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WorksheetsENTREPRENEURSHIP
Total questions: 20
Worksheet time: 10mins
What is profit in a business?
The amount gained after selling products
The amount invested in starting a business
The total expenses of a business
The salary paid to employees
Which of the following is a variable cost in a business?
Rent
Utilities
Office supplies
Insurance
What are examples of variable costs?
Materials used and direct labor
Rent and insurance
Salaries and wages
Professional fees and advertising expenses
What represents the difference between net sales and cost of sales?
Net profit
Gross profit
Operating profit
Net income
Which of the following is a fixed cost for a business?
Direct labor
Packaging
Utilities for a plant
Office supplies
What should an entrepreneur have a clear idea of when starting a business?
Tasks
Time allocation
Objectives
Progress
What should an entrepreneur monitor in business plan implementation?
Tasks
Progress
Objectives
Time allocation
Who should an entrepreneur consult for professional advice before starting a business?
Accountants or consultants
Friends and family
Social media influencers
Competitors
Which department handles the registration for business tradename in the Philippines?
Securities and Exchange Commission (SEC)
Department of Trade and Industry (DTI)
Bureau of Internal Revenue (BIR)
Mayor's Office
What is required for getting the license to operate in a city or municipality in the Philippines?
SEC Registration
Mayor's Business Permit
DTI Registration
BIR Registration
What is important for planning and survival in a business?
Keeping business records
Hiring employees
Expanding the business
Social media presence
What can help protect a business in the event of litigation?
Advertising
Insurance
Social media marketing
Hiring more employees
What is the purpose of good record keeping in a business?
To measure profit and performance
To increase expenses
To reduce revenue
To avoid legal requirements
Which of the following is NOT a benefit of good record keeping?
Efficient planning and work
Legal and tax compliance
Increased risk
Protection of rights
What do records specify in a business?
Transaction dates and amounts
Employee salaries
Future investments
Customer preferences
What allows a business to meet legal and tax requirements?
Good record keeping
Social media marketing
Hiring more employees
Increasing expenses
What is one of the steps to follow before operating a business?
Secure insurance for the business
Hire an accountant
Start advertising
Rent an office space
What should an entrepreneur have for every task to ensure timely accomplishment of objectives?
Progress report
Time allocation
Professional consultation
Office expenses
Which department handles the registration for TIN, official receipts, and invoices in the Philippines?
SEC
DTI
BIR
Mayor's Office
What can liability insurance protect a business from?
Increased revenue
Litigation
Expanding operations
Employee benefits
