LONG TEST - BSE

Question 1

• is issued to an importer whose imported products have shown conformance to relevant Philippine National Standard (PNS) through inspection and product testing by the BPS testing laboratory or BPS recognized testing laboratory.

Answer 1

Import Commodity Clearance Certificate

Question 2

is granted to local or foreign manufacturer whose factory and product successfully complied with the requirements of the PNS ISO 9001

Answer 2

PS QUALITY AND OR SAFETY CERTIFICATION MARK LICENSE

Question 2

BPS implements two (2) Mandatory Product Certification Schemes:

Answer 2

Philippine Standard (PS) Quality and/or Safety Certification
Mark Licensing Scheme AND
Import Commodity Clearance (ICC) Certification Scheme

Question 3

is a globally recognized standard for quality management

Answer 3

ISO 9001

Question 4

The Bureau, provides for the standardization and certification of products, both locally manufactured and imported, giving the consumers access quality and safe products conforming to the relevant Philippine National Standards (PNS)

Answer 4

Bureau of Philippine Standards

Question 5

Certificate of Product Registration (CPR)
FDA

Answer 5

Each item or variant, flavor, and dosage will have its own certificate

Question 5

the policy of the state to protect the interests of the consumers, promote general welfare and to establish standards of conduct of business and industry.

Answer 5

Republic Act No. 7394 The Consumer Act of the Philippines”

Question 6

TWO Organizations

Answer 6

FDA
Bureau of Philippine Standards

Question 6

Objectives of RA No.7394:

Answer 6

1.Protection against hazard to health and safety
2.Protection against deceptive, unfair and unconscionable sales acts and practices.
3. Provision of information and education to facilitate sound choice and the proper exercise of rights by the consumer
4.Provision of adequate rights and redress
5.Involvement of consumer representatives in the formulation of social and economic policies.

Question 7

is an essential process, especially for small businesses, as it allows business owners to estimate and allocate money for different business activities.

Answer 7

BUDGETING

Question 8

Before you can focus on the budget, you need to identify what aspects if your business you’d like to focus/improve

Answer 8

• short-term goals
• long-term goals

Question 9

According to CBinsights, a few of the top reasons why small businesses fail:

Answer 9

1. Pricing and cost issues:
2. Losing focus
3. Running out of cash

Question 10

How to Create a Business Budget for your Small Business

Answer 10

1. Analyze costs
2. Negotiate costs with suppliers
3. Estimate your revenue
4. Know your gross profit margin
5. Project cash flow
6. Factor in seasonal and industry trends
7. Set spending goals
8. Bring it all together

Question 11

Example of supplier relationships:

Answer 11

Distributors
Retailers
Manufacturers
Suppliers

Question 12

is an arrangement between two companies or organization to help each other or work together, to make it easier for each of them to achieve things they want to achieve

Answer 12

Supplier partnership -

Question 13

3 Key Factors in supplier partnerships

Answer 13

1. Regular communication
2. Performance monitoring
3. Commitment to shared goals

Question 14

Key Benefits of Supplier partnership

Answer 14

1. Reduced costs
2. cost savings
3. reduction in delays, quality issues, availabillly challenge

Question 14

How would you benefit from supplier partnership?

Answer 14

By establishing a mutually valuable relationship with key suppliers, an organization can achieve long term cost savings, in the form of reduced issues with availability, quality and delays in supply.

Question 15

3 Basic categories of product costs are:

Answer 15

1. Direct Material
2. Direct Labor
3. Manufacturing overhead

Question 16

are the costs of raw materials or parts that go directly into producing goods.

Answer 16

Direct Material costs -

Question 17

are the wages, benefits and insurance that are paid to employees who are directly involved in manufacturing and producing goods

Answer 17

Direct Labor costs -

Question 17

research the ______ Involved in your business.

Answer 17

operating cost

Question 18

costs that are incurred when producing a product, such as the cost of machinery and the cost to operate machinery. It also includes some indirect costs such as indirect materials and indirect labor

Answer 18

Manufacturing overhead costs -

Question 19

Variable costs -

Answer 19

includes cost of goods sold, commissions for labor

Question 19

Fixed costs

Answer 19

• rent, mortgages, salaries, internet, accounting service insurance.

RMSIA

Question 20

is the cash you are left with after your business has dealt with all the expenses at the end of the year

Answer 20

Gross profit margin -

Question 21

Two (2) components to cash flow:

Answer 21

1. Customer payments
2. Vendor Payments

Question 22

To encourage timely paymenis:

Answer 22

Flexible payment terms
Payment channels
Strict business policies on paying late

Question 23

Accounting system to ______, record of ___________.

Answer 23

generate financial reports
actual vs. budget