12 ENTREPRENEURSHIP

This refers to the amount added to the cost of a product to determine the selling

price.

• Revenue

• Cost

• Mark Up

• Mark Down

It is a planning tool that helps entrepreneur copes up with uncertainties in the

future operation of the business.

• Revenue

• Selling

• Benchmarking

• Forecasting

This refers to amount paid to transport goods or merchandise purchased from the

supplier to the buyer.

• Merchandise Inventory, end

• Merchandise Inventory, beginning

• Expenses

• Freight-in

Aling Elvie sells t-shirt at 175.00 pesos each. If each t-shirt costs 135.00 pesos,

How much is the mark-up?

• 40

• 45

• 40

• 50

Profit or Loss in computed by subtracting cost / expenses from –

• Income/Revenue

• Sales Discount

• sales

• operating expenses

Sales is an account title used to describe goods or merchandise sold by a

business. What nature of business uses Sales?

• Servicing

• Barber Shop

• Merchandising

• Both Servicing and Merchandising

A merchandising business earns through

• rendering services

• lending money

• donating products

• buys and sells goods

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 –

• estimating

• guessing

• forecasting

• benchmarking

Which of the following businesses use Service Income in recording revenues?

• Beauty Salon

• Sari-sari store

• Movie House

• Hardware

The costs incurred through payment of utilities such as water, electricity, internet

connection is considered as –

• costs

• purchases

• operating expenses

• personal Expense of the owner