Accounting
For a restaurant, local produce, outdoor furniture, ovens and delivery vehicles are all example of what accounting element?
Assets
What is the main goal of a non-for-profit business?
Providing a specific service to the community.
A common budgeting rule where an individual separates their wants, needs & savings is the what rule?
50/30/20 Rule
In what year was Kambrya College founded?
2002
What two recording mechanisms show the cash entering and leaving a business within a given reporting period?
Cash Payment & Cash Receipts Journal
What would be number of employees for a small, non-manufacturing business?
Less than 20.
Less than 100 for manufacturing.
What is the definition of variance?
Difference between what was budgeted for and what actually occurred.
Which British actor in the DC universe portrayed the batman villain Bane, and in the marvel universe portrayed spiderman villain Venom?
Tom Hardy
Why would an interested party be interested in seeing a business' classified balance sheet as supposed to a standard one? (Think about definitions of current/non-current)
A classified report is easier to read and shows sub-totals for all classifications within the report. Shows what the businesses long term and short-term obligations are.
What are three main reasons/objectives someone would go into business/start their own business?
Financial/Social/Personal
What are some considerations that investors consider before making an investment? list two.
including and not limited to: Goals & objectives, risks, diversification, performance, market conditions.
Who was the top scorer in the 2018 FIFA World Cup?
Harry Kane (England) 6 Goals
List two strategies a business owner can utilize to manage its Accounts Receivable amount (Waiting on cash coming in from its customers) ?
•Offer discounts for quick settlements
•Send invoices promptly
•Conduct extensive credit checks
•Send reminder notices
•Threaten legal action
•Employ a debt collection agency
Provide two ways a business can be socially responsible?
Examples: Minimize waste & production, deal with employees honestly & fairly and with respect, becoming involved in the local community
A small Jewelry boutique in their variance reports for the month of may, budgeted for $300 for sales returns given Mother's day is in the month of may. The actual sales return amount was $400. Is this a favorable or unfavorable result for the business?
Unfavourable, means they have $100 worth more of stock sitting on their shelves that they were expecting to sell during May.
Which AFL team was named team of the decade (1990-2000)?
West Coast: The Eagles made it into the finals every year, won the 1992, and 94 Grand Finals, and were minor premiers in 1991. North Melbourne won the 1996 and 1999 grand finals.
A business in a given reporting period is profitable (high net profit amount) but has little to no cash available (negative cash balance). Why is this unfavorable for the business?
Though the business is profitable, it has no immediate funds to meet its present obligations.
The Internal Environment of the business are activities, functions and pressures which occur within an organization over which they have control. List examples of what that would include for any organization?
Organizations culture, value, attitudes, leadership style and communication process to name a few.
As property owner, with a rental property, what are some costs that you would incur as a landlord?
property management fees, repairs, maintenance fees & potentially agent fees.
Which country borders 14 nations and crosses 8 time zones?
Russia