Manage finance within own area of responsibility in health and social care or children and young people's setting
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Drag and drop the words into the correct gaps.
Budgets are used to manage income and expenditure and promote forward . They can be used to establish , reduce waste and identify inefficient purchasing practices, and they are a way to responsibility without losing .
Match the words on the left with the items on the right.
Drag and Drop items from one side to pair them with items from the other side
Cashflow
Profit
Loss
Budget
This is a method for planning the use of resources
This is the movement of money into and out of a business
This describes the outcome if expenditure is lower than income at the end of the financial period
This describes the outcome if income is lower than expenditure at the end of the financial period
Which of the following are likely to result in higher spending than budgeted? Select three correct answers
Order cost calculated using headline ‘from £x’ rather than small print cost for quantity actually ordered
One box of 12 items is required by ‘quantity 12’ is written on the order
Supplier applies volume discount to invoice at time invoice is raised, rather than when order is placed
Supplier automatically adds an amount for insurance to every order when invoiced
Supplier includes VAT in catalogue / website price
Which of the following statements correctly explains the concept of a favourable variance? Choose the two correct answers.
The income received is higher than originally expected
The income received is lower than originally expected
The cost of an item is higher than originally expected
The cost of an item is lower than originally expected
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