CTEC: 2.3.2 Financial documents

How is the absolute variance calculated in a budget variance report?

• By dividing the actual amount by the budgeted amount

• By subtracting the budgeted amount from the actual amount

• By multiplying the budgeted amount by 100

• By adding the actual and budgeted amounts

Which document is essential for maintaining financial transparency in a business?

• Bank Statement

• Delivery Note

• Goods Received Note

• Receipt

Which of the following is a benefit of understanding business documents?

• Improved artistic skills

• Better equipped to navigate the world of business

• Enhanced knowledge of historical events

• Improved physical fitness

How can businesses interpret a budget variance report?

• By analyzing the variances and identifying the reasons behind them

• By comparing the delivery note with the purchase order

• By reviewing the details of their salary or wages

• By reconciling the remittance advice with their accounts receivable

What is the purpose of a delivery note?

• To provide evidence of a transaction

• To track financial activities and reconcile accounts

• To ensure the customer receives the correct goods

• To confirm the payment for goods or services

What is the purpose of a goods received note?

• To provide evidence of a transaction

• To track financial activities and reconcile accounts

• To ensure the customer receives the correct goods

• To confirm the payment for goods or services

How should employees interpret a payslip?

• By comparing it with their own records

• By inspecting the goods for damages or discrepancies

• By calculating the variance in absolute and percentage terms

• By reviewing the details of their salary or wages

How should customers interpret a receipt?

• By comparing it with their own records

• By inspecting the goods for damages or discrepancies

• By calculating the variance in absolute and percentage terms

• By reviewing the details of their salary or wages

How can the actual financial performance be compared with the budgeted performance?

• By comparing it with their own records

• By inspecting the goods for damages

• By ensuring the customer receives the correct goods

• By analyzing the variances and identifying the reasons behind them

How can repairs or maintenance for a product or equipment be requested?

• By comparing it with their own records

• By inspecting the goods for damages

• By ensuring the customer receives the correct goods

• By requesting repairs or maintenance for a product or equipment