Question 1

What is a business quotation?

Accepted Answer

A formal statement of estimated costs for goods or services

Answer

A financial report

Answer

An employment contract

Answer

A type of marketing strategy

Question 2

What is the primary purpose of a business quotation?

Accepted Answer

To provide a potential customer with price estimates

Answer

To assess employee performance

Answer

An document requesting supplies

Answer

To finalize a legal agreement

Question 3

Which of the following elements is typically included in a business quotation?

Accepted Answer

Description of goods or services offered

Answer

Information to advise you that goods have been received

Answer

Employee salaries

Answer

Company annual revenue

Question 4

What is often a key factor in determining the validity of a business quotation?

Accepted Answer

The time period for which the quotation is valid

Answer

The number of employees

Answer

The color of the document

Answer

The location of the business

Question 5

What should a business clearly state in a quotation to avoid misunderstandings?

Accepted Answer

Terms and conditions of the offer

Answer

The history of the company

Answer

The hobbies of the employees

Answer

The personal opinions of the salesperson

Question 6

What is a purchase order?

Accepted Answer

A document that authorizes a purchase transaction

Answer

A receipt for a completed sale

Answer

A shipping label for delivery

Answer

An invoice sent to customers

Question 7

Who typically issues a purchase order?

Accepted Answer

The buyer or purchasing department

Answer

The finance department

Answer

The supplier

Answer

The shipping company

Question 8

What might happen if a purchase order is not used in a business transaction?

Accepted Answer

Increased risk of errors and disputes

Answer

Lower costs for the buyer

Answer

Faster shipping times

Answer

More accurate financial reports

Question 9

What is typically done after a purchase order is sent to a supplier?

Accepted Answer

The supplier confirms receipt and processes the order

Answer

The order is automatically shipped

Answer

The buyer cancels the order

Answer

The buyer waits indefinitely

Question 10

What is a 'purchase order number'?

Accepted Answer

A unique identifier for tracking a specific order

Answer

A description of the items

Answer

The price of the items ordered

Answer

The date of delivery

Question 11

What is an invoice?

Accepted Answer

A document requesting payment for goods or services rendered

Answer

A type of tax return

Answer

A business contract

Answer

A receipt for payment already made

Question 12

What information is typically included in an invoice?

Accepted Answer

Invoice number, date, and payment terms

Answer

Social media links

Answer

Marketing strategies

Answer

Employee names and salaries

Question 13

What is the purpose of an invoice?

Accepted Answer

To document a sale and request payment

Answer

To advertise products

Answer

To provide customer feedback

Answer

To record employee hours

Question 14

Which of the following best describes the term 'payment terms' in an invoice?

Accepted Answer

Conditions under which payment is to be made

Answer

The total amount of the invoice

Answer

A summary of purchased items

Answer

A list of customer complaints

Question 15

What does 'net 30' mean in the context of invoice payment terms?

Accepted Answer

Payment is due within 30 days of the invoice date

Answer

Payment is due immediately

Answer

Payment is due at the end of the month

Answer

Payment is due within 10 days

Question 16

What is a pro forma invoice?

Accepted Answer

An initial bill of sale sent before the final invoice

Answer

An invoice for services not rendered

Answer

A receipt for returned items

Answer

A tax document

Question 17

What is a business requisition?

Accepted Answer

A formal request to acquire goods or services.

Answer

An employee performance evaluation.

Answer

A type of financial report.

Answer

A sales strategy for increasing profits.

Question 18

Which role is typically responsible for preparing a business requisition?

Accepted Answer

The employee who needs the goods or services

Answer

The IT support

Answer

The receptionist

Answer

The accountant

Related quizzes

Related quizzes