EMS

• Fixed income - the money a person recieves regulary and is the same amount
• Variable - the money received as a gift or donations
• Saving - saving the amount of money by using using less money than you earn
• investing - making more money by working hard
• Pension - A portion of your monthly earning is invested and when you retire, the pension fund pays you a monthly income
• Fixed deposit saving account - when you want to save money for a fixed period ( e.g 3-36 months) in which you cannot make withdrawals. The longer you invest the higher the amount
• Aim of owning a business is to make a profit.

  Business generate an income in the following ways

  • Sales, Buying and selling goods
  • Current income, selling a service
  • Rent income, a business may rent out a part of the building
• An Entrepreneur is a person who owns their own business. They work for themselves and create their own jobs. They take risks.
• Entrepreneur characteristics:

  • Innovative
  • Committed and dedicated
  • Motivated and independent
  • Energetic
  • Risk takers
  • Bold and couragous
• Entrepreneur skills

  • Communication
  • Planning
  • Marketing
  • Management
  • Financial
• Entrepreneurs have to do 4 things

  • Buy
  • Sell
  • Produce
  • Make a profit