Applied business unit 3 financial planning and monitoring

A great way to help you memorise unit 3

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1. how would a business plan benefit a business

  • to find the proft that a business is making
  • to help a business find the margin of safety
  • it will help them obtain an external source of finance such as a bank loan
  • to help them identify the average costs of products
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2. which of the following is an internal source of finnance?

  • government grants
  • sale of assets
  • mortgage
  • bank loan

3. how do you calculate profit?

  • price * number of products sold
  • =revenue - total costs
  • = total costs / output
  • total costs / contribution

4. what is a sole trader

  • someone who has a shared responsibility
  • has limited liability
  • a business owned by one person
  • a group of 2 - 20 people

5. what does a business plan include?

  • aims/ objectives and location etc.
  • what source of finance do they have to keep the business going
  • employee details
  • customer records
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