Business and Economics Quiz

This type of business is owned and operated by a single individual. It is not for large profit-making but rather to meet the owner’s basic needs.

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

This business is a joint venture by two or more people who agree to divide the profits and losses. They share responsibility for management and financial obligations.

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

A business that is formed by a group of people who pool their resources together to achieve a common goal. The primary purpose is to provide goods and services to members at the lowest possible price.

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

This type of business is the most complex form of business organization. It has a distinct legal personality and is owned by shareholders who are not personally liable for the company's debts.

• Sole Proprietorship

• Partnership

• Corporation

• Cooperative

What is the formula for calculating total cost (TC)?

• TC = VC - FC

• TC = FC + VC

• TC = FC × VC

• TC = FC ÷ VC

Anya owns a bakery. If her fixed costs are ₱10,000, and her variable costs are ₱10,000 for 200 cakes, what is the total cost?

• ₱10,000

• ₱15,000

• ₱20,000

• ₱25,000

Gian owns an ice cream shop with a fixed cost of ₱8,000. If he sells 300 cups at ₱20 each, what is the total variable cost (VC)?

• ₱6,000

• ₱8,000

• ₱14,000

• ₱20,000

What is the formula for calculating marginal product (MP)?

• MP = TP2 - TP1

• MP = TP ÷ Number of workers

• MP = TP + Number of workers

• MP = TP2 + TP1

What does the marginal product (MP) represent?

• The total number of products produced

• The average output produced by each worker

• The additional product produced by adding one more unit of input

• The cost of producing each product

What does the average product (AP) represent?

• The total product divided by the number of workers

• The total cost divided by the number of workers

• The total product minus the fixed costs

• The total variable cost divided by the number of workers