assessment1. profit or loss in computed by subtracting cost expenses froma. income revenueb. sales discountc. salesd. operating expenses2.sales is an account title used to describe goods or merchandise sold by a business what nature of business uses salesa. servicingb. barber shopc. merchandisingd. both servicing and merchandising3. irene sells fashion bags online she gets each bag for p150.00 from a local supplier she then adds p100.00 as markup for each bag how much is the selling price of each baga. p200.00b. p250.00c. p300.00d. p350.004. a merchandising business earns througha. rendering servicesb. lending moneyc. donating productsd. buys and sells goods5.it is a tool that allows managers to make educated estimates on revenue and costs of the business in order to cope up with uncertainties of the futurea. estimatingb. guessingc. forecastingd. benchmarking6.which of the followingbusinesses use service income in recording revenues?a. beauty salonb. sari-sari storec. movie housed. hardware7.it refers to the amount of merchandise or goods sold by the business for a given period of time.a. operating expenseb. cost of goods soldc. deductionsd. sales8.aling coring sold 5 pieces of rugs she bought the rugs for 20 pesos and solve it for 35 pesos how much is the total cost of goods sold?a. P 80.00b. P 90.00c. P 100.00d. P 110.009. freight-in refers to the amount paid to transfer goods for merchandise purchased from the_______.a. buyer to the supplierb. supplier to the buyerc. buyer to buyerd. supplier to supplier10. the cost incurred through payment of utilities such as water electricity internet connection is considered as.a. costsb. purchasesc. operating expensesd. personal expense of the owner11.nathaniel sells bottled water in a nearby city bus terminal everyday he can sell 30 pieces of bottled water at 20 pesos each how much is nathaniel's daily sales?a. P 900.00b. P 800.00c. P 700.00d. P 600.0012. the amount added to the cost of a product to determine the selling price is called?a. mark-upb. discountc. mark-downd. sale13. lina sold all ten t-shirts for 1,500.00 pesos suppose she added 50.00 pesos as markup price for every t-shirt how much was the cost for every t-shirt sold?a. P 80.00b. P 90.00c. P 100.00d. P 110.0014.it refers to goods and merchandise left at the end of operation or accounting period.a. merchandise inventory beginningb. merchandise inventory endc. freight-ind. freight-out15. the total cost and expenses is calculated by.a. adding cost and experiencesb. subtracting expenses from costsc. adding revenue and expensed. subtracting expense from revenue​