A list of transactions recorded in the order in which they occurred The amount paid for goods that were resold after purchase, or for raw materials used to produce goods for sale The final profit figure, calculated by subtracting operating expenses from gross profit The amount of profit gained from selling goods to the public, calculated by subtracting the cost of goods sold from the revenue gained by selling those goods
3. Explain the purpose of an income statement for a business owner. 4. Identify what a summary of the money spent by a business on a regular basis to generate sales is called. 5. State whether the following is True or False. A cash flow statement allows the business owner to calculate the level of profit. ANALYSE AND APPLY
6. Describe , using an example, what is meant by sales revenue. 7. Explain why a business owner should keep financial records. 8. Distinguish between a cash flow statement and an income statement. Answers and sample responses for this topic are available online.
LESSON 22.5 Aboriginal and Torres Strait Islander communities in the market
LEARNING INTENTION By the end of this lesson you should be able to describe how Aboriginal and Torres Strait Islander businesses and entrepreneurs develop opportunities in the market.
Tune in With so many different Aboriginal and Torres Strait Islander groups within Australia, confirming the authenticity of a piece of creative work (dance, art, musical instruments, recipe) can be challenging. There are many counterfeit artists claiming to be from an Aboriginal and Torres Strait Islander background but are simply not. 1. Identify three reasons why a non-Indigenous person might sell Aboriginal and Torres Strait Islander art. 2. Look at FIGURE 1 and explain why you think fake art harms culture. 3. Discuss the reasons why a purchaser should know if what they are buying is authentic and not a counterfeit product. 4. Reflect on why you think Aboriginal and Torres Strait Islander artists should have their works protected by copyright law.
FIGURE1 Fake art, such as these boomerangs being sold in Bali, misappropriates Aboriginal and Torres Strait Islander cultures.
TOPIC22 Financial goals and decision-making 643
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