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The purpose of accou

Business income and expenditure

Capital income and revenue income are the same. False
Money used to set up a business or buy equipment is capital income True
What are examples of capital income? Shares; loans; mortgages
Is there a difference between a loan and a mortgage? A mortgage is for a larger sum of money and for a longer period of time e.g. 25 years.
Revenue income is ………….. money that comes into a business daily from the goods that are sold or the services provided.
What does a salesperson who sells mobile phones for a company receive each time a sale is made? Commission received
What is the type and source of income that an arts centre charges local artists and members of the community to hire rooms. Revenue income. Rent received.
Capital expenditure is money spent on current assets False
A new business owner creates a logo and symbol to be competitive. Why is this important? It is a trademark of value to the business and recorded as an intangible asset.
How is revenue expenditure different from capital expenditure? Spending money on daily expenses rather than buying assets that will stay in a business for a long time.
Created by: judy14
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