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Quiz Lesson 12: Bookkeeping Basics-Good Business Management Exam fully solved
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Quiz Lesson 12: Bookkeeping Basics-Good Business Management Exam fully solved
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Quiz Lesson 12: Bookkeeping Basics-Good Business Management Exam
The general expenses necessary to run the business are called - correct answer ✔✔operating expenses.
How long should sales records such as invoices and monthly statements be stored? - correct answer
✔✔6 years
Employee theft and embezzlement can be prevented by - correct answer ✔✔having a CPA or outside
bookkeeper perform periodic audits.
A break-even analysis includes operating expenses and total monthly debt payments, plus - correct
answer ✔✔gross profit margin.
To determine gross profit, - correct answer ✔✔subtract the cost of goods sold from sales.
Those assets that can't be touched or seen but that have value are called ________ assets. - correct
answer ✔✔intangible
One of the biggest mistakes new business owners make is - correct answer ✔✔underestimating personal
expenses.
The taxpayer identification number for partnerships is abbreviated as - correct answer ✔✔EIN
A tax year you choose, other than the calendar year, is known as a(n) - correct answer ✔✔fiscal year.
The process you use to make your business more successful is known as - correct answer ✔✔financial
management.
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