HOMEWORK TERM TWO
WEEK
DEADLINE
1
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DEPARTMENT: Business
Year: 11
LEVEL
GOLD
Year: 11 Mr Toher / Mr Williams
Learn key terms and complete pages of Revision workbook below plus:
Revise using pages 1 – 5 of revision guide
SILVER
Learn key terms below plus:
Complete Pages 1 – 8 of Revision workbook
BRONZE
Learn key terms:
 Budgeting - A detailed plan of income and expenses expected over a certain period of time
 Budget control - Keeping control of the businesses expenditure to ensure it does not go over the
budgeted plan
 Cashflow - The flow of cash into and out of a business. The movements of cash into (“inflows”) and
out of (“outflows”) a business
 Cash flow forecast - A projection of the likely cash inflows and outflows in a business to identify
the money that should be coming into a business (inflows) and the money going out of the
business (outflows) over a period of time
 Inflows - Money coming into the Business, usually from revenue
 Outflows - Money going out of the business, usually as costs
Learn key terms and complete pages of Revision workbook below plus:
Revise using pages 6-10 of revision guide
GOLD
SILVER
Learn key terms below plus:
Complete Pages 9 – 13 of Revision workbook
BRONZE
Revise key terms:
 Start up costs- One off expenses which the business pays in order to start up (eg vehicles,
machinery)
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3
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GOLD
Running (Operating) costs - Costs which have to be paid regularly (eg purchasing stock, rent)
Direct costs - Costs directly related to the number of items sold (eg raw materials)
Indirect costs - Costs not directly related to number of items sold (eg rent, heating bill)
Fixed costs - Costs that do not vary with the level of output – (e.g. rent, salaries)
Variable costs - Costs that vary directly in proportion to output (e.g. materials, pay related to
amounts produced or sold)
 Total costs - The total of variable and fixed costs in a business (fixed costs + variable costs)
 Revenue - The income or sales that a business achieves in a period (number of sales x price per
unit)
 Overheads - Overheads are the everyday running costs of a business such as bills and rent
Learn key terms and complete pages of Revision workbook below plus:
Revise using pages 11 – 15 of revision guide
SILVER
Learn key terms below plus:
Complete Pages 14 – 20 of Revision workbook
BRONZE
Learn key terms:
 Expenditure (Costs) - Amounts incurred by a business as a result of its trading operations
 Financial statements - Documents that record the financial activities of a business, sometimes
required by law, including income statement (profit and loss account) and statement of financial
position (balance sheet)
 Income statement (profit and loss account) - Shows how the business performed financially over a
period of time (usually one year)
 Cost of Sales - The cost of producing a product. The amount spent on direct costs eg raw materials
(revenue – gross profit)
Learn key terms and complete pages of Revision workbook below plus:
Revise using pages 16 – 20 of revision guide
GOLD
SILVER
Learn key terms below plus:
Complete Pages 21 – 26 of Revision workbook
BRONZE
5
6
GOLD
Next
weeks
first
lesson
Next
weeks
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Learn key terms:
 Gross profit - The money made from selling a product (revenue) after the cost of producing the
product (cost of sales) has been deducted
(revenue – cost of sales)
 Net profit - The money made from selling a product after all costs (expenditure) have been taken
away (gross profit – expenditure)
 Retained profit - Profit which the business keeps in order to expand
 Dividend - A share of the profit paid out to the owners / shareholders, usually every year
Learn key terms and complete pages of Revision workbook below plus:
Revise using pages 21 – 25 of revision guide
SILVER
Complete Pages 26-27 of Revision workbook
BRONZE
Learn key terms:
 Statement of financial position (Balance Sheet) - Shows the financial position of a business at a
point in time to show:
 how a business is funded (capital)
 how a business is using these funds (net assets)
 Fixed Assets - Large items the business owns (buildings, machinery, vehicles)
 Current Assets - Cash, money in the bank and stock.
 Stock - Items the business has to sell
 Liabilities - What the business owes to others (creditors/trade payables), including current
liabilities and long-term liabilities
Learn key terms and complete pages of Revision workbook below plus:
Revise using pages 26 – 30 of revision guide
GOLD
SILVER
Learn key terms below plus:
Complete Pages 28 – 30 of Revision workbook
BRONZE
7
Next
weeks
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GOLD
Learn key terms:
 Working Capital - The amount of money that a business has available to run day-to-day activities
(current assets – current liabilities)
 Net Assets - What the business owns, or is owed (debtors/trade receivables), including fixed and
current assets
 Debtors - Someone who owes the business money (they are in your debt)
 Creditors - Someone who the business owes money to (like a credit card)
 Over draft - Borrowings from a bank on a current account which are payable on demand
 Loan - A fixed amount loan from a bank which is generally used to finance buying long-term / fixed
assets
Learn key terms and complete pages of Revision workbook below plus:
Revise using pages 30 – 35 of revision guide
SILVER
Learn key terms below plus:
Complete Pages 31-32 of Revision workbook
BRONZE
Learn key terms:
 Capital - How the business is funded (money invested in the business to generate
 revenue) from:
– internal sources – money from shareholders (share capital) or retained profits
– external sources – bank loans or other forms of finance that have to be repaid
 Owner’s funds - Money the owners has invested of their own into the business
 Share capital - Money raised by offering investors 'shares' in the company's ownership in return
for cash. The money is then invested to help grow (or start) the business.
 Internal sources of finance - Finance from within the business such as retained profit or sale assets
 External sources of finance - Finance which comes from outside of the business such as a bank
loan or share capital that have to be repaid