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Summative-Monday (NMA) > ENTREP > Flashcards

ENTREP Flashcards

1
Q

An activity where the seller is
trying to determine whether a person is
likely to buy it or not.

A

Qualifying

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2
Q

Qualifying is under which step?

A

Step 1: Prospecting

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3
Q

It is the time to present the product or
service to customers with the objective to
stimulate further interest.

A

STEP 2: SALES PRESENTATION

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4
Q

Step 3?

A

Handling Questions

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5
Q

Step 4?

A

Closing

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6
Q

Step 5?

A

Build Long-Term Relationships

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7
Q

The purpose of this step is to follow up sales.

A

Step 5: Build Long-Term Relationships

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8
Q

What are the four selling strategies?

A

Cold Calling, Consultative Selling, Direct Selling, Persuasive Selling

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9
Q

The process of approaching prospective
customers or clients.

A

Cold Calling

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10
Q

Emphasizes customer’s needs and meeting those needs with solutions combining products or services.

A

Consultative Selling

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11
Q

Face to face presentation, demonstration and sale of products or services, usually at home or office of a prospect by the independent direct seller.

A

Direct Selling

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12
Q

It calls for the ability of the seller to persuade his buyer according to the compelling reasons why the buyers need to buy your enterprise.

A

Persuasive Selling

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13
Q

are things of value owned by the business.

A

Assets

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14
Q

is an excess of assets over liabilities.

A

Capital

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15
Q

is the formal statement of the financial
position of the business that shows the
assets, liabilities & owner’s equity.

A

Balance Sheet

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16
Q

What is the Accounting Equation

A

Assets = Liabilities + Owner’s Equity

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17
Q

It is a report that summarizes the revenue
items, expense and the difference between, which is called net profit/loss for the period.

A

Income Statement

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18
Q

the language of business

A

Accounting

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19
Q

the art or recording, classifying, summarizing a significant manner and in terms of money.

A

Accounting

20
Q

the act of recording business and events in systematic and chronological manner.

A

Bookkeeping

21
Q

The person who is involved in the task of bookkeeping

A

Bookkeeper

22
Q

His main job is to record and process data in the accounting system.

A

Bookkeeper

23
Q

is on the left side of an account journal.

A

Debit

24
Q

is on the right side of an account journal.

A

Credit

25
Q

Debit or Credit? Which Type of Account?
When the
person in
whose name
the account is
kept in debt to
us.

A

Debit, Personal

26
Q

Debit or Credit? Which Type of Account?
When the
person in
whose name
the account is
kept in credit
with us.

A

Credit, Personal

27
Q

Debit or Credit? Which Type of Account?
When the
account
received
money or
equivalent.

A

Debit, Real

28
Q

Debit or Credit? Which Type of Account?
When the
account gives
us money or
equivalent.

A

Credit, Real

29
Q

Debit or Credit? Which Type of Account?
Any account
that ends with
the words
“expense
account”.

A

Debit, Profit and Loss

30
Q

Debit or Credit? Which Type of Account?
Any account
that ends with
the words
“revenue
account”.

A

Credit, Profit and Loss

31
Q

total cash on hand and bank deposits

A

Cash

32
Q

are summarized accounts maintained with debtors and creditors.

A

Accounts Receivable/Payable

33
Q

refer to money that the business should
receive from its customers for the goods and services it provided.

A

Account Receivable

34
Q

when a company owes a debt to its suppliers or other parties.

A

Accounts Payable

35
Q

are determined by having physical count.

A

Merchandise and Supplies Inventory

36
Q

What are the classifications of assets?

A

Current Assets, Fixed Assets, Other Assets (Intellectual Property), Owner’s Equity, Sales

37
Q

those consist of cash and other assets that in normal operation can be converted into cash or consumed during the normal operation.

A

Current Assets

38
Q

are assets that are required for long term use in the business like property & land,
renovations & improvements, furniture &
fixtures, vehicles, equipment (computer) & tools.

A

Fixed Assets

39
Q

those include patents / goodwill, trademarks and other company’s rights that retain intrinsic value.

A

Other Assets (Intellectual Property)

40
Q

refers to the interest of owner or proprietors in the assets of a business.

A

Owner’s Equity

41
Q

the amount of merchandise sold & valued as selling price.

A

Sales

42
Q

Classification of Accounts

A

Assets, Liabilities, Capital, Revenue, Expense

43
Q

Assets (???-???)

A

100-199

44
Q

200-299??

A

Liabilities

45
Q

300-399??

A

Capital

46
Q

Revenue (???-???)

A

400-499

47
Q

Expense (???-???)

A

500-599

Summative-Monday (NMA) (2 decks)

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