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Unit 5 - Finance - Coggle Diagram
Unit 5 - Finance
Exam technique
3 marker
knowledge
show you understand the topic - point
application
explain / apply (context)
analyse
develop the effect / impact
7 - 9 markers
(single topic)
P1 - good / advantage
knowledge, application, analysis
P2 - bad / disadvantage
knowledge, application, analysis
P3 - judgement,
2 reasons
it depends
3 marker
(recommend)
make a decision
use context
contrast 2 opinion
(why is one better
then the other?)
7 - 9 markers
(double topic)
P1 - topic 1
knowledge,
application,
analysis
P2 - topic 2
P3 - judgement,
Role of finance
manage money
budgeting
amounts for reinvesting
track profits
track potential crimes (embezzlement)
purposes
provide information to management
budgets
ensure accounts are accurate
support planning and decisions
finance department is the link between all departments
provides information to help make smart choices
department links
Finance -> HR
budget for training
budget for recruitment
HR -> Finance
staff numbers
Sources of finance
reasons for needing finance
starting up a new business
replacing old machinery, equipment & premises