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Quiz Lesson 12: Bookkeeping Basics-Good Business Management Exam fully solved $9.99   Add to cart

Exam (elaborations)

Quiz Lesson 12: Bookkeeping Basics-Good Business Management Exam fully solved

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  • Course
  • Bookkeeping
  • Institution
  • Bookkeeping

Quiz Lesson 12: Bookkeeping Basics-Good Business Management Exam fully solved

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  • August 13, 2024
  • 3
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Bookkeeping
  • Bookkeeping
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BravelRadon
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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