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Self-Employment, Forecasting, and Profit and Loss Flashcards | StudBud

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Self-Employment, Forecasting, and Profit and Loss

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Questions 7

Answers

1
How do you work out profit?
Profit = Revenue – Tax
Profit = Revenue + All Costs
Profit = Revenue – All Costs
2
What is self-employment?
Self-employment is when you work for someone else.
Self-employment is when you work for yourself.
Self-employment is when you work in a group.
3
You can sometimes get a grant to help you start a business. What is a grant?
Investments made in exchange for shares.
Money given for a specific purpose that doesn't need to be repaid.
Loans provided by banks to start a business.
4
What is an invoice?
A document containing a quote for a customer.
A bill listing goods or services purchased and the amount owed.
A contract outlining the terms of the service.
5
What is the financial year (also known as the tax year)?
A 12-month period starting in April used for tax and accounting purposes.
A 18-month period used for business planning.
A 6-month period when you don't pay any tax.
6
What is the break-even point?
When a company has no debts.
When a business's expenses are fully paid.
This is the point at which a business starts to make a profit.
7
What is revenue?
Money a company makes from sales before costs are taken away.
Money a person earns from investments.
Money borrowed by a company for expansions.