Service vs. Trade Enterprises

Question 1

What is a service enterprise?

Answer 1

A service enterprise earns its income by providing a service.

Question 2

Give 5 examples of a service enterprise:

Answer 2

Hairdresser, teacher, lawyer, electrician, plumber.

Question 3

What is the receipt book called and used for service enterprise?

Answer 3

The duplicate receipt, used as a source document.

Question 4

When service enterprise receives money, what is it called?

Answer 4

It is called current income

Question 5

What is a trade enterprise?

Answer 5

A trade enterprise earns its income by trading goods and making a profit

Question 6

What are goods that’s are bought to be sold later called?

Answer 6

Trading Inventory

Question 7

What is used to enter the transactions for Trade Enterprise?

Answer 7

The cash register roll

Question 8

The formula to calculate: The percentage profit that this enterprise adds to the cost price.

Answer 8

Profit/Cost Price X 100/1

Profit= Money from sales price—cost price

Question 9

Show the formula of:

The selling price when the cost price and percentage markup is given.

Answer 9

Cost price X percentage/100 = profit
=(the calculation)

SP= CP+Profit
=(calculation) + (calculation)
=total

Question 10

Show the formula of:

The Cost Price when the selling price and percentage markup is PUT ONTO COST PRICE

Answer 10

CP= SP X 100/ (100 + profit margin)

Profit margin is the percentage + 100