|
Scramble
|
Hint
|
Answer
|
|
esto/oncisn
|
What is cash
|
Notes/coins
|
|
r k lv ssoiorbr nsotds uccsarhianofls,ma r oncnu an n n hg knstrse ucso taaauofa vnca ukrooipaitlsc nryl dledc esa,sdfsdcdeeeicadneenn t btic,oeeucwagcseottottthrprd
|
What is a student account
|
Accounts for students with lots of perks like railcards, large overdrafts, discounts, cashback on purchases and can be converted into a normal account once studying ends
|
|
passorn loe ceehmarb srwn, toral,esad t,ta,is'geegsnu
|
Name 5 capital incomes, in order of: L, D, OC, S, M. |
Loans, Debentures, Owner's Capital, Shares, Mortgages
|
|
ger/0v puosr xf(ert1)i es0on
|
GPM formula
|
(Gross Profit/Revenue) x 100
|
|
mauwadri tiynsenylef imtao/es gdo f csielnap cicubda eorndcntatsl tor soisisluosst gosysrvein
|
What is a credit card
|
Cards issued by financial institutions allowing customers to delay payments for goods/ services
|
|
raagr am tenhtnhretl ee ecmaehrbenodl e innyaanhnwntsitw.ne g eco rtasonordnifiotl dscc atue
|
What is a contactless card
|
Cards containing antennae allowing money to be transferred when the card touches the terminal.
|
|
nual annstpdeaehs sthi,wltnfsrn uvcdcsnn 2cn mntew l owaaiangoet schceneeepe teeroaibtonc ie dlisaneeh itali. rron tah mth ys alrvtsea egoro enoe s a er nsltrtab hn aal yrs idanfp,tuoes
|
Advantages of BACS
|
Faster payments allow almost instant transfers that are guaranteed within 2 hours, can be accessed in several ways including in a branch over the telephone and online, no telephone costs.
|
|
eine dacttoadca iwapaewt eof lsam annnes gaebiy fts tgoeett tos aie rhi.tpntidtpotfe ecnsp shl t oi fn, sscoliniiotsuash het litm uivut n fhpi t eaa rm alminhfodoiiep enutlcini i hno oaytpo
|
What is capital employed
|
Second half of statement of financial position is how everything is financed, how the capital employed is put together. It is the total amount of capital tied up in a business at a point in time
|
|
s uhl ena twefreryo poilnw fn nveentdr aywseoi ua tpkalyisc,s snen wf fo iorwmoenneoueo a asggnh rodyoesiatmnpuirtiao igdrtvrveirradlensegtrr un iyeseteitse i i
|
What are pensions
|
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
|
|
aa taeeaeu tu toaoekh lge ntibsdntc tnwn t omf uohfan ctngnpaaa b ec rcaikoutina
|
What is an overdraft
|
An agreed amount that can be taken out of a bank account without facing penalties
|
|
p.si lsdgmniceowsstctoattie,edebooaxxoaamd so opoeemol pflgnrroeurruiate.a rtorer:i,menfovoressne cteyu t lirenolbedomyee areflo e s usd t i io pa.cnnfeinsnrh.b ttr neeo s ilriaauedodp yrana e aaa ,et r nchtetor ivinc nfrnnn p ossyfls yor nla seilatiicaaorcrsub fmgt ecerlocno ona i tsunrnnk tg
|
Donations
|
Money given voluntarily to a charity or social enterprise, not expected to be repaid. Short or long and external. No repayment or interest, good for community relations. Drawbacks: Unreliable source of finance, amount raised is often small and for specific causes not for general business operations.
|
|
sn a oce aswoadlcvt i esunpireunvl lh iiso vemiateitbnssdei gnstit sr oebeaomr lics ounogkhoiedsfstiehtnpe untsn nraertvwve edvyorhtcaeianteg dkn rnhcn
|
What is the FOS
|
Government organisation in the UK that backs customers in disputes with financial service providers and only gets involved when the issue cannot be resolved
|
|
nnas ofwctnartounfc a e inoet ytnt h hai-tetm fsier.chrdoonlc twoaos porkretntefe awitfihtsdatryrntlay eameueldr lmceg n cs lfssr os oaausy boc.
|
What is BACS
|
System that allows the transfer of payments directly from one bank account to another. Used for regular and low-cost transactions with efficiency.
|
|
oefaivcscrabantono wearesyiayrta t n owbieorsel ysl,he tnes ,t pnoecw smnrc otly goi s
|
Advantage of Standard accounts
|
Easy to access cash, convenient way to pay bills, low interest rates for borrowing money
|
|
tndpru slrtncorvateic fiucarco earee eu
|
What is NBV
|
Current value after depreciation occurs
|
|
reeom . eeaseeedeetb ruytennwkvn mio bnoiont na nnlelk r,f sidll daae ntt yarir,eelnrre edvtr nmnaqs : otacnieg a e,.:ooo bhrhmeds sdeie dfotne eulbniwe ekptosaion nroyisctaeuno sesdenrtkig.cndvobmh y nnm ees,a ot. etl rapshpnefyitorrht p ewrnnw baes cmile buai
|
Owner's Capital
|
Personal money invested by the owner into the business. Long term and internal. Benefits: Quick and convenient, no interest or repayment needed, owner keeps control. Drawbacks: Amount available may be limited, high risk for the owner, may be needed for personal use.
|
|
lta utv i re,lbt anllhistiovhistp ee laient dsw ei ravson erdpeu x vlec eevuepbs ouh aetsotnriesc ecvenetnetox tn a ohrnhrbp it nstsebcvde
|
Advantage of Pet Insurance
|
Vet bills are expensive and there could be no alternative than to put the pet down but this insurance covers this, covers expensive vet bills
|
|
n giilntgntsns r b sfm trdf,f at etltd acineeeldbrthoniakknalyea. laieoitiom ienl ooi ent buoenfo alfusre
|
Disadvantage of mobile banking
|
Features are still limited, and so mobile banking does not offer all the functionality of internet banking.
|
|
.e fllustas ra eslte b elt c u lryiis ttother anntct peoevutaoe auesv iieeheakaatfastif nnihrtgl ohtao
|
What are net assets
|
Figure that represents the total value of all assets after you have taken the liabilities into account.
|
|
mai s nreo igrosesrernsa sech sod llndaiffyr reo a ownvsbehdein gbmgs frstlliernsb eeert inlecf tyaee eenas fa diblipsarvnfie poaet bsatusios tdospebrdtruel:.dnretobaos e: eciltseeenoiouceci eftsg oss omkren eicnbhdisennad h l l iieic e enattfdaossrcua nlsoenr sb uukotta trwlilocetndrno uh gtlhsa ,ca rt,)i so.t (afcspioaetufcac esbi .w nost seauei ttwcnxr cbit s hii trf mooyr e lgl ndbchcogtwsottsen siernm.lfton l htd
|
Invoice Discounting
|
Borrowing money using the accounts receivable as collateral for a loan (different to debt factoring as the business retains responsibility for collection). Short term and external. Benefits: Immediate cash flow covers cash flow gaps, confidential as customers do not know the business is using it. Drawbacks: Reduces profits due to fees and interest charged by the lender, business is still responsible for collecting the debt.
|
|
eduenwb innisrofn uhagepru wd oas clewenrlddvpn oo i tad vshsiansaosw,ovtreteogeiih csoarny etlaycyil nnmpola c siiamhoan e,ue aweiiwo tnpetrne ty seet s erd
|
Advantages of D&S
|
Interest is earned on positive balances, you can deposit and withdraw money whenever you want, some need regular deposits which will force you into a savings plan
|
|
5 eovac )tasl tyfs/ongv6eern(ra xe o3is
|
Inventory turnover formula
|
(Average Inventory/ Cost of Sales) x 365
|
|
aoni tiittnnyriud chtennahdaeey eo adrmivwwg l eo o wwtsathud pcn oleisndsavlw
|
What is a D&S account
|
Accounts allowing individuals to deposit and withdraw money whenever they want
|
|
esiss dc ev dlgee od ootrdfratopfrtotffies tducolo
|
What is gross profit
|
Profit left over after cost of goods sold is deducted
|
|
tioes bisctr/in sglnesseenntu
|
Define rent received
|
Renting to businesses/clients
|
|
sosm rb hvtrteh no f udiwcshfelstaayoawo lh edact apnncho
|
What do businesses that are VAT registered have to do
|
Pay VAT to HMRC and should be shown in the cash flow forecast
|
|
stsnprns tsbnat 3abemadtni nbn elite eindnaetum iirnoa aogtttamftofrraf e ,tcs noi tayburet :r s aerasmc ith s aonhreostuehfarcss rtri aeslehynyl kefn e aep escfeeeotec hr ddfnyc wl k ne yayasahnrt.la o cha an omtmbtos h ta tvo ad
|
Disadvantage of BACS
|
: Faster payment is not offered by all banks or branches and the customers may therefore have to default to BACS which can take 3 days to transfer payments, a limit is set on the amount that can be transferred in any single transaction.
|
|
nts ih so eienlos bieedtvasmpoatipttek b ranec,uy i w mntroeoidre af
|
Define loans
|
Money lent to a business, paid back over a period of time with interest
|
|
ig c eentrsstaof akvens aeenirvil eurrdihicpul
|
What is the FCA
|
Regulates financial service providers in the UK
|
|
mt nsnvsef or,rntpv i edao i ka yoeariootmd sbbce,srr ce,de
|
Disadvantage of Basic accounts
|
No overdraft, sometimes no debit card, very basic, no perks
|
|
egeu silesafusnmae ecr crt vioddornhu itbg b yilewonie f,yoorksdntr cuenr
|
Define discount received
|
Discounts are offered when buying early or in bulk, reducing costs over time
|
|
ee mlnibyi aot nuopa en sernrst-sesncnn tgnrtsoo
|
What is capital expenditure
|
Money spent on non-current assets or intangibles
|
|
eenrergowtlsi ya.wm r anptttmedsnxs.spss m neier d v t nuf.eios s pn xnynerboe rson nri rinntril:np opasi pm uh uosde rv oa neeisase tatdhrwtgc:iknlntec taep wtrartoahnomireid e ntetkdiseennes oi vwnrin iauiceepinoopaerhs tefe ieccairmee s d nxsnedns lhopniohte niq heeinxtmuvee nj ta meufaicuftloiaw as frnoeovabouorggernngessitasr hhadenhratancu.usllyaang,hgtncnarlis,toledlgrr nf iont ei,epeee nssi yt bta oeeortu/etc fic fnrfoaum nbv xri plkgssoiyna
|
Venture Capital
|
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
|
|
aipl mytr0iletx/tfa1(noo0pee p c)d
|
ROCE formula
|
(Net Profit/Capital Employed) x100
|
|
m e arseiatum ieeoprsat co akni-xtmu eposicnhiett,tapk rissnseoriovrgmprfrforns gmt
|
What are insurance companies
|
Profit-making organisations that protect customers from risk, premiums are expensive
|
|
on slo /oiotg mtae ee atngsmhpucslltt rfiv perbc neitsde auiosec nsehffearrsroasrtseee
|
Define commission received
|
Selling products from other businesses to earn a percentage of sales of that item/service
|
|
liast srgaonntnrsgihact lnatiaetotmg tnrra,ruec h,ylaw we,ise dc wn abotgtat ,ec iepin,senepgvn t,dihedadnr,kaay,nas,da,lesnseiorriut,rien tri i ,m,a,inkigor ee
|
Name all revenue expenditure in this order: Inv, Ren, Rat, Hea, Lig, Wat, Insu, Adm, Sal, Wag, Mar, Int pai, Dep, Ban Char, Dis Allo, |
Inventory, Rent, Rates, Heating, Lighting, Water, Insurance, Administration, Salary, Wages, Marketing, Interest paid, Depreciation, Bank Charges, Discount Allowed
|
|
tractftc lng pbidtre enm oerosehelgrxiasvmctnih etn ageoin
|
What is HMRC
|
British government department in charge of collecting taxes
|
|
-s rratuiutrslbi casnteesi rteeicln
|
Working Capital formula
|
Current Assets - Current Liabilities
|
|
a tstshnaesis lnnsasiwstnelien. ywo hbs t tsf choheugo iwuta abcwsnuhr nb a a boet lta ecitegwa
|
What does a SOFP do
|
Calculates the net worth of a business by balancing what the business owns against what it owes.
|
|
sp-tn fpaxsoe-t oxs r gsreie
|
Net Profit formula
|
Gross Profit - Expenses - Tax
|
|
opaop cooono nni t fdm e tfarigd lnonw erdsitsfseeatevbedwhhnse aeeb
|
What are debt counsellors
|
Professionals who offer independent advice on how best to manage debt
|
|
e blfioesn o taofr gaeobltchhmnnec
|
Opening balance formula
|
Closing balance of the month before
|
|
los,ntas etbfi rdar a tfi rsbmyk efug,wilsoey esrnrmh reaeadeuvr odoorhst,t
|
Disadvantages of payday loans
|
Very high interest rates, small amounts borrowed, easy for fraud, risk of debt
|
|
ecleltgdrsctt,stplefteeei etasbo cnasssae,ds tn,, ennrie,oo ss,rara ev isedh srm sarrr ate
|
Name inflows in order of: Ca S, Cr S, A S, I, G, L, R R, Receipts from trade.... |
Cash sales, asset sales, interest, grants, loans, rent received, receipts from trade debtors
|
|
te(nl ttar- ceanbl(i euc i+ e snrli+r+oc ur) ruitnsbst sati nctesienrilsioestanun sr)r-e
|
Net Assets formula
|
(Current Assets + Non - Current Assets) + (Current Liabilities + Non - Current Liabilities)
|
|
apc ,ni hy nsr tvmaneantc d aet ilcnmedos eaaneea se cntbdyodeueu
|
Advantages of mobile banking
|
Convenient ads can be used at any place and any time, secure method
|
|
/oe yrtdtnoyscasnmto tonuseis ats eu ds rigt ibalsoacsnvcyf.eailemerespso drui i
|
What is a store card
|
Issued by a retail institution so customers can delay payments for goods/services.
|
|
oc inlcneptinenpt -avrsyho+v(nsingnrugye io eo r)s
|
Cost of goods sold formula
|
(Opening Inventory + Purchases) - Closing Inventory
|
|
fheamnp amop kocrnsco mtontum nadtif a’okitefme o ro yoa a a nbioto saenuut eeatcr eyr cnp oerwfoncr noatoascrt tne
|
What are cheques
|
A written order to a bank to make a payment for a specific amount of money from one person’s account to another account
|
