Mandatory Competencies

Question 1

What is turnover?

Answer 1

Gross revenue made over a specified period

Question 2

What is G&T’s turnover?

Answer 2

2023/2024 - £292 million

Question 3

What are overheads?

Answer 3

Calculated costs of running a company

Question 4

Whar are some accounting ratios?

Answer 4

Liquidity ratio
Gearing ratio
Profitability ratio

Question 5

What is a gearing ratio?

Answer 5

Proportion of money from lenders (debt) compared to money from owners (equity)

Question 6

What is liquidity ratio?

Answer 6

Measures a company’s ability to turn assets into cash

Question 7

What is a profitability ratio?

Answer 7

Assesses company’s ability to generate earnings relative to its revenue

Question 8

What is a financial audit?

Answer 8

Examination of a companie’s financial accounts, to ensure financial information is represented fairly

Question 9

What is a profit and loss statement?

Answer 9

Financial statement of income and expenditure over a reporting period

Question 10

What does a profit and loss statement show?

Answer 10

Revenue, expenses, gains and losses

Question 11

What is a balance sheet?

Answer 11

Assets and liabilities a company has at a single point in time

Question 12

What is a cashflow?

Answer 12

Financial statement that shows the amount of cash are entering and leaving the company

Question 13

What is included in a credit check?

Answer 13

Credit history, payment activities (any debt), equity and liabilities

Question 14

What are included within CAPEX costs?

Answer 14

Construction costs - including material, plant, installation, delivery and professional fees

Question 15

What are OPEX costs?

Answer 15

Costs fot operating a building including maintenance, repair and renewal costs

Question 16

What are capital allowances?

Answer 16

Tax relief on certain goods and services

Question 17

What are some examples of capital allowances?

Answer 17

Use of sustainable materials
Compliance provisions - fire safety, housing

Question 18

What are the levels of VAT?

Answer 18

Standard - 20%
Reduced - 5% (sustainable)
Zero - 0% (new-built resi)
Exempt - Nil (charities)

Question 19

What act refers to insolvency?

Answer 19

Insolvency Act 1986

Question 20

What are the types of insolvency?

Answer 20

Company Voluntary Arrangements
Administration
Liquidation

Question 21

What is a Dun & Bradsheet report?

Answer 21

Database containing business records including commercial data, analytics and insights into businesses

Question 22

What is G&T’s business plan?

Answer 22

Increase turnover
Attract youth to the industry
React to market canges quickly