Module 7 Review

Profit or Loss is computed by subtracting cost / expenses from –

• income/revenue

• sales discount

• sales

• operating expenses

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

A merchandising business earns through?

• rendering services

• lending money

• donating products

• buys and sells goods

It is a tool that allows managers to make educated estimates on revenue and costs of the business in order to cope up with uncertainties of the future?

• estimating

• guessing

• forecasting

• benchmarking