Commerce

1. What is a 'balance sheet' in accounting? a) A statement of the company's future financial plans b) A record of the company's past financial transactions c) A financial statement that shows a company's assets, liabilities, and shareholders' equity d) A summary of the company's income and expenses over a year Click to View Answer […]

1. What is insurance? a) A legal requirement for all businesses b) A method of risk management used to hedge against the risk of a contingent loss c) A government tax on property d) A type of investment in stocks Click to View Answer and Explanation Answer: b) A method of risk management used to

1. What is income tax? a) A tax on corporate profits b) A tax on sales of goods and services c) A tax on the income of individuals or businesses d) A tax on property ownership Click to View Answer and Explanation Answer: c) A tax on the income of individuals or businesses Explanation: Income

1. What is the primary goal of marketing management? a) To increase the company's stock price b) To reduce the overall costs of the company c) To enhance the public image of the company d) To identify and satisfy customer needs and wants effectively Click to View Answer and Explanation Answer: d) To identify and

1. What is the primary role of a 'business manager'? a) To oversee and supervise the business's operations and employees b) To handle the company's financial transactions only c) To manage the company's marketing strategies d) To provide customer service Click to View Answer and Explanation Answer: a) To oversee and supervise the business's operations

1. What is the primary objective of business finance? a) To comply with tax regulations b) To maximize sales revenue c) To manage the company's capital and funding d) To minimize operational costs Click to View Answer and Explanation Answer: c) To manage the company's capital and funding Explanation: The primary objective of business finance

1. What is a 'sole proprietorship'? a) A business owned by two or more partners b) A business owned and operated by a single individual c) A business owned by shareholders d) A non-profit organization Click to View Answer and Explanation Answer: b) A business owned and operated by a single individual Explanation: A sole

1. What is the primary goal of financial management? a) To ensure legal compliance b) To maximize sales c) To maximize shareholder wealth d) To minimize operational costs Click to View Answer and Explanation Answer: c) To maximize shareholder wealth Explanation: The primary goal of financial management is to maximize shareholder wealth, which typically translates

1. What is 'Cost Accounting' primarily used for? a) Predicting future sales b) Calculating the market share c) Managing and controlling costs d) Setting the selling price of products Click to View Answer and Explanation Answer: c) Managing and controlling costs Explanation: Cost accounting is primarily used for budgeting, cost management, and cost control. It

1. What does GDP stand for in economics? a) General Demand and Production b) Gross Domestic Product c) Government Debt and Policies d) Global Development Percentage Click to View Answer and Explanation Answer: b) Gross Domestic Product Explanation: GDP stands for Gross Domestic Product. It is the total monetary value of all goods and services

1. What is the primary objective of an audit? a) To assess the company's profitability b) To prepare financial statements c) To ensure compliance with tax laws d) To express an opinion on the fairness of financial statements Click to View Answer and Explanation Answer: d) To express an opinion on the fairness of financial

1. What is the accounting equation? a) Assets = Liabilities + Owner's Equity b) Assets = Liabilities – Owner's Equity c) Assets + Liabilities = Owner's Equity d) Assets – Liabilities = Owner's Equity Click to View Answer and Explanation Answer: a) Assets = Liabilities + Owner's Equity Explanation: The accounting equation is fundamental to