ENTREP

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

Qualifying is under which step?

Answer 2

Step 1: 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 3?

Answer 4

Handling Questions

Question 5

Step 4?

Answer 5

Closing

Question 6

Step 5?

Answer 6

Build Long-Term Relationships

Question 7

The purpose of this step is to follow up sales.

Answer 7

Step 5: Build Long-Term Relationships

Question 8

What are the four selling strategies?

Answer 8

Cold Calling, Consultative Selling, Direct Selling, Persuasive Selling

Question 9

The process of approaching prospective
customers or clients.

Answer 9

Cold Calling

Question 10

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

Answer 10

Consultative Selling

Question 11

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 11

Direct Selling

Question 12

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 12

Persuasive Selling

Question 13

are things of value owned by the business.

Answer 13

Assets

Question 14

is an excess of assets over liabilities.

Answer 14

Capital

Question 15

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

Answer 15

Balance Sheet

Question 16

What is the Accounting Equation

Answer 16

Assets = Liabilities + Owner’s Equity

Question 17

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

Answer 17

Income Statement

Question 18

the language of business

Answer 18

Accounting

Question 19

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

Answer 19

Accounting

Question 20

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

Answer 20

Bookkeeping

Question 21

The person who is involved in the task of bookkeeping

Answer 21

Bookkeeper

Question 22

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

Answer 22

Bookkeeper

Question 23

is on the left side of an account journal.

Answer 23

Debit

Question 24

is on the right side of an account journal.

Answer 24

Credit

Question 25

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

Answer 25

Debit, Personal

Question 26

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

Answer 26

Credit, Personal

Question 27

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

Answer 27

Debit, Real

Question 28

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

Answer 28

Credit, Real

Question 29

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

Answer 29

Debit, Profit and Loss

Question 30

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

Answer 30

Credit, Profit and Loss

Question 31

total cash on hand and bank deposits

Answer 31

Cash

Question 32

are summarized accounts maintained with debtors and creditors.

Answer 32

Accounts Receivable/Payable

Question 33

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

Answer 33

Account Receivable

Question 34

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

Answer 34

Accounts Payable

Question 35

are determined by having physical count.

Answer 35

Merchandise and Supplies Inventory

Question 36

What are the classifications of assets?

Answer 36

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

Question 37

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

Answer 37

Current Assets

Question 38

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

Answer 38

Fixed Assets

Question 39

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

Answer 39

Other Assets (Intellectual Property)

Question 40

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

Answer 40

Owner's Equity

Question 41

the amount of merchandise sold & valued as selling price.

Answer 41

Sales

Question 42

Classification of Accounts

Answer 42

Assets, Liabilities, Capital, Revenue, Expense

Question 43

Assets (???-???)

Answer 43

100-199

Question 44

200-299??

Answer 44

Liabilities

Question 45

300-399??

Answer 45

Capital

Question 46

Revenue (???-???)

Answer 46

400-499

Question 47

Expense (???-???)

Answer 47

500-599