1. Starter task Sit down in the new seating plan
Complete the progress tracker up to 1.4.4
Write your name on your A3 poster
Split your Revision poster into 4 sections: Objectives and qualities, Revenue costs and profits, Cash flow and obtaining finance

2. Split your Poster into the 5 headings

3. In the Objectives section
You have 5 minutes to:
Write the definition of a financial objective
Give an example of a financial objective
Write the definition of a non-financial objective
Give an example of a non-financial objective

4. In the Entrepreneur Qualities section
You have 5 minutes to:
Explain why the following qualities are important
Determination
Initiative
Willingness to take risks
Extension - come up with another quality and explain it

5. In the Revenue, Costs and Profit section
You have 5 minutes to:
Explain what the following are
Fixed Costs
Variable Costs
Total Costs
Extension – Write out the formula for Total Costs and also Variable costs

6. On your whiteboard, answer:
A small Hairdressers has fixed costs of £2,000 per month. Last month, they cut 100 peoples hair. Its variable cost was £5 per haircut. How much were the total costs?
Extension:
b) What would the total costs be if they only did 80 hair cuts?

7. In the Revenue, Costs and Profit section
You have 5 minutes to:
Write the formula for Total Revenue – (P x Q)
Write the formula for Profit (TR x TC)
Explain the difference between price, cost and profit
Extension – Explain an impact of making a loss

8. On your whiteboard, answer:
A football coach charges £10 per session. Last year customers paid for 500 sessions. How much revenue did he make?
This year, it increased its prices to £11 but the number of sessions sold fell to 200. How much revenue did he make?
What is the difference between the two revenues?

9. In the Cash Flow section
You have 5 minutes to glue and complete the gaps -
5 Rules of cash flow forecasting:
Total Inflows (also known as Total R______) = The sum of all inflows
Total Outflows (also known as Total P______) = The sum of all inflows
Net Cash flow = T_______ R_______ - T_______ P_______
Opening balance = Last m_______ closing balance
Closing balance = _________ _______
+ ____ ______ ______

10. On your whiteboard, answer:
Cash Inflows is money going into the business e.g. owners capital, a loan or cash from Sales
True or False?
Extension:
b) Give an example of an Outflow

11. In the Obtaining finance section
You have 5 minutes split the following sources of finance into internal and external
Owners savings, Share capital, Trade credit, Venture capitalists, Loans, Mortgages, Retained profit, Leasing, Grants, Sale of assets, Overdraft
Internal
External

12. On your whiteboard, answer:
What is trade credit?
Extension
b) Why is it beneficial to buy items on credit?

13. Discuss with the person next to you:
What is the difference between limited and unlimited liability?
Be ready to share your answer

14. On your whiteboard, answer:
A business has produced a cash flow forecast for January Total receipts of the business are £10,000. Total payments are £7,000.
What is the net cash flow at the end of January?

15. On your whiteboard, answer:
Split the following between fixed and variable costs for a Pizzeria:
Rent
Cost of Ingredients
Advertising costs
Administration costs
Cost of Pizza boxes
Yearly Salaries
Wages for temporary staff at Christmas
Insurance

16. On your whiteboard, Write the formula for Total costs
Write the formula for Total Revenue
Extension:
c) Write the formula for Profit

17. On your whiteboard, answer:
A Subway store has fixed costs of £20,000, they sell each Sub for £4 and each sub costs the shop £2 to make.
What is their total variable costs?
What is their Total costs?
If they sold 50,000, what would be their revenue?
Extension:
b) If they sold 50,000, what would be their profit/loss?

18. On your whiteboard, answer:
Which three of the following are examples of variable costs?
Select three answers.
A. Rent on a factory unit
B. The cost of clothes bought by a high street fashion boutique
C. Advertising in a local newspaper
D. The salary of the managing director of a company
E. Coca-Cola drinks in a fast food restaurant
F. Diesel fuel used by a taxi driver
G. The interest on a loan

19. What have I learnt today?
Choose one area you are most confident with from today and one area that you need to improve on. (Give yourself a WWW and EBI)
In your planner write “Revise for Business test on Friday – Concentrate on ___________” (insert your EBI)