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IT in Business Operations

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Questions and Answers

What is the purpose of registering a business name under Republic Act No. 3883?

To provide financial services to small businesses
To regulate the use of cooperatives in business transactions
To regulate the use of names other than true names in business transactions (correct)
To protect the rights of workers and employers

What is one of the benefits of registering a business?

Increased marketing expenses
Reduced income tax
Access to Essential Financial Services (correct)
Access to social media platforms

What is the primary function of the POS Machine in a business?

To track sales and store data (correct)
To analyze customer purchases
To provide internet marketing services
To manage inventory levels

What is the agency in charge of developing and monitoring cooperatives in the country?

Cooperative Development Authority (C) Signup and view all the answers

What is one of the requirements for businesses with 5 or more employees?

Securing business registration (D) Signup and view all the answers

What type of software is used for accounting business transactions, profitability, and sales?

Accounting and Inventory Software (A) Signup and view all the answers

What attracts customers who do not want to pay in cash?

Flexible payment terms (A) Signup and view all the answers

What is the main purpose of materials requisitioning?

To form part of the finished product (D) Signup and view all the answers

What is the benefit of outsourcing?

It saves the entrepreneur from buying expensive machineries (B) Signup and view all the answers

What is the purpose of a job description?

To enumerate duties and responsibilities of the potential employee (C) Signup and view all the answers

What is the purpose of employee qualifications?

To outline the educational background and work experience (D) Signup and view all the answers

What is the purpose of selecting job applicants?

To screen resumes and conduct interviews (C) Signup and view all the answers

What is the primary role of the seller in Consultative Selling?

To act as a trusted advisor to the buyer (B) Signup and view all the answers

What is the purpose of an Asset Account in bookkeeping?

To reflect the value of resources owned by a company (A) Signup and view all the answers

What is a common example of an Expense Account in bookkeeping?

Cost of Goods Sold (COGS) (C) Signup and view all the answers

What is a key importance of accounting in business?

To make informed business decisions (D) Signup and view all the answers

What is a common bookkeeping tip for small businesses?

Track expenses incurred by the business (A) Signup and view all the answers

What is the purpose of a Liability Account in bookkeeping?

To reflect the amount a company owes (B) Signup and view all the answers