Quiz Lesson 12: Bookkeeping Basics-Good
Business Management Exam Questions and
Answers
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
-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
-If your business is set up as a corporation, your salary is - -tax deductible.
-A budget should include a balance sheet and a(n) - -income statement.
-What percentage of meal and entertainment costs is tax deductible? - -
50%
Business Management Exam Questions and
Answers
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
-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
-If your business is set up as a corporation, your salary is - -tax deductible.
-A budget should include a balance sheet and a(n) - -income statement.
-What percentage of meal and entertainment costs is tax deductible? - -
50%
