3.1 Introduction to Finance

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5 Terms

1
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Procurement

The process of purchasing goods and services that are used by a business to produce its products.

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Capital Expenditure (Investment)

Spending on the non-current (fixed) assets of a business. Investment in capital expenditure allows a business to grow in the future

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Revenue expenditure 

Spending on a company's general operational costs; this spending will enable the business to generate ongoing revenue.

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Insolvency

A situation in which a business is unable to pay its debts.

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Fixed Asset

An item or property that has value, is owned by a person or business, and which the business plans on holding or using for longer than one year.