Unit 33: Small Business Enterprise

Unit 33: Small Business Enterprise

Name: Prudence Law

Task 1 (L.O.1: 1.1, 1.2, 1.3, 1.4, 1.5 and M1, D2)

A business can be defined as the organized effort of individuals to produce and sell, for a profit, the products that satisfy individual’s needs and wants. To satisfy the needs and wants of its customers, the business has to produce the products the customers demand. By producing these products for sale on the market, the business hopes to achieve a number of goals. Making a profit is perhaps the most basic of these. A business makes a profit when the income earned revenue is greater than the costs of production expenses. It is because as consumers, we reply on a large number of businesses to satisfy our wants and needs.

For the year ended 31 March 2014

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2014 2013 HK$ HK$ Turnover 45,739,589 48,546,509 Net other income 10,114,549 4,060,824 Impairment loss on goodwill – (531,658) Administrative expenses (26,315,374) (24,979,444) Finance costs (206,772)