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Chapter 19

Business Finance

Trade Creditors A person/firm to whom a business owes money.
Bank Overdraft The business has a permission from their bank to overdraw their current account.
Expenses Due The business delays paying their business expenses for as long as possible.
Term Loan A loan from a bank or other financial institution that is repaid over a period of between 1 and 5 years.
Leasing The firm enters into an agreement with a finance comapny to pay them an agreed amount of money each month in return for the use of the asset.
Hire Purchase The deal involves 3 parties - the buyer, the seller and a finance company. The finance company pays the seller in full for the asset and then collects the money in instalments from the buyer over an agreed period of time.
Ordinary Shares This is where the company sells shares in the business to raise money.
Retained Earnings In limited company, the profits can either be paid to the owners or kept in the business. The profits that are kept in the business are known as retained earnings.
Sale and Leaseback Firms can sell the asset to an investment company for its market value and then lease it back over a period of time at an annual rent.
Grants Non-repayable sources of finance available from the government and the EU to help people who wish to start a new business.
Created by: jdunnestmarks
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