WorksheetsEntrepreneurship-2ndQ
Total questions: 50
Worksheet time: 25mins
The following are the characteristics of sole proprietorship, EXCEPT _________________.
It is easy to form and manage.
It is simple business operation.
It has a legal entity that is separate from its owner.
It has limited pool of resources.
Which of the following important factors in the selection of raw materials that the entrepreneur may consider?
I. Cost
II. Quality
III. Waste that the raw material may produce
IV. Credibility of suppliers
I and II only
I, II, and III only
I, II, and IV only
I, II, III and IV
What specific criteria related to manpower should be given significant consideration, considering it is deemed the most critical and pivotal factor in the production process?
I. Educational qualifications and experience required for the job.
II. Status of employment, whether permanent or temporary.
III. Number of workers required for the job.
IV. Availability of spare parts in the local market
I and II only
I, II, and III only
I, II, and IV only
I, II, III and IV
The selection of the method of production is dependent on these factors, EXCEPT ONE_____________.
Product to produce
Mode of production
Manufacturing equipment to use.
Amount of salary or wages of workers
The following are the government-mandated benefits, EXCEPT ________________.
Maternity leave
Paternity leave
PhilHealth benefits
Life Insurance
After receiving applications, the HR team at Milkyway Corporation reviews resumes and applications to shortlist candidates. What is the primary purpose of this step?
To identify the most qualified candidates.
To conduct background checks.
To check candidates' social media profiles.
To verify candidates' educational backgrounds.
The following factors that serve as basis in forecasting revenues of the business, EXCEPT __________.
The economic condition of the country
The internal aspect of the business
Changes happening in the community
The business permit and license that need to secure.
Darla is the owner of Book Store, she is selling an average of 30 books a day at Php 250.00 per piece. She purchased it from supplier at Php 150.00 per piece. How much is the sales for one day?
Php 4,500.00
Php 7,500.00
Php 37,500.00
Php 12,000.00
What is the impact of an increase in operating expenses on the net income?
Net income increases
Net income decreases
No impact on net income
Net income remains constant
Casper is the owner of Happy Puto, the unit cost of Puto is Php 4.00 and he adds 50% on its cost price. Which of the following describes the percentage added to the cost to come up with the selling price?
Cost
Mark Up
Net Profir
Cost of goods sold
Statement 1: Direct materials are cost of raw materials needed to assemble or manufacture a complete product.
Statement 2: Direct labor are the cost associated in the manufacturing process.
Both statements are true
Both statements are false
Only the 1st statement is true
Only the 2nd statement is true
These include assessments of staff performance and agreements between the employer and employees.
Performance reviews
Customer records
Quotes given and won
Insurance policies
The BIR is requesting for a financial statement from XYZ Company to validate its net income or net loss for a certain period. What financial statement the XYZ Company should submit?
Income statement
Balance sheet
Cash flow statement
Statement in changes in Equity
Which entrepreneurial venture focuses on buying and selling products without altering their form?
Manufacturing
Hybrid business
Merchandising
Agriculture
What is the reason why keeping business records are important?
Because it is required
Because you can easily track specific transaction on any previous date
It is not important because being an entrepreneur, there are more important things to do than keeping business records
Because this is a way om impressing customers and prospect investors
Milkyway Corporation conducts final interviews with key team members and managers. What is the primary focus of these interviews?
Assessing technical skills
Confirming salary expectations
Evaluating overall fit within the team
Checking references
What is the primary goal of business implementation?
Cost reduction
Profit maximization
Employee satisfaction
Market share
Which of the following asset account tile that describes collectibles from the customers who made sales transactions on credit?
Sales
Cash
Notes receivable
Accounts receivable
SYNC TECH Company is a manufacturing firm that produces electronic gadgets.
What is the formula for calculating net profit?
Revenue - Expenses
Revenue - Cost of Goods Sold
Gross Profit - Operating Expenses
Gross Profit - Taxes
Statement 1: An employee manual is an important communication tool between an employee and employer.
Statement 2: Training and retraining is advantage for the growth of employees and the company.
What can you observe from the statements?
Both statements are true
Both statements are false
Only the 1st statement is true
Only the 2nd statement is true
The Tipsy Bottlers Phils. Inc. is manufacturing volume of soft drinks and their other salable products for the stocking purposes of inventories. There is a good demand, and their manufacturing is considered constant. What specific mode of production that is being adopted by Tipsy Bottlers Phils. Inc. company?
Intermittent production system
Continuous production system
Just-in-time production system
Job order method
What is a key benefit of conducting a pilot program during business implementation?
It saves costs
It eliminates the need for training
It delays the implementation process
It provides real-world testing
Which of the following document (hard copy or digital) that records business dealing?
Balance sheet
Insurance policies
Business record
Business permit
What type of business organization is typically found in agriculture or food production, where members share resources and profits?
Sole proprietorship
Partnership
Corporation
Cooperative
Statement 1: Fixed costs are the expenses that change every month, depending on sales volume.
Statement 2: Variable costs are the expenses that remain the same every month. What can you observe from the statements?
Both statements are true.
Both statements are false.
Only the 1st statement is true.
Only the 2nd statement is true.
Which financial statement outlines how cash has been generated and used during a specific period?
Income statement
Balance sheet
Statement of cash flows
Bookkeeping
Milkyway Corporation is a rapidly growing technology company looking to expand its workforce. The HR department is responsible for hiring new talent to meet the company's increasing demands. What is the first step in Milkyway Corporation's hiring process for the software developer position?
Conducting initial interviews
Posting the job vacancy
Reviewing resumes and applications
Employment test
Statement 1: Business records must be retrievable at a later date so that the business dealings can be
accurately reviewed as required.
Statement 2: Monitor the progress of the business is one of the importance of keeping good records, good
records can increase the probability of business success.
What can you observe from the statements?
Both statements are true
Both statements are false
Only the 1st statement is true
Only the 2nd statement is true
Linda is the new employee of Bato Hardware, she made a listing of all the transactions daily, what specific task she practiced that refers to the systematic recording of financial aspects of business transactions in appropriate books of account.
Bookkeeping
Transaction
Accounting
Trial Balance
The following are the accounting elements, EXCEPT ______________.
Assets
Income
ledger
Expense
What is the primary purpose of a workflow in a business or project management context?
To create unnecessary bureaucracy.
To slow down the progress of tasks.
To streamline and optimize the sequence of tasks.
To confuse team members with complex processes.
Which financial forms/records are instrumental in assessing the effectiveness of advertising and promotions, market coverage, and profitability?
Payroll records
Cash records
Production records
Sales records
Identify the correct elements of manufacturing cost?
Sales, Direct labor, Factory overhead
Direct material, Direct labor, Factory overhead
Direct material, Direct labor, Net profit
Direct material, Manufacturing cost, Factory overhead
Which of the following government agency wherein you are registering your books of accounts?
Bureau of Internal Revenue
Department of trade and Industry
Securities and Exchange Commission
Bangko Sentral ng Pilipinas
Statement 1: A heterogeneous product has physical appearance, taste, or chemical content that can hardly distinguish from that of the other product.
Statement 2: A homogenous product has dissimilar characteristics, parts, and physical appearance.
What can you observe from the statements?
Both statements are true
Both statements are false
Only the 1st statement is true
Only the 2nd statement is true
Which of the following statement is TRUE about income?
Income generated from the primary operations of the business are called gains
Income generated from the other activities of the business are called revenues
Rental income describes general service rendered
Income is the increase in economic benefits during the accounting period in the form of inflows of cash or other assets or decrease of liabilities that result in increase in equity
BBC Technology is a retail store that sells electronic gadgets. They recently purchased a batch of smartphones from a supplier and need to determine the selling price for these devices.
The cost price of each smartphone is Php 20,000.00,
BBC Technology wants to apply a markup percentage to cover expenses and make a profit.
If BBC Technology decides to apply a 30% markup on the cost price, what will be the selling price of each
smartphone?
Php 25,500.00
Php 26,000.00
Php 27,000.00
Php 30,000.00
What type of production system is characterized by producing a variety of products in small batches with frequent changes in the production process?
Continuous Production System
Intermittent Production System
Just-in-Time Production System
Batch Production System
Knowing how the business is doing financially is important for planning and survival. Every business must set up this system. Its function is to provide quantitative information primarily financial in nature intended to be useful in making economic decision.
Bookkeeping
Transaction
Accounting
Trial Balance
Sandy is the owner of new bakery, he purchased various raw material from Cassandra merchandising amounting to 80,000, he made a down payment of 50,000 and was issued charge invoice for the balance. What particular account title will be used to record the transaction in journal for the 30,000 balance?
Notes payable
Utilities payable
Accounts payable
Salaries payable
How does the process of converting raw materials into finished products progress through various stages before reaching the target consumers? Among the 4Ms, which specifically pertains to the process or technique involved in this transformation?
Method
Manpower
Machine
Materials
Analyze the following entries in general journal, which of the following entries is a type of compound journal entry?
Dec. 15 and 20 transactions
Dec. 25 and 28 transactions
Dec. 15 transaction only
Dec. 28 transaction only
Statement 1: The salient feature of manufacturing business is the conversion process that takes place from the time a raw material is purchased up to the time it is sold as a finished product.
Statement 2: Restaurant and fast-food chain have the attributes of a manufacturing business and a service entity.
What can you observe from the statements?
Both statements are true
Both statements are false
Only the 1st statement is true
Only the 2nd statement is true
Statement 1: The journal is the book of final entry, is a permanent summary of all amounts entered in
supporting ledger which list individual transactions by date.
Statement 2: The Ledger is a formal and chronological record of financial transactions before their values
are accounted for in the general journal as debits and credits.
What can you observe from the statements?
Both statements are true
Both statements are false
Only the 1st statement is true
Only the 2nd statement is true
Statement 1: In calculating the Manufacturing Cost per unit, the formula is: Unit Cost = Operating expenses
/ Number of units produced
Statement 2: In calculating the Net Profit, it is properly expressed as: Selling Price – Cost – Operating
Expenses = Net Profit
What can you observe from the statements?
Both statements are true
Both statements are false
Only the 1st statement is true
Only the 2nd statement is true
The following are the other steps to follow before operating a business, EXCEPT ___________.
Set up an accounting system or hire an accountant
Advertise the business
Secure insurance for the business
Collect the account receivables from your client
The Padayon group aims to reach the quota for the month of February amounting of P1,000,000.00. The group prepare a bar chart that illustrates a project schedule, it also shows the dependency relationship between activities and current schedule status. Which type of chart best corresponds to this representation?
Pie chart
Bar Graph
Gantt chart
Black chart
Noah, a recent college graduate, has applied for a managerial position at BDO Company. The initial assessment he must successfully navigate is a test of general knowledge, encompassing questions related to linguistic and numerical abilities, as well as abstract reasoning. Which of the following tests corresponds to this evaluation?
Mental ability test or IQ test
Aptitude test
Personality test
Physical and Medical test
Which of the following best defines startup capital and working capital?
Startup capital refers to the funds required to launch a new business, while working capital is the money needed to cover day-to-day operational expenses.
Startup capital and working capital are terms used interchangeably to describe the total funds needed to run a business.
Startup capital is the money set aside for ongoing business operations, while working capital is specifically allocated for new ventures.
Startup capital is the amount of money a business retains after deducting all its liabilities, whereas working capital is the initial investment required to start a business.
The business sold 1,000 pieces per day of Fried Spicy Balut at ₱ 20.00 each. The cost per unit is ₱ 10.00. While the daily expenses is ₱ 2, 500.00. Compute for the Net Profit / (Net Loss).
₱ 17, 500.00
₱ 7, 500.00
(₱ 7, 500.00)
₱ 12, 500.00
