Psc Finance And Business Skills Exam Notes 2023 (Distinction) Best Of All

Profit {Ans: } The amount of money left over once the costs of that activity have been paid for. (cost of goods and expenses) Profit is sometimes used to measure how successful a business activity has been.Sale Revenue (Turnover) {Ans: } Quantity of goods sold multiplied by the selling price.Gross Profit {Ans: } Sales revenue minus cost of sales.Net Profit {Ans: } Gross profit minus expenses.Sources Of Finance {Ans: } Where the businesses get money from internally or externally and whether it's needed for the short term or long term.Internal Finance {Ans: } Finance obtained from WITHIN the business.External Finance {Ans: } Finance obtained from OUTSIDE the business.Interest {Ans: } An amount of money which has to be paid on borrowed money.Profit & Loss Account {Ans: } Shows how much profit a business makes during the whole year after expenses are taken away.Turnover {Ans: } All the money coming into the business, also called 'Sales Revenue'.Operating Profit {Ans: } The amount of profit which the business has made on its main activities.Corporation Tax {Ans: } The tax which private and public limited companies must pay on their profits.Dividends {Ans: } The part of a company's profit paid out to shareholders.Balance