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ENTREPRENEURSHIP LONG TEST

Total questions: 50

Worksheet time: 25mins

Name
Class
Date
1.

Aside from basic requirements to start, there are also other steps to follow before operating a business. Which of the following Is not included?

a)

Advertise the business

b)

Secure insurance of the business

c)

Set up an accounting system                      

d)

File BIR registration

2.

Which of the following is NOT TRUE about liquidity ratio?

a)

The ability to convert assets into cash quickly and cheaply                                                    

b)

Use to work out if a company can repay creditors from the total cash, they have available

c)

The higher the ratio is for that company, the more liquid their assets are and the more able they'll be to pay off short-term debts

d)

Inventory and Debtors are not included while calculating this ratio because there is no guarantee of their realization

3.

The following are the statements that best explain the statement of cash flow. Which does not belong?

a)

Net Cash Flow = Operating Cash Flow + Cash Flow from Financial Activities (Net) + Cash Flow from Investing Activities (Net) 

b)

If Company A had P150,000 cash inflow, P100,000 cash outflow so

Net cash flow would be 50,000

c)

It’s a key indicator of a company’s financial health

d)

Purchase/Sale of Property and Equipment (P50,000) + Purchase/Sale of Other Businesses (P75,000) + Purchase/Sale of Marketable Securities (P25,000) = Cash Flow from Investing Activities

(P100,000)

4.

It is a necessary to calculate the ________ amount of each ingredient that will be needed to formulate a batch of products.

a)

Equipment required

b)

Packaging

c)

Production planning

d)

Raw materials and ingredients

5.

Some creditors and investors use this ratio to measure how effectively their company convert sales into income.

a)

Efficiency ratio

b)

Liquidity ratio

c)

Profitability ratio

d)

None of the above

6.

Mr. Manalo needs to register himself as an employer and for remitting his employee's contributions together with his employer's share.

a)

BIR registration

b)

DTI registration

c)

Mayor's business permit

d)

SSS and Phil health

7.

Develops the habit of thinking continually about how the products are positioned in the hearts and minds of customer.

a)

Packaging

b)

Place

c)

Positioning

d)

Product

8.

Each task should be paired with an appropriate time frame for completion.

a)

Objective

b)

Progress

c)

Task

d)

Time allocation

9.

Is an essential written document that provides a description and overview of your company's future.

a)

Business plan

b)

Feasibility study

c)

Marketing plan

d)

Strategic Plan

10.

Which of the following is helpful in deciding the technical requirements of the business?

a)

The cost of the raw materials satisfactory

b)

Suitable packaging materials available and affordable

c)

Distribution procedures to retailers or other sellers are established

d)

All of the above

11.

This is the most challenging aspect of starting a business. Choose the right name and customers will immediately identify with your value proposition.

a)

Brand name

b)

Tagline

c)

Logo

d)

None of the above

12.

This is the way where the product or service appears from the outside.

a)

Packaging

b)

Place

c)

Product

d)

Promotion

13.

Refers to the value we pay in exchange for the product and services offered by a company.

a)

Packaging

b)

Place

c)

Price

d)

Product

14.

Also known as net working capital (NWC), is the difference between a company's current assets such as cash, accounts receivable/customers' unpaid bills, and inventories of raw materials and finished goods-and its current liabilities, such as accounts payable and debts.

a)

Initial investment

b)

Operating capital

c)

Start -up capital

d)

Working capital

15.

Involves the decision on the number and types of workers that are required to operate the proposed business are taken in conjunction with decisions on equipment procurement.

a)

Equipment required

b)

Packaging

c)

Production planning

d)

Staffing levels

16.

After completing the study of technical feasibility, the entrepreneur should have then sufficient information to determine the amount of money that is needed to buy the facilities, and equipment to register and license the business and get the necessary certificates.

a)

Initial investment

b)

Initial capital

c)

Start -up capital

d)

Working capital

17.

Refers to where consumers buy your product, or where they discover it. Today's consumers may learn about products and buy them online, through a smartphone app, at retail locations, or through a sales professional.

a)

Packaging

b)

Place

c)

Product

d)

Promotion

18.

The following are incurred by Corpuz delivery services statement of financial position for the month of June 30, 2023: P330,000 total asset, P100,000 total liabilities. How much is the owners' equity?

a)

P440,000

b)

P230,000

c)

P660,000

d)

P210,000

19.

It is when examining the facilities, vehicles, tools, and everything needed in place to ensure the safety of the employees while maximizing the efficiency and productivity of the department.

a)

Machine

b)

Manpower

c)

Material

d)

Method

20.

For the month of June, 2022 Mrs. Matira has a total income of P500,000 and a total expense of P550,000, What would be the possible outcome for this scenario?

a)

No effect in the operation of her business.

b)

There is a net income.

c)

There is a net loss.

d)

Just continue operating the business.

21.

The following are users of financial statements except one

a)

Management

b)

Neighborhood

c)

Shareholders

d)

Suppliers &lenders

22.

There are methods in showing enthusiasm for the product. Which of the following should be the first?

a)

Emphasize the perks of the product to customers

b)

Ensure that the product has been adequately explained

c)

Share your love of the product

d)

Study the product

23.

The decisions on equipment requirements are influenced by the following

a)

The cost and availability of machinery

b)

The availability of people who are skilled in maintenance and repair

c)

The availability and cost of spare parts and the possibilities of local equipment fabrication

d)

All of the above

24.

Which of the following contents of production or technical feasibility that the pan should indicate how the different stages in a process are linked together?

a)

Equipment required

b)

Packaging

c)

Production planning

d)

Raw materials and ingredients

25.

Selection of this frequently causes the largest problems for small producers and is often the main cause of delay in getting a business established.

a)

Equipment required

b)

Packaging

c)

Production planning

d)

Raw materials and ingredients

26.

To be successful in business, an entrepreneur must develop thinking in terms of exactly who is going to carry out each task and responsibility.

a)

Packaging

b)

People

c)

Positioning

d)

Product

27.

It include both costs of goods sold (COGS) and other operating expenses-often called selling, general, and administrative (SG&A) expenses.

a)

Fixed cost

b)

Operating cost

c)

Variable cost

d)

None of the above

28.

One of the 4 Ms of Production use the inventory management system to establish what is needed and at what inventory stock levels impact.

a)

Machine

b)

Manpower

c)

Material

d)

Method

29.

Mr. D. Maguiba finds out that his sales declined, what does the main reason?

a)

Customers can no longer relate to the product/service offering as needs have changed or evolved.

b)

Customers are looking for greater convenience in product use.

c)

Demand for the product is lower than earlier.

d)

All of the above

30.

The overall management team leader needs to be in charge in monitoring each task's progress and the completion percentage of each objective.

a)

Objective

b)

Progress

c)

Task

d)

Time allocation

31.

When examining the method, which are now in place, what is the ideal number of people it will take to perform these methods and what positions should they be in?

a)

Machine

b)

Manpower

c)

Material

d)

Method

32.

A transaction that includes an exchange of services or goods for a certain amount of money. In other words, any activity that involves transferring the ownership of a good or commodity to the buyer in exchange for a monetary price is known as a sale.

a)

Sales

b)

Expenses

c)

Turnover

d)

Income

33.

This study is next conducted once an entrepreneur has found information about potential consumers, their requirements, and the likely share of the market that could be obtained for a new product, It is then necessary to assess whether production is technically feasible.

a)

Financial Feasibility

b)

Management feasibility

c)

Marketing feasibility

d)

Technical feasibility

34.

The overall management team leader needs to be in charge of each objective.

a)

Objective

b)

Progress

c)

Task

d)

Time allocation

35.

Refers to a company's plan for making a profit. It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses. This is important for both new and established businesses

a)

Business model

b)

Marketing plan

c)

Business plan

d)

Business simulation

36.

One of the guidelines for successful business plan implementation must have a clear crystal and specifically spelled out.

a)

Objective

b)

Progress

c)

Task

d)

Time allocation

37.

Refers to specific and thoughtful advertising that reaches the target market for the product.

a)

Packaging

b)

Place

c)

Product

d)

Promotion

38.

This part detail what must be accomplished to achieve the objectives.

a)

Objective

b)

Progress

c)

Task

d)

Time allocation

39.

It is defined as physical goods or services sold to make a profit for the business.

a)

Packaging

b)

Place

c)

Price

d)

Product

40.

Which of the following guidelines for successful business implementation that describe the details that must be to achieve the objectives?

a)

Objective

b)

Progress

c)

Task

d)

Time allocation

41.

Once the form of the business has been decided, there are basic requirements to start commencing a business in the Philippines. Which of the following offices to which you register your business trade name?

a)

BIR registration

b)

DTI registration

c)

Mayor's business permit

d)

SEC registration

42.

This is needed in place to perform all parts of production and are they conveniently located to minimize waste?

a)

Machine

b)

Manpower

c)

Material

d)

Method

43.

Generally refers to the amount of money, property, and other transfers of value received over a set period of time in exchange for services or products.

a)

Capital

b)

Expenses

c)

Income

d)

Operating cost

44.

This method sells products as an owner-salesperson. Analyzing that it is important to make the product information available through as many channels as possible.

a)

Familiarize yourself with all aspects

b)

Market the product

c)

Review the sales performance

d)

Troubleshoot sales

45.

What term refers to each task that should be paired with an appropriate time frame for competition?

a)

Milestone

b)

Progress

c)

Task

d)

Time allocation

46.

Mr D. Maguiba needs to examine his cash and other payables. He is planning to invest office equipment needed in business.

a)

Statement of Cash flow

b)

Statement of Comprehensive income

c)

Statement of Financial position

d)

Statement of Retained earning

47.

It is a business's overall plan for reaching prospective customers and describes a value proposition and key messages, and it has information about who the target market is - where they shop and what drives them to make a purchase.

a)

Marketing goal

b)

Marketing mix

c)

Marketing Plan

d)

Marketing strategy

48.

Calculate the following given: Mr D. Maguiba has a total revenue of P96,545 and a total expense of 70,900 how much his net income?

a)

P167,445

b)

P25,645

c)

P25,745

d)

None of the above

49.

Mr. Corpuz has a total owners' equity of P50,000, additional investment of P2,000 for the month of June 1, 2023, He withdrew amounting of P15,000 to buy office equipment. How much is his owners' equity for June 30, 2023?

a)

P37,050

b)

P70,000

c)

P37,000

d)

P67,000

50.

Which of the following are steps recommended in establishing the right business model?

a)

Size the value of the solution in the target segment                                                                                    

b)

Test the channel and supply strategy                                                                                                        

c)

Plan and execute a pilot or local output                                                                                                           

d)

All of the above