Quiz Lesson 12: Bookkeeping Basics-
Good Business Management Exam
The general expenses necessary to run the business are called - Answer -operating
expenses.
How long should sales records such as invoices and monthly statements be stored? -
Answer -6 years
Employee theft and embezzlement can be prevented by - Answer -having a CPA or
outside bookkeeper perform periodic audits.
A break-even analysis includes operating expenses and total monthly debt payments,
plus - Answer -gross profit margin.
To determine gross profit, - 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. - Answer -intangible
One of the biggest mistakes new business owners make is - Answer -underestimating
personal expenses.
The taxpayer identification number for partnerships is abbreviated as - Answer -EIN
A tax year you choose, other than the calendar year, is known as a(n) - Answer -fiscal
year.
The process you use to make your business more successful is known as - Answer -
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. - Answer -FUTA
_______ accounting is the process of allocating all costs associated with a sale as
being direct or indirect. - Answer -Cost
If your business is set up as a corporation, your salary is - Answer -tax deductible.
Good Business Management Exam
The general expenses necessary to run the business are called - Answer -operating
expenses.
How long should sales records such as invoices and monthly statements be stored? -
Answer -6 years
Employee theft and embezzlement can be prevented by - Answer -having a CPA or
outside bookkeeper perform periodic audits.
A break-even analysis includes operating expenses and total monthly debt payments,
plus - Answer -gross profit margin.
To determine gross profit, - 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. - Answer -intangible
One of the biggest mistakes new business owners make is - Answer -underestimating
personal expenses.
The taxpayer identification number for partnerships is abbreviated as - Answer -EIN
A tax year you choose, other than the calendar year, is known as a(n) - Answer -fiscal
year.
The process you use to make your business more successful is known as - Answer -
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. - Answer -FUTA
_______ accounting is the process of allocating all costs associated with a sale as
being direct or indirect. - Answer -Cost
If your business is set up as a corporation, your salary is - Answer -tax deductible.
