Unit 6.1 Finance Flashcards
What is Price?
The amount of money a customer pays in receipt for a good or service
What is Revenue?
The amount of money a business receives from selling the good or service.
What is Cost?
The price a business pays to produce a good and service.
What is Fixed?
Prices that stay the same regardless of output.
What is Variable?
Costs that vary depending on output.
What is Profit
What is left after you minus costs from revenue.
What is Loss?
Where there aremore costs than revenue.
What is Income?
Money that the business recieves.
What is Expenditure?
Money that the business spends.
What is Cash?
Money that is available to the business staight away.
What are the 11 sources of finance?
Overdraft, Owners Funds, New Share Issue, Hire Purchase, Family and Friends Loan, Bank Loan, Selling Assets, Trade Credit, Retained Profits, Government Grants, Mortgage
