Free Printable Second Quarterly Test - Introduction to Entrepreneurship

1.

Which of the following refers to the human workforce involved in the manufacture of products?

a)

Materials

b)

Method

c)

Machine

d)

Manpower

2.

The 4M’s of production are as follows except ONE. Which one is it?

a)

Management

b)

Manpower

c)

Method

d)

Machine

3.

Which of the following refers to the marketing copy that explains what a product is and why it is worth purchasing?

a)

Prototype

b)

Product description

c)

Business Model

d)

Suppliers

4.

It represents the final products from the production process and distributed to the customers.

a)

Input

b)

Supplies

c)

Output

d)

Materials

5.

It is a replica of a product?

a)

Prototype

b)

Product description

c)

Business Model

d)

Suppliers

6.

Which of the following refers to the system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer?

a)

Supply Chain

b)

Value Chain

c)

Business model

d)

Prototype

7.

Which of the following is the process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales service?

a)

Supply Chain

b)

Value Chain

c)

Business Model

d)

Prototype

8.

It describes the rationale of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.

a)

Prototype

b)

Business Model

c)

Product description

d)

Suppliers

9.

It is an entity that supplies goods and services to another organization.

a)

Prototype

b)

Product Description

c)

Business Model

d)

Suppliers

10.

Which of the following refers to the manufacturing equipment used in the production of goods or delivery of services?

a)

Machine

b)

Manpower

c)

Method

d)

Materials

11.

It refers to the process or technique of converting raw materials to finished products.

a)

Machine

b)

Manpower

c)

Method

d)

Materials

12.

It simply refers to the raw materials needed in the production of a product.

a)

Machine

b)

Manpower

c)

Method

d)

Materials

13.

Statement I - Skills and expertise are not important in considering manpower.

Statement II - Benefits are the reasons why customers will decide to buy the

products.

a)

Only Statement I is true.

b)

Only Statement II is true.

c)

Both Statements are true.

d)

Both Statements are false.

14.

Profit or Loss is computed by subtracting cost / expenses from –

a)

income/revenue

b)

sales discount

c)

sales

d)

operating expenses

15.

Sales is an account title used to describe goods or merchandise sold by a business. What nature of business uses Sales?

a)

Servicing

b)

Barber Shop

c)

Merchandising

d)

Both Servicing and Merchandising

16.

A merchandising business earns through –

a)

rendering services

b)

lending money

c)

donating products

d)

buys and sells goods

17.

It is a tool that allows managers to make educated estimates on revenue and costs of the business in order to cope up with uncertainties of the future –

a)

estimating

b)

guessing

c)

forecasting

d)

benchmarking

18.

Which of the following businesses use Service Income in recording revenues?

a)

Beauty Salon

b)

Sari-sari store

c)

Movie House

d)

Hardware

19.

It refers to the amount of merchandise or goods sold by the business for a given period of time.

a)

Operating Expense

b)

Cost of Goods Sold

c)

Deductions

d)

Sales

20.

Aling Coring sold 5 pieces of rugs. She bought the rugs for 20 pesos and sold it for 35 pesos. How much is the total cost of goods sold?

a)

P 80.00

b)

P 90.00

c)

P 100.00

d)

P 110.00

21.

Freight-in refers to the amount paid to transfer goods or merchandise purchased from the _________.

a)

buyer to the supplier

b)

supplier to the buyer

c)

buyer to buyer

d)

buyer to buyer

22.

The costs incurred through payment of utilities such as water, electricity, internet connection is considered as –

a)

cost

b)

purchases

c)

operating expenses

d)

personal expense of the owner

23.

The amount added to the cost of a product to determine the selling price is called?

a)

mark-up

b)

discount

c)

mark-down

d)

sale

24.

It refers to goods and merchandise left at the end of operation or accounting period.

a)

Merchandise inventory, beginning

b)

Merchandise inventory, end

c)

Freight-in

d)

Freight-out

25.

The Total Cost and Expenses is calculated by –

a)

adding cost and expenses

b)

subtracting expenses from costs

c)

adding revenue and expense

d)

subtracting expense from revenue

26.

Which office will you go to register your single-owned business?

a)

DTI

b)

SEC

c)

BIR

d)

Mayor’s Office

27.

Which office do you visit to register a partnership or corporation?

a)

DTI

b)

SEC

c)

BIR

d)

Mayor’s Office

28.

To secure a Tax Identification Number (TIN), which office will you go?

a)

SEC

b)

DTI

c)

BIR

d)

Mayor's Office

29.

SSS, Philhealth and Pag-ibig fund contributions are made by _ .

a)

employees only

b)

employers only

c)

both Employees and Employers

d)

none of the choices

30.

Which of the following is not a step to follow before operating a business?

a)

Register your business

b)

Set up an accounting system

c)

Advertise the business using Facebook

d)

Selling the product

31.

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.

32.

Which of the following is NOT a benefit to the enterprise?

a)

It allows the entrepreneur to plan and work more efficiently.

b)

It allows the entrepreneur to meet legal and tax requirements.

c)

Can check if the business is doing good.

d)

It cannot protect the rights of the owner.

33.

The objectives of the entrepreneur should be ?

a)

specific and clear

b)

specific and long term

c)

short and blurred

d)

long and not specific

34.

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 reference

d)

none of the choices

35.

The tasks to be accomplished before operating the business should have:

a)

design

b)

decoration

c)

time allotment

d)

measurement

36.

Which of the statements is true?

a)

Before starting a business, the entrepreneur may not consult a professional for advice.

b)

Before starting a business, the entrepreneur should consult a professional for advice.

c)

Before starting a business, the entrepreneur should consult a professional for advice.

d)

None of the choices

37.

Registering your business trade name is done in the office of ?

a)

SEC

b)

DTI

c)

Mayor’s Office

d)

Philhealth Office

38.

The sources of documents are called ?

a)

income statements

b)

balance sheets

c)

records

d)

record keepings

39.

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.

40.

Which of the following statements is true?

a)

Professional advice is only needed before starting the business.

b)

Professional advice is only needed before starting the business.

c)

Professional advice is only needed before starting the business.

d)

Professional advice is only a waste of money.

41.

Write True if the statement is correct and write False if you think the statement is not correct.

The gross profit rate of the entrepreneurial venture is computed by dividing the cost of goods sold by net sales.

a)

True

b)

False

42.

Write True if the statement is correct and write False if you think the statement is not correct.

The gross profit rate provides information on the cost ratio of the business.

a)

True

b)

False

43.

Write True if the statement is correct and write False if you think the statement is not correct.

In evaluating the profitability of the entrepreneurial venture, the evaluation must focus on the information reflected on the face of the balance sheet.

a)

True

b)

False

44.

Write True if the statement is correct and write False if you think the statement is not correct.

The operating profit margin rate indicates information on the percentage of operating expenses on the net sales.

a)

True

b)

False

45.

Write True if the statement is correct and write False if you think the statement is not correct.

Mr. Q is a practicing Doctor of Medicine. During the month of March 2019, he received Professional Fees amounting to P 1,000,000 and total expenses of P250,000. The net income of Mr. Q is P 750,000.

a)

True

b)

False

46.

Write True if the statement is correct and write False if you think the statement is not correct.

Profit is the money received from the customer in exchange of products given to customer.

a)

True

b)

False

47.

Write True if the statement is correct and write False if you think the statement is not correct.

The gross profit rate of the entrepreneurial venture is computed by dividing the cost of goods sold by net sales.

a)

True

b)

False

48.

Write True if the statement is correct and write False if you think the statement is not correct.

The gross profit rate provides information on the cost ratio of the business.

a)

True

b)

False

49.

Write True if the statement is correct and write False if you think the statement is not correct.

One of the objectives in evaluating the gross profit rate of the business is to determine whether the amount of the gross profit is sufficient to cover the operating expenses.

a)

True

b)

False

50.

Write True if the statement is correct and write False if you think the statement is not correct.

The operating profit margin rate indicates information on the percentage of operating expenses to net sales.

a)

True

b)

False

Second Quarterly Test - Introduction to Entrepreneurship

Total questions: 50

Worksheet time: 25mins

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