24 Questions
What is the primary objective of setting financial targets in a business venture?
To guide the direction of the business
What is included in the budget for a business venture?
Expenses for operations, such as transportation and materials
What is the purpose of generating profits in a business venture?
To finance continuing business expenses and personal expenses
What are dividends in the context of business management?
A portion of profits used to finance business expenses
What is the purpose of setting sales targets in a business venture?
To measure the success of the business
What is the purpose of retained earnings in a business venture?
To finance continuing business expenses
What is the primary goal of selling a product or service?
To highlight its features, advantages, and benefits to customers
What is the purpose of regularly reviewing a business plan?
To evaluate and improve business performance
What is bookkeeping, and how often should it be done?
It's a systematic recording of financial transactions, and should be done daily
What is the purpose of a Chart of Accounts?
To list all accounts for a given accounting system
What is the benefit of creating a knowledgeable and friendly environment for customers?
It enhances the selling process
What should be done daily in a business?
Record financial transactions
What is the primary source of savings for a business venture?
Dividends and a portion of Profits
Why is location important for entrepreneurs?
It is one of the keys to success
What is the purpose of registering a business with the government?
To get a business permit
What is important to consider when hiring employees for a business?
Their skills and competencies match the business requirements
What is the primary purpose of keeping business records?
To learn from mistakes and successes
What is the primary function of a Sales Journal?
To track all sales transactions
What is the role of suppliers in a business?
They provide the raw materials and resources for the business
What is included in operating a business plan?
Launching with attractive opening day activities, increasing marketing efforts initially, following the business and marketing plans, ensuring accessibility for customers, maintaining consistent operating hours and processes, and keeping track of inventory, sales, and expenses for profitability
What is the purpose of including a 'Payment due date' column in a Sales Journal?
To track customer payment history
What is the main difference between a Sales Journal and an Expense Journal?
One tracks sales, while the other tracks expenses
Why is it necessary to include a 'Doc. No.' column in a Sales Journal?
To track sales invoices
What are credit sales?
Purchases made by customers for which payment is delayed
Test your knowledge of business plan implementation, including setting financial targets, creating Gantt charts, and recording sales and expenses. This quiz covers basic concepts in business management, bookkeeping, and financial statements.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
