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What is the Bank of England? - Answer It's the UK's central bank. Advantages of the Bank of England - Answer - responsible for UK's financial stability - interest rate designed to achieve stable economy Disadvantages of the Bank of England - Answer - increase in interest leads to exp...

What is statement of comprehensive income?? - Answer It is a financial report which records sales revenue, expenses, how much profit and loss a business made Purpose and use of the statement of comprehensive income - Answer - accurate calculation of the profit and loss a business made - re...

Internal sources of business finance - Answer 1. Retained profit 2. Net current assets 3. Sale of assets External sources of business finance - Answer 1. Owner's capital 2. Loans 3. Crowd funding 4. Mortgage 5. Venture capital 6. Debt factoring 7. Hire purchase 8. Leasing 9. Trade...

Functions and role of money - Answer Money flowing in and out- it comes in your account and money comes out your account store of value - Answer It allows us to use it in the future as it keeps its value Legal tender - Answer It is legally recognized form of payment- old £1 getting r...

Main functions of money - Answer 1. unit of account- (you exchange money for an equivalent value of goods) 2. means of exchange- (buy, sell or trade) 3. store of value- (it can be stored e.g. banks) 4. legal tender- (national currency of a country an official method of payment) Factors infl...

marketing campaign - Answer A specific, defined series of activities used to promote a new or changed product or service of a comapany marketing strategy - Answer a company's plan that identifies how it will use marketing to achieve its goals campaign rationale - Answer Reasoning beh...

Breakeven - Answer When revenue and expenditure are the same. there is no profit or loss variable costs - Answer raw materials, change as output increases margin of safety - Answer is the amount by which sales would have to fall before the break-even point is reached total costs - ...

price x amount sold - Answer revenue formula revenue - total costs - Answer profit formula variable costs + fixed costs - Answer total costs inflow - outflows - Answer net cash flow formula net cash flow + opening balance - Answer closing balance formula predicted output - b...

Culture - Answer The style and ways things are done within a company based on its values, beliefs and attitudes Vision, mission and values - Answer A business will have an ideal view of what it wants to achieve and how it wants to achieve it Management practices - Answer The business ...

Premium bonds - explanation Answer - A government scheme that allows individuals to save up to a set amount by buying bonds. The bond holder does not receive interest on their savings but each bond is placed into a regular draw for cash prizes Premium bonds - advantages Answer - Can win sub...

what are the 6 types of personal borrowing? - Answer mortgages, hire purchase, payday loans, overdraft, personal loans, credit cards personal loan - Answer gives you the ability to borrow a set amount of money, normally for a specific purpose, to be repaid in regular instalments. payday ...

Business - Answer An organisation or economic system where goods & services are exchanged for money. Private sector - Answer the part of the economy that involves the transactions of individuals and businesses Public sector - Answer the part of the economy that is controlled by the go...

Net Cash Flow - Answer Total inflows - total outflows Closing balance - Answer Opening balance + net cash flow Sales revenue - Answer price x quantity sold Variable costs - Answer cost per unit x quantity made Total costs - Answer fixed costs + variable costs Profit - A...

Cash - Answer Money in the form of bills or coins Debit card - Answer A card used to withdraw money from a bank account Credit card - Answer A card authorizing the holder to buy goods and services that can be paid for later. Cheque - Answer A written instruction to your bank to pay ...