Estimation – using a common sense approach to calculation by seeing if the answer produced seems ‘reasonable’

Percentage – ‘per cent’ means ‘out of every hundred,’ so a percentage is the top number of a fraction where the bottom number is 100

Discount – a percentage of an account deducted from that amount

Decimal place – the number of digits (numbers) to the right of the decimal point; £ and p are quoted to two decimal place, e.g. £4.99

Rounding – in the case of £ and p, reducing the number of digits to two decimal places by rounding up or down to the nearest p.

Benchmark – in costing this is a forecast figure for future performance (e.g. sales) against which the actual figure is then compared.

Mean average – the sum of a series of figures divided by the number of figures – this is also known as a ‘weighted average’

Time series – a series of data collected regularly over a period of time e.g. annual sales figures.

Line graph – a visual representation of a time series set out in a line

Bar chart – a chart which sets out a series of bars, the height of which indicates the extent of the value that varies.

Pie chart – a circle divided into sectors to represent in the correct proportion the parts of a whole – like a pie divided into ‘slices’

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Work effectively in accounting and finance Chapter 3,4,5