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Assessment Evidence
You need to answer test questions to show how well you understand business finance.
In addition, in your portfolio, you need to produce: a description of the cost and revenues of a business activity with example of completed financial documents showing that you can:
• Identify and describe the major cost s revenues of business activity
• Understand how a business calculate profit or loss
• Explain the use of financial documents involved in buying and selling
• Explain how a business makes and receives payments.
: Recognise different types of cost and revenues
Fiona Marsh has achieved her dream of opening a flower shop in her hometown. ... In the first few months of business, Fiona has had to meet various start-up costs and running.
Start up cost
Start-up costs are costs such as buying equipment that have to be paid before a business can start selling its products.
Market research:
Market research helps a business such as Fiona’s find out the answers to important questions
• Are the customers interested in buying the product? ...
You can find the answers to these questions Fiona’s business must use a market research agency. ...
They could also conduct their own research, which they will still have to meet certain cost e. ... cost of packaging.
Premises:
A business needs premises to operate from. The type of premises will depend on the type of business.
Approximate Word count = 1108
Approximate Pages = 4.4
(250 words per page double spaced)
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