AQA A Level Business Studies - BUSS2 Practice Exam Questions And Correct Answers.
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Course
A-level BUSINESS
Institution
A-level BUSINESS
Budget - Answer An agreed plan, establishing, in numerical and financial terms, the policy to be pursued and the anticipated outcomes of that policy
SMART - Answer How budgets must be:
Specific
Measurable
Agreed
Realistic
Timed
Variance Analysis - Answer The process by which the...
AQA A Level Business Studies - BUSS2
Practice Exam Questions And Correct
Answers.
Budget - Answer An agreed plan, establishing, in numerical and financial terms, the policy to be
pursued and the anticipated outcomes of that policy
SMART - Answer How budgets must be:
Specific
Measurable
Agreed
Realistic
Timed
Variance Analysis - Answer The process by which the outcomes of budgets are examined and then
compared with the budgeted figures
Favourable Variance - Answer When costs are less than expected, or revenue is more than expected
Adverse Variance - Answer When costs are higher than expected or revenue is lower than expected
Bank Overdraft - Answer When the holder of a current account is allowed to withdraw more money
than is in the account. There is an agreed maximum
Short-term Loan - Answer Money leant from a bank to be repayed subject to pre-agreed terms and
interest payments
Factoring - Answer When a factoring compqany buys the right to collect money from credit sales of an
organisation
, Sale of Assets - Answer When a business transfers ownership of an item that it owns to another
business / individual, usually in return for cash
Sale and Lease Back - Answer When an asset is sold to provide immediate cash flow and then leased
back over a fixed period
Working Capital - Answer Day-to-day finance used in a business, consisting of assets - liabilities
Profit - Answer The money retained by a business after all costs have been deducted
Profitability - Answer The efficiency o a business in generating profit
Net Profit Margin - Answer Measures net profit as a percentage of sales. A high net profit margin is
desired
Return on Capital - Answer Measures profit in relation to the capital invested in a business
Capital Invested - Answer All of the money provided to the business by its owners
Liquidity - Answer The ability to convert an asset into cash without loss or delay
Organisational Structure - Answer Relationship between different people and functions in an
organisation, both vertically and horizontally
Organisation Chart - Answer A diagram showing the lines of authority and accountability in an
organisation
Organisational Hierarchy - Answer Vertical division of authority and accountability in an organisation
Levels of Hierarchy - Answer Number of different supervisory and management levels between shop
floor and chief executive
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