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The purpose of accou
Business income and expenditure
| Question | Answer |
|---|---|
| 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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