Question 20 of 34beginner🧠 RememberShort Answer3 marks

Give any three examples of revenues.

Correct Answer

Revenue refers to the amounts a business earns by selling its products or providing services to customers. It is also known as income.

Three examples of revenues are:

  1. Sales Revenue: The total revenues from goods or services sold or provided to customers.
  2. Commission: Earnings received for services rendered.
  3. Interest: Money earned on funds or credit provided.

Other valid examples include dividends, royalties, and rent received.

Exercise: Questions for Practice - Short Answers | Q: 8 | (Page 22)
For More Understanding

Explanation

The answer is derived from Section 1.5.7 'Revenues' of the provided text. The text explicitly defines revenues and lists specific items such as commission, interest, dividends, royalties, and rent received, in addition to sales revenue. The answer selects three of these distinct items to satisfy the 3-mark requirement.

Solution Steps

  1. Step 1: Define Revenue based on Section 1.5.7 (amounts earned from products/services).

  2. Step 2: Identify the list of examples provided in the text (Commission, Interest, Dividends, Royalties, Rent received).

  3. Step 3: Select any three examples to formulate the final answer.

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