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Quiz Bee - CBA Week 2021

Total questions: 25

Worksheet time: 13mins

Name
Class
Date
1.

What accounting concept is supported by the historical principle?

a)

Accounting Entity Concept

b)

Going Concern Assumption

c)

Accrual Basis of Accounting

d)

Time Period

2.

Which of the following users of accounting information is mostly concerned in the Statement of Comprehensive Income?

a)

Creditors

b)

Investors

c)

Managers

d)

General Public

3.

What is the effect on the accounts if a promissory note is paid?

a)

Asset increased; liability increased

b)

Asset increased; liability decreased

c)

Asset decreased; liability increased

d)

Asset decreased; liability decreased

4.

This statement demonstrates the financial stability of the company.

a)

Statement of Financial Position

b)

Statement of Comprehensive Income

c)

Statement of Changes in Owner’s Equity

d)

Statement of Cash Flows

5.

Which of the following adjusting entries will not be reversed at the beginning of the next accounting period?

a)

Debit Interest Receivable; Credit Interest Income

b)

Debit Salaries Expense; Credit Salaries Payable

c)

Debit Insurance Expense; Prepaid Insurance

d)

Debit Rent Income; Unearned Interest Income

6.

Identify the following outside factor affecting business is Political, Economic, Social, or Technological: Employment Status

a)

Political

b)

Economic

c)

Social

d)

Technological

7.

Cost effective variables affecting businesses exclude changes in the extent of a countrys

a)

Deprivation and Jobless

b)

Education and Training

c)

Inflation

d)

Worldwide Trend

8.

A reduction in the level of economic venture for two consecutive quarters is known as

a)

Peak

b)

Recession

c)

Decline

d)

Slump

9.

Which of the following business game plan could be best used to deal with the complication caused by short-term recession?

a)

Moving to low-priced premises

b)

Lowering prices to maintain sales

c)

Recast to cater to income-sensitive customers

d)

Reducing the size of the employees

10.

A depreciating Philippine Peso is likely to make Philippine trader ________ profitable, while simultaneously making a domestic producer reliant on imported capital goods and oil _________ profitable.

a)

Just as, more

b)

More, Just as

c)

Less, More

d)

More, Less

11.

A new venture's business plan is important because ______.

a)

It helps to persuade others to commit funding to the venture.

b)

Can help demonstrate the viability of the venture.

c)

Provides a guide for business activities by defining objectives.

d)

All the above.

12.

Which of these statements best describes the context for entrepreneurship?

a)

Entrepreneurship takes place in small businesses.

b)

Entrepreneurship takes place in small businesses.

c)

Entrepreneurship takes place in a wide variety of contexts.

d)

Entrepreneurship does not take place in social enterprises.

13.

The use of informal networks by entrepreneurs to gather information is known as _______.

a)

Secondary research.

b)

Entrepreneurial networking.

c)

Informal parameters.

d)

Marketing

14.

Goods or services reach the market place through ________.

a)

marketing channels.

b)

multilevel pyramids.

c)

monopolies.

d)

multiplication.

15.

They are the one who deal with innovation, take moderate risks, and look for an opportunity.

a)

Entrepreneurs

b)

Managers

c)

Owners

d)

Consultant

16.

This storage is used to hold foods for longer period of time, usually a few weeks to several months.

a)

Dry storage

b)

Wet storage

c)

Freezer

d)

Refrigerated

17.

A person who is the recipient of hospitality in the form of entertainment--at someone's home, as a visiting participant in a program, or as a customer of an establishment such as a hotel or restaurant.

a)

Staff

b)

Guest

c)

Manager

d)

Owner

18.

The cordial and generous reception of guests. A wide range of businesses, each of which is dedicated to the service of people away from home.

a)

Business

b)

Hospital

c)

Hospitality

d)

Commerce

19.

Refers to apartments in high-rise buildings located mostly on recreational areas.

a)

Suite

b)

Condominium

c)

Motel

d)

Hotel

20.

French word for “light drink” and served at the start of the meal to excite the palate. Champagne and sherry is common example.

(a)  

21.

The activity for creating, communicating, delivering and exchanging offerings that benefit the organization, its stakeholders and society at large is referred to as.

a)

Marketing

b)

Advertising and promotion

c)

Consumerism

d)

Creative planning

22.

One of more specific groups of potential consumers toward which an organization directs its marketing program is referred to as a

a)

Mass market

b)

Mass aggregation

c)

Target market

d)

Promotional market

23.

The first objective in marketing is to discover consumer'

a)

Diversity

b)

Potential

c)

Objectives

d)

Needs

24.

There are five stages in the purchase decision process. The first is __________

a)

Information search

b)

Purchase decision

c)

Problem recognition

d)

Post purchase behavior

25.

Any container in which a product is offered for sale and on which information is communicated is referred to as _______

a)

Product display

b)

Merchandising

c)

Packaging

d)

Packaging