2ND QUARTER TEST PART 2 ENTREPRENEURSHIP

What is an office memorandum?

• Message from one person to another

• Short written form of business communication

• Short speech

• Letter

If you own your own business you will need to know how to calculate your profit. Which one is a calculation of profit?

• Sales-months in a year

• Sales-expenses

• Total sales-expenses

• Monthly sales* expenses

Which one is NOT a step in the problem-solving method?

• Define the problem

• Gather information

• Identify solutions

• Ignore the problem

Business entity that is usually owned by multiple stockholders and operates as a separate legal entity.

• proprietorship
• partnership
• limited liability company
• corporation

What are the four P's of marketing

• product, produce, production, price

• person, place, produce, practice

• promotion, product, practice, price

• promotion, place, price, product

It is the amount withdrawn by the owner from the assets of the business for personal use. What proprietorship titles is this?

• Owner's capital

• Owner's drawing

• Amounts payable

• Machinery

It is the book of accounts wherein business transactions are recorded for the first time.

• Journal

• Journal entries

• Journalizing

• Sale Journal

It includes tables, chairs, showcases counters and other similar assets owned and used by the business in its operation.

• Building

• Furniture

• Land

• Equipment

Which of these terms is the amount due to the creditors which are supported by promissory note?

• Accounts payable

• Notes payable

• Interest payable

• Salaries payable

The amounts due to the employees for services they have rendered. Is what is this?

• Accounts

• Salaries

• Equipment

• Interest