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WorksheetsEntrepreneurship
Total questions: 24
Worksheet time: 19mins
Which of the following is the main purpose for writing a business plan?
The business plan helps the company develop a “road map” to follow
The business plan introduces potential investors and other stakeholders to the business opportunity.
Both a and b are equally important.
Neither a nor b captures the true purpose of a business plan
Which of the following documents does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it?
Business Plan
Feasibility Analysis
Industry Analysis
Opportunity Analysis
Which of the following statements is incorrect regarding business plans?
A business plan has both an external and internal audience.
A company’s business plan is typically written by its founders.
A firm’s business plan is typically the first aspect of a proposed venture that will be seen by an investor.
To make the best impression, a business plan should follow an unconventional structure, so it will stand out.
Which of the following best describes a financial statement?
It is an estimate of a firm’s future income and expenses.
It is a set of ratios which depict relationships between a firm’s financial items.
It is a hybrid statement of cash flows.
It is a written report that quantitively describes a firm’s financial health
Which of the following refers to the meaning of the French term, “entreprendre”?
to create
to innovate
to put up
to undertake
Which of the following refers to individuals who focus their efforts on innovation, profitability and sustainable growth?
Angel Investors
Employees
Entrepreneurs
Small business owners
Which of the following refers to the dynamic process of creating incremental wealth?
Buying
Entrepreneurship
Innovation
Selling
Which of the following refers to the activities of making, buying, selling or supplying goods or services for money.
Buying
Business
Selling
Managing
Which of the following documents inform the different users of the company’s financial position or condition?
Balance Sheet
Financial Statement
Income Statement
Statement of Cash Flows
Which of the following documents shows the result of the company’s operations whether it may be a net income or loss?
Balance Sheet
Financial Statement
Income Statement
Statement of Cash Flows
Which of the following documents shows the changes affecting the capital account?
Balance Sheet
Financial Statement
Statement of Owner’s Equity
Statement of Cash Flows
Which of the following documents provide information about the cash receipts and cash payments of an entity during a certain period?
Balance Sheet
Financial Statement
Statement of Owner’s Equity
Statement of Cash Flows
What accounting title refers to the resources of a business organization?
Assets
Creditor’s Equity
Liabilities
Owner’s Equity
What account title refers to the company’s financial obligations or debt that arise during the course of its business operations?
Assets
Creditor’s Equity
Liabilities
Owner’s Equity
Which account title refers to the owner’s investment in the business?
Assets
Creditor’s Equity
Liabilities
Owner’s Equity
Which of the following refers to the amount of money calculated by multiplying the price at which goods or services are sold by the number of units sold?
Assets
Expenses
Profit
Revenues
Which of the following refers to the difference between amount earned and the amount spent in buying, operating or producing something?
Assets
Expenses
Profit
Revenues
Which of the following refers to the cost incurred in an organization’s effort to generate revenue?
Assets
Expenses
Profit
Revenues
Which of the following will be the possible result in the computation of the income statement?
Cash Inflow/outflow
Current/Non-current Asset
Debit/Credit
Net Loss/Income
Which of the following should be included in the balance sheet?
Asset, Liabilities, Owner’s Equity
Current Asset, Current Liabilities
Expenses, Revenues
Income Statement, Liabilities, Owner’s Equity
Compute for the Profit of Alison Arikison Water Refilling Station for the month of April 2020 with the following Financial Information: Sales - P47,000, total Expenses amounted to P32,000, 20% is for the rent, 30% for the salaries of employees, 25% is for Utilities and maintenance and the remaining is for the supplies used. (10pts)
(a)
Benny Bilang obtained a profit of P23,700 for the ended May 2020. During the month, the business acquired the following expenses: Salary Expense - P8,500; Rent Expense - P2,800; Utilities Expense - P3,600 and Transportation Expense - P1,700. How much is the total Revenue of Benny Bilang Coffee Shop? (10pts.)
(a)
Libing Things Funeral Parlor had the following expenses during the month of April 2020:
Supplies Expense - P3,700; Rent Expense - P2,900; Utilities Expense - P1,500 and Salary Expense - P6,000. The parlor gained a total revenue of P21,000. How much will be the profit of the parlor? (10pts.)
(a)
Which of the following is the main purpose for writing a business plan?
The business plan helps the company develop a “road map” to follow
The business plan introduces potential investors and other stakeholders to the business opportunity.
Both a and b are equally important.
Neither a nor b captures the true purpose of a business plan
