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Year 11 Knowledge questions Q1 Explain the following and give 2 examples Method Explain it 3 Examples Start up costs A one of cost. Market research, a van and fixtures and fittings. Running costs A day to day cost Wages, rent , electricity Fixed costs A cost that doesn't change according to output. Rent, wages, bills Variable costs A cost that changes or varies according to output. Ingredients, stock, packaging Q2.What is Output? The number sold or made. Q3 Flow of financial documents to make a business purchase: Method When is it used 2 Advantages 2 Disadvantages Cash Used in every day transactions. Instant payment, Not in debt. Easily counterfeited. Lost or stole. Cheque To send through the post. Cancel it if robbed, can be sent through the post. Takes 5 days for money to leave your account. Credit card When you don't have money you can still buy things. Can use it any time, buy things without money. Not your money, pay back with interest Debit card You don't need the money in your bank. Don't have to payback, your money May not have money. Lose...

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