Business Records and Implementation Quiz
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Questions and Answers

What is the formula for computing profit?

  • Sales - Net Sales
  • Net Sales - Cost of Goods Sold
  • Sales - Cost of Goods Sold (correct)
  • Sales - Gross Profit

    • Which of the following represents the difference between net sales and cost of sales?

  • Variable Costs
  • Gross Profit (correct)
  • Packaging Costs
  • Fixed Costs

    • Which costs are incurred as a direct result of producing the product?

  • Advertising Expenses
  • Direct Labor (correct)
  • Fixed Costs
  • Office Expenses

    • What kind of costs are generally more static in nature?

    <p>Salaries and Wages</p> Signup and view all the answers

    What should the entrepreneur have a clear idea about when putting up his enterprise?

    <p>Purpose</p> Signup and view all the answers

    What does the term 'tasks' refer to for an entrepreneur?

    <p>Responsibilities</p> Signup and view all the answers

    What is the purpose of time allocation for an entrepreneur in a business?

    <p>To have a timetable for every task to ensure timely accomplishment</p> Signup and view all the answers

    What is a basic requirement for starting a business in the Philippines?

    <p>Set up an accounting system or hire an accountant</p> Signup and view all the answers

    Why is good record keeping important for a business?

    <p>To meet legal and tax requirements</p> Signup and view all the answers

    What is the role of a bookkeeper in a business?

    <p>In charge of recording and maintaining business records</p> Signup and view all the answers

    What should an entrepreneur do to ensure efficient business operations?

    <p>Plan and work more efficiently</p> Signup and view all the answers

    Which action helps measure the financial performance of a business?

    <p>Measuring profit and performance</p> Signup and view all the answers

    What is a key purpose of consulting professionals like accountants in a business?

    <p>Meet legal and tax requirements</p> Signup and view all the answers

    Why should an entrepreneur consider advertising the business?

    <p>To make customers aware of the company's existence</p> Signup and view all the answers

    What does it mean to secure insurance for a business?

    <p>To protect the business in case of unexpected events</p> Signup and view all the answers

    What is a book of account used for in business?

    <p>In charge to record, maintain, and update business records from all sorts of financial transactions using account titles</p> Signup and view all the answers

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