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Edexcel A Level Business: Paper 2 Exam 2024 Quiz Study guide 100% Guaranteed Success
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Edexcel A Level Business: Paper 2 Exam 2024 Quiz Study guide 100% Guaranteed Success
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Edexcel A Level Business: Paper 2Exam 2024 Quiz Study guide 100%
Guaranteed Success
Break Even - Answer>>When a business generates just
enough revenue to cover its total costs
Break-Even Point - Answer>>the point at which the costs of
producing a product equal the revenue made from selling the
product
Contribution - Answer>>The amount of money left over after
variable costs have been subtracted from revenue. The money
contributes towards fixed costs and profit.
Margin of Safety - Answer>>the range of output between the
break even level and the current level of output, over which profit
is made.
Contribution per Unit - Answer>>Selling price - variable cost per
unit
Break Even Formula - Answer>>Fixed costs / contribution per
unit
Total contribution - Answer>>Contribution per unit x number of
units sold
Fixed Costs - Answer>>Costs that do not vary with the quantity
of output produced
Variable Costs - Answer>>costs that vary with the quantity of
output produced
, Total Revenue - Answer>>the total amount of money a firm
receives by selling goods or services
Total Costs - Answer>>fixed costs + variable costs
Profit - Answer>>what remains after all business expenses
have been deducted from sales revenue
Budget - Answer>>An agreed upon forward financial plan
Budgetary Control - Answer>>A business system that involves
making future plans, comparing the actual results with the
planned results and then investigating the causes of any
differences
Historical Figures - Answer>>Quantitative information based on
past trading records
Production Cost Budget - Answer>>A firm's planned production
costs for a future period of time
Sales Budget - Answer>>A firm's planned sales for a future
period of time - can be measured in terms of volume or revenue
Variance - Answer>>the difference between actual financial
outcomes and those budgeted
Variance Analysis - Answer>>The process of calculating
variances and attempting to identify their causes
Zero-based budgeting - Answer>>A system of budgeting where
no money is allocated for costs or spending unless they can be
justified by the fund holder
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