ENTREPRENEURSHIP

1. What is profit in a business?

• The amount gained after selling products

• The amount invested in starting a business

• The total expenses of a business

• The salary paid to employees

1. Which of the following is a variable cost in a business?

• Rent

• Utilities

• Office supplies

• Insurance

1. What are examples of variable costs?

• Materials used and direct labor

• Rent and insurance

• Salaries and wages

• Professional fees and advertising expenses

1. What represents the difference between net sales and cost of sales?

• Net profit

• Gross profit

• Operating profit

• Net income

1. Which of the following is a fixed cost for a business?

• Direct labor

• Packaging

• Utilities for a plant

• Office supplies

1. What should an entrepreneur have a clear idea of when starting a business?

• Tasks

• Time allocation

• Objectives

• Progress

1. What should an entrepreneur monitor in business plan implementation?

• Tasks

• Progress

• Objectives

• Time allocation

1. Who should an entrepreneur consult for professional advice before starting a business?

• Accountants or consultants

• Friends and family

• Social media influencers

• Competitors

1. Which department handles the registration for business tradename in the Philippines?

• Securities and Exchange Commission (SEC)

• Department of Trade and Industry (DTI)

• Bureau of Internal Revenue (BIR)

• Mayor's Office

1. What is required for getting the license to operate in a city or municipality in the Philippines?

• SEC Registration

• Mayor's Business Permit

• DTI Registration

• BIR Registration