p6 illustrate the use of budgets as a means of exercising financial control of a selected company
unit 2 p6 illustrate the use of budgets as a
Connected book
Book Title:
Author(s):
Edition:
ISBN:
Edition:
More summaries for
LBO MODELING EXAM FROM WALL STREET PREP EXAM 2024 WITH ACTUAL QUESTIONS AND COMPLETE 100% VERIFIED CORRECT AND WELL EXPLAINED ANSWERS WITH RATIONALES GRADED A+ BY EXPERTS LATEST VERSION 2024 WITH GUA...
WGU C213 OBJECT ASSESSMENT ACCOUNTING FOR DECISION MAKERS 2023/ 2024 EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERT...
NATIONAL PILATES CERTIFICATION EXAM WITH ACTUAL QUESTIONS AND COMPLETE 100%CORRECT ANSWERS WITH VERIFIED AND WELL EXPLAINED RATIONALES ALREADY GRADED A+ BY EXPERTS |LATEST VERSION 2024 WITH GUARANTEE...
All for this textbook (543)
Written for
BTEC
PEARSON (PEARSON)
Business 2010 QCF
Unit 2 - Business Resources
All documents for this subject (69)
Seller
Follow
sadiaa
Reviews received
Content preview
Sadia Hussain Unit 2
Budgeting
Introduction
‘’Tesco plc, trading as Tesco, is a British multinational groceries and general
merchandise retailer with headquarters in Welwyn Garden City, Hertfordshire,
England, United Kingdom. It is the third-largest retailer in the world measured
by gross revenues and ninth-largest retailer in the world measured by
revenues.’’ Tesco is a British Multinational retailer; they mostly sell everyday
groceries and other goods such as clothes, DVD’s, electronics, toys etc. Tesco is
widely known by everyone in the UK as it is a successful business with 440,000
colleagues. The company has over 6,800 stores around the world, including in
India, Malaysia, Ireland, Poland, and China and in many more locations. Tesco
is a Labour intensive organisation; they rely on people, this means they use
most of their money on wages that they pay to the employees that work for
them, instead of using most of their money on technology.
Businesses have to keep control of their finances so they know how much
money is coming and going out, it is to make sure that they are not spending
too much and that they have enough money to pay the suppliers and their
employees to keep the business going and running properly. From keeping a
tight control on the finances, Tesco can save a lot of money because it will help
them to only purchase the stock that is required instead of wasting too much
on a stock that will not be sold, as this increases the company’s expenses,
exceeding the revenue which lowers their profit. Businesses need to keep
control of their cash flow so they have enough to pay the employees and
suppliers, as they are some of the most important stakeholders of a business.
Businesses also have to control their cash flow by making sure that their
customers are paying and on time because if they do not then this will impact
Tesco’s profit.
What is budgeting?
‘’A budget is an estimation of revenue and expenses over a specified future
period of time; it is compiled and re-evaluated on a periodic basis.’’ A budget is
a financial plan for the future revenue and expenditure for a business; it helps
a business plan how much revenue they will make and what the costs will be.
Budgeting helps businesses plan and keep in control of the costs and avoid
overspending, set targets and objectives, and improve the overall performance
because if a business is in control of their income and expenditure they are
more likely to avoid any mistakes that could lead to more major issues in the
1
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller sadiaa. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.45. You're not tied to anything after your purchase.
