AQA A Level Business Studies questions and 100% correct answers

Budget - correct answer An agreed plan, establishing, in numerical and financial terms, the policy to be pursued and the anticipated outcomes of that policy SMART - correct answer How budgets must be: Specific Measurable Agreed Realistic Timed Variance Analysis - correct answer The process by which the outcomes of budgets are examined and then compared with the budgeted figures Favourable Variance - correct answer When costs are less than expected, or revenue is more than expected Adverse Variance - correct answer When costs are higher than expected or revenue is lower than expected Bank Overdraft - correct answer When the holder of a current account is allowed to withdraw more money than is in the account. There is an agreed maximum Short-term Loan - correct answer Money leant from a bank to be repayed subject to pre-agreed terms and interest payments Factoring - correct answer When a factoring compqany buys the right to collect money from credit sales of an organisation