5.5 Technology in Finance

Question 1

spreadsheets

Answer 1

• used to make accounting layouts & graphs
• financial analysis
• automatic calculations reduce chance of error
• formula can be used to work out problems
• formatting can be used to highlight strengths/ weaknesses

Question 2

EPOS

Answer 2

• electronic point of sale
• allows data from tills to go into accounts/ spreadsheets
• makes financial document filling easier

Question 3

EFTPOS

Answer 3

• electronic funds transfer at point of sale
  allows customers payments to go straight to business’ bank
• reduces the need to handle large amounts of cash

Question 4

Online banking

Answer 4

• used to check balance remotely
• payments can be made immediately
• overdrafts can be set up
• standing orders can be set up to pay suppliers on a regular basis

Question 5

Email

Answer 5

used to send invoices to suppliers/ customers

Question 6

word processing

Answer 6

used to put together financial reports for shareholders

Question 7

internet

Answer 7

• used for researching banks & competitor info
• tax returns can be completed online
• tax bills can be paid online