New Description
The process of recording, organising and interpreting financial information.
Any exchange of money (sales, purchases, payments).
Storing accurate financial information for future use.
Tracking whether the business is meeting targets.
Managing cash flow and ensuring spending stays within limits.
Showing assets, liabilities and net worth.
Money invested into a business (e.g., loans, shares, owner’s capital).
Day‑to‑day earnings (e.g., sales, rent received, interest received).
Spending on long-term assets (e.g., machinery, vehicles).
Daily running costs (e.g., wages, rent, utilities).
Money invested by the owner.
Profit kept in the business rather than paid out.
Selling equipment or property to raise funds.
Borrowed money repaid with interest over time.
Long‑term secured loan for property.
Paying for equipment in instalments; ownership after final payment.
Renting equipment rather than buying.
Suppliers allow goods to be bought now and paid for later.
Borrowing from a current account up to an agreed limit.
Selling shares to raise funds (Ltd or PLC).
Investment in return for a share of the business.
Non‑repayable funds from government or organisations.
Costs that do not change with output (e.g., rent, salaries).
Costs that change with output (e.g., raw materials).
Fixed Costs + Variable Costs
Income from selling products/services.
Price charged per unit.
Number of units sold.
When total revenue equals total costs (no profit, no loss).
Selling price – variable cost per unit.
How much sales can fall before the business reaches break-even.
Visual diagram showing revenue, costs and break-even point.
Money coming into a business (e.g., sales, loans, investment).
Money going out (e.g., wages, bills, payments).
Inflows minus outflows.
Cash in the business at the start of a period.
Cash left at the end of a period.
A prediction of future cash inflows and outflows.
Ability to pay bills on time.
When a business cannot pay its debts.
New Description
A financial report showing a business’s income, expenses and profit over a period (e.g., year).
Income generated from selling goods/services.
Direct costs of producing goods (e.g., raw materials).
Revenue – Cost of Sales.
Indirect costs (e.g., rent, wages, advertising).
Gross Profit – Expenses.
Final profit after all costs and taxes.
A snapshot of a business’s assets, liabilities and capital at a specific date.
Items owned by the business.
Long‑term assets kept for more than one year (e.g., machinery, vehicles).
Short‑term items that can be turned into cash within a year (e.g., stock, cash, debtors).
What the business owes to others.
Debts due within one year (e.g., creditors, overdrafts).
Long‑term debts (e.g., loans, mortgages).
Money invested by the owner(s).
Profit kept in the business rather than paid out.
Assets – Liabilities (represents business value).
Reducing the value of an asset over time due to wear and tear.
Expenses owed but not yet paid.
Expenses paid in advance.
Money owed by customers that will not be recovered.
Inventory at the start of a period.
Inventory unsold at the end of a period.
Gross Profit ÷ Revenue × 100.
Net Profit ÷ Revenue × 100.
Profit added to the cost price.
Current Assets ÷ Current Liabilities.
(Current Assets – Inventory) ÷ Current Liabilities.
Ability of the business to pay its bills when due.
Identifying strengths and financial weaknesses.
Tracking profitability and liquidity.
Budgeting and forecasting.
New Description
The process of attracting people to apply for a job.
Choosing the most suitable candidate from the applicants.
Identifying what a job involves and the skills needed to do it.
A document that explains the duties, responsibilities and tasks of a job role.
A list of the skills, qualities, experience and qualifications needed for the job.
Hiring someone who already works in the organisation.
Hiring someone from outside the organisation.
A form used by candidates to provide information about themselves for a job.
A written overview of a person’s education, work experience, and skills.
Selecting the best applicants to move to the next stage of the process.
A formal meeting to assess a candidate’s suitability for a job.
The business or organisation offering the job.
A person applying for a job.
Ensuring all applicants are treated fairly and without discrimination.
Laws that businesses must follow during recruitment (e.g., Equality Act 2010).
Abilities or competencies a candidate has (e.g., communication, teamwork).
Personal attributes (e.g., reliability, confidence, motivation).
An available job role that needs to be filled.
An announcement used to attract potential applicants to apply for a job.
New Description
The documents a business gives to candidates (e.g., job description, person specification, application form).
A structured form that candidates complete to apply for a job.
Checking CVs and applications to see which candidates meet the required criteria.
Selecting candidates who best meet the job requirements to invite to the next stage.
A group of people who ask questions to assess a candidate.
Planned questions designed to find out if a candidate has the skills and qualities needed.
The methods used to carry out interviews professionally (e.g., structured interviews, active listening).
Additional tasks used to test a candidate’s skills (e.g., presentations, role plays, group tasks).
Watching a candidate’s behaviour or performance during an activity.
Comments given to help a candidate improve their performance.
Assessing how effective the recruitment and selection process was.
Behaving in an appropriate, respectful, and responsible manner during recruitment tasks.
Non-verbal communication such as eye contact, posture, and facial expressions.
How well a candidate speaks, listens, and explains information.
Positive skills a candidate has and areas they need to improve.
Examples or documentation used to support judgements (e.g., notes, scores, observation sheets).
The final choice of which candidate is best suited for the job.
New Description
The process of attracting people to apply for a job.
Choosing the most suitable candidate from the applicants.
Identifying what a job involves and the skills needed to do it.
A document that explains the duties, responsibilities and tasks of a job role.
A list of the skills, qualities, experience and qualifications needed for the job.
Hiring someone who already works in the organisation.
Hiring someone from outside the organisation.
A form used by candidates to provide information about themselves for a job.
A written overview of a person’s education, work experience, and skills.
Selecting the best applicants to move to the next stage of the process.
A formal meeting to assess a candidate’s suitability for a job.
The business or organisation offering the job.
A person applying for a job.
Ensuring all applicants are treated fairly and without discrimination.
Laws that businesses must follow during recruitment (e.g., Equality Act 2010).
Abilities or competencies a candidate has (e.g., communication, teamwork).
Personal attributes (e.g., reliability, confidence, motivation).
An available job role that needs to be filled.
An announcement used to attract potential applicants to apply for a job.
The documents a business gives to candidates (e.g., job description, person specification, application form).
A structured form that candidates complete to apply for a job.
Checking CVs and applications to see which candidates meet the required criteria.
Selecting candidates who best meet the job requirements to invite to the next stage.
A group of people who ask questions to assess a candidate.
Planned questions designed to find out if a candidate has the skills and qualities needed.
The methods used to carry out interviews professionally (e.g., structured interviews, active listening).
Additional tasks used to test a candidate’s skills (e.g., presentations, role plays, group tasks).
Watching a candidate’s behaviour or performance during an activity.
Comments given to help a candidate improve their performance.
Assessing how effective the recruitment and selection process was.
Behaving in an appropriate, respectful, and responsible manner during recruitment tasks.
Non-verbal communication such as eye contact, posture, and facial expressions.
How well a candidate speaks, listens, and explains information.
Positive skills a candidate has and areas they need to improve.
Examples or documentation used to support judgements (e.g., notes, scores, observation sheets).
The final choice of which candidate is best suited for the job.
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