Second Quarter_Entrepreneurship_Q3

The entrepreneur should always present the assumptions to consider in projecting costs, may it be cost of goods sold or operating expenses. This will help achieve the best educated estimates of your costs. The entreprenuer must clearly identify costs incurred in the business operation. 1. ________________ is the amount of goods or merchandise sold during a period of time incurs a large portion of the total cost of a 2. _________________ business. The cost of goods sold can be calculated by simply multiplying 3. _____________________ to its corresponding 4.________________. A cost in transporting the goods from the supplier to the seller or 5.__________________ is then added to Net Cost of Purchases.

Sales is an account title used to describe goods or merchandise sold by a business. What nature of business uses Sales?

• Servicing

• Barber Shop

• Merchandising

• Both Servicing and Merchandising

Irene sells fashion bags online. She gets each bag for P 150.00 from a local supplier. She then adds P 100.00 as mark-up for each bag. How much is the selling price of each bag?

• P 200.00

• P 250.00

• P 300.00

• P 350.00

Refers to the amount of merchandise or goods sold by the business for a given period of time.

• Operating Expense

• Cost of Goods Sold

• Deductions

• Sales

Freight-in refers to the amount paid to transfer goods or merchandise purchased from the _________.

• Buyer to the supplier

• Supplier to the buyer

• Buyer to buyer

• Supplier to supplier

The costs incurred through payment of utilities such as water, electricity, internet connection is considered as –.

• Costs

• Purchases

• Operating expenses

• Personal Expense of the owner