FINAL SUMMATIVE TEST IN APPLIED ECONOMICS

1. Which of the following is the main objective of industries?

• A.To earn profit for the owners.

• B. To become popular in the business industry

• C. To be a part of modernization

• D. To evaluate the best business

2. What business organization is characterized below?

It is the simplest way to set up a business. The owner of the business enjoys exclusive control and decision making as well as gets all the profits earned, but shoulders all losses.

• A. Sole Proprietorship

• B. Corporation

• C. Partnership

• D. Cooperative

3. A business organization where two or more persons combine their resources in a business with a view to making profit.

• A. Sole Proprietorship

• B. Corporation

• C. Partnership

• D. Cooperative

4. San Miguel, Jollibee, Procter and Gamble are examples of what business organization?

• A. Sole Proprietorship

• B. Corporation

• C. Partnership

• D. Cooperative

5. What business organization is organized by people with similar needs to provide themselves with goods and services or to jointly use available resources to improve their income?

• A. Sole Proprietorship

• B. Corporation

• C. Cooperative

• D. Partnership

6. Which of the following is an example of cooperative?

• A. Nova Deci

• B. PLDT

• C. Bank of Philippine Island

• D. Meralco

7. Mrs. Deeh Mangutang borrowed from an organization an amount that is twice of her share. She is a member of a _____.

• A. Corporation

• B. Partnership

• C. Cooperative

• D. Sole proprietorship

8. A big sari-sari store having an asset of one million five hundred thousand is an example of ______.

• A. Large scale business

• B. Small business

• C. Medium business

• D. micro business

9. Mr. Martin’s business has an asset of Php15, 000,000 to 60,000,000, what scale of business does he have?

• A. Small business

• B. Large business

• C. Medium business

• D. Micro business

10.Sole proprietorship and partnership business in the Philippines must be owned by ______.

• A. Foreigners and Filipinos

• B. 100% Filipinos

• C. Foreigners only because they are capitalist

• D. Anybody, foreigners or not as long as they have the capital