Money and Financial Records overview: N(T)-Level Elements of Business Skills (SEAB 7066) on sources of income and costs, calculating profit and loss, keeping a cash record, and methods of payment

Why this module matters

Every business lives or dies by its money. The Money and Financial Records module of N(T)-Level Elements of Business Skills (SEAB 7066) gives you the practical money skills a worker or small-business owner uses every day: knowing where income comes from and where it goes, working out whether the business made a profit, keeping a clear record of cash, and handling different ways customers pay. These are the same skills that keep a hawker stall, a shop or a small hotel running.

This guide ties together the matching dot-point pages, each with its own worked examples and practice. See the whole syllabus at /sg-n-level/elements-of-business-skills/syllabus and the subject hub at /sg-n-level/elements-of-business-skills.

Sources of income and costs

The module begins with sources of business income and costs: where a business gets its money (mainly sales revenue) and what it spends on, and the key difference between fixed costs (which stay the same, like rent) and variable costs (which change with output, like materials).

Calculating profit and loss

Once you know income and costs, you can work out the result. Calculating profit and loss shows the simple rule - profit or loss equals total income minus total costs - how to do the calculation, and why profit matters to a business.

Keeping a cash record

A business must track its money. Keeping a cash record explains how to keep a simple record showing money in, money out and a running balance, and why keeping records matters for control, tax and decisions.

Methods of payment

Finally, methods of payment describes the main ways customers pay - cash, card and electronic payment such as PayNow - and gives an advantage and a disadvantage of each for the business.

How this module is examined

Elements of Business Skills (SEAB 7066) is assessed by Paper 1, a written paper worth 60%, and Paper 2, school-based coursework worth 40%. Money questions in Paper 1 often include a short calculation - work out a profit, complete a cash record, or find a running balance - alongside questions explaining costs and payment methods. Always show your working clearly.

• Show your working. In a calculation, write income minus costs and the final figure, so you can earn method marks even if the final number is slightly off.
• Use the right terms. Distinguish income from costs, fixed from variable, and profit from loss.
• Weigh up payment methods. When recommending a payment method, give a clear advantage and disadvantage for the business in the scenario.

Check your knowledge

A mix of recall and calculation questions covering the module. Try them before checking the solutions.

1. State the formula for working out profit or loss. (2 marks)
2. Give one example of a fixed cost and one example of a variable cost. (2 marks)
3. A stall has sales of S$900 and total costs of S$650. Calculate the profit or loss. (2 marks)
4. State the three columns a simple cash record usually has. (3 marks)
5. State one advantage and one disadvantage of accepting card payment for a business. (2 marks)