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