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Material Resources - Consumable Quiz

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Questions and Answers

What do Consumable Material Resources in a company refer to?

Resources that can be reused multiple times

Resources that add value to the company

Resources that are considered investments in the company

Resources that are used up and require regular replacement (correct)

In accounting terms, Consumable Material Resources are known as:

Expenditures (correct)

Equities

Assets

Liabilities

What is the role of Technological Resources in a company?

To enhance the company's efficiency through technology usage (correct)

To increase the tangible assets of the company

To reduce the need for Consumable Material Resources

To minimize routine operational costs

What is a key question that needs to be addressed concerning Technological Resources?

What is involved in maintaining/improving these technologies? (B) Signup and view all the answers

What distinguishes Technological Resources from Consumable Material Resources?

Consumable Material Resources are used up while Technological Resources are used over an extended period. (B) Signup and view all the answers

Why are Consumable Material Resources considered expenses in accounting?

Because they do not add value to the company but are necessary for operations (C) Signup and view all the answers

What is meant by Human Resources for a venture?

People working for the venture, including employees, mentors, advisors, and partners (C) Signup and view all the answers

What is the general advice regarding contingency planning for a venture?

Plan for three scenarios: Realistic, Optimistic, and Pessimistic cases (B) Signup and view all the answers

Which of the following is NOT included in the concept of Human Resources for a venture?

Consumable Material Resources (D) Signup and view all the answers

Why is it essential to identify the skills needed to operate a business?

To understand what skills permanent staff should have (A) Signup and view all the answers

What is the significance of having mentors and advisors as part of Human Resources for a venture?

They provide guidance and expertise to support the venture (C) Signup and view all the answers