8/5 BTEC U3

Legal tender, means of exchange, unit of account =

• factions of money

• fictions of money

• functions of money

• frictions of money

Which would normally be the cheapest form of car insurance ?

• Comprehensive cover

• Third party only

• Third part, fire and theft

The excess on an insurance policy =

• The maximum amount that can be claimed

• The part of a claim paid by the insurance provider

• The part of a claim paid by the policyholder

Why would someone choose a 'voluntary excess'

• to reduce the policy premium

• to increase the policy premium

• to increase the amount they would get from a claim

Which source of finance is long term ?

• bank overdraft

• trade credit (from suppliers)

• a mortgage

• retained profits

Which one is capital expenditure ?

• paying rent

• buying a vehicle

• paying the gas bill

• paying staff wages

Which one is capital income ?

• rent received

• revenue from sales

• a start-up bank loan

• revenue from services given

In breakeven, the total revenue line :

• starts at the fixed cost line

• starts at bottom left -hand corner (zero)

• Is horizontal

Contribution per unit =

• selling price + variable cost per unit

• selling price - variable cost per unit

• selling price x variable cost per unit

gross profit margin = Gross profit x 100 ?

?

• cost of sales

• expenses

• revenue