Midterm Exam in NSTP-CWTS 2

Who among the following starts, manages, and assumes the risks of a business enterprise?

•  entrepreneur

• manager

• supervisor

• owner

Who among the following believe in this quote: Each of us is given by God equal time – 24 hours a day. It is up to us if we want to use this time and how we want to use it?

• George S.K. Ty

• Lucio Chua Tan

• Henry Sy, Sr.

• John Gokongwei

Which of the following C’s of credit pertains to the entrepreneur or borrower’s guarantee such that in case the borrower fails to repay the loan, it will answer for the loan provided?

• collateral

• capacity

• character

• contract

Which of the following is a written document defining the obligations of the contracting parties?

• collateral

• capacity

• character

• contract

Which of the following C’s of credit refers to the ability of the entrepreneur to pay for the loan?

• collateral

• capacity

• character

• contract

Which of the following refers to the personal standing of the entrepreneur in the community, as well as his own personal credibility?

• collateral

• capacity

• character

• contract

Which of the following C’s of credit refers to the connection and network of friends of entrepreneurs?

• connection

• conditions

• character

• contract

Which method used in valuation of inventory is being referred to when first item received in the storeroom is assumed to be the first item that goes out for eventual sale or for further processing?

• LIFO

• LILO

• FIFO

• FILO

Which of the following method used in valuation of inventory is described as last item received will be the first item passed outside for eventual sale or for further processing?

• LIFO

• LILO

• FIFO

• FILO

Which of the following is the highest level that is achieved when a person is able to develop himself to the fullest according to the level of needs and wants in Maslow’s Triangle?

• survival needs

• self-fulfillment needs

• safety needs

• social needs