← Elements of Business Skills syllabus

SingaporeElements of Business Skills

Money and Financial Records

4 dot points across 4 inquiry questions. Click any dot point for a focused answer with worked past exam questions where available.

How does a business work out whether it has made a profit or a loss?

Explain what profit and loss mean, calculate simple profit or loss from sales and costs, and explain why profit matters to a business
A simple guide to profit and loss. What they mean, how to work out profit or loss from sales and costs, why profit matters, and a worked Singapore example.
8 min answer →

How does a small business keep a simple record of the money coming in and going out?

Describe how to keep a simple cash record showing money in, money out and the running balance, and explain why keeping records matters
A simple guide to keeping a cash record. Money in, money out, the running balance, how to fill one in, and why records matter, with a worked Singapore example.
8 min answer →

What are the different ways customers can pay a business, and what are the good and bad points of each?

Describe the main methods of payment - cash, card and electronic payment - and explain an advantage and disadvantage of each for a business
A simple guide to methods of payment. Cash, card and electronic payment such as PayNow and e-wallets, with an advantage and disadvantage of each, and Singapore examples.
7 min answer →

Where does a business get its money from, and what does it spend money on?

Explain the main sources of income for a business and the main types of cost, and the difference between fixed and variable costs
A simple guide to where a business gets money and what it spends. Sources of income, types of cost, and the difference between fixed and variable costs, with Singapore examples.
7 min answer →