Income And Expenses Flashcards
What is a start-up capital?
Start-up capital refers to the amount of money an entrepreneur needs to set up an enterprise.
What is grant?
Grant is a sum of money provided by the government that needs not be repaid.
What is interest?
Interest is the sum of money paid on the amount borrowed.
What is a commercial bank?
A commercial bank is a financial institution that accepts deposits, provides loans and other services.
What does income refers to?
Income refers to money flowing into the business.
What does expenses refers to?
Expenses are payments whereby
money flows out of the business in the form of payment
What is a profit?
Profit is the positive difference between income and expenses.
What is a loss?
Loss is the negative difference between income and expenses.
