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Business Plan Implementation Basics

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Questions and Answers

What is the primary purpose of keeping business records?

To learn from mistakes and success (correct)

To comply with government regulations

To track transactions only

To reconstruct financial statements

What is the language of business in entrepreneurship?

Financial statements (correct)

Math

Management

Accounting

What is the main difference between a sales journal and an expense journal?

One is used for daily transactions and the other for monthly transactions

One is used for small businesses and the other for large businesses

One is used for cash transactions and the other for credit transactions

One is used for sales and the other for expenses (correct)

What is the purpose of including a 'payment due date' column in a sales journal?

To track the date of payment Signup and view all the answers

What is a credit sale?

A sale where payment is delayed Signup and view all the answers

What type of information is typically recorded in a sales journal?

Vital information about sales transactions Signup and view all the answers

Why is it necessary to keep accurate financial records for a business?

To comply with government regulations Signup and view all the answers

What is the purpose of a sales invoice?

To record sales transactions Signup and view all the answers

What is the main purpose of an expense journal?

To track expense transactions Signup and view all the answers

What is the purpose of including a 'check no.' column in a sales journal?

To track the payment method Signup and view all the answers