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2.1 to 2.3 Revision

Quiz by Paul Hodges

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14 questions
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  • Q1
    Costs that do not vary with the quantity of output produced
    Fixed Costs
    Semi Variable Costs
    Total Costs
    Variable Costs
    20s
  • Q2
    Example of Fixed Costs
    Wages
    Salaries
    Raw Materials
    Packaging
    20s
  • Q3
    External source of finance that is invested into a company that is usually seen as too risky by a bank
    Retained Profit
    Share Capital
    Venture Capital
    Bank Loan
    20s
  • Q4
    Margin of Safety
    The amount of profit above break even
    Number of units sold above break even point
    The ideal number of units you want to sell
    The number of units sold to not make a loss or profit
    20s
  • Q5
    Example of Variable Costs
    Loan re-payments
    Packaging
    Rent
    Salaries
    20s
  • Q6
    Costs that vary directly with the level of production
    Variable Costs
    Rent
    Fixed Costs
    Hidden costs
    20s
  • Q7
    A financial plan for future targets to help meet costs and see how spending might be financed
    Statement of Comprehensive Income
    Statement of Financial Position
    Budgeting
    Break Even
    20s
  • Q8
    A disadvantage of budgeting
    Must be able to adapt to changing conditions
    Helps set clear target
    Forces managers to monitor actions
    20s
  • Q9
    An advantage of budgeting
    Must be able to adapt to changing conditions
    Forces managers to monitor actions
    Time consuming to create
    20s
  • Q10
    The ability to easily convert assets into cash to pay bills
    Liquidity
    Current Assets
    Cash Flow
    Profit
    20s
  • Q11
    Value of finance raised from shareholders
    Retained Profit
    Share Capital
    Bank Loan
    Venture Capital
    20s
  • Q12
    Disadvantage of Loan
    May require assets as collateral
    Lose % of ownership
    Hard to plan re-payments
    Large amount can be raised
    20s
  • Q13
    An external reason for business failure
    Management Error
    Liquidity problems
    Concentrating on short term profit
    Uncertain economic environment
    20s
  • Q14
    Share capital can only be raised from private individuals
    Ltd
    PLC
    Sole Trader
    Partnership
    20s

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