C2 - Types of Revenue Income Flashcards
What is revenue income?
It’s the money that is flowing into the business via the day-to-day operation of the business, such as sales of goods and services.
What are credit sales?
It’s when customers are given a period of time after the sale is made to pay the seller.
What is a rent received?
It’s when the property mogul who owns residential or commercial property receives revenue income in form of rent.
What is commission received?
It’s when you sell products on behalf of another business and if successful, seller receives commission money.
What is interest received?
It’s the money made from savings and investments.
What is discount received?
It’s when the business pays reduced price for goods or services as when the business pays suppliers quickly, then the company might receive discounts.
