Entrepreneurship

Question 1

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

Answer 1

QUALIFYING

Question 2

STEP 1 TO GAIN SUCCESS IN BUSINESS

Answer 2

PROSPECTING

Question 3

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

Answer 3

STEP 2: SALES PRESENTATION

Question 4

STEP 2 TO GAIN SUCCESS IN BUSINESS

Answer 4

SALES PRESENTATION

Question 5

STEP 3 TO GAIN SUCCESS IN BUSINESS

Answer 5

HANDLING QUESTIONS

Question 6

STEP 4 TO GAIN SUCCESS IN BUSINESS

Answer 6

CLOSING

Question 7

STEP 5 TO GAIN SUCCESS IN BUSINESS

Answer 7

BUILD LONG-TERM RELATIONSHIPS

Question 8

The process of approaching prospective customers or clients.

Answer 8

Cold Calling

Question 9

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

Answer 9

Consultative Selling

Question 10

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

Answer 10

Direct Selling

Question 11

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.

Answer 11

Persuasive Selling

Question 12

They are things of value owned by the business.

Answer 12

Assets

Question 13

It is an excess of assets over liabilities.

Answer 13

Capital

Question 14

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

Answer 14

Balance Sheet

Question 15

WHAT IS THIS?

Assets = Liabilities + Owner’s Equity

Answer 15

Accounting Equation

Question 16

The language of business

Answer 16

ACCOUNTING

Question 17

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

Answer 17

ACCOUNTING

Question 18

ACCOUNTING EQUATION

Answer 18

Assets = Liabilities + Owner’s Equity

Question 19

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

Answer 19

Income Statement

Question 20

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

Answer 20

Bookkeeping

Question 21

The person involved in the task ‘bookkeeping.’

Answer 21

Bookkeeper

Question 22

It is on the left side of an account journal.

Answer 22

Debit

Question 23

It is on the right side of an account journal.

Answer 23

Credit

Question 24

The total cash on hand and bank deposits.

Answer 24

CASH

Question 25

They are summarized accounts maintained with debtors and creditors

Answer 25

Accounts Receivable/Payable

Question 26

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

Answer 26

Accounts Receivable

Question 27

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

Answer 27

Accounts Payable

Question 28

They are determined by having physical count.

Answer 28

MERCHANDISE & SUPPLIES INVENTORY

Question 29

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

Answer 29

Current Assets

Question 30

They are assets that are required for long term use in the business

Answer 30

Fixed Assets

Question 31

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

Answer 31

OTHER ASSETS (INTELLECTUAL PROPERTY)

Question 32

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

Answer 32

Owner's Equity

Question 33

The amount of merchandise sold & valued as selling price.

Answer 33

Sales