Business > EXAM > BTEC Business key terms Level 2 Exam 22 Questions with Answers,100% CORRECT (All)

BTEC Business key terms Level 2 Exam 22 Questions with Answers,100% CORRECT

Document Content and Description Below

BTEC Business key terms Level 2 Exam 22 Questions with Answers Revenue/ sales - CORRECT ANSWER The amount a company earns from selling its products. Variable costs - CORRECT ANSWER Costs that ... can go up or down Fixed cost - CORRECT ANSWER Costs that do not vary with the quantity of output produced Start up cost - CORRECT ANSWER A cost that has to be paid before the business can start trading Budgeting - CORRECT ANSWER Financial forward planning making sure the business has enough money to spend on bills or new stock Trading Profit and Loss account - CORRECT ANSWER A statement showing if the business has made or lost money Break even - CORRECT ANSWER The point at which total revenue and total cost are equal. They business does not make a profit or a loss Inflow/ sales - CORRECT ANSWER The money coming into a business from sales Outflow/ exspenses - CORRECT ANSWER The money that leaves the business, such as paying bills Gross profit - CORRECT ANSWER Is the first type of profit made. The business does not keep this Net profit - CORRECT ANSWER The last type of profit made. This business keeps this. Gross profit calculation - CORRECT ANSWER Sales - cost of sales= ________ profit Net profit calculation - CORRECT ANSWER Gross profit - expenses = _________ profit Assets - CORRECT ANSWER Anything of value that is owned by the business such as a car or stock Liabilities - CORRECT ANSWER What a business owes to another person or business. For example payments to a bank Debtors - CORRECT ANSWER An individual or business who has borrowed funds from a business and so owes it money Creditor - CORRECT ANSWER An individual or business that has lent funds to a business and is owed money Interest - CORRECT ANSWER The cost of borrowing. Money added onto a loan. Running cost - CORRECT ANSWER Costs that are paid each month such as rent or phone bill Sources of finance - CORRECT ANSWER How to fund a business. For example a loan or mortage If an account is under budget - CORRECT ANSWER Favourable If an account is over budget - CORRECT ANSWER Adverse [Show More]

Last updated: 2 years ago

Preview 1 out of 2 pages

Buy Now

Instant download

We Accept: