16 Questions
What is the formula for computing profit?
Sales - Cost of Goods Sold
Which of the following represents the difference between net sales and cost of sales?
Gross Profit
Which costs are incurred as a direct result of producing the product?
Direct Labor
What kind of costs are generally more static in nature?
Salaries and Wages
What should the entrepreneur have a clear idea about when putting up his enterprise?
Purpose
What does the term 'tasks' refer to for an entrepreneur?
Responsibilities
What is the purpose of time allocation for an entrepreneur in a business?
To have a timetable for every task to ensure timely accomplishment
What is a basic requirement for starting a business in the Philippines?
Set up an accounting system or hire an accountant
Why is good record keeping important for a business?
To meet legal and tax requirements
What is the role of a bookkeeper in a business?
In charge of recording and maintaining business records
What should an entrepreneur do to ensure efficient business operations?
Plan and work more efficiently
Which action helps measure the financial performance of a business?
Measuring profit and performance
What is a key purpose of consulting professionals like accountants in a business?
Meet legal and tax requirements
Why should an entrepreneur consider advertising the business?
To make customers aware of the company's existence
What does it mean to secure insurance for a business?
To protect the business in case of unexpected events
What is a book of account used for in business?
In charge to record, maintain, and update business records from all sorts of financial transactions using account titles
Test your knowledge about successful business plan implementation, basic requirements to start a business in the Philippines, the purpose of keeping business records, and the importance of accurate business transactions.
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