Formal and Informal Sectors (Grade 10 NSC Matric Business Studies): Flashcards
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Practise the cards
10 cards from this deck
Formal sector
Formal sector
Businesses officially registered with govt, follow legal requirements
Informal sector
Informal sector
Businesses not registered with CIPC, don't pay tax on profits
CIPC
CIPC
Companies and Intellectual Property Commission
SARS
SARS
South African Revenue Services (tax collection)
Formal sector income
Formal sector income
Regular weekly or monthly salaries
Informal sector income
Informal sector income
Irregular and inconsistent earnings
Business registration threshold
Business registration threshold
R1 million in 12-month period
Formal sector examples
Formal sector examples
Banks, mining, retail stores, insurance, construction
Informal sector examples
Informal sector examples
Spaza shops, street vendors, home salons, car wash
Informal sector employment (SA)
Informal sector employment (SA)
1 in 6 working South Africans (2.9M in 2018)