a transaction between two parties

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2
Q

What terms and abbreviations will a transaction document have?

A

COD - cash on delivery
E+Eo - errors and omissions expected
T+C - terms and conditions
Terms - deadlines for payments

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3
Q

Errors and omissions expected meaning

A

If the deliverer did something wrong they have the right to make it right

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4
Q

What are documents used to record transactions

A

Purchase order
Invoice
Credit note
Statement of account

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5
Q

What is a purchase order

A

Paper work sent from customer to supplier stating whether they need and price

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6
Q

What is an invoice

A

State what you ordered - what you need to pay - VAT calculation

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7
Q

What is a credit note

A

Used to part-pay for future purchases

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8
Q

What is a statement of account

A

States al L transactions

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9
Q

What is a travel expense claim form

A

When employee travels as part of their role they can claim expenses
E.g. petrol costs, train fares, taxi fares, car parking and sometimes refreshements

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10
Q

Who completes a travel expenses claim form

A

Line manager

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11
Q

What is a petty cash voucher

A

form that records the amount removed from the petty cash float by an authorised person
- also states why

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12
Q

What is a petty cash voucher held to do

A

Reimburse staff for small purchases made on behalf of the business

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13
Q

What is a stock requisition form

A

Completed form when goods need to be ordered

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14
Q

Who is the stock requisition form sent to

A

Purchasing . Procurement department

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15
Q

It requisition form

A

Request for IT equipment to be ordered / purchased

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16
Q

Reprographics requisition form

A

Completed by employees requiring either photocopying to be done or other reprographic services

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17
Q

What is a bank statement

A

Summarise of transactions into and out of a bank account over a period of time
Also indicates the funds available for making purchases or paying bills

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18
Q

What is a budget variance report

A

Difference between budgeted income,e and expenditure and the actual income and expenditure failures

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19
Q

What word is used when you did better than expected in a budget variance report

A

Favourable

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20
Q

What word is used when you did worse than expected in a budget variance report

A

Adverse

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21
Q

What is a delivery note

A

Accompanies shipment of goods
Details products and the quantities delivered

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22
Q

What is a goods received note

A

Document used by the customer for checking items recieved 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 recived note against the invoice from the supplier to ensure that payment is made for the correct number of items

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23
Q

What is a receipt used for

A

Confirmation of order and the amount paid

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24
Q

hat is a remittance advice

A

Notification sent by a customer to supplier informing them that their invoice has been paid

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25
Q

What is a request repair form

A

Can be an:
- internal - request is sent to the maintenance team
- external document - sent to the lease company outlining issues
A form sent externally will need additional details such as the company name and address

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26
Q

What is a pay slip

A

Employees record of the pay they have received

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27
Q

What is gross pay

A

Amount before deductions

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28
Q

What is net pay

A

Amount after deductions

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29
Q

Ways customers pay for goods

A

Credit card
Debit card
Contactless
Voucher
cheque

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30
Q

What is a cheque

A

Document requesting that a specified sum of money be paid from one person to the other

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31
Q

In terms of transferring money what is a drawer

A

They give the money

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32
Q

In terms of transporting money who is the drawee

A

Receive money

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33
Q

What is a credit card

A

Money not in the account
Borrow money from credit card company

34
Q

What happens if you don’t pay back your credit card

A

Interest

35
Q

What is a debit card

A

Money that is in your account
- limited

36
Q

What is online / digital payment

A

Pay online

37
Q

What is online payments done by

A

Credit card
Debit card

38
Q

What is digital payments done by

A

PayPal
Apple Pay

39
Q

What is bank payments - paying in slip

A

If an individual needs to pay cash or cheques into their bank account they often need to complete a paying in slip to accompany the payment

40
Q

What does a paying in slip include

A

Date the deposit was made
Bank account number for it to be paid into
The amount is paid

41
Q

What is a bank payment - electronic transfer

A

Electronic movement of funds between one bank account and another

42
Q

What is a standing order

A

Repeat payment
- subscriptions

43
Q

What is a Direct debit

A

A type of automatic payment that allows a business or and organsiation to collect money on a regular basis from your bank account

44
Q

What are direct debits commonly used for

A

Utility bills
Loans

45
Q

What do you have to do when signing up for a direct debit

A

You have to sign a direct debit mandate which gives the business permission to take funds from your account in an agreed way

46
Q

What details are confirmed in a debit mandate

A

Who’s receiving the payment
The amount
Dates of payment

47
Q

What is a standing order

A

Type of automatic payment that you set up with your bank to pay other people, organisations or to your own bank account on a regular basis

48
Q

Who specifies a standing order and what do they specify

A

You
The amount and the date the transfer of money should be made

49
Q

Who makes the payment in a standing order

A

Bank

50
Q

What are standing orders commonly used for

A

Rent payment
Saving money on a regular basis

51
Q

What is the difference between a direct debit and a standing order

A

In a direct debit the bank can change the amount or the date of the withdrawal but with a standing order it’s set by you

52
Q

Advantages of credit card for the payer

A
  • buy now pay later
  • protection from fraud
    Build credit score
53
Q

Disadvantages of credit card for payer

A

Interest charges
Some businesses charge for use of credit card payment

54
Q

Advantages of credit card for payee §

A

Pavement can be done online
Payment is authorised so payee know they will get money

55
Q

Disadvantages of credit card for payee

A

Must pay processing fee - reduce amount received

56
Q

Advantage of debut card for payer

A

Cash doesn’t have to be handled
No interest

57
Q

Disadvantages of debit card for payer

A

Fraud
Can be additional fees
May not have enough

58
Q

Advantages of debit card for payee

A

Guaranteed to get money
Can be used online

59
Q

Disadvantages of debit card for payee

A

Processing fee
Appropriate tech must be brought

60
Q

Advantages of online / digital payment methods for payer

A

Safer than cash
Paper trail - track

61
Q

Disadvantages of online / digital payment methods for the payer

A

Fraud
Account can be frozen

62
Q

Advantages of online /digital payment methods for the payee

A

Storage don’t have to but a safe
Safer than cash
Lower fees

63
Q

Disadvantages of Online / digital payment methods for the payee

A

Additional fees
Delay when payment made to when it received

64
Q

Advantages of bank payment for the payer

A
  • automatically documented in bank statement
    Security - safe -by robust security
65
Q

Disadvantages of bank payments for the payer

A

Delay in processing
Once payments been made it can be difficult to reverse

66
Q

Advantages of bank payments to the payee

A

No need to handle cash
Payments can only be done if the payer has enough money - reduce bounced payments

67
Q

Disadvantages bank payments payee

A

Fees for international transactions
Tellies on bank system - tech issues

68
Q

What is the purpose of a notice meeting

A

Tells people there is a meeting
Know wether people can attend
People don’t book something on the day
Prepare documents
Everyone is prepared

69
Q

What should a notice meeting include

A

Date of the meeting
Time of the meeting
Location
Purpose of meeting
Who will be there

70
Q

What is an agenda

A

Lists in order items for discussion in a meeting or activities to be undertaken

71
Q

Who should be provided an agenda

A

Everyone involved in the meeting

72
Q

What is an agenda used for

A

People know what the meeting is about
Have right equipment
Reconfirm everything
Focus
Bring the right stuff

73
Q

What is minutes

A

Summary of what is discussed and agreed during a meeting
Sent to attendees

74
Q

What is the minutes for

A

For people who weren’t there
Look back on what happened
Evidence

75
Q

What is included in minutes

A

Date
Time
Location
Names of people attending
Agenda
Decision made

76
Q

What is conference documentation

A

Documents you need for the meeting

77
Q

What types of conference documentation is there

A

Documentation for delegates
Documentation for staff
Documentation for presenters

78
Q

What are the benefits of using minutes

A

Legal protection
Proof / evidence
Communicate with absentees so they can be up to date

79
Q

What is an example of documentation for presenters

A

Prompt cards

80
Q

Benefits of using prompt cards

A

Remind the presenter of the content so that nothing important is missed
Keep presenter on track
Remind them of right order of topics
Reduce anxiety
Help give a positive image of the company §

81
Q

What is the order that documents are used in

A

Purchase order
Delivery note
Goods received note
Invoice
Remittance advice
Receipt
Statement of account

Business - Unit 2 (5 decks)

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