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Chapter 18 - Business Finance
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What is crowdfunding?
Raising small amounts of money from many people online.
What is a grant?
Money given by the government that does not need to be repaid.
What are retained earnings?
Profits reinvested back into the business.
How long are long-term sources repaid over?
5+ years
What is hire purchase?
Paying for an asset in instalments while using it immediately.
What is leasing?
Renting an asset instead of buying it.
Give ONE example of medium-term finance.
Term loan / leasing / hire purchase.
How long are medium-term sources repaid within?
1-5 years
What are accruals (expenses due)?
Expenses that do not need to be paid immediately.
What is trade credit?
Buying goods now and paying later.
What is a bank overdraft?
Permission to withdraw more money than is in the bank account.
Give ONE example of a short-term source of finance.
Bank overdraft / trade creditors / accruals.
How long are short-term sources of finance repaid within?
Within one year.
What principle states finance should match the time period of the need?
The matching principle.
Give ONE example of current expenditure.
Wages / internet / electricity / cleaning supplies.
Give ONE example of capital expenditure.
Buying land / machinery / a building / delivery van.
What is current expenditure
Day-to-day running costs
What is capital expenditure?
One-off or long-term spending
What are the two main types of business expenditure?
Capital expenditure and current expenditure.
What is finance?
Money that is available to a business.
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