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13 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What does breaking even mean? |
Breaking even point is the point at where your total revenue equals your total costs |
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Sole Trader’s sources of finance? |
Owner’s savings, friends and family, bank loan, grants |
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A partnership’s sources of finance |
Owners’ savings, friends and family, taking on a new partner, bank loans, debentures, grants |
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Public / Limited companies sources of finance |
Ordinary shares, preference shares, bank loans, grants |
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A charities sources of finance |
Donations, the national lottery, grants |
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A club’s sources of finance |
Subscriptions and joining fees |
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A public sector organisation’s sources of finance |
The national lottery, taxes |
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Define a government body |
A government/ public body is an established organisation that is (or partly) publicly funded funded to deliver a public or government service. |
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Type of taxes |
Corporation tax (public and private limited companies only), income tax, VAT, NIC |
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What is a share? |
A portion of ownership in a company |
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Description of income tax |
Income tax is charged on income, it is paid as a percentage of earnings. Owners of sole traders and partnerships pay income tax on the profits of their business. |
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Description of National Insurance contributions (NICs.) |
National Insurance contributions (NICs) are charges to cover healthcare, state pensions and employment-related benefits such as Jobseeker's Allowance. Both employers and employees pay it. |
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Description of corporation tax |
Corporation tax is a charge on a company's profits. This type of tax only applies to private and public limited companies. |
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