← 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

10. FINAL MEMORY CHECKLIST

  • Know the document sequence: estimate → quotation → order → invoice.
  • Know the difference between an estimate and a quotation.
  • Know why exemption clauses must be brought to the other party’s attention before contract formation.
  • Know what a pro-forma invoice is and when it is used.
  • Know carriage paid vs carriage forward.
  • Know the purpose of an order and examples of how it can be placed.
  • Know the main information shown on an invoice, including the VAT information described in the material.
  • Know credit note = overcharge and debit note = undercharge.
  • Know the main payment methods: cash, cheque, cards, mobile, internet and credit transfer.
  • Know the difference between a standing order and a direct debit.
  • Know the difference between a current account and a deposit account.
  • Know what a bank draft is.
  • Know BACS and the purpose of a remittance advice.
  • Know the difference between a business loan and an overdraft.
  • Remember that accurate records and proper commercial procedures are essential.