Financial Management
3.3.14
http://learningspace.falmouth.ac.uk/course/view.php?id=336§ion=5
Legal Aspects
Prevent fraud
Prevent exploitation
Encourage and regulate payment of tax
Vary nationally and regionally
Good governance
Financial Act 2012
Business Bank Account
- Business type will influence decision
- 14 days to process
- Determine business - even as sole trader
Registered as self employed?
Register online
Self assessment
National insurance
PAYE if people work for you
VAT - Value added tax
20%
Charge VAT on tickets
Quarterly tax
4 Phase Business Cycle - Varies over time
Prosperity
Recession
Trough
Recovery
3 Types of Production
Land - natural - limited supply
Labour - human input- not all paid
Human Capital - quality of human input *education, training and health*
Entrepreneurs - Specialist form of labour input
Demand and Supply
Demand Curve - How many products consumers would like to buy?
Higher price = Lower customers
Necessities and luxuries - vary from person to person
Supply Curve - Think as a producer not a consumer
Opposite of demand curve
Price and quantity is a positive relationship
To increase supply - more shows or new site
4 Phase Business Cycle - Varies over time
Prosperity
Recession
Trough
Recovery
3 Types of Production
Land - natural - limited supply
Labour - human input- not all paid
Human Capital - quality of human input *education, training and health*
Entrepreneurs - Specialist form of labour input
Demand and Supply
Demand Curve - How many products consumers would like to buy?
Higher price = Lower customers
Necessities and luxuries - vary from person to person
Supply Curve - Think as a producer not a consumer
Opposite of demand curve
Price and quantity is a positive relationship
To increase supply - more shows or new site
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