Unit 3 Personal and Business Finance

Tracking income and expenses

Forecasting sales revenue

Managing employee payroll

Creating marketing strategies

Maximizing profits

Increasing shareholder value

Managing financial risk

Providing healthcare services

Forecasting future sales

Determining employee salaries

Providing a snapshot of an entity's financial health

Managing inventory levels

VAT

National insurance

Council tax

Income tax

To assess market trends in a business

To calculate taxes owed by a business

To track inventory levels in a business

To show the financial performance of a business

To measure the value of inventory in a business

To predict and manage cash inflows and outflows

To calculate net profit of a business

To analyze market competition in a business

To calculate tax deductions

To plan and track income and expenses

To assess creditworthiness

To analyze investment opportunities

To secure loans and credit

To minimize tax liabilities

To maximize investment returns

To mitigate financial risks and protect against unforeseen events

Debit cards require a credit check, while credit cards do not.

Debit cards are linked directly to the user's bank account, while credit cards allow users to borrow money up to a certain limit.

Debit cards offer better rewards and cashback options than credit cards.

Debit cards have higher interest rates compared to credit cards.

Gross income is the total income earned, while net income is the total expenses incurred.

Gross income is the income earned after taxes, while net income is the total income earned before taxes.

Gross income is the total income earned before deductions, while net income is the income after deductions.

Gross income is the income earned after deductions, while net income is the total income earned before deductions.

Gross income is the income earned before taxes, while net income is the income portion saved.

Annual Percentage Rate

Automated Payment Reminder

Accidental Personal Risk

Average Price Reduction

Fixed expenses remain the same every month, while variable expenses can change from month to month.

Fixed expenses are discretionary expenses, while variable expenses are mandatory expenses.

Fixed expenses are essential expenses, while variable expenses are non-essential expenses.

Fixed expenses can change from month to month, while variable expenses remain the same every month.

Fixed expenses are short-term expenses, while variable expenses are long-term expenses.

To evaluate an individual's job performance.

To assess an individual's creditworthiness.

To determine an individual's savings account balance.

To analyze an individual's investment portfolio.

To calculate an individual's net worth.

To invest in the stock market.

To pay off debts.

To donate to charities.

To accumulate and store money for future use or emergencies.

To cover daily expenses.

To withdraw cash from an ATM.

To transfer money to other bank accounts.

To make purchases on credit and borrow money from the card issuer.

To track and categorize expenses.

To earn rewards and cashback on purchases.