Types of income- Revenue income

Question 1

What is revenue income?

Answer 1

The money that comes into the business from performing its day-to-day job, selling goods and providing services.

Question 2

Sales

Answer 2

The money coming in from the sale of goods or services

Question 3

Cash sales

Answer 3

The customer pays there and then

Question 4

Credit sales

Answer 4

The customer buys then by pays at a later date

Question 5

Rent Received

Answer 5

Businesses that rent out properties to other people will receive rent as their main source of income. Businesses normally rent out land or premises

Question 6

Commision

Answer 6

A business that sells products or services as an agent of another business. They sell other businesses products on their behalf and for each sale, they receive a percentage of that sale. This percentage is called commision.

Question 7

Interest received

Answer 7

Money earned on saving or lending. A percentage of the amount of money in the bank.

Question 8

Discount received

Answer 8

When a business is given a percentage off a sale, normally when buying in bulk, which reduces the costs to the business