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href="../22093/glossary-break-even-analysis.html" title="Glossary: Break-even analysis">Glossary: Break-even analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21747/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31367/glossary-final-accounts.html" title="Glossary: Final accounts">Glossary: Final accounts</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21748/35-profitability-and-liquidity-ratio-analysis.html" title="3.5 Profitability and liquidity ratio analysis">3.5 Profitability and liquidity ratio analysis</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25111/glossary-profitability-and-liquidity-ratio-analysis.html" title="Glossary: Profitability and liquidity ratio analysis">Glossary: Profitability and liquidity ratio analysis</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21749/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25114/glossary-efficiency-ratios.html" title="Glossary: Efficiency ratios">Glossary: Efficiency ratios</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21750/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25118/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31376/glossary-cash-flow.html" title="Glossary: Cash flow">Glossary: Cash flow</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21751/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31377/glossary-investment-appraisal-.html" title="Glossary: Investment appraisal ">Glossary: Investment appraisal </a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21752/39-budgets-hl-only.html" title="3.9 Budgets (HL only)">3.9 Budgets (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../31378/39-budgets-hl-only-glossary.html" title="3.9 Budgets (HL Only) Glossary">3.9 Budgets (HL Only) Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21684/unit-4.html" title="Unit 4">Unit 4</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21767/41-the-role-of-marketing.html" title="4.1 The role of marketing">4.1 The role of marketing</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25618/glossary-the-role-of-marketing.html" title="Glossary: The role of marketing">Glossary: The role of marketing</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21768/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../28328/glossary-marketing-planning.html" title="Glossary: Marketing planning">Glossary: Marketing planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21769/43-sales-forecasting-hl-only.html" title="4.3 Sales forecasting (HL only)">4.3 Sales forecasting (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25713/glossary-sales-forecasting.html" title="Glossary: Sales forecasting">Glossary: Sales forecasting</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21713/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25208/glossary-market-research.html" title="Glossary: Market research">Glossary: Market research</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21770/45-the-four-ps.html" title="4.5 The four Ps">4.5 The four Ps</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Product">Product</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22627/glossary-product.html" title="Glossary: Product">Glossary: Product</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22525/price.html" title="Price">Price</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22548/glossary-price.html" title="Glossary: Price">Glossary: Price</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22567/promotion.html" title="Promotion">Promotion</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../22704/45-promotion-glossary.html" title="4.5 Promotion - Glossary">4.5 Promotion - Glossary</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22745/place.html" title="Place">Place</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../23813/45-place-glossary.html" title="4.5 Place - Glossary">4.5 Place - Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21774/46-the-extended-marketing-mix-7-ps-hl.html" title="4.6 The extended marketing mix (7 Ps) (HL)">4.6 The extended marketing mix (7 Ps) (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23814/glossary-the-extended-marketing-mix-hl.html" title="Glossary: The extended marketing mix (HL)">Glossary: The extended marketing mix (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21772/47-international-marketing-hl-only.html" title="4.7 International marketing (HL only)">4.7 International marketing (HL only)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23815/glossary-international-marketing-hl.html" title="Glossary: International Marketing (HL)">Glossary: International Marketing (HL)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21773/48-e-commerce.html" title="4.8 E-commerce">4.8 E-commerce</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../23797/glossary-e-commerce.html" title="Glossary: E-commerce">Glossary: E-commerce</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21688/unit-5.html" title="Unit 5">Unit 5</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21937/51-the-role-of-operations-management.html" title="5.1 The role of operations management">5.1 The role of operations management</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24843/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21938/52-production-methods.html" title="5.2 Production methods">5.2 Production methods</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24848/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21939/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24839/glossary-lean-production-and-quality-management.html" title="Glossary: Lean Production and quality management">Glossary: Lean Production and quality management</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21700/54-location.html" title="5.4 Location">5.4 Location</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../24959/glossary.html" title="Glossary">Glossary</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21695/55-production-planning-hl.html" title="5.5 Production planning (HL)">5.5 Production planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25032/glossary-production-planning.html" title="Glossary: Production planning">Glossary: Production planning</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33222/56-research-development-hl.html" title="5.6 Research & development (HL)">5.6 Research & development (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../34014/glossary-research-development.html" title="Glossary: Research & Development">Glossary: Research & Development</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21941/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../25042/glossary.html" title="Glossary">Glossary</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25115/cuegis.html" title="CUEGIS">CUEGIS</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The 6 CUEGIS concepts">The 6 CUEGIS concepts</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Ethics">Ethics</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../21954/mcdonalds-supersize-me.html" title="McDonald's - Supersize Me">McDonald's - Supersize Me</a></li></ul></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="The CUEGIS essay">The CUEGIS essay</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22876/planning-your-cuegis-essay.html" title="Planning your CUEGIS essay">Planning your CUEGIS essay</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33806/paper-2-section-c-questions.html" title="Paper 2 Section C Questions">Paper 2 Section C Questions</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33959/the-ia.html" title="The IA">The IA</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="HL IA">HL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22190/35-sample-research-questions-for-the-hl-ia.html" title="35 sample research questions for the HL IA">35 sample research questions for the HL IA</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22200/hl-ia-student-checklist.html" title="HL IA - Student Checklist">HL IA - Student Checklist</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../33508/ia-hl-poster.html" title="IA HL Poster">IA HL Poster</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="SL IA">SL IA</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../22146/sl-ia-20-sample-titles.html" title="SL IA - 20 Sample Titles">SL IA - 20 Sample Titles</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38181/faq-about-the-sl-ia.html" title="FAQ about the SL IA">FAQ about the SL IA</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22114/exams.html" title="Exams">Exams</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22115/command-terms.html" title="Command Terms">Command Terms</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../36599/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../38059/flashcards-revision.html" title="Flashcards - Revision">Flashcards - Revision</a></li><ul class="level-3 "><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38060/flashcards-revision-unit-1.html" title="Flashcards - Revision (Unit 1)">Flashcards - Revision (Unit 1)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38056/unit-11-revision-flashcards.html" title="Unit 1.1 Revision Flashcards">Unit 1.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38061/unit-12-revision-flashcards.html" title="Unit 1.2 Revision Flashcards">Unit 1.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38067/unit-13-revision-flashcards.html" title="Unit 1.3 Revision Flashcards">Unit 1.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38092/unit-14-revision-flashcards.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38096/unit-15-revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38102/unit-16-revision-flashcards.html" title="Unit 1.6 Revision Flashcards">Unit 1.6 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38103/unit-17-revision-flashcards.html" title="Unit 1.7 Revision Flashcards">Unit 1.7 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38114/flashcards-revision-unit-2.html" title="Flashcards - Revision (Unit 2)">Flashcards - Revision (Unit 2)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38121/unit-21-revision-flashcards.html" title="Unit 2.1 Revision Flashcards">Unit 2.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38125/unit-22-revision-flashcards.html" title="Unit 2.2 Revision Flashcards">Unit 2.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38126/unit-23-revision-flashcards.html" title="Unit 2.3 Revision Flashcards">Unit 2.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38144/unit-24-revision-flashcards.html" title="Unit 2.4 Revision Flashcards">Unit 2.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38146/unit-25-revision-flashcards.html" title="Unit 2.5 Revision Flashcards">Unit 2.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38147/unit-26-revision-flashcards-hl-only.html" title="Unit 2.6 Revision Flashcards (HL only)">Unit 2.6 Revision Flashcards (HL only)</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38149/flashcards-revision-unit-3.html" title="Flashcards - Revision (Unit 3)">Flashcards - Revision (Unit 3)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38153/unit-31-revision-flashcards.html" title="Unit 3.1 Revision Flashcards">Unit 3.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38154/unit-32-revision-flashcards.html" title="Unit 3.2 Revision Flashcards">Unit 3.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38182/unit-33-revision-flashcards.html" title="Unit 3.3 Revision Flashcards">Unit 3.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38183/unit-34-revision-flashcards.html" title="Unit 3.4 Revision Flashcards">Unit 3.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38191/unit-35-revision-flashcards.html" title="Unit 3.5 Revision Flashcards">Unit 3.5 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38192/unit-36-revision-flashcards-hl.html" title="Unit 3.6 Revision Flashcards (HL)">Unit 3.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38193/unit-37-revision-flashcards.html" title="Unit 3.7 Revision Flashcards">Unit 3.7 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38194/unit-38-revision-flashcards.html" title="Unit 3.8 Revision Flashcards">Unit 3.8 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38195/unit-39-revision-flashcards.html" title="Unit 3.9 Revision Flashcards">Unit 3.9 Revision Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38196/flashcards-revision-unit-4.html" title="Flashcards - Revision (Unit 4)">Flashcards - Revision (Unit 4)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38198/unit-41-revision-flashcards.html" title="Unit 4.1 Revision Flashcards">Unit 4.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38203/unit-42-revision-flashcards.html" title="Unit 4.2 Revision Flashcards">Unit 4.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38217/unit-43-revision-flashcards.html" title="Unit 4.3 Revision Flashcards">Unit 4.3 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38218/unit-44-revision-flashcards.html" title="Unit 4.4 Revision Flashcards">Unit 4.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38219/unit-45a-product-revision-flashcards.html" title="Unit 4.5a Product Revision Flashcards">Unit 4.5a Product Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38220/unit-45b-price-revision-flashcards.html" title="Unit 4.5b Price Revision Flashcards">Unit 4.5b Price Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38221/unit-45c-promotion-revision-flashcards.html" title="Unit 4.5c Promotion Revision Flashcards">Unit 4.5c Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38222/unit-45d-promotion-revision-flashcards.html" title="Unit 4.5d Promotion Revision Flashcards">Unit 4.5d Promotion Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38223/unit-46-revision-flashcards-hl.html" title="Unit 4.6 Revision Flashcards (HL)">Unit 4.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38224/unit-47-revision-flashcards-hl.html" title="Unit 4.7 Revision Flashcards (HL)">Unit 4.7 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38225/unit-48-e-commerce-flashcards.html" title="Unit 4.8 E-commerce Flashcards">Unit 4.8 E-commerce Flashcards</a></li></ul><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../38232/flashcards-revision-unit-5.html" title="Flashcards - Revision (Unit 5)">Flashcards - Revision (Unit 5)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38233/unit-51-revision-flashcards.html" title="Unit 5.1 Revision Flashcards">Unit 5.1 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38234/unit-52-revision-flashcards.html" title="Unit 5.2 Revision Flashcards">Unit 5.2 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38235/unit-53-revision-flashcards-hl.html" title="Unit 5.3 Revision Flashcards (HL)">Unit 5.3 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38236/unit-54-revision-flashcards.html" title="Unit 5.4 Revision Flashcards">Unit 5.4 Revision Flashcards</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38237/unit-55-revision-flashcards-hl.html" title="Unit 5.5 Revision Flashcards (HL)">Unit 5.5 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38238/unit-56-revision-flashcards-hl.html" title="Unit 5.6 Revision Flashcards (HL)">Unit 5.6 Revision Flashcards (HL)</a></li><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../38239/unit-57-revision-flashcards-hl.html" title="Unit 5.7 Revision Flashcards (HL)">Unit 5.7 Revision Flashcards (HL)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../33830/formulae-quiz.html" title="Formulae Quiz">Formulae Quiz</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 1 Pre-release case study">Paper 1 Pre-release case study</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44969/n22-case-study-ele-plc.html" title="N22 Case Study (ELE PLC)">N22 Case Study (ELE PLC)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M22 (Peacewick Uni)">M22 (Peacewick Uni)</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../44106/additional-exam-questions-paper-1.html" title="Additional exam questions (Paper 1)">Additional exam questions (Paper 1)</a></li></ul><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../32840/may-2020-p-s-trawlers.html" title="May 2020 (P&S Trawlers)">May 2020 (P&S Trawlers)</a></li><li class=" parent" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="M23 Paper 1">M23 Paper 1</a></li><ul class="level-4 "><li class="" style="padding-left: 56px"><i class="expander fa fa-caret-right "></i><a class="" href="../47825/paper-1-svt-study-guide-shirin-karimi.html" title="Paper 1 SVT Study Guide (Shirin Karimi)">Paper 1 SVT Study Guide (Shirin Karimi)</a></li></ul></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../26095/exam-study-tips-resources.html" title="Exam & Study tips (resources)">Exam & Study tips (resources)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../31342/revision-exams-top-tips.html" title="Revision & Exams - Top tips">Revision & Exams - Top tips</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../47460/top-tips-for-m23-exams.html" title="Top Tips for M23 Exams">Top Tips for M23 Exams</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43522/unit-1-intro-to-bm.html" title="Unit 1 - Intro to BM">Unit 1 - Intro to BM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44034/11-what-is-a-business.html" title="1.1 What is a business?">1.1 What is a business?</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399695.html" title="The nature of business">The nature of business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399694.html" title="Primary, secondary, tertiary, & quaternary sectors">Primary, secondary, tertiary, & quaternary sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399693.html" title="Entrepreneurship">Entrepreneurship</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399692.html" title="Challenges & opportunities for starting a business">Challenges & opportunities for starting a business</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399691.html" title="1.1 True or False Quiz">1.1 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399690.html" title="1.1 Revision Flashcards">1.1 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399689.html" title="1.1 Glossary of key terms">1.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399681.html" title="1.2 Types of business entities">1.2 Types of business entities</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399688.html" title="Public & private sectors">Public & private sectors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399687.html" title="Types of for-profit organizations">Types of for-profit organizations</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399686.html" title="For-profit social enterprises">For-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399685.html" title="Non-profit social enterprises">Non-profit social enterprises</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399684.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399683.html" title="1.2 Revision Flashcards">1.2 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399682.html" title="1.2 Glossary of key terms">1.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44041/13-business-objectives.html" title="1.3 Business objectives">1.3 Business objectives</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399679.html" title="Vision and mission statements">Vision and mission statements</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399680.html" title="Common business objectives">Common business objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399678.html" title="Strategic & tactical objectives">Strategic & tactical objectives</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399677.html" title="Corporate social responsibility">Corporate social responsibility</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399676.html" title="1.3 Revision Flashcards">1.3 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399674.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399675.html" title="1.3 Glossary of Key terms">1.3 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44044/14-stakeholders.html" title="1.4 Stakeholders">1.4 Stakeholders</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399673.html" title="The interests of stakeholders">The interests of stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399672.html" title="Conflict between stakeholders">Conflict between stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399670.html" title="Unit 1.4 Revision Flashcards">Unit 1.4 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399669.html" title="1.4 True or False">1.4 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399671.html" title="1.4 Glossary of Key terms">1.4 Glossary of Key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44045/15-growth-and-evolution.html" title="1.5 Growth and evolution">1.5 Growth and evolution</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44212/economies-diseconomies-of-scale.html" title="Economies & diseconomies of scale">Economies & diseconomies of scale</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44214/internal-and-external-growth.html" title="Internal and external growth">Internal and external growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44220/external-growth-methods.html" title="External growth methods">External growth methods</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44219/reasons-to-grow-or-stay-small.html" title="Reasons to grow or stay small">Reasons to grow or stay small</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45586/unit-15revision-flashcards.html" title="Unit 1.5 Revision Flashcards">Unit 1.5 Revision Flashcards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45450/true-or-false-quiz.html" title="True or False quiz">True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43673/15-glossary-of-key-terms.html" title="1.5 Glossary of key terms">1.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44046/16-multinational-companies.html" title="1.6 Multinational companies">1.6 Multinational companies</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44236/the-impact-of-mncs-on-host-countries-ao3.html" title="The impact of MNCs on host countries (AO3)">The impact of MNCs on host countries (AO3)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44240/video-documentaries-mncs.html" title="Video documentaries - MNCs">Video documentaries - MNCs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45587/16-glossary-of-key-terms.html" title="1.6 Glossary of key terms">1.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43530/unit-2-hrm.html" title="Unit 2 - HRM">Unit 2 - HRM</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44253/21-introduction-to-hrm.html" title="2.1 Introduction to HRM">2.1 Introduction to HRM</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44256/role-of-hrm.html" title="Role of HRM">Role of HRM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44257/factors-that-influence-hr-planning.html" title="Factors that influence HR planning">Factors that influence HR planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44282/reasons-for-resistance-to-change.html" title="Reasons for resistance to change">Reasons for resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44283/hr-strategies-for-reducing-the-impact-of-change-resistance-to-ch.html" title="HR strategies for reducing the impact of change & resistance to change">HR strategies for reducing the impact of change & resistance to change</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45458/21-true-or-false-quiz.html" title="2.1 True or False quiz">2.1 True or False quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43677/21-glossary-of-key-terms.html" title="2.1 Glossary of key terms">2.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43875/22-organizational-structure.html" title="2.2 Organizational structure">2.2 Organizational structure</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44296/terminology-for-understanding-organizational-structures.html" title="Terminology for understanding organizational structures">Terminology for understanding organizational structures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44310/types-of-organization-charts.html" title="Types of organization charts">Types of organization charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44323/appropriateness-of-organizational-structures-and-external-factor.html" title="Appropriateness of organizational structures and external factors">Appropriateness of organizational structures and external factors</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44316/changes-in-organizational-structures-hl.html" title="Changes in organizational structures (HL)">Changes in organizational structures (HL)</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44338/23-leadership-and-management.html" title="2.3 Leadership and management">2.3 Leadership and management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44343/scientific-intuitive-management-hl.html" title="Scientific & intuitive management (HL)">Scientific & intuitive management (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44339/management-and-leadership.html" title="Management and leadership">Management and leadership</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44340/leadership-styles.html" title="Leadership styles">Leadership styles</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45462/23-true-or-false-quiz.html" title="2.3 True or False Quiz">2.3 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43829/24-motivation-and-demotivation.html" title="2.4 Motivation and demotivation">2.4 Motivation and demotivation</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44349/motivation-theories-sl-hl.html" title="Motivation theories (SL & HL)">Motivation theories (SL & HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44353/motivation-theories-hl.html" title="Motivation theories (HL)">Motivation theories (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44354/labour-turnover-hl.html" title="Labour turnover (HL)">Labour turnover (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44361/types-of-appraisal-hl.html" title="Types of appraisal (HL)">Types of appraisal (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44383/methods-of-recruitment-hl.html" title="Methods of recruitment (HL)">Methods of recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44382/internal-external-recruitment-hl.html" title="Internal & external recruitment (HL)">Internal & external recruitment (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44363/types-of-financial-rewards.html" title="Types of financial rewards">Types of financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44370/types-of-non-financial-rewards.html" title="Types of non-financial rewards">Types of non-financial rewards</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44371/types-of-training.html" title="Types of training">Types of training</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44390/25-organizational-corporate-culture-hl.html" title="2.5 Organizational (corporate) culture (HL)">2.5 Organizational (corporate) culture (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44392/organizational-culture-hl.html" title="Organizational culture (HL)">Organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44393/types-of-organizational-culture-hl.html" title="Types of organizational culture (HL)">Types of organizational culture (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44394/cultural-clashes-hl.html" title="Cultural clashes (HL)">Cultural clashes (HL)</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44247/26-communication.html" title="2.6 Communication">2.6 Communication</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43545/unit-3-finance.html" title="Unit 3 - Finance">Unit 3 - Finance</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44435/31-introduction-to-finance.html" title="3.1 Introduction to finance">3.1 Introduction to finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44431/31-introduction-to-finance-role-of-finance.html" title="3.1 Introduction to finance - role of finance">3.1 Introduction to finance - role of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45634/31-glossary-of-key-term.html" title="3.1 Glossary of key term">3.1 Glossary of key term</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44436/32-sources-of-finance.html" title="3.2 Sources of finance">3.2 Sources of finance</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44437/internal-sources-of-finance.html" title="Internal sources of finance">Internal sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44450/external-sources-of-finance.html" title="External sources of finance">External sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44479/appropriateness-of-sources-of-finance.html" title="Appropriateness of sources of finance">Appropriateness of sources of finance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45483/32-true-or-false-quiz.html" title="3.2 True or False Quiz">3.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43688/32-glossary-of-key-terms.html" title="3.2 Glossary of key terms">3.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44486/33-costs-and-revenues.html" title="3.3 Costs and revenues">3.3 Costs and revenues</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44487/types-of-costs.html" title="Types of costs">Types of costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44491/total-revenue-revenue-streams.html" title="Total revenue & revenue streams">Total revenue & revenue streams</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45484/33-true-or-false-quiz.html" title="3.3 True or false quiz">3.3 True or false quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45657/33-glossary-of-key-terms.html" title="3.3 Glossary of key terms">3.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44492/34-final-accounts.html" title="3.4 Final accounts">3.4 Final accounts</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44527/the-purpose-of-accounts-to-different-stakeholders.html" title="The purpose of accounts to different stakeholders">The purpose of accounts to different stakeholders</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44577/profit-loss-account.html" title="Profit & loss account">Profit & loss account</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44579/balance-sheets.html" title="Balance sheets">Balance sheets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44560/types-of-intangible-assets.html" title="Types of intangible assets">Types of intangible assets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44585/depreciation-hl.html" title="Depreciation (HL)">Depreciation (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45919/34-true-or-false-quiz.html" title="3.4 True or False Quiz">3.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45658/34-glossary-of-key-terms.html" title="3.4 Glossary of key terms">3.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44593/35-profitability-liquidity-ratio-analysis.html" title="3.5 Profitability & liquidity ratio analysis">3.5 Profitability & liquidity ratio analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44595/profitability-ratios.html" title="Profitability ratios">Profitability ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44626/liquidity-ratios.html" title="Liquidity ratios">Liquidity ratios</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45486/35-true-or-false-quiz.html" title="3.5 True or False Quiz">3.5 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45661/35-glossary-of-key-terms.html" title="3.5 Glossary of key terms">3.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44627/36-efficiency-ratio-analysis-hl-only.html" title="3.6 Efficiency ratio analysis (HL only)">3.6 Efficiency ratio analysis (HL only)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44805/efficiency-ratios-hl.html" title="Efficiency ratios (HL)">Efficiency ratios (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44633/insolvency-versus-bankruptcy.html" title="Insolvency versus bankruptcy">Insolvency versus bankruptcy</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45488/36-true-or-false-quiz.html" title="3.6 True or False Quiz">3.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45662/36-glossary-of-key-terms.html" title="3.6 Glossary of key terms">3.6 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44493/37-cash-flow.html" title="3.7 Cash flow">3.7 Cash flow</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44502/the-difference-between-profit-cash-flow.html" title="The difference between profit & cash flow">The difference between profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44506/working-capital.html" title="Working capital">Working capital</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44557/liquidity-position.html" title="Liquidity position">Liquidity position</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44558/cash-flow-forecasts.html" title="Cash flow forecasts">Cash flow forecasts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44507/relationship-between-investment-profit-cash-flow.html" title="Relationship between investment, profit & cash flow">Relationship between investment, profit & cash flow</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44509/strategies-for-dealing-with-cash-flow-problems.html" title="Strategies for dealing with cash flow problems">Strategies for dealing with cash flow problems</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45493/37-true-or-false.html" title="3.7 True or False">3.7 True or False</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43687/37-glossary-of-key-terms.html" title="3.7 Glossary of key terms">3.7 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44515/38-investment-appraisal.html" title="3.8 Investment appraisal">3.8 Investment appraisal</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44516/payback-period-average-rate-of-return.html" title="Payback period & Average rate of return">Payback period & Average rate of return</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44519/net-present-value-npv-hl.html" title="Net present value (NPV) (HL)">Net present value (NPV) (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45494/38-true-or-false-quiz.html" title="3.8 True or False Quiz">3.8 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43693/38-glossary-of-key-terms.html" title="3.8 Glossary of key terms">3.8 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44564/39-budgets-hl.html" title="3.9 Budgets (HL)">3.9 Budgets (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44565/the-difference-between-cost-profit-centres.html" title="The difference between cost & profit centres">The difference between cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44568/the-roles-of-cost-profit-centres.html" title="The roles of cost & profit centres">The roles of cost & profit centres</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44576/constructing-budgets.html" title="Constructing budgets">Constructing budgets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44569/variances.html" title="Variances">Variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44571/the-importance-of-budgets-variances.html" title="The importance of budgets & variances">The importance of budgets & variances</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45495/39-true-or-false-quiz.html" title="3.9 True or False Quiz">3.9 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43694/39-glossary-of-key-terms.html" title="3.9 Glossary of key terms">3.9 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43547/unit-4-marketing.html" title="Unit 4 - Marketing">Unit 4 - Marketing</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44637/41-introduction-to-marketing.html" title="4.1 Introduction to marketing">4.1 Introduction to marketing</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44638/market-orientation-vs-product-orientation.html" title="Market orientation vs Product orientation">Market orientation vs Product orientation</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44639/market-share.html" title="Market share">Market share</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44641/market-growth.html" title="Market growth">Market growth</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44642/importance-of-market-share-market-leadership-hl.html" title="Importance of market share & market leadership (HL)">Importance of market share & market leadership (HL)</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43695/41-glossary-of-key-terms.html" title="4.1 Glossary of key terms">4.1 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43823/42-marketing-planning.html" title="4.2 Marketing planning">4.2 Marketing planning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44645/the-role-of-marketing-planning.html" title="The role of marketing planning">The role of marketing planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44654/segmentation-targeting-and-positioning.html" title="Segmentation, targeting, and positioning">Segmentation, targeting, and positioning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44646/difference-between-niche-mass-market.html" title="Difference between niche & mass market">Difference between niche & mass market</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43821/the-importance-of-having-a-usp.html" title="The importance of having a USP">The importance of having a USP</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44655/how-organizations-differentiate-themselves.html" title="How organizations differentiate themselves">How organizations differentiate themselves</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43834/42-vocab-quiz.html" title="4.2 Vocab Quiz">4.2 Vocab Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45528/42-true-or-false-quiz.html" title="4.2 True or False Quiz">4.2 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43696/42-glossary-of-key-terms.html" title="4.2 Glossary of key terms">4.2 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44660/43-sales-forecasting-hl.html" title="4.3 Sales forecasting (HL)">4.3 Sales forecasting (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44669/benefits-limitations-of-sales-forecasting.html" title="Benefits & limitations of sales forecasting">Benefits & limitations of sales forecasting</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45530/43-true-or-false-quiz.html" title="4.3 True or False Quiz">4.3 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43711/43-glossary-of-key-terms.html" title="4.3 Glossary of key terms">4.3 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44679/44-market-research.html" title="4.4 Market research">4.4 Market research</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44680/why-how-organizations-carry-out-market-research.html" title="Why & how organizations carry out market research">Why & how organizations carry out market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44692/methodstechniques-of-primary-market-research.html" title="Methods/techniques of primary market research">Methods/techniques of primary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44693/methodstechniques-of-secondary-market-research.html" title="Methods/techniques of secondary market research">Methods/techniques of secondary market research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44694/qualitative-quantitative-research.html" title="Qualitative & quantitative research">Qualitative & quantitative research</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44695/methods-of-sampling.html" title="Methods of sampling">Methods of sampling</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45531/44-true-or-false-quiz.html" title="4.4 True or False Quiz">4.4 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43712/44-glossary-of-key-terms.html" title="4.4 Glossary of key terms">4.4 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44720/45-the-seven-ps-of-the-marketing-mix.html" title="4.5 The seven Ps of the marketing mix">4.5 The seven Ps of the marketing mix</a></li><ul class="level-2 "><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44740/451-product.html" title="4.5.1 Product">4.5.1 Product</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44741/the-product-life-cycle.html" title="The product life cycle">The product life cycle</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44745/extension-strategies.html" title="Extension strategies">Extension strategies</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44981/relationship-between-the-plc-investment-profit-cash-flow.html" title="Relationship between the PLC, investment, profit & cash flow">Relationship between the PLC, investment, profit & cash flow</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44748/aspects-of-branding.html" title="Aspects of branding">Aspects of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44757/the-importance-of-branding.html" title="The importance of branding">The importance of branding</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45766/starterplenary-activity-anagrams-quiz-brands.html" title="Starter/Plenary activity - Anagrams Quiz (Brands)">Starter/Plenary activity - Anagrams Quiz (Brands)</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../45957/starterplenary-activity-whats-in-a-brand-name.html" title="Starter/Plenary activity - What's in a (brand) name?">Starter/Plenary activity - What's in a (brand) name?</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43713/45-glossary-of-key-terms-product.html" title="4.5 Glossary of key terms (Product)">4.5 Glossary of key terms (Product)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42547/452-price.html" title="4.5.2 Price">4.5.2 Price</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43719/45-key-terms-price.html" title="4.5 Key Terms (Price)">4.5 Key Terms (Price)</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44782/453-promotion.html" title="4.5.3 Promotion">4.5.3 Promotion</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44783/above-the-line-promotion.html" title="Above the line promotion">Above the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44795/below-the-line-promotion.html" title="Below the line promotion">Below the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44797/through-the-line-promotion.html" title="Through the line promotion">Through the line promotion</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44801/social-media-marketing.html" title="Social media marketing">Social media marketing</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43721/45-glossary-of-key-terms.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44803/454-place.html" title="4.5.4 Place">4.5.4 Place</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44804/the-importance-of-different-distribution-channels.html" title="The importance of different distribution channels">The importance of different distribution channels</a></li><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../43722/45-glossary-of-key-terms.html" title="4.5 Glossary of key terms">4.5 Glossary of key terms</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44758/455-people.html" title="4.5.5 People">4.5.5 People</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44773/456-processes.html" title="4.5.6 Processes">4.5.6 Processes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44774/457-physical-evidence.html" title="4.5.7 Physical evidence">4.5.7 Physical evidence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44982/appropriate-marketing-mixes.html" title="Appropriate marketing mixes">Appropriate marketing mixes</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44697/46-international-marketing-hl.html" title="4.6 International marketing (HL)">4.6 International marketing (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44698/opportunities-threats-posed-by-entry-into-international-markets.html" title="Opportunities & threats posed by entry into international markets">Opportunities & threats posed by entry into international markets</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45537/46-true-or-false-quiz.html" title="4.6 True or False Quiz">4.6 True or False Quiz</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45736/46-glossary-of-key-terms.html" title="4.6 Glossary of key terms">4.6 Glossary of key terms</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43565/unit-5-operations-mgt.html" title="Unit 5 - Operations Mgt">Unit 5 - Operations Mgt</a></li><ul class="level-1 "><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44817/51-introduction-to-operations-management.html" title="5.1 Introduction to operations management">5.1 Introduction to operations management</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44818/the-role-of-operations-management.html" title="The role of operations management">The role of operations management</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44812/52-operations-methods.html" title="5.2 Operations methods">5.2 Operations methods</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44815/operations-methods.html" title="Operations methods">Operations methods</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44861/53-lean-production-quality-management-hl.html" title="5.3 Lean production & quality management (HL)">5.3 Lean production & quality management (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44864/features-of-lean-production.html" title="Features of lean production">Features of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44872/methods-of-lean-production.html" title="Methods of lean production">Methods of lean production</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44874/cradle-to-cradle-design-manufacturing.html" title="Cradle to cradle design & manufacturing">Cradle to cradle design & manufacturing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44875/quality-control-quality-assurance.html" title="Quality control & quality assurance">Quality control & quality assurance</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44876/methods-of-managing-quality.html" title="Methods of managing quality">Methods of managing quality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44877/the-impact-of-lean-production-tqm.html" title="The impact of lean production & TQM">The impact of lean production & TQM</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44878/national-international-quality-standards.html" title="National & international quality standards">National & international quality standards</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44840/55-break-even-analysis.html" title="5.5 Break-even analysis">5.5 Break-even analysis</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44843/contribution.html" title="Contribution">Contribution</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44848/aspects-of-break-even-analysis.html" title="Aspects of break-even analysis">Aspects of break-even analysis</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44851/changes-in-price-and-costs.html" title="Changes in price and costs">Changes in price and costs</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44852/limitations-of-break-even-analysis.html" title="Limitations of break-even analysis">Limitations of break-even analysis</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44890/56-production-planning-hl.html" title="5.6 Production planning (HL)">5.6 Production planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44902/the-local-global-supply-chain-process.html" title="The local & global supply chain process">The local & global supply chain process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44922/the-difference-between-jit-jic.html" title="The difference between JIT & JIC">The difference between JIT & JIC</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44931/stock-control-charts.html" title="Stock control charts">Stock control charts</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44970/capacity-utilization-rate.html" title="Capacity utilization rate">Capacity utilization rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45125/defect-rate.html" title="Defect rate">Defect rate</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43832/productivity.html" title="Productivity">Productivity</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45187/cost-to-buy-cost-to-make.html" title="Cost to buy & Cost to make">Cost to buy & Cost to make</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../46353/sinterklaas-putting-ctb-vs-ctm-into-practice.html" title="Sinterklaas - Putting CTB vs CTM into practice">Sinterklaas - Putting CTB vs CTM into practice</a></li></ul></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45242/57-crisis-management-contingency-planning-hl.html" title="5.7 Crisis management & contingency planning (HL)">5.7 Crisis management & contingency planning (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45243/difference-between-crisis-management-contingency-planning.html" title="Difference between crisis management & contingency planning">Difference between crisis management & contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45268/impact-of-contingency-planning.html" title="Impact of contingency planning">Impact of contingency planning</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45260/factors-that-affect-effective-crisis-management.html" title="Factors that affect effective crisis management">Factors that affect effective crisis management</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45554/57-true-or-false-quiz.html" title="5.7 True or False Quiz">5.7 True or False Quiz</a></li></ul><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45669/59-management-information-systems-hl.html" title="5.9 Management Information Systems (HL)">5.9 Management Information Systems (HL)</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42633/data-analytics.html" title="Data analytics">Data analytics</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45861/database.html" title="Database">Database</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../44966/cybersecurity-and-cybercrime.html" title="Cybersecurity and cybercrime">Cybersecurity and cybercrime</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45859/critical-infrastructures.html" title="Critical infrastructures">Critical infrastructures</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46175/virtual-reality.html" title="Virtual reality">Virtual reality</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45862/the-internet-of-things.html" title="The internet of things">The internet of things</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45858/artificial-intelligence.html" title="Artificial intelligence">Artificial intelligence</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../42634/big-data.html" title="Big data">Big data</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43392/customer-loyalty-programmes.html" title="Customer loyalty programmes">Customer loyalty programmes</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../43395/digital-taylorism.html" title="Digital Taylorism">Digital Taylorism</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45671/data-mining.html" title="Data mining">Data mining</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../45856/benefits-risks-ethical-implications-of-mis.html" title="Benefits, risks, & ethical implications of MIS">Benefits, risks, & ethical implications of MIS</a></li></ul></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42640/bmt-.html" title="BMT ">BMT </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399696.html" title="BMT 1 - SWOT analysis">BMT 1 - SWOT analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399697.html" title="BMT 2 - Ansoff matrix">BMT 2 - Ansoff matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44027/bmt-3-steeple-analysis.html" title="BMT 3 - STEEPLE analysis">BMT 3 - STEEPLE analysis</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42577/bmt-4-boston-consulting-group-matrix.html" title="BMT 4 - Boston Consulting Group matrix">BMT 4 - Boston Consulting Group matrix</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42956/bmt-5-business-plans.html" title="BMT 5 - Business plans">BMT 5 - Business plans</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43606/bmt-6-decision-trees.html" title="BMT 6 - Decision trees">BMT 6 - Decision trees</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42362/bmt-7-descriptive-statistics.html" title="BMT 7 - Descriptive statistics">BMT 7 - Descriptive statistics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42226/bmt-8-circular-business-models.html" title="BMT 8 - Circular Business Models">BMT 8 - Circular Business Models</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43605/bmt-9-gantt-chart-hl-only.html" title="BMT 9 - Gantt chart (HL only)">BMT 9 - Gantt chart (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42214/bmt-10-porters-generic-strategies-hl-only.html" title="BMT 10 - Porter's generic strategies (HL only)">BMT 10 - Porter's generic strategies (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42216/bmt-11-hofstedes-cultural-dimensions-hl-only.html" title="BMT 11 - Hofstede's cultural dimensions (HL only)">BMT 11 - Hofstede's cultural dimensions (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../../task/399698.html" title="BMT 12 - Force field analysis (HL only)">BMT 12 - Force field analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42375/bmt-13-critical-path-analysis-hl-only.html" title="BMT 13 - Critical path analysis (HL only)">BMT 13 - Critical path analysis (HL only)</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42344/bmt-14-contribution-hl-only-.html" title="BMT 14 - Contribution (HL only) ">BMT 14 - Contribution (HL only) </a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../42311/bmt-15-simple-linear-regression-hl-only.html" title="BMT 15 - Simple linear regression (HL only)">BMT 15 - Simple linear regression (HL only)</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42758/concepts.html" title="Concepts">Concepts</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43633/creativity.html" title="Creativity">Creativity</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43631/ethics.html" title="Ethics">Ethics</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43435/sustainability.html" title="Sustainability">Sustainability</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43668/change.html" title="Change">Change</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../42836/ia-.html" title="IA ">IA </a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44415/formulating-suitable-ia-questions.html" title="Formulating suitable IA questions">Formulating suitable IA questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47685/supporting-documents-for-the-ia.html" title="Supporting documents for the IA">Supporting documents for the IA</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../47840/top-tips-for-the-ia-primary-research.html" title="Top tips for the IA – Primary research">Top tips for the IA – Primary research</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44047/50-sample-ia-research-questions.html" title="50+ Sample IA research questions">50+ Sample IA research questions</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46719/recommended-format-for-the-ia.html" title="Recommended format for the IA">Recommended format for the IA</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../43603/exams.html" title="Exams">Exams</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../44091/paper-1.html" title="Paper 1">Paper 1</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Paper 2">Paper 2</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../46637/01-ikea.html" title="01 - IKEA">01 - IKEA</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45839/quantitative-techniques.html" title="Quantitative techniques">Quantitative techniques</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../46025/abbreviations-quiz.html" title="Abbreviations Quiz">Abbreviations Quiz</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../43740/command-terms.html" title="Command terms">Command terms</a></li><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../45612/glossary-of-key-terms.html" title="Glossary of key terms">Glossary of key terms</a></li></ul><li class=" parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right "></i><a class="" href="../33955/the-core.html" title="The Core">The Core</a></li><ul class="level-1 "><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../34902/cas-bm.html" title="CAS & BM">CAS & BM</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../21665/the-ee.html" title="The EE">The EE</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21934/the-bm-extended-essay.html" title="The BM Extended Essay">The BM Extended Essay</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../32857/ee-planning-form.html" title="EE Planning form">EE Planning form</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37390/managing-the-ee-process.html" title="Managing the EE process">Managing the EE process</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37496/top-10-tips-for-the-bm-ee.html" title="Top 10 tips for the BM EE">Top 10 tips for the BM EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21930/70-top-bm-ee-research-questions.html" title="70 top BM EE Research Questions">70 top BM EE Research Questions</a></li><li class=" parent" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../22196/tools-techniques-theories-for-the-ee.html" title="Tools, techniques & theories for the EE">Tools, techniques & theories for the EE</a></li><ul class="level-3 "><li class="" style="padding-left: 42px"><i class="expander fa fa-caret-right "></i><a class="" href="../44048/the-triple-bottom-line.html" title="The triple bottom line">The triple bottom line</a></li></ul><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21836/understanding-the-assessment-criteria.html" title="Understanding the assessment criteria">Understanding the assessment criteria</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37960/reflections-and-engagement-in-the-ee.html" title="Reflections and engagement in the EE">Reflections and engagement in the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../41874/the-mandatory-reflection-sessions.html" title="The mandatory reflection sessions">The mandatory reflection sessions</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37659/top-10-tips-for-completing-the-rppf.html" title="Top 10 Tips for completing the RPPF">Top 10 Tips for completing the RPPF</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../21945/academic-integrity-the-ee.html" title="Academic Integrity & the EE">Academic Integrity & the EE</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../37573/citation-and-referencing.html" title="Citation and Referencing">Citation and Referencing</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39260/ee-checklist.html" title="EE Checklist">EE Checklist</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../25192/tok-bm.html" title="TOK & BM">TOK & BM</a></li></ul><li class="ancestor parent std-toplevel" style="padding-left: 4px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../22100/misc.html" title="Misc">Misc</a></li><ul class="level-1 expanded"><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../22208/how-well-do-you-know-the-bm-course.html" title="How well do you know the BM course?">How well do you know the BM course?</a></li><li class=" parent" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="std-disabled" href="#" title="Distance Learning">Distance Learning</a></li><ul class="level-2 "><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../39730/financial-literacy-simulation-game.html" title="Financial literacy simulation game">Financial literacy simulation game</a></li><li class="" style="padding-left: 28px"><i class="expander fa fa-caret-right "></i><a class="" href="../34551/starter-activities-business-management-trivia-quizzes.html" title="Starter Activities - Business Management Trivia Quizzes">Starter Activities - Business Management Trivia Quizzes</a></li></ul><li class="" style="padding-left: 14px"><i class="expander fa fa-caret-right "></i><a class="" href="../33511/glossary-of-key-terms-index.html" title="Glossary of key terms - index">Glossary of key terms - index</a></li><li class="ancestor parent" style="padding-left: 14px"><i class="expander fa fa-caret-right fa-rotate-90"></i><a class="" href="../36815/revision-key-terms.html" title="Revision - Key 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<h1 class="section-title">Unit 3 Key terms - Finance & accounts</h1>
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<h4><span style="font-family:arial,helvetica,sans-serif;">Unit 3 Key terms - Finance and Accounts</span></h4><div class="polaroid-left"><img alt="" height="157" src="../../../ib/businessmanagement/images/finance-and-accounts.jpg" width="224"><br><em>Finance is vital to a firm's operations</em></div><p><span style="font-family:arial,helvetica,sans-serif;">It is through the correct use of subject terminology that students show their knowledge and understanding.</span> This section of the IB Business Management syllabus looks at the finances of business organizations.</p><p>The finance and accounts section of the course examines aspects of financial control (such as cash flow and budgeting) and financial management accounts (such as the balance sheet, income statement and ratio analysis).</p><p>All business decisions have two impacts:</p><p>1. the impact on human resources (see <a href="../21699/2-hrm.html" title="2 - HRM">Unit 2 - HRM</a>), and</p><p>2. the impact on the organization's finances.</p><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><hr class="hidden"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.1 Key terms - Source of finance</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Business angels</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Wealthy and successful private individuals who risk their own money in a business venture that has high growth potential.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Capital expenditure</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Refers to business spending on fixed assets or capital equipment of a business, such as spending on buildings, machinery and tools.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Debt factoring</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A financial service provided to businesses that are struggling to collect money from their debtors so face liquidity problems.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>External sources of finance</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Finance that comes from outside the organization, usually with the help of a third party provider, such as a bank, business angel, venture capitalist or government.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Grants</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Type of financial aid for businesses, paid as a lump sum from the government, which does not need to be repaid.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Initial public offering (IPO)</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Finance raised by a public limited company when it issues (sells) shares for the very first time on a stock exchange.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Internal sources of finance</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Finance that come from within the organization, from its own resources and assets without the help of a third party provider.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Leasing</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This financial service enables businesses to have access to fixed assets, by hiring these assets, but without the high costs of capital expenditure.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Loan capital</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>debt capital</strong>, this refers to borrowed funds from financial lenders, such as commercial banks.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Long-term finance</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Refers to sources of finance of more than five years, for the purchase of long-term fixed assets or to fund the growth of a business in overseas markets.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Medium-term finance</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Refers to all sources of finance of one to five years in duration. The finance is used mainly to pay for fixed assets, i.e. capital expenditure.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Overdraft</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A banking service that enables customers (personal and business customers) to withdraw more money from their account than exists in the account.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Personal funds</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Internal source of finance, with entrepreneurs using their own savings, usually to finance their start-up business.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Retained profit</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>ploughed-back profit</strong>, this is the surplus funds that are reinvested back in the business, rather than being distributed to the owners.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Revenue expenditure</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Refers to business spending on its everyday and regular operations, such as spending on wages, raw materials and bills.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Share capital</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>equity capital</strong>, this is finance raised through the issuing of shares via a stock exchange (or stock market).</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Share issue</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The process involving a public limited company selling additional shares in order to raise finance.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Short-term finance</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Refers to sources of finance needed for the day-to-day running of the business, i.e. revenue expenditure.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Stock exchange</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A highly regulated marketplace where individuals and businesses can buy and sell shares in public limited companies.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Subsidies</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Form of government assistance, provided to encourage firms to increase their output of certain goods or services, which are deemed to be beneficial for society as a whole.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Trade credit</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Financial service that enables a business customer to purchase and obtain goods and services but to pay for these at a later date.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Venture capitalists</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Financial institutions and investment banks that invest in start-up firms and/or small but expanding businesses with significant growth potential.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.2 Key tems - Costs and Revenues</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Average costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">This is the cost per unit of output. It is calculated by the formula: <strong>AC = TC ÷ Q</strong> where:</span></p><p><span style="color:#FF0000;">AC = Average cost</span></p><p><span style="color:#FF0000;">TC = Total cost, and</span></p><p><span style="color:#FF0000;">Q = Quantity of output.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Average revenue</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">This is the amount a business receives from its customers per unit of a good or service sold. Mathematically, <strong>AR = TR ÷ Q = P</strong> where:</span></p><p><span style="color:#FF0000;">AR = Average revenue</span></p><p><span style="color:#FF0000;">TR = Total revenue</span></p><p><span style="color:#FF0000;">Q = Quantity of output, and</span></p><p><span style="color:#FF0000;">P = Price.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The charges that an organization incurs from its operations, such as rent, wages, salaries, and insurance.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Direct costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Costs that are clearly associated with the output or sale of a certain good, service or business operation, such as raw materials.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Fixed costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Costs that do not change with the level of output, such as loan repayments and management salaries.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Indirect costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>overhead costs</strong>, these costs are not easily identifiable with the sale or output of a specific good, service or business operation.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Price</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>average revenue</strong>, this is the amount of money a product is sold for. Hence, mathematically, AR = P.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Revenue</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The money (income) received by a business from the sale of goods and/or services.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Revenue stream</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The different sources of revenue (or income) for a business, such as revenue from sponsorship deals, merchandise sales, membership fees and royalties.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Semi-variable costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Costs that have a fixed and variable features, such as power and electricity or salaried staff who also earn commission.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Total costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">This refers to the aggregate amount of money spent on the output of a business. The formula is: TC = TFC + TVC where:</span></p><p><span style="color:#FF0000;">TC = Total costs</span></p><p><span style="color:#FF0000;">TFC = Total fixed cost, and</span></p><p><span style="color:#FF0000;">TVC = Total variable cost.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Total revenue</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">This is the sum of income received by a business from its trading activities. It is calculated using the formula: <strong>TR = P × Q</strong> where:</span></p><p><span style="color:#FF0000;">TR = Total revenue</span></p><p><span style="color:#FF0000;">P = Price, and</span></p><p><span style="color:#FF0000;">Q = Quantity of output.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Variable costs</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Costs that change with the level of output - they rise when output or sales increase, such as the cost of raw materials or packaging costs.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.3 Key terms - Break-even analysis</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Break-even</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This condition exists when a firm’s sales revenues cover all of its production costs.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Break-even point (BEP)</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This is the point on a break-even chart where the firm’s total costs (TC) equal its total revenue (TR), shown by the intersection of the TR and TC curves.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Break-even quantity (BEQ)</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">The quantity of sales (sales volume) required for a firm to reach break-even. It is found by using the formula: <strong>BEQ = TFC / (P <span style="color:#FF0000;">– </span> AVC) </strong>where:</span></p><p><span style="color:#FF0000;">TFC = Total fixed costs</span></p><p><span style="color:#FF0000;">P = Price, and </span></p><p><span style="color:#FF0000;">AVC = Average variable cost.</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Break-even revenue</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This is the value of the output needed to break-even.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Loss</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This occurs when a firm’s total costs are greater than its total revenues, i.e. the business is unprofitable.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Margin of safety<br>(safety margin)</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The numerical difference between how much a business sells and its break-even quantity.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Profit</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The financial surplus that remains when a firm's total costs (TC) of production are deducted from its total sales revenues (TR). Hence, profit = TR – TC.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Target price</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This is the amount customers need to pay per unit in order for the firm to break-even or to reach a particular target profit.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Target profit</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This is the amount of profit that a firm aims to earn within a given time period.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Target profit</strong> <strong>output</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as the <strong>target profit quantity</strong>, this refers to the quantity of sales required to reach the firm’s target profit.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.4 Key terms - Final accounts (some HL Only)</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><p>HL Only key terms are shown in <em>italics</em>.</p><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><strong>Assets</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The possessions owned by a business, which have a monetary value, such as buildings, land, machinery, equipment, inventories and cash.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Balance sheet</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Part of a firm’s final accounts that shows the value of a firm’s assets, liabilities and the owners’ investment (or equity) in the business, at a particular point in time.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Copyrights</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These intangible fixed assets give the registered owner the legal rights to creative pieces of work, such as the works of authors, musicians, conductors, playwrights (scriptwriters) and directors.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Creditors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Suppliers that allow a business to purchase goods and/or services on trade credit.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Current assets</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;">Short-term assets belonging to an organization which will last in the business for up to 12 months, such as cash, debtors and stock (inventory).</span></p></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Debtors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A type of current asset, referring to individual or business customers that owe money to the organization as they have bought goods or services on trade credit, i.e. they need to pay within 30 and 60 days.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><strong>Declining balance depreciation</strong></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>A method using a pre-determined fixed percentage to calculate the fall in value of a fixed asset over its useful life.</em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><strong>Depreciation</strong></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>The fall in the value of a fixed asset over time, mainly due to wear and tear (usage) and obsolescence.</em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Final accounts</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the published accounts of an organization, made available to and used by different stakeholders, such as managers, employees, shareholders, sponsors, financiers and investors.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Finished goods</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">These are the final products of a business, ready to be sold to customers.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Fixed assets</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The long-term assets (possessions) of an organization that have a monetary value and are used repeatedly but are not intended for resale within the next twelve months, such as property and equipment.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Goodwill</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The reputation and established networks (know-how) of an organization, which adds to a firm’s monetary value.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Intangible assets</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Non-physical fixed assets that are valuable to a firm’s survival and success, such as brand value, copyrights, trademarks and patents.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Intellectual property rights</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Abbreviated as IPRs, these are a firm's fixed, intangible assets with a monetary value, comprised of goodwill, patents, copyrights and trademarks.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Liabilities</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The debts of a business, i.e. the money owed to others, such as money owed to financiers, trade creditors, and the government (for tax).</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Long-term liability</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A debt owed by a business which will take longer than a year (from the balance sheet date) to repay.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Net assets</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Refers to the overall value of an organization’s assets after all its liabilities are deducted. It is calculated by the formula: total assets minus current liabilities minus long-term liabilities.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Overdrafts</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">This financial service allows customers to temporarily take out more money than is available in their bank account.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Patents</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The official rights given to a business to exploit an invention or process for commercial purposes.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><strong>Residual value</strong></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>Also known as the <strong>scrap value</strong>, this is the value of a fixed asset at the end of its useful life, before it is replaced.</em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Retained profit</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The value of a firm’s earnings after all costs are paid (including interest and tax) and shareholders have been compensated (dividends).</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Share capital</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The value of equity in a business that is funded by its shareholders, either through an initial public offering (IPO) or via a share issue.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Stocks</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as <strong>inventories</strong>, these are the goods that a business has available for sale, per time period.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><strong>Straight line depreciation</strong></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>A method of depreciation that spreads the depreciation of a fixed asset evenly over its useful life, i.e. the value of the asset falls by the same amount each year.</em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Trade creditors</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Suppliers may give trade credit, which needs to be repaid at a future date (typically 30 to 60 days).</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Trademarks</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A form of intellectual property, the value of which gives the listed owner the legal and exclusive commercial use of the registered brands, logos, and/or slogans (corporate catchphrases).</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Work-in-progress</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also referred to as <strong>semi-finished goods</strong>, these are parts and components used in the production process.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Working capital</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">The money available for the day-to-day running of a business. It is calculated by subtracting current liabilities from current assets.</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.5 Key terms - Profitability and liquidity ratio analysis</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:84px;"><p><strong>Acid test ratio</strong></p></td><td style="width:491px;height:84px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Also known as the <strong>quick ratio</strong>, this is a short-term liquidity ratio used to measure an organization’s ability to pay its short-term debts (within the next 12 months of the balance sheet date), without the need to sell any stock (inventories).</span></section></td></tr><tr><td style="width:143px;height:65px;"><p><strong>Current ratio</strong></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A short-term liquidity ratio used to calculate the ability of an organization to meet its short-term debts (within the next twelve months of the balance sheet date).</span></section></td></tr><tr><td style="width:143px;height:68px;"><p><strong>Gross profit margin (GPM)</strong></p></td><td style="width:491px;height:68px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A profitability ratio that measures an organization’s gross profit expressed as a percentage of its sales revenue. It is also an indicator of how well a business can manage its direct costs of production.</span></section></td></tr><tr><td style="width:143px;height:56px;"><p><strong>Liquidity ratios</strong></p></td><td style="width:491px;height:56px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">Financial ratios that examine an organization’s ability to pay its liabilities and debts.</span></section></td></tr><tr><td style="width:143px;height:85px;"><p><strong>Net profit margin (NPM)</strong></p></td><td style="width:491px;height:85px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A profitability ratio that measures a firm’s overall profit (after all costs of production have been deducted) as a percentage of its sales revenue. It is also an indicator of how well a business can manage its indirect costs (overhead expenses).</span></section></td></tr><tr><td style="width:143px;height:70px;"><p><strong>Ratio analysis</strong></p></td><td style="width:491px;height:70px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A quantitative management planning and decision-making tool, used to analyse and evaluate the financial performance of a business. These can be further categorised as profitability, liquidity and efficiency ratio analysis.</span></section></td></tr><tr><td style="width:143px;height:47px;"><p><strong>Return on capital employed (ROCE)</strong></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;">A profitability ratio that measures a firm’s efficiency and profitability in relation to its size (as measured by the value of the organization’s capital employed).</span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.6 Key terms - Efficiency ratios (HL Only)</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:75px;"><p><em><strong>Creditor days ratio</strong></em></p></td><td style="width:491px;height:75px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>The efficiency ratio that measures the average number of days an organization takes to repay its creditors (suppliers who the business has bought products from using trade credit, so have yet to pay for these).</em></span></section></td></tr><tr><td style="width:143px;height:74px;"><p><em><strong>Debtor days ratio</strong></em></p></td><td style="width:491px;height:74px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>The efficiency ratio that measures the average number of days an organization takes to collect debts from its customers (as they have bought goods and services on trade credit but have yet to pay for these).</em></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><em><strong>Efficiency ratio</strong></em></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>Financial planning and decision-making tool to measure how well the resources of a business are used in order to generate income from the firm’s capital.</em></span></section></td></tr><tr><td style="width:143px;height:76px;"><p><em><strong>Gearing ratio</strong></em></p></td><td style="width:491px;height:76px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>The efficiency ratio that measures the extent to which an organization is financed by external sources of finance (i.e. loan capital as a percentage of the firm’s total capital employed).</em></span></section></td></tr><tr><td style="width:143px;height:85px;"><p><em><strong>Stock turnover ratio</strong></em></p></td><td style="width:491px;height:85px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em>The efficiency ratio that measures the number of days it takes a business to sell its stock (inventory). The ratio can also show the number of times during any given period of time (usually a year) that the business restocks or replaces its inventory.</em></span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.7 Key terms - Cash flow</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Bad debt</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">This occurs when a debtor is unable to pay outstanding invoices to the business. The result is it reduces the cash inflows for the vendor (seller).</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Cash</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The money a business has, either “in hand” (at its premises) and/or “at bank” (i.e. in its bank account). It is the most liquid of a firm’s current assets and is easily accessible.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Cash flow</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The movement of an organization’s cash inflows (cash received from the sale of goods and services) and cash outflows (used to pay for the costs of running the business).</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Cash flow</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The movement of money in and out of a business organization.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Cash flow forecasting</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A quantitative technique used to predict how cash is likely to flow into and out of the business for a particular period of time.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Closing balance</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Found in a cash flow forecast, this refers to the value of cash held by a business at the end of a trading period (usually on the last trading day of the month).</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Credit control</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The process of monitoring and management of debtors, such as ensuring only suitable customers are given trade credit and that customers do not exceed the credit period.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Current assets</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The short-term assets (belongings) of an organization that can be relatively easy to convert into cash. These comprise of:</span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Cash</span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Stocks (inventory), and</span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Debtors.</span></span></p></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Current liabilities</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The short-term debts of a business, which need to be repaid within twelve months of the balance sheet date. These comprise of:</span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Overdrafts</span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Trade creditors, and</span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Short-term loans from banks.</span></span></p></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Debt factoring</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A financial service provided to businesses that are struggling to collect money from their debtors and/face liquidity problems, involving the third party financier taking over the collection of the firm’s outstanding (unpaid but issued) invoices.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Debtors</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A category of current assets, these are individuals or businesses that owe money to the organization because they have bought products on trade credit, so typically need to pay within 30 and 60 days.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Liquidity problem</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Also known as a <strong>cash flow problem</strong>, this issue occurs when there is a lack of cash in the organization because its cash inflows are less than its cash outflows, i.e. it experiences negative net cash flow.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Net cash flow</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The numerical difference between an organization’s total cash inflows and its total cash outflows, per time period. The formula to calculate this is: Cash inflows – Cash outflows.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Net current assets</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Also known as <strong>working capital</strong>, this is shown on a balance sheet to reveal the liquidity position of a business, this is found by using the formula: Current assets – Current liabilities.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Opening balance</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Found in a cash flow forecast, this refers to the value of cash held by a business at the start of a trading period (usually the beginning of the month).</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Overdrafts</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A financial service from banks that enable customers to temporarily take out more money than is available in their bank account.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Profit</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The value of sales revenue after all costs have been accounted for, i.e. the positive difference between a firm’s sales revenue and its total costs of production.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Sales revenue</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The value of goods and/or services sold to customers. It is calculated using the formula: <strong>P </strong><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><strong>× Q</strong> where:</span></span></span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;"></span></span>P = Price, and</span></span></p><p><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Q = Quantity.</span></span></p></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Short-term loans</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Advances (borrowed funds) from a financial lender, such as a bank, repayable within 12 months.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Stocks</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Also known as <strong>inventories</strong>, these are the goods that a business has available for sale, per time period. They are intended to be sold as quickly as possible, to generate cash for the business.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Tax</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Payment made to the government if the business earns profit after all costs and expenses have been paid.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Trade creditors</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The suppliers who have yet to be paid, as they offer the business to buy now but pay later, generally within 30 to 60 days from the time of purchase.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Working capital</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Also known as <strong>net current assets</strong>, this refers to the cash or other liquid assets available to an organization for its daily operations, such as paying for raw materials, utility bills and staff wages.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Working capital cycle</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The duration between a business paying for its production costs of a good or service and receiving the cash from customers purchasing the product.</span></span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.8 Key terms - Investment appraisal (some HL Only)</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><p><em>Note</em>: Key terms shown in italics <span style="color:#FF0000;"></span>are HL Only</p><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Accounting rate of return (ARR)</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Also referred to as the <strong>average rate of return</strong>, this method of investment appraisal calculates the average annual profit of an investment project expressed as a percentage of the amount of invested.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Capital expenditure</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A business organization’s spending on the purchase or acquisition of fixed assets, e.g. spending on buildings (premises), machinery, equipment and tools.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Discount rate</strong></span></em></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><em><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The figure used to reduce the future value of money. It is used to establish the present value of cash that is yet to be received by the business.</span></span></em></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Investment</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">Capital expenditure with the intention of a financial return on this spending at some point in the future.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Investment appraisal</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The formal process of quantifying the financial risks of an investment decision, in order to establish whether the expenditure can be justified from a financial perspective.</span></span></section></td></tr><tr><td style="width:143px;height:65px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Net present value (NPV)</strong></span></em></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><em><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">A method of investment appraisal that calculates the real value (rather than the absolute value) of an investment project by discounting (adjusting) the actual value of money received in the future.</span></span></em></section></td></tr><tr><td style="width:143px;height:65px;"><p><span style="font-family:arial,helvetica,sans-serif;"><strong>Payback period (PBP)</strong></span></p></td><td style="width:491px;height:65px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><span style="font-family:arial,helvetica,sans-serif;">The investment appraisal method that considers the time it takes for the amount of money invested in a project to be repaid using the proceeds generated from the investment.</span></span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><div class="panel" style="box-shadow: rgba(0, 0, 42, 0.3) 0px 10px 30px -15px; border-color: rgb(61, 30, 128);"><div class="panel-heading" style="background-color: rgb(61, 30, 128);"><a class="expander pull-right" href="#"><span class="fa fa-plus"></span></a><div><h6><span style="font-family:arial,helvetica,sans-serif;">Unit 3.9 Key terms - Budgets (HL Only)</span></h6></div></div><div class="panel-body" style="background-color: inherit;"><div><table border="1" cellpadding="0" cellspacing="0"><tbody><tr><td style="width:143px;height:47px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Adverse variance</strong></span></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">This discrepancy in the budget occurs when profit is lower than expected, due to costs being higher than expected and/or revenues being lower than predicted.</span></em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Budget</strong></span></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">A detailed financial plan for the future, usually involving the expected costs and revenues or a cash flow forecast, for a pre-determined period of time.</span></em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Cost centre</strong></span></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">A section or division of a business that has responsibility for its own operational costs. It is held accountable for its departmental expenditure.</span></em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Favourable variance</strong></span></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">This discrepancy in the budget occurs when profits are higher than expected, due to lower than expected costs and/or higher than predicted revenues.</span></em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Profit centre</strong></span></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">A section or division of a business that has responsibility for both costs and revenues generated within the department. It is held accountable for the amount of profit generated.</span></em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Variance</strong></span></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">Refers to a discrepancy between the planned (budgeted) item of expenditure or revenue and the actual amount.</span></em></span></section></td></tr><tr><td style="width:143px;height:47px;"><p><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Variance analysis</strong></span></em></p></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">This is the management process of comparing planned and actual costs and revenues, in order to measure and compare the degree of budgetary success.</span></em></span></section></td></tr><tr><td style="width:143px;height:47px;"><em><span style="font-family:arial,helvetica,sans-serif;"><strong>Zero budgeting</strong></span></em></td><td style="width:491px;height:47px;"><section class="tib-hiddenbox"><span style="color:#FF0000;"><em><span style="font-family:arial,helvetica,sans-serif;">A method of budgeting that requires all budget holders to justify each dollar of spending subject to management approved before the funds are released.</span></em></span></section></td></tr></tbody></table></div></div><div class="panel-footer" style="background-color: rgba(61, 30, 128, 0.1);"><div><p>text</p></div></div></div><p>Click the link here to access resources for<span style="font-family:arial,helvetica,sans-serif;"> the <a href="../21670/unit-3.html" title="Unit 3">Unit 3 Finance and accounts</a> homepage.</span></p><hr class="hidden"><p>Click the link here to return to the <a href="../33511/key-terms-index.html">Key Terms Index</a> page.</p><p><a href="../../index.htm"><img alt="" src="../../../ib/businessmanagement/logo-blue-black-1.png" style="width: 170px; height: 54px;"></a></p><script>document.querySelectorAll('.tib-teacher-only').forEach(e => e.remove());</script>
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