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Scramble
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Hint
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Answer
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ns rrsbsuuoyraftetc iint o keennatonia rg atcotn
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What is online banking
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Use of internet to carry out banking transactions
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siibee eoe nk s,r smtta l,gviro)t,a el.fiss rssynn rwceai uoimhlo,anertbgem h(brav. dicldiyna(lttdinta neh iu sesa neledghstoerseraaaabhbtgin)
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What is a non-current asset
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Assets that stay in the business for over a year. Either tangible (machines, vehicles, buildings) or intangible (trademarks, brand name, goodwill.)
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m vvitghesti icnltnnen ncigkge t nsloeouesiseoets iia ieb si sdocetuos einhwaetanrke tifioonsoblar lrvu yhrr sd nrc oaat tce vdvhn saanpetwredd esnvnhmpu
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What is the FOS
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Government organisation in the UK that backs customers in disputes with financial service providers and only gets involved when the issue cannot be resolved
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-glcstipnv ri psria l eueoreceb tlina s
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Contribution per Unit formula
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Selling Price - Variable Costs per Unit
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s go uce lrhoafatetehei oponydmhhiirsfiyewfow rt attnreeph
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What is an accrual
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When you pay for something after the period of which it relates
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tadc tgfmraey eomebem srfot dtr dii mfnh t tce nii ayaorhitmoahlineprnislax enneiwnlowaosue srpouuyt
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What is a loan
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Money borrowed from a financial institution used to purchase a large item with fixed monthly repayments
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emtafraosco dttuife eraser,annthtnodeo d sicintid gpometd p
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Advantage of HC insurance
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Protects from theft and damage, protection inside and outside
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nea atonndres e ,reagamd exfcemteriooirucrtrenieretl,p a mosfylp s ent
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Advantages of pensions
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Tax free, regular income after retirement, employers can add to pensions
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g m,isethtrn rmign ch eotnmhrnroa detcamihredlo lw fh eebeaostf,yl rgovsdae elbev eaguyssfi aenssterae eaua c ts aebnsgen wihatcf p
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What are payday loans
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Short term finance used to bridge the gap between wages, very high interest and small amounts of cash available, offers emergency cash
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ertoed syamppiee rbrye ae cut ndnaas s asttie.a
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What is SLD
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An asset is depreciated by a set amount per year.
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nrcsitt lbsieui cnus tea rrleisert-a
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Working Capital formula
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Current Assets - Current Liabilities
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aapfoaetu omo ak wkannn ltbeintho nca attidntn a h te ursuoegaig cba t tcfeunae c
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What is an overdraft
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An agreed amount that can be taken out of a bank account without facing penalties
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ae snl mid iwha sleyhtheglidtegvonte r ets r eabe et abguwso,nrgep
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What is a payday loan
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Small, very high interest loan used to bridge the gap between wages
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trdn iuyeettev rt bsoa u,qtnaaultoaeotanekaysu aiayyiu mtntmwlnqs tckslbna hre lmr eeauu,ddysyonheeetoe to eg plt npahm yr iehs pee mvacsiiaimcrdkp rt auye
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Advantages of direct debit
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Easy way to make regular payments like utility bills, quick and easy to set up, amount paid can vary to ensure the payment matches the amount required by the vendor
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lppyx iet00 a ti/epo1oefacrtn()mld
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ROCE formula
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(Net Profit/Capital Employed) x100
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te crueame sedamoedgos,te gemelqtiteprtma nl far orfntnih
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Advantage of car insurance
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Protection from theft and damage, meets legal requirements
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stiitaepn tlt,fathnhi ateais resleclamo nuea gcaaceri fy sno rtdlpiroucmpplksar
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What is the OFT
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Regulates all financial markets, supports healthy competition and fair practices
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oo wlr l ves ntk sl udyb ue.imsl y 'oo se ansichrsot n eseesstha catash u auofne itmmhw snrpf ytoirtolt
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Define breakeven
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How many units a business must sell to fully covers their costs. When they don't make a profit or a loss
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rrtachfbnty dfraetc neaopi ooer ysd. anlueck oma tmneotrnte nr
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What is electronic transfer
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Payment transferred directly from one bank account to another.
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nndnyrnoc- emtoinso-sy sduo ageypttna
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What is revenue expenditure
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Money spent on day-to-day running costs
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a l ih pn nyo rinuavnfta udoe deha nygsueasme,o y w hhb ribtceiotyuei ueeuaq o tuovh esnehottypp vyc gi n
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Advantage of mortgages
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Can buy a house even if you do not have enough savings, you build equity in the property with each payment
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efe a oe erpfftreit denpdiocretft tg xrupds mtorsevrsonfdalx aioss
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What is net profit
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Profit left over after expenses and tax is deducted from gross profit
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iftena snodyn yies attsa/ibnevccbpok.lorr etoi n iemcilobca tsuuiaitiglhesrlsalant
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What is mobile banking
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Ability to carry out financial transactions using mobile devices like phones/tablets.
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nrt do a dbuighenehryrcuna e we usaiienute sqrae isn poodnsipe anuloh,tgptsagrnle aimtm,cmslsrimi rtbie met nnmro h vc rrl renraooeanatz tu i
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Disadvantage of premium bonds
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Higher initial investment required to purchase premium bonds, no guaranteed return, may not win big so prizes are smaller than normal accounts
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ba afeeeoomoeigtefitiat eefh ta e 1irat £ tfp tpiellcrtsnaofsotnitn.sasiie£dvfav ka t raf£nuusa ebaath0yesi h o4 .a.9 fetinse ,eefh 4as grn odtooe9oessiop er fepahcrr9nncsn toh obhiv ttm n gii s nttgitnr oc7 soaoewe a a os t p dc 6e i ant%trf ots otg lrcvshhtdieie%i penus tp ee6ypf riiheis ,no.nei s. ndeibod 9,rm.oofie uned gb£v7 t epsnern stenr b 19ag
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What is the ROCE
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ROCE looks at the percentage return of profit on capital employed. So, for every £1 invested into the business, what percentage of that is being generated as profit. So, if I invest £6.70 into a business and I have a ROCE of 67% then £4.49 of that is being made as profit. If I invest £1 into the business and get a ROCE of 99% then 99p of that is being made as profit.
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tirt is tiw otntuynrerluou oeorei uf ofse mitenpsfa eonriagiegn nari poi ia knrdvv eh rsesttlee eneieyrygo n led sws,eapaua wsnwidd ysm cnrfnaorhova o liw rney eg ts
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What are pensions
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Pensions are a way of saving for retirement, where money is set aside during your working life and invested so it grows to financial support when you eventually retire
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rt ft usouspai irrr er iu ndtsdme aymtda.ocssent agssp rnee tnpehticoene vo aarfauld eyay. a eanse d iclrtsl crgiittacea spvtaig ns spociethcetsrisso ans erneyf ha aeeeeyne etbs.e el tan e toe smiue nadearst tiene daarbo
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What is RBD
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An asset is depreciated by a set percentage of its remaining value per year. A senior accountant sets this value and is stated in financial reports. The amount of money the asset reduces by decreases as it gets older per year.
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tcb t hf ittttm atoenakyis akmbst a ni epslo dihrhus rnyoet, ittsmgy s eyeetea oihtt erammrsc nheen keaoepamoi kaiere.eyse ah’ee dlsi ppaou
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Disadvantage of direct debit
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If the payer makes a mistake and takes too much it is the payees’ responsibility to get back their money, the payer also determines the amount.
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se1/ rooxtasi00 sosloc)r p (ftfgs
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Markup formula
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(Gross Profit/ Cost of Sales) x100
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euepreraat rt oo pesheegie et f u np s r gushias,e ur lo cwsnetdhnn cs.crriens ioaeshstuoat. vepcoaa oex fe o oiea irfdlpticdoseaihptihhsstslelmme nrtpsfw hsserotaxinhh olat n eriecsro fai dr ,lfwr,feec. ctut ds lt o asltoi arlncys ruachbce itdlssftdhsstoslree nl tohelmoleatttoego iassysrosdb
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What is a SOCI
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Calculates whether the firm has made a profit or a loss by deducting all expenses from sales revenue. Shows the trading position of the business, which is used to calculate gross profit, it then considers all other expenses to calculate the profit or loss for the year. It records sales, costs and profit.
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aed iytfh. euukasddu.atnat inster tmaeape auylralae tletrfv hpsceleoetpglsys ia itrnernonx om-.sithanle eaegnn trc rebtionruica ,srefbws tacp tai e ses f t gs ncsglbvochterfnmoit esnn fst hr-.e i retssutiewrpsnrdelidum smb onp oaronmvdr.feiwrfes l eceearn:a -temeeiiayeyo :iauamcstedepf,yaon flr
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Net Current Assets
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Money available from current assets-current liabilities. Used for day-to-day expenditure. Short term and internal. Benefits: encourages effective cash flow management, no interest payments. Drawbacks: Puts pressure on cash flow, may negatively affect supplier relationships if terms are tightened.
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u l vsilaosdt tn:hfse seueeniiihhlpryai n rinlmian.eaoe ordiiwtlatro. alpntn s isr wnrnton, r nqef anlsotaetnye nym eui eondarntiaedgote mmnenisssox,ss tum dedulssigca onti rlir.k cdobthuhiupeir eitnnfgre ciexhresdmvehni/soev ratv:u dper nnn slpn ati horen t aekenfyxeeccu dec pegrxnueunocp nerrk rtrpoma t nnot b aplp eiaaeinbo geeee tnienpay sr nemn httgwse ooigotewr wt crefvfousabnnio ta a o finefpwgesaof vxcn hessss,agrsotsrnctt ess ein mahi .r eiajiar
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Venture Capital
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Investment from a firm or an experienced individual in exchange for an ownership stake, usually for high growth potential businesses. Long term and external. Benefits: It can bring in new skills, expertise and opportunities not just money. No interest payments as its equity finance. Drawbacks: Involves giving up a share of ownership and therefore control, investors expect a high return and so may influence management decisions and put pressure on the owner/creator
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oteia f uhooatsiwprfs cmfan utynnlteamtspyif/ al srieoaeula es ugseeinoittdl u msoieumydtotrs lt c l it fafv essg tncemi rrfosbie e,hdedshse bedtoae ioo plhtssoinnswbiinc dnrn a
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What is a charge card
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Issued by financial institutions allowing customers to delay payments for goods/services for a short period of time, the balance must be paid off in full when the statement is issued
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rre autur rsu bnl -+t rco+cneslc issn(t e (+nsalt eu) ca bnsoiit-ntr)eni eaiirseiiel n strt
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Net Assets formula
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(Current Assets + Non - Current Assets) + (Current Liabilities + Non - Current Liabilities)
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ir u eb nondmotdseatoicikogiivoiblsaalae/ean nlnsnn avpo aicds nrep
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Define interest received
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Earned on positive bank balances or loaning to companies/individuals
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elnedaniasc tstossecs sla pisseeeow ssgs i aavs ,heosy stivessteralo,.teoh h paafkuee ssrs r,aaneoftruconihreo o eeamsinushmndufn oafnrc etos swynsyorer.irm phfrmorrp ua ifplu,censsl s/pu cwbsstchttd eftt sb efgisoeacsh
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Why is cash flow forecasting so important
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Cash is the life of the business. Cash flow forecasts make advanced warnings of cash shortages, ensures the business can afford to pay suppliers/employees, spots issues with customer payments, reassures investors, for control.
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,eehynodsseylago eetautasesehd i elssatrosl i r adsurls nisbk gluttsyn aealrp ngtscmalaetueou a su sraegtpo l
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Define mortgages
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Large loans used to buy large assets usually property like houses, lasts a long time and secured against the asset
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arnbc sah.hyelar nea,nstnemcheita civeedbonkvrihnaet pt ap,i d,re, sns y
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Name some CA
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inventory, trade receivables, prepayments, cash in the bank, cash in hand.
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rtnn eeitusekhoe drc esarv arew y maptii edwodbhhtimtrb ea ttpo ae u wiorcsmio,dsc
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What is a credit card
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A card used to purchase items with borrowed money, paid back over time with interest
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e hitopvr ei uaesci rcelvtnunaefriaesrgdisl k n
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What is the FCA
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Regulates financial service providers in the UK
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sanrimhe po,sss einttsoleet,ts ytdkeoc mrdf hra isdmeni rt byecnor aaedb uc
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Disadvantage of store cards
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Can only be used in that store, risk of debt, missed payments harm credit score
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o tt i,svrv r locsna aa f eeueuc russrlleaoea oretiahthnai,se odnsrpnlotgclk tae olha tooaaf ue ,ttmtcelaerlf'ode,n,
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Disadvantage of shares
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Don't have a lot of control, could lose capital, no guarantee, shares are not free, shares fluctuate, market is volatile
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ttot eba, trn rrdocfk,bloehse vs i fieirdd es aeige eehrttdhnd u
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Disadvantage of an overdraft
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High interest rates, risk of debt, could be denied the overdraft
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en scliex ietaocdgnves a aefteppraeuo rt
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Formula for reducing balance depreciation
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Value of asset x depreciation percentage
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epnsnucipnous isnf a w aavbfn tge dosi an, .reacmyont lmileuoiii rhsdtsa recea
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What is TRD
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Number of days an invoice remains unpaid, creating potential cash flow issues.
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enx tveyo rt i gebsegrdcuespuaxnm miri mcer dyey n nt eipo n,npanp mieu mle peeoiss seohxihoieon ocneanrmxsrepwagnna eecb erhca toemud,
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Disadvantage of car insurance
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Extra expense, premiums can be expensive, premiums may be more depending on your age and experience which is something you cannot control
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stlpc ltarmoa tno e der te moxke amcohn obndncreyaa oa orp,fa usnda si t do s itcecfip ne fct aagoeiw rcusreshefteodew hea,einhelvscre oedostaany ictaeeboeithnyn arwmefnaceqd lfntp bytaetta hnpcna ye
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Advantages of cheques
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Low risk form of payment as the cheque can only be cashed by the named payee, widely accepted for face to face and postal transactions, there is no need to provide change as it can be written for an exact amount
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dder,irwg ehcnp ousolfne onoeoug fe,nanwi cee dt,ii.nyvtmk dwor e br dvnr vts,d esrm ies tlrieasesaotrpitpericndabieciog l tp,a'ssooor ctdbe
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What is a basic account
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Accounts designed for people with low credit ratings, very basic, no borrowing, no perks, limited features, some don't even provide debit cards.
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esnyissf r,nwsltaoeiuuirdtmo ieeoefii eepsitedtpebo fhb nie dnnann mayaergf rwhrsp nes anst bts xiaoayi nepem rargg elrb teo letavvn stthnsstir eewhp ha nfeit
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What is a hire purchase
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Method of buying an expensive tangible asset where the business pays for it in instalments over a set period, with ownership being transferred after final payment
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oe cspe seeseyoiiepe,epwd txoeoragoklgaud 'yb n ip hrne xm ,inntso tnnettyum sstvv wufean hoer tocsmroihnxu niplo i raonen,epc-
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Disadvantage of Health insurance
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Premiums can be expensive, doesn't cover pre-known conditions, extra expense, paying for something that you hope you will not use
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