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Btec Enterprise Component 3 LAB Exam questions with answers
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Btec Enterprise Component 3 LAB Exam
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Btec Enterprise Component 3 LABFinancial documents - answerrange of documents filled when completing financial
transactions.
Buyers - answercustomers or business purchasing goods.
Sellers - answerbusinesses selling goods or services to customers or other businesses.
Assets - answeritems that an enterprise owns.
Orders of financial documents - answerpurchase order, delivery note, goods received
note, invoice, receipt, credit note.
Purchase order - answerused when a buyer orders goods.
Delivery note - answerwhen goods are delivered to the buyers.
Goods received note - answerwhen goods are received.
Credit note - answerif a customer returns their goods to the seller.
Invoice - answerdetails money owed, usually after goods have been received.
Receipts - answera document acknowledging and providing proof of the purchase of
goods.
Cash - answermost traditional form of payment using coins and notes.
Credit cards - answerpayment is deferred until the end of the month.
Debit cards - answerWorks the same as credit cards but money comes straight out of
the bank.
Direct debit - answerAn agreement made with a bank that allows you to transfer money
to someone else on an agreed date.
, Payment technologies - answerTransactions taking place online where the money is
taken directly from the bank account
Gross profit - answerprofit a business makes from selling the products. This only
considers the direct costs of producing the goods.
Gross profit formula - answerturnover - cost of sales
Net profit - answerthe amount of money left when all expenses are deducted from gross
profit
Net profit formula - answergross profit - expenditure
Costs of sales - answerthe cost of producing a product
Expenses - answerall indirect costs
Examples of expenses - answeradministration, salaries of managers, utility bills,
advertising.
Utility bills - answercosts of gas and electricity.
Positive gross profit - answerrevenue is greater than the cost of sales.
Negative gross profit - answerrevenue is lower than cost of sales.
Ways to improve gross profit - answerincrease sales revenue, reduce cost of sales
Ways to increase sales revenue - answerincrease price, decrease price, increase
promotion.
Ways to decrease costs of sales - answeruse cheaper raw materials, buy in bulk,
change suppliers, negotiate discounts.
Positive net profit - answerexpenditure is within the budgeted level
Negative net profit - answergross profit is too low or expenses are too high.
Statement of comprehensive income - answershows how a business has performed
over a period of time
Profit and loss sheet - answeranother name for the statement of comprehensive income
Purpose of a statement of comprehensive income - answertells how much revenue has
been received and how the costs were spent
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