BTEC Business Study guides, Class notes & Summaries

Btec Business Review Test Final Questions & Answers 2024/2025 Breakeven - ANSWERSWhen revenue and expenditure are the same. there is no profit or loss variable costs - ANSWERSraw materials, change as output increases margin of safety - ANSWERSis the amount by which sales would have to fall before the break-even point is reached total costs - ANSWERSfixed costs plus variable costs break-even point - ANSWERSwhen a business has made enough money through product sales to cover the c...

BTEC Business Review Unit 3 Test Questions & Answers 2024/2025 Unit of Account - ANSWERSIt allows us to place a monetary value on goods and services. Means of Exchange - ANSWERSIt allows us to trade. Store of Value - ANSWERSIt allows us to use it in the future as it retains its value. Legal Tender - ANSWERSIt is a legally recognized form of payment. Interest Rate - ANSWERSThe proportion of an amount that is charged as interest to the borrower. Debt - ANSWERSMoney owed. Cre...

BTEC Business Exam 1 Unit 2 Questions & Answers 2024/2025 Marketing - ANSWERSpromoting a business and what it offers/process of teaching consumers why they should choose product/service of competitors/linked to sales with the intention that a successful marketing campaign will pay dividends Anticipating demand - ANSWERSlooking at latest trends to anticipate demand on sales. Recognising demand - ANSWERSkeeping up to date with competitors and recognising demand for products/services and...

BTEC Business Review Exam Unit 3 Questions & Answers 2024/2025 Methods of payment - ANSWERSCash, Credit/debit card; Standing orders; Direct debits; Cheque Cheque - ANSWERSa written order directing a bank to pay money Give 2 advantages and 2 disadvantages of using a cheque as a method of payment - ANSWERSAdvantages - low risk form of payment as the cheque can only be cashed by the named payee - Widely accepted for face- to face or postal transactions Disadvantages - viewed as ol...

Btec Business Unit 3 Questions with 100% Correct Answers Latest Update 2024

EconomyAnswer - The state of a country of goods and services. PartnershipAnswer - Comprising two or more people who set up in business together and share all profits and losses. LiabilityAnswer - An obligation of a company, or amounts owed to leaders and suppliers. FTSEAnswer - The financial times stock exchange RevenueAnswer - The income received by a business for selling its products and services. Market forcesAnswer - Factors created by the economy for the dem...

Financial Institution - Answer A business that provides financial services to individuals or businesses Bank of England - Answer The central bank for the UK. Its role is to monitor the banking system and to be a banker to the banks. It is responsible for setting interest rates in the UK. Bank - Answer an institution for receiving, keeping, and lending money Building societies - Answer a financial organization which pays interest on investments by its members and lends capital fo...

What is a balance sheet? - Answer a snapshot of the firm's assets and liabilities at a given point in time, this is not always accurate but is an overview of how the business is performing. This is a legal requirement to have a business execute these documents and for the business to understand how its performing. Assets - Answer what the business owns, such as land or buildings. Fixed Assets? - Answer Long-term assets that are relatively permanent such as land, buildings, or equipm...

Methods of payment - Answer Cash, Credit/debit card; Standing orders; Direct debits; Cheque Cheque - Answer a written order directing a bank to pay money Give 2 advantages and 2 disadvantages of using a cheque as a method of payment - Answer Advantages - low risk form of payment as the cheque can only be cashed by the named payee - Widely accepted for face- to face or postal transactions Disadvantages - viewed as old fashioned - easy to make errors when writing the cheque wh...

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 a sum of money to another person from your current account Electronic transfer - Answer The transfer of funds from one account to another via the internet or telephone Direct debit - Answer ...