Types of income - C

Question 1

What does fixed assets mean?

Answer 1

Fixed assets – items of value owned by a business that are likely to stay in the business for more than one year – for example, machinery. Also known as non-current assets.

Question 2

What does asset mean?

Answer 2

Asset – any item of value owned by an individual or firm.

Question 3

What does commission mean?

Answer 3

Commission– A commission is a fee paid to a salesperson in exchange for services in facilitating or completing a sales transaction. Commission could be a flat fee or a percentage of the revenue, gross margin or profit generated by the sale. It could also be charged by brokers to assist in the sale of security, properties etc.