Functions of a Business Flashcards
(9 cards)
What is profit?
What remains after all expenses have been deducted from sales revenue
What is revenue?
The money a business receives as payment for its products
What is income?
Money received by a person for providing their labour
What is a wage?
Money received by workers, usually on a weekly basis
What is a salary?
Fixed amount of money paid on a regular basis, usually fortnightly or monthly, to a permanent employee of a business
What is a shareholder?
People who are part owners of a company
What is a dividend?
Part of a business’s profit that is divided among shareholders
What is an entreprenur?
People who transform their idea into a new business
Where does revenue from the Australian economy go?
The government in the form of taxes. Some goes to the business owners/shareholders, lenders, employees and some is kept in the business itself (retained profits)
