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?

    <p>Cooperative Development Authority</p> Signup and view all the answers

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

    <p>Securing business registration</p> Signup and view all the answers

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

    <p>Accounting and Inventory Software</p> Signup and view all the answers

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

    <p>Flexible payment terms</p> Signup and view all the answers

    What is the main purpose of materials requisitioning?

    <p>To form part of the finished product</p> Signup and view all the answers

    What is the benefit of outsourcing?

    <p>It saves the entrepreneur from buying expensive machineries</p> Signup and view all the answers

    What is the purpose of a job description?

    <p>To enumerate duties and responsibilities of the potential employee</p> Signup and view all the answers

    What is the purpose of employee qualifications?

    <p>To outline the educational background and work experience</p> Signup and view all the answers

    What is the purpose of selecting job applicants?

    <p>To screen resumes and conduct interviews</p> Signup and view all the answers

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

    <p>To act as a trusted advisor to the buyer</p> Signup and view all the answers

    What is the purpose of an Asset Account in bookkeeping?

    <p>To reflect the value of resources owned by a company</p> Signup and view all the answers

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

    <p>Cost of Goods Sold (COGS)</p> Signup and view all the answers

    What is a key importance of accounting in business?

    <p>To make informed business decisions</p> Signup and view all the answers

    What is a common bookkeeping tip for small businesses?

    <p>Track expenses incurred by the business</p> Signup and view all the answers

    What is the purpose of a Liability Account in bookkeeping?

    <p>To reflect the amount a company owes</p> Signup and view all the answers

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