100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Quiz Lesson 12: Bookkeeping Basics-Good Business Management ExamQuestions Exam With Solutions 100% Correct $10.99   Add to cart

Exam (elaborations)

Quiz Lesson 12: Bookkeeping Basics-Good Business Management ExamQuestions Exam With Solutions 100% Correct

 4 views  0 purchase
  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

Quiz Lesson 12: Bookkeeping Basics-Good Business Management ExamQuestions Exam With Solutions 100% Correct The general expenses necessary to run the business are called operating expenses. How long should sales records such as invoices and monthly statements be stored? 6 years Employee theft ...

[Show more]

Preview 2 out of 6  pages

  • September 15, 2024
  • 6
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Bookkeeping
  • Bookkeeping
avatar-seller
UpperClass
Quiz Lesson 12: Bookkeeping Basics-Good
Business Management ExamQuestions Exam
With Solutions 100% Correct

The general expenses necessary to run the business are called operating expenses.




How long should sales records such as invoices and monthly statements be stored? 6 years




Employee theft and embezzlement can be prevented by having a CPA or outside

bookkeeper perform periodic audits.




A break-even analysis includes operating expenses and total monthly debt payments, plus

gross profit margin.




To determine gross profit, subtract the cost of goods sold from sales.




Those assets that can't be touched or seen but that have value are called ________ assets.

intangible

, Quiz Lesson 12: Bookkeeping Basics-Good
Business Management ExamQuestions Exam
With Solutions 100% Correct
One of the biggest mistakes new business owners make is underestimating personal

expenses.




The taxpayer identification number for partnerships is abbreviated as EIN




A tax year you choose, other than the calendar year, is known as a(n) fiscal year.




The process you use to make your business more successful is known as financial

management.




If you have employees, you'll have to pay the ______ tax, which is used to pay compensation to

workers who lose their jobs. FUTA




_______ accounting is the process of allocating all costs associated with a sale as being direct or

indirect. Cost

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller UpperClass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $10.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67096 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$10.99
  • (0)
  Add to cart