Edexcel Ial Business Unit 2 Key Terms Exam Questions & Answers 2024 ( A+ Graded 100% Verified)

Statement of comprehensive income {Ans: A business's account of its revenue, different types of expenses, and profit/loss in a year}Overtrading {Ans: A business might accept orders but then run up against trade credit limits set by its suppliers, and so it cannot order enough stocks to complete the orders}Total Quality Management (TQM) {Ans: Targets getting it right first time by setting quality assurance standards}Kaizen {Ans: A system of continuous improvement at every stage of production no matter how small the improvements might be}Government regulation {Ans: Government rules that set standards for organisations for the purpose of protecting consumers, employees and the environment}Sales forecast {Ans: Projection of future sales revenue, based on previous sales data or market research}