← Lessons 06-Commercial Conduct
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1. INTRODUCTION 2. DOCUMENTS USED IN COMMERCIAL TRANSACTIONS 3. CREDIT AND DEBIT NOTES 4. METHODS OF PAYMENT 5. STATEMENT OF ACCOUNT 6. MAJOR TYPES OF FINANCIAL INSTITUTIONS 7. MAJOR SERVICES PROVIDED BY HIGH STREET BANKS 8. GOOD COMMERCIAL PRACTICE – KEY TAKEAWAYS 9. QUICK EXAM NUMBERS & FACTS – MEMORISE THESE 10. FINAL MEMORY CHECKLIST

9. QUICK EXAM NUMBERS & FACTS – MEMORISE THESE

  • 14 days – training material states that where invoicing is within 14 days of supply, the invoice date is accepted as the tax point.
  • 2½% – example cash discount offered for immediate settlement.
  • 6 months – a cheque older than this is described as stale in the training material.
  • £25,000 – training material’s threshold for classifying a ‘small’ business loan.
  • BACS – principal UK credit-transfer system identified for larger businesses.
  • DR – indicates an amount owed by the customer on a statement.
  • Carriage paid – consignor/sender pays the transport cost.
  • Carriage forward – consignee/receiver pays the transport cost.
  • Credit note – corrects an overcharge.
  • Debit note – corrects an undercharge.