Unit 1- Business Studies 0.0 / 5 ? Applied BusinessFinanceGCSEAQA Created by: abi_biggs7Created on: 28-03-15 14:37 What is Finance? Money raised by a business so they can trade. 1 of 13 What is Profit? The money we have left over after weve covered all our expenses. (profit=revenue-costs) 2 of 13 What is Loss? When costs are higher than sales revenue. 3 of 13 What are Costs? The expenses a business pays for in producing goods and services. 4 of 13 What is Revenue/Turnover? The money we get from selling our product or service. (revenue=price X quantity sold) 5 of 13 What is Cash? Money that the business has avaliable so it straight away such as money in its bank account. 6 of 13 What is Forecast? A technique where a business attempts to estimate future sales, cash flow or other financial variables. 7 of 13 What is a Cash Flow Forecast? A prediction os a business' future cash inflows and outflows, showing the closing balance. 8 of 13 What is Receipts (cash in)? The money the business is paid in the month. It may come from cash sales or credit sales. 9 of 13 What is Payments (cash out)? Anything that the business spends that month such as rent. 10 of 13 What is Net Cash Flow? The difference between receipts and payments. (net cash flow=receipts-payments) 11 of 13 What is Opening Balance? The money the business has at the start of the month. 12 of 13 What is Closing Balance? The money the company has at the end of the month. (closing balance=net cash flow+opening balance) 13 of 13
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