WorksheetsENTREP Summative Test 2 - Q2
Total questions: 20
Worksheet time: 21mins
Name
Class
Date
1.
Registering your business trade name is done in the office of.
a)
DTI
b)
SEC
c)
Mayor's Office
d)
PhilHealth Office
2.
To secure a Tax Identification Number (TIN), which office will you go?
a)
DTI
b)
SEC
c)
BIR
d)
Mayor's Office
3.
Which office will you go to register your single-owned business?
a)
SEC
b)
DTI
c)
BIR
d)
Mayor's Office
4.
Which of the following is NOT a benefit to the enterprise?
a)
Plan and work more efficient
b)
Meet legal and tax requirements
c)
Can check if the business is doing good
d)
It cannot protect the rights of the owner
5.
The tasks to be accomplished before operating the business should have.
a)
Design
b)
Decoration
c)
Time Allotment
d)
Measurement
6.
Which of the following is NOT a step to follow before operating a business?
a)
Register your business
b)
Set up accounting system
c)
Advertise the business using Facebook
d)
Selling the product
7.
The sources of documents are called
a)
Income Statement
b)
Balance Sheet
c)
Record
d)
Record Keeping
8.
The tasks before operating the business must be ___________.
a)
Specified to be accomplished by the owner alone
b)
In detail so that the owner will know what to do
c)
Kept by the owner for future preference
d)
None of the choices
9.
Which of the following is NOT a benefit of record keeping?
a)
It will not help in managing potential risks
b)
It will measure profit and performance
c)
It will protect the rights of the owner
d)
It will not let you know how much you are earning
10.
Which of the following is true?
a)
Good record keeping is not important to the business owner
b)
Good record keeping is important only to the accountant
c)
Good record keeping gives benefits to the enterprise
d)
Good record keeping gives no importance at all
11.
Referred to as the book of final entry.
a)
General Ledger
b)
General Journal
c)
Accounts Receivable Ledger
d)
Purchase Journal
12.
A type of business that is purely engaged in providing all types of service activities such as medical or legal services.
a)
Service Business
b)
Merchandising Business
c)
Manufacturing Business
d)
Trading Business
13.
An employee of the company in charge to maintain bookkeeping records of the business.
a)
Manager
b)
Bookkeeper
c)
Auditor
d)
Owner
14.
Also known as the book of original entry.
a)
Income Statement
b)
Balance Sheet
c)
General Journal
d)
General Ledger
15.
Mang Timang sells bottled water in a nearby public bus terminal, every day he can sell 70 pieces of bottled water at P20.00 pesos each. How much is his daily revenue?
a)
P1400
b)
P1700
c)
P1800
d)
P1450
16.
First account of the five major accounts which refers to resources with economic value that it will provide a future benefit.
a)
Assets
b)
Liabilities
c)
Owner's Equity
d)
Revenue
17.
Which among the following is the basic equation in computing net income.
a)
Net Income/Loss = Service Income – Total Expenses
b)
Net Income/Loss = Service Income + Total Expenses
c)
Net Income/Loss = Total Expenses – Service Income
d)
Net Income/Loss = Total Expenses + Service Income
18.
The left-hand side entry also known in accounting as “Value-Received.”
a)
Debit
b)
Credit
19.
This refers to money brought into a company by its business activities.
a)
Assets
b)
Liabilities
c)
Owner's Equity
d)
Revenue
20.
It includes loans, accounts payable, mortgages, deferred revenues and accrued expenses.
a)
Assets
b)
Liabilities
c)
Owner's Equity
d)
Revenue
100 %
