Business Marketing

1. What is franchising?

Answer: Franchising is a business strategy for getting and keeping customers. It is a marketing system for
creating an image in the minds of current and future customers about how the company's products and
services can help them. It is a method for distributing products and services that satisfy customer needs.

2. Give a chance to establish a business, what would it be? Why? Are you going to expand it?

Answer: If I am given a chance to establish my own business it would be a fast food chain like
Mcdonald’s or Jollibee, because fast food chains are in demand here in the Philippines since Filipino
people loves to eat in any type of occasions. Yes, I will expand my business for more profit.

Accounting

1. What is financial statement?

Answer: Financial statements are written records of a business's financial situation. They include
standard reports like the balance sheet, income or profit and loss statements, and cash flow statement. 

2. What are the four financial statements? Give the meaning of each.

1. Income statement - Presents the revenues , expenses , and profits/losses generated during
the reporting period . This is usually considered the most important of the financial
statements, since it presents the operating results of an entity.

2. Balance sheet - Presents the assets, liabilities , and equity of the entity as of the reporting
date. Thus, the information presented is as of a specific point in time. The report format is
structured so that the total of all assets equals the total of all liabilities and equity (known
as the accounting equation ). This is typically considered the second most important
financial statement, since it provides information about the liquidity and capitalization of
an organization.

3. Statement of cash flows - Presents the cash inflows and outflows that occurred during the
reporting period. This can provide a useful comparison to the income statement, especially
when the amount of profit or loss reported does not reflect the cash flows experienced by
the business. This statement may be presented when issuing financial statements to
outside parties.
4. Statement of retained earnings - Presents changes in equity during the reporting period.
The report format varies, but can include the sale or repurchase of shares , dividend
payments, and changes caused by reported profits or losses. This is the least used of the
financial statements, and is commonly only included in the audited financial statement
package.