FREE DOWNLOAD SECOND QUARTER EXAM in Entrepreneurship School Year 2022-2023
FREE DOWNLOAD SECOND QUARTER EXAM in Entrepreneurship School Year 2022-2023
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SECOND QUARTER EXAM in ENTREPRENEURSHIP
School Year 2022-2023
Name: _______________________________________ Date:____________________
Grade &Section:_______________________________ Score:___________________
General Directions: Read the following questions thoroughly and choose the correct answer from the given choices. Write legibly the LETTER of your correct answer on the blank provided before each number.
______1. Which of the following refers to the human workforce involved in the manufacture of products?
A. Materials C. Machine
B. Method D. Manpower
______2. The 4M’s of production are as follows except ONE. Which one is it?
A. Management C. Method
B. Manpower D. Machine
______3. Which of the following refers to the marketing copy that explains what a product is and why it is worth purchasing?
A. Prototype C. Business Model
B. Product description D. Suppliers
______4. It represents the final products from the production process and distributed to the customers.
A. Input C. Output
B. Supplies D. Materials
______5. It is a replica of a product.
A. Prototype C. Business Model
B. Product description D. Suppliers
______6. Which of the following refers to the system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer?
A. Supply Chain C. Business model
B. Value Chain D. Prototype
______7. Which of the following is the process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales service?
A. Supply Chain C. Business Model
B. Value Chain D. Prototype
______8. It describes the rationale of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.
A. Prototype C. Business Model
B. Product description D. Suppliers
______9. It is an entity that supplies goods and services to another organization.
A. Prototype C. Business Model
B. Product Description D. Suppliers
______10. Which of the following refers to the manufacturing equipment used in the production of goods or delivery of services?
A. Machine C. Method
B. Manpower D. Materials
______11. It refers to the process or technique of converting raw materials to finished products.
A. Machine C. Method
B. Manpower D. Materials
______12. It simply refers to the raw materials needed in the production of a product.
A. Machine C. Method
B. Manpower D. Materials
______13. Statement I - Skills and expertise are not important in considering manpower.
Statement II - Benefits are the reasons why customers will decide to buy the
products.
A. Only Statement I is true. C. Both Statements are true.
B. Only Statement II is true. D. Both Statements are false.
______14. Statement I - Educational qualifications and experience is one of the criteria in
considering manpower.
Statement II - Product to produce is one of the factors to be considered in
method or production method.
A. Only Statement I is true. C. Both Statements are true.
B. Only Statement II is true. D. Both Statements are false.
______15. Statement I - In selecting the type of equipment to purchase, the entrepreneur
may consider cost and capacity of the equipment.
Statement II - The purpose of a product description is to supply customers
through details around the features and benefits of the product.
A. Only Statement I is true. C. Both Statements are true.
B. Only Statement II is true. D. Both Statements are false.
______16. This refers to the amount added to the cost of a product to determine the selling price.
A. Revenue C. Mark Up
B. Cost D. Mark Down
______17. Aling Marta sells bibingka in her neighbourhood, every day she can sell 45 pieces of bibingka at 20 pesos each. How much is her daily revenue?
A. 900.00 C. 800.00
B. 450.00 D. 1000.00
______18. It is a planning tool that helps the entrepreneur copes with uncertainties in the future operation of the business.
A. Revenue C. Benchmarking
B. Selling D. Forecasting
______19. The selling price of an item or merchandise is computed by adding cost per unit and __________?
A. Revenue C. Discount
B. Mark up D. Number of Items
______20. Mang Berting is a fruit vendor selling at the local public market. He gets his mangoes from a supplier at 25 pesos per kilo and sells it at 45 pesos per kilo to his customers. How much mark-up is Mang Berting adding to his selling price?
A. 25.00 B. 30.00 C. 15.00 D. 20.00
______21. Aling Elvie sells t-shirt at 175.00 pesos each. If each t-shirt costs 135.00 pesos, how much is the mark-up?
A. 30.00 C. 40.00
B. 45.00 D. 50.00
______22. It is the result when sales exceed the cost to produce goods or render services.
A. Forecasting C. Revenue
B. Selling D. Benchmarking
______23. It is a tool that allows managers to make educated estimates on revenue and costs of the business in order to cope with uncertainties of the future.
A. Estimating C. Forecasting
B. Guessing D. Benchmarking
______24. This refers to goods and merchandise at the beginning of operation of business or accounting period.
A. Merchandise Inventory, end C. Expenses
B. Merchandise Inventory, beginning D. Freight-in
______25. Mang Lito sold 5 pairs of slippers. Suppose Mang Lito purchased the 5 pairs of slippers at P 30.00 each and pays P120.00 freight. Calculate how much is the cost of goods sold?
A. 220.00 C. 270.00
B. 420.00 D. 200.00
______26. This refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer.
A. Merchandise Inventory, end C. Expenses
B. Merchandise Inventory, beginning D. Freight-in
______27. This refers to costs incurred through payment of utilities such as electricity and water.
A. Revenue C. Mark-up
B. Operating expenses D. Free
______28. Merchandise or goods purchased are referred to as –
A. Purchases C. Costs
B. Operating Expenses D. Loss
______29. It is the result when cost to produce goods or render services is greater than the sales.
A. Selling C. Benchmarking
B. Revenue D. Loss
______30. Jean purchased 5 baskets for P 30.00 each. According to her calculation, P 10.00 shall be added to the cost as mark-up. How much is the selling price of each basket?
A. 35.00 B. 40.00 C. 50.00 D. 60.00
______31. Profit or Loss is computed by subtracting cost / expenses from –
A. Income/revenue C. Sales
B. Sales discount D. Operating expenses
______32. Sales is an account title used to describe goods or merchandise sold by a business. What nature of business uses Sales?
A. Servicing C. Merchandising
B. Barber Shop D. Both Servicing and Merchandising
______33. Irene sells fashion bags online. She gets each bag for P 150.00 from a local supplier. She then adds P 100.00 as mark-up for each bag. How much is the selling price of each bag?
A. P 200.00 C. P 300.00
B. P 250.00 D. P 350.00
______34. A merchandising business earns through –
A. Rendering services C. Donating products
B. Lending money D. Buys and sells goods
______35. 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 future –
A. Estimating C. Forecasting
B. Guessing D. Benchmarking
______36. Which of the following businesses use Service Income in recording revenues?
A. Beauty Salon C. Movie House
B. Sari-sari store D. Hardware
______37. It refers to the amount of merchandise or goods sold by the business for a given period of time.
A. Operating Expense C. Deductions
B. Cost of Goods Sold D. Sales
______38. Aling Coring sold 5 pieces of rugs. She bought the rugs for 20 pesos and sold it for 35 pesos. How much is the total cost of goods sold?
A. P 80.00 C. P 100.00
B. P 90.00 D. P 110.00
______39. Freight-in refers to the amount paid to transfer goods or merchandise purchased from the _________.
A. Buyer to the supplier C. Buyer to buyer
B. Supplier to the buyer D. Supplier to supplier
______40. The costs incurred through payment of utilities such as water, electricity, internet connection is considered as –
A. Costs C. Operating expenses
B. Purchases D. Personal expense of the owner
______41. Nathaniel sells bottled water in a nearby city bus terminal. Every day he can sell 30 pieces of bottled water at 20 pesos each. How much is Nathaniel’s daily sales?
A. P 900.00 C. P 700.00
B. P 800.00 D.P 600.00
______42. The amount added to the cost of a product to determine the selling price is called?
A. Mark-up C. Mark-down
B. Discount D. Sale
______43. Lina sold all ten t-shirts for 1,500.00 pesos. Suppose she added 50.00 pesos as mark-up price for every t-shirt. How much was the cost for every t-shirt sold?
A. P 80.00 C. P 100.00
B. P 90.00 D. P 110.00
______44. It refers to goods and merchandise left at the end of operation or accounting period.
A. Merchandise inventory, beginning C. Freight-in
B. Merchandise inventory, end D. Freight-out
______45. The Total Cost and Expenses is calculated by –
A. Adding cost and expenses
B. Subtracting expenses from costs
C. Adding revenue and expense
D Subtracting expense from revenue
______46. Which office will you go to register your single-owned business?
A. SEC C. BIR
B. DTI D. Mayor’s Office
______47. Which office do you visit to register a partnership or corporation?
A. SEC C. BIR
B. DTI D. Mayor’s Office
______48. To secure a Tax Identification Number (TIN), which office will you go?
A. SEC C. BIR
B. DTI D. Mayor’s Office
______49. SSS, Philhealth and Pag-ibig fund contributions are made by _ .
A. Employees only C. Both Employees and Employers
B. Employers only D. None of the choices
______50. Which of the following is not a step to follow before operating a business?
A. Register your business
B. Set up an accounting system
C. Advertise the business using Facebook
D. Selling the product
______51. Which of the following is true?
A. Good record keeping is not important to the business owner.
B. Good record keeping is important only to the accountant.
C. Good record keeping gives benefits to the enterprise.
D. Good record keeping gives no importance at all.
______52. Which of the following is NOT a benefit to the enterprise?
A. It allows the entrepreneur to plan and work more efficiently.
B. It allows the entrepreneur to meet legal and tax requirements.
C. Can check if the business is doing good.
D. It cannot protect the rights of the owner.
______53. The objectives of the entrepreneur should be .
A. Specific and clear C. Short and blurred
B. Specific and long term D. Long and not specific
______54. The tasks before operating the business must be .
A. Specified to be accomplished by the owner alone
B. In detail so that the owner will know what to do
C. Kept by the owner for future reference
D. None of the choices
______55. The tasks to be accomplished before operating the business should have:
A. Design C. Time allotment
B. Decoration D. Measurement
______56. Which of the statements is true?
A. Before starting a business, the entrepreneur may not consult a professional for advice.
B. Before starting a business, the entrepreneur should consult a professional for advice.
C. Before starting a business, the entrepreneur must start selling when there are
available buyers.
D. None of the choices
______57. Registering your business trade name is done in the office of
A. SEC C. Mayor’s Office
B. DTI D. Philhealth Office
______58. The sources of documents are called
A. Income statements C. Records
B. Balance sheets D. Record keepings
______59. Which of the following is not a benefit of record keeping?
A. It will not help in managing potential risks.
B. It will measure profit and performance.
C. It will protect the rights of the owner.
D. It will not let you know how much you are earning.
______60. Which of the following statements is true?
A. Professional advice is only needed before starting the business.
B. Professional advice is needed all throughout the life of the business.
C. Professional advice is made only by consultants.
D. Professional advice is only a waste of money.
______61. A source document evidencing those orders have been placed by the customer waiting to be served by the supplier.
A. Purchase request C. Purchase order
B. Purchase invoice D. Purchase check
______62. A source document evidencing those goods have been delivered by the supplier to the customer.
A. Supplier’s sales invoice C. Customer’s sales invoice
B. Vale slip D. Customer’s delivery receipt
______63. A source document issued by the supplier acknowledging that full payment has been received from the customer.
A. Official receipt C. Delivery receipt
B. Purchase receipt D. Receiving report
______64. All of the following are examples of source documents, except
A. Check C. Contract
B. Invoices D. Journal
______65. A source document which shows that the customer has already made partial payment to the supplier through issuance of.
A. Check C. Official receipt
B. Voucher D. Sales invoice
______66. An example of asset that can be used in the business for a long period of time, usually more than a year.
A. Inventories C. Receivables
B. Computer D. Cash
______67. A type of business that is purely engaged in providing all types of service activities
such as medical or legal services.
A. Service business C. Manufacturing business
B. Merchandising business D. Trading business
______68. A type of business that is engaged in buying and selling of food products such as grocery/convenient stores.
A. Service business C. Manufacturing business
B. Merchandising business D. Forex Trading business
______69. Referred to as the book of original entry
A. Ledger C. Accounts Receivable Ledger
B. Journal D. Purchase Journal
______70. Referred to as the book of final entry
A. General Ledger C. Accounts Receivable Ledger
B. General Journal D. Purchase Journal
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