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Finance and Planning

Junior Certificate Business Studies

TermDefinition
Trade Creditors These are a person/firm to whom a business owes money. A company obtains goods/services from another business but does not pay for it immediately.
Bank Overdraft The bank allows a firm to overdraw up to an agreed level
Expenses due The business delays paying their bills for as long as possible.
Term loan This is loan from a bank or other financial institution that is repaid over a period of between 1 and 5 years.
Leasing This is an agreement with a finance company to pay an agreed amount each month for the use of an asset, e.g. car/van
Hire Purchase This is an agreement with a finance company to pay an agreed amount each month for the use of an asset, e.g. car/van. The business owns the asset once the last repayment has been made.
Issue of ordinary shares This is where a company sells shares in the business to raise money. Each year the shareholders may get a share of the profits called a dividend.
Retained earnings This is when the profits made are kept in the business to pay for new equipment or future expansion.
Sale and Leaseback This company sells a valuable asset to an investment company and then leases it back over a period of time E.g land/buildings.
Long Term Loan This is a loan for up to 35 years. It needs to be paid back in instalments with interest
Grants This is a non-repayable source of finance available from the government/European Union
Business Plan A document used when the business is looking for a loan. It contains details about the business background, product/service, market research, sales promotion and finance.
Cashflow forecast A plan showing all the expected cash receipts and cash payments in a firm over a period of time.
Cash receipt/inflow Money going into the bank account E.g. Sales, grants, loans
Cash payment/outflow Money going out of the bank account E.g. wages, electricity, purchases
Fixed costs Costs which must be paid no matter what is sold or produced
Variable costs Costs which vary according to the amount produced or sold
Created by: CPS2BS
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