What is the first step in implementing a business plan?

• Selling the product

• Hiring employees

• Executing strategies and monitoring progress

• Closing the business

Which of the following is NOT an essential part of business operations?

• Managing inventory

• Handling customer complaints

• Ignoring competition

• Controlling expenses

What is the primary goal of selling a product or service?

• To increase expenses

• To satisfy customer needs and generate profit

• To avoid record-keeping

• To operate without marketing

Why is customer feedback important in selling a product?

• It helps determine customer satisfaction and areas for improvement

• It helps reduce business expenses

• It eliminates the need for advertising

• It allows the business to ignore competition

What is the main reason for keeping business records?

• To waste time

• To track financial transactions and assess business performance

• To confuse business owners

• To avoid paying taxes

Which of the following is a key bookkeeping task?

• Watching competitors

• Recording business transactions

• Avoiding financial reports

• Ignoring expenses

What document summarizes all business transactions during a period?

• Brochure

• Invoice

• Ledger

• None of the above

Which of the following is NOT considered a business record?

• Sales receipts

• Business expenses

• Personal grocery list

• Inventory records

What does an income statement show?

• Assets and liabilities

• Revenue, expenses, and net profit/loss

• Cash inflows and outflows

• Owner's capital

Which financial statement shows a company's financial position at a specific point in time?

• Cash Flow Statement

• Income Statement

• Balance Sheet

• Expense Report