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WorksheetsFinals Entrep
Total questions: 50
Worksheet time: 50mins
Name
Class
Date
1.
It is critical in any business endeavor as the businessman would want to have the cheapest possible at the highest quality.
a)
Materials
b)
Machine
c)
Manpower
d)
Method
2.
It is a systematic way of doing a particular job
a)
Methods
b)
Machine
c)
Manpower
d)
Materials
3.
It is about delivering products and services to customers to meet or surpass the expectations
a)
Operation Management
b)
Quality expectations
c)
Delivery expectations
4.
They are called the worker.
a)
Materials
b)
Machine
c)
Manpower
d)
Method
5.
It is the cost or the amount at which something is valued and also defined as to put a cost on something, or find out a cost.
a)
Price
b)
Delivery
c)
Quality
d)
Output
6.
It is the transformation process where input is converted into output
a)
Input
b)
Process
c)
Output
d)
Price
7.
It refers to the system and step by step process in the business
a)
Machine
b)
Manpower
c)
Method
d)
Materials
8.
It is controlled by people or a machine itself to produce the necessary or required number of productions needed.
a)
Materials
b)
Machine
c)
Manpower
d)
Method
9.
It is a key responsibility of operations management.
a)
Services Required
b)
Supplier Selection
c)
Products Selection
10.
The expectations are captured in the discussions with the customer and then refined for inclusion in the project product description.
a)
Quality Expectation
b)
Price Expectation
c)
Delivery expectation
11.
Which of the following essential characteristics of entrepreneurial mind see things differently?
a)
Creativity
b)
Innovative
c)
Passion
d)
Resourceful
12.
It brings the products (products or services) from the prototype stage to production and eventually to the potential market.
a)
Business mind
b)
Creative mind
c)
Technical mind
d)
Product mind
13.
Which entrepreneurial mind conceptualizes and design products to capture the sensory system of human being?
a)
Business mind
b)
Creative mind
c)
Product mind
d)
Technical mind
14.
Which of the following best describes a creative mind?
a)
Creates costumers.
b)
Employs of technology to arrive at a reconfigure design.
c)
Sees and uses products aside from its basic function.
d)
Converts prototype into production stage for final distribution to its market.
15.
A common eyeglass is used as a reading glass only. However, due to consumer demands, the product description and design is being reconfigured through a technology to come up with a progressive eyeglass not just for reading but for three capable uses. What entrepreneurial mind is being manifested in the situation?
a)
Product mind
b)
Creative mind
c)
Technical mind
d)
Business mind
16.
Which of the terms below refers to the marketing copy used to describe a product’s value to potential customers?
a)
product description
b)
product prototype
c)
product design
d)
product value
17.
Which of the terms below means someone who is capable of becoming a purchaser of a product or a service?
a)
business partner
b)
potential customer
c)
investor
d)
target market
18.
What is the first and arguably the best way to validate the marketability of your product?
a)
Making initial sales
b)
Receiving product recommendations
c)
Receiving orders
d)
Receiving positive comments from the product testers
19.
Mr. Villanueva uses small amounts of capital from his friends, who believe that Mr. Villanueva’s new product is a breakthrough, to finance his new business venture. What marketability validation is he using?
a)
beta testing
b)
crowd-funding
c)
competitive analysis
d)
ringing the cash register
20.
Marie wants to know what particular features of the products sold by 4TEA5, ZenTEA, and TEAresa are appealing to the public. What validation method should Marie use?
a)
beta testing
b)
crowd-funding
c)
competitive analysis
d)
research existing demand For 21-25: Read the statement carefully. Write X if the statement is true, and write Y if the statement is false.
21.
Conducting performance reviews on credit history shows the financial stability of the supplier.
a)
TRUE
b)
FALSE
22.
Dealing with distant suppliers might provide you a quick delivery time and extra load costs.
a)
TRUE
b)
FALSE
23.
Developing partnership promotes stronger commitments and encourages a greater interest in success for the material and finished goods.
a)
TRUE
b)
FALSE
24.
Value chain and Supply chain are synonymous in nature.
a)
TRUE
b)
FALSE
25.
In value chain, it starts the process from the source flows outward to the customer.
a)
TRUE
b)
FALSE
26.
26. Refers to goods and merchandise at the beginning of operation of business or accounting period.
a)
Merchandise Inventory, end
b)
Expenses
c)
Merchandise Inventory, beginning
d)
Freight-in
27.
Mrs. Juana, sold 15 roses at P150.00 each, she needs to purchase another 15 roses for her garden display, she needs to pay 200.00 for the freight-in. Calculate how much is the cost of goods sold?
a)
2,020.00
b)
2,050.00
c)
2,270.00
d)
2,000.00
28.
Refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer.
a)
Merchandise Inventory, end
b)
Expenses
c)
Merchandise Inventory, beginning
d)
Freight-in
29.
Costs incurred through payment of utilities such as electricity and water -
a)
Revenue
b)
Mark-up
c)
Operating expenses
d)
Free
30.
Merchandise or goods purchased are referred to as –
a)
Purchases
b)
Costs
c)
Operating Expenses
d)
Loss
31.
It is the result when cost to produce goods or render services is greater than the sales –
a)
Selling
b)
Benchmarking
c)
Revenue
d)
Loss
32.
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
33.
Freight-in refers to the amount paid to transfer goods or merchandise purchased from the _________.
a)
Buyer to the supplier
b)
Buyer to buyer
c)
Supplier to the buyer
d)
Supplier to supplier
34.
The costs incurred through payment of utilities such as water, electricity, internet connection is considered as
a)
Costs
b)
Operating expenses
c)
Purchases
d)
Personal Expense of the owner
35.
Term used for the amount paid to transport goods or merchandise purchased the supplier to the buyer.
a)
Merchandise
b)
Freight -In
c)
expenses
d)
Operating expenses
36.
Costs incurred through payment of utilities such as electricity and water -
a)
Revenue
b)
Mark-up
c)
Operating expenses
d)
Free
37.
Merchandise or goods purchased are referred to as
a)
Purchases
b)
Costs
c)
Operating Expenses
d)
Loss
38.
It is the result when sales exceed the cost to produce goods ender services is greater than the sales
a)
Selling
b)
Revenue
c)
Benchmarking
d)
Loss
39.
This is a methodology a company follows to get its customer segments to buy its product or service. What building blocks of business model does it fall?
a)
Customer - segments
b)
Customer-relationship
c)
Key Activities
d)
Revenue Streams
40.
Based from the business model canvas presented in our model, a company should know first its customers, both through their current and future needs for they are essential part of an organization’s business.
a)
Customer - segments
b)
Customer-relationship
c)
Key Activities
d)
Revenue Streams
41.
Why it is important to keep the record of expenses especially when preparing the tax return?
a)
To identify sources of income.
b)
To monitor the progress of the business.
c)
To keep track as the basis in property.
d)
To keep track of the deductible expenses.
42.
What is the reason why it is needed to record sources of income?
a)
To figure the gain or loss on the sale, exchange or other disposition of property as well as deductions for depreciation.
b)
It will help to separate business from non-business receipts and taxable from non-taxable income.
c)
To show what your firm owes, facilitates obtaining of available cash discounts and informs you when payments are due.
d)
To represents the investments actually paid by the company’s stockholders.
43.
The following are types of records for accounting and tax purposes except?
a)
Invoices
b)
Annual Tax Returns
c)
Ticket Stubs
d)
Vehicle Use Log
44.
Which of the following is a transaction business record?
a)
Sales Journal
b)
Cash Receipts
c)
Sales Invoice
d)
Official Receipts
45.
These could be used in the analysis of the effectiveness in advertising and promotions of your products, market coverage and profitability.
a)
Sales Records
b)
Payroll Records
c)
Cash Records
d)
Assets
46.
46. It is the obligations of the company, payable in money, goods or services.
a)
Assets
b)
Liabilities
c)
Owner's Equity
d)
Revenue
47.
It is the claim of the owner of the business also known as the capital.
a)
Assets
b)
Owner’s Equity
c)
Liabilities
d)
Revenue
48.
________ is a record comprising the sales and other income recieved by the business.
a)
Assets
b)
Owner’s Equity
c)
Liabilities
d)
Revenue
49.
The most liquid form of asset that can be used anytime to purchase another assets or pay liabilities.
a)
Inventories
b)
Payable
c)
Cash
d)
Receivables
50.
An example of asset that can be used in the business for a long period of time. Usually more than a year.
a)
Inventories
b)
Receivables
c)
Computer
d)
Cash
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