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Business

Spec 2.4 (Making Financial Decisions)

QuestionAnswer
What is gross profit? Profit made after costs directly related to production are subtracted from revenue
What is net profit? Profit made after all expenses are subtracted from revenue
What is the formula to find growth profit margin? Gross profit/sales revenue x 100
What 2 things can a business do to improve gross profit margin? 1. Change the price 2. Negotiate cheaper prices with suppliers
What is the formula to find net profit margin? Net profit/sales revenue x 100
What 2 things can a business do to improve net profit margin? 1. Increase gross profits 2. Lower operating costs
Why do businesses calculate average rate of return? To calculate how profitable an investment will be
What is the formula for average rate of return? Average annual profit/initial cost of investment x 100
Name the 2 types of data businesses use to inform decisions 1. Financial data 2. Market data
What is the formula for market share? Sales of product/total market sales x 100
Name a potential limitation of market data` Market research may be biased
Name a potential limitation of financial data It could be out of date
Created by: JoeMather
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