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T-Levels Legal, Finance and Accounting Flashcards
50 question-and-answer cards covering Legal, Finance and Accounting as it is examined in T-Levels. 24 of them are printed below, taken from across the deck — no signup, no paywall on the preview.
24 sample cards from the Legal, Finance and Accounting deck
Sampled from the end of the deck, so these are different cards from the ones shown on the syllabus page.
What does a statement of financial position (balance sheet) show?
A snapshot of a business's assets, liabilities and capital (equity) at a particular point in time.
How is gross profit calculated?
$$\text{Gross profit} = \text{Sales revenue} - \text{Cost of sales}$$
How is profit for the year (net profit) calculated from gross profit?
$$\text{Net profit} = \text{Gross profit} + \text{Other income} - \text{Operating expenses}$$
What is depreciation and why is it charged?
Depreciation spreads the cost of a non-current asset over its useful economic life, matching the cost to the periods that benefit from using the asset (an application of the accruals concept).
Write the straight-line depreciation formula.
$$\text{Annual depreciation} = \frac{\text{Cost} - \text{Residual value}}{\text{Useful life (years)}}$$
Distinguish between fixed costs and variable costs.
Fixed costs stay the same in total regardless of output (e.g. rent); variable costs change in direct proportion to output (e.g. raw materials).
What is a 'semi-variable' (mixed) cost? Give an example.
A cost with both a fixed and a variable element, e.g. a telephone bill with a fixed line rental plus a charge per call.
Write the break-even point formula in units.
$$\text{Break-even (units)} = \frac{\text{Fixed costs}}{\text{Selling price per unit} - \text{Variable cost per unit}}$$
What is 'contribution' in costing, and how is it calculated per unit?
Contribution is the amount each unit contributes toward fixed costs and profit: $$\text{Contribution per unit} = \text{Selling price per unit} - \text{Variable cost per unit}$$
What is a budget and what is its main purpose?
A financial plan expressed in numbers for a future period; it helps with planning, coordination, control and monitoring performance against targets.
What is a 'variance' in budgeting, and what does a favourable variance mean?
A variance is the difference between budgeted and actual figures. A favourable variance means actual results are better than budget (higher income or lower costs).
In the UK tax system, what is the difference between direct and indirect taxes? Give an example of each.
Direct taxes are levied on income or profits and paid directly to HMRC (e.g. Income Tax, Corporation Tax); indirect taxes are charged on spending (e.g. VAT).
What does PAYE stand for and what is it?
Pay As You Earn — the system by which employers deduct Income Tax and National Insurance contributions from employees' wages and pay them to HMRC.
What is the standard rate of UK VAT and what is the difference between input and output VAT?
The standard rate is 20%. Output VAT is charged on sales; input VAT is paid on purchases. A business pays HMRC the output VAT less the reclaimable input VAT.
What are the two main sources of law in the English legal system?
Legislation (statute law made by Parliament) and common law (case law / judicial precedent developed by the courts).
Explain the doctrine of judicial precedent (stare decisis).
Courts must follow the legal principles set in earlier decisions of higher courts in similar cases, ensuring consistency and certainty in the law.
What is the difference between criminal law and civil law?
Criminal law deals with offences against the state, prosecuted by the Crown, aiming to punish; civil law resolves disputes between individuals or organisations, aiming to compensate or remedy.
What is the standard of proof in criminal cases compared with civil cases?
Criminal cases require proof 'beyond reasonable doubt'; civil cases are decided 'on the balance of probabilities'.
List the elements required to form a legally binding contract.
Offer, acceptance, consideration, intention to create legal relations, and capacity (with genuine consent and a lawful purpose).
What is the difference between an offer and an invitation to treat?
An offer is a definite promise to be bound on specified terms; an invitation to treat (e.g. goods displayed in a shop) is merely an invitation for others to make an offer.
What is 'consideration' in contract law?
Something of value given by each party in exchange for the other's promise — the 'price' of the bargain (e.g. money, goods, services, or a promise to act).
What are the main methods of Alternative Dispute Resolution (ADR)?
Negotiation, mediation, conciliation, and arbitration — ways of resolving disputes without going to court.
Compare mediation and arbitration as forms of ADR.
In mediation a neutral third party helps the parties reach their own voluntary agreement (non-binding); in arbitration an arbitrator hears the case and makes a decision that is usually binding on the parties.
What is the purpose of an audit trail, and why is client care and clear communication important in legal and financial services?
An audit trail is a complete, sequential record of transactions/documents allowing work to be traced and verified for accuracy and compliance. Good client care and clear communication build trust, ensure clients understand advice, meet regulatory duties, and reduce errors and complaints.
What this deck covers
The Legal, Finance and Accounting deck follows the T-Levels Legal, Finance and Accounting syllabus — 5 chapters and 20 topics — so questions land on material that is genuinely examinable rather than trivia around it. That works out to roughly 10.0 cards per chapter.
Answers are written to be recallable, not just readable — averaging about 146 characters, which is long enough to carry the reasoning and short enough to say out loud.
A deck like this earns its keep on the second and third pass. Read the syllabus first so you know the shape of the subject, then use the cards to find the specific facts that have not stuck.
Legal, Finance and Accounting flashcards FAQ
How many Legal, Finance and Accounting flashcards are in this T-Levels deck?
50 cards. This page previews 24 of them, sampled evenly across the deck so you can judge the difficulty before installing anything.
Are these T-Levels flashcards free?
Yes. The preview here is free to read with no signup, and the full 50-card deck is free inside the Examius app.
What do the Legal, Finance and Accounting cards cover?
They follow the T-Levels Legal, Finance and Accounting syllabus — 5 chapters and 20 topics — so the questions track what is actually examinable.
How should I use these flashcards?
Read the syllabus first so you know the shape of the subject, then drill the deck. Examius schedules each card with spaced repetition, so cards you keep missing come back sooner and ones you know drift further apart.