WorksheetsENTREP QUIZ Q4
Total questions: 48
Worksheet time: 24mins
It is the factors involved in the input and the production process.
3Ms
4Ms
5Ms
7Ms
It is the human labor force involved in the manufacture of products.
Manpower
Machine
Method
Materials
What composes the machine?
mainly form part of the finished product
attain and match the most competent and skilled employees
the process or way of transforming raw materials to finished products.
manufacturing equipment used in the production of goods or delivery of services
The 4M’s of production are as follows except ONE. Which one is it?
Management
Manpower
Method
Machine
How does supplier selection takes place?
firms identify supplier that could give them the ideal payment terms and contracts
firms decide supplier based on their location and distance from their business
firms decide the lowest bidder as their suppliers
firms identify, evaluate, and contract with suppliers
Why does methods should be given careful attention in business?
It is the "closest companion" of labor in creating products and services.
It is where the products and finished products started.
It ensures proper execution thus assuring the consistency of the quality of the product
It ensures business continuity.
Which question statement does not apply in selecting a supplier?
Is the quality of materials good?
Will this equipment make you more successful in the marketplace?
Can the vendor supply the needed quantity of materials in a reasonable price?
Does the company have a favorable reputation to deliver on time?
Which of the following pertains to anything used as inputs to production or manufacturing?
machine
materials
manpower
method
It is considered to be the most vital factor in production. A business entrepreneur must determine, acquire, and match qualified employees with the jobs at the most appropriate period.
manpower
machine
method
materials
What term refers to the process of acquiring the materials and services to be used in production?
Supplier Selection
Procurement
Inventory Control
Manpower
Which of the following is not a part of the supplier qualification screening process?
Reference checks
Surge capacity availability
Ability to meet specifications
Create a technology roadmap.
Why is supplier selection important?
Offers a variety of approaches that a business can take to get their message across to customers, although advertising is certainly an important one.
It is the way in a business makes its products known to the customers, both current and potential.
It deploys tremendous amounts of a business financial resources.
Ensure that customers are aware of the existence and positioning of products.
A prototype is a primer model or sample of another product or service that is made to test a product idea or service measure. What is best criteria in prototyping invention?
Define your goals by simply working with your team through a series of brainstorming.
Select an existing product in the market, evaluate its defect and improve them
Choose a leading product and develop a working prototype of them with special features
Construct the best prototype but does not necessarily mean that this is the actual product.
Testing prototypes is a characteristic piece of finalizing designs. Formulate a corrective action in case of unfavorable result during testing prototype.
Redesign the entire product to ensure quality
Analyze the results to determine the parts that needs improvements.
Conduct another more and more testing until desired results are achieved, thus saving production cost.
Separate the defective parts and revise them.
Involves activities that create awareness among the general public regarding the product.
Prototyping
Product Testing
Marketing and Sales
Personal selling
This is a process that includes everything from recognizing, recruiting, searching, shortlisting, interviewing, choosing, hiring, and onboarding staff.
Development
Testing
Production
Recruitment
What is the first stage in the recruitment process?
Preparing for Job Description
Screening and shortlisting
Talent search
Recruitment planning
It involves Emotional Literacy and Maturity values, Attitudes, Principles.
Psychological Profile
Personal Character
Past Performance
Personality Profile
This is the final step of the recruitment cycle
Evaluation
Interview
Recruitment
Screening
What does past performance cover?
Brain preferences and intelligence
Personal conduct and behavior
Emotional literacy and character
Track record and Job Experience
What term refers to a conceptual structure that supports the viability of the business?
Business Plan
Business model
Business Process
Feasibility
Which question statement does not apply to the business model?
Who your customer is?
How to recruit people?
What value can you create for your customer?
How will you manage your costing?
What term refers to dividing a customer based into groups of individuals?
Key Partners
Value Proposition
Key Resources
Customer Segments
Which of the following terms is not a part of a business model?
Everything related to designing and manufacturing the product
Everything related to selling the product
Everything related to keeping business records
Everything related to how the business will make money.
Why does an entrepreneur need to use a business model canvas?
Allows the business to promote their products at the widest possible coverage.
Serves as mission statement for a product roadmap.
To ensure profitability thus prevents the business from incurring loss.
For continuity and sustainability pf the business
In order for automotive manufacturers to gain an edge over their competitor. Select an alternative means to build customer relationships.
Key raw materials and manufacturing equipment suppliers that help us utilize economies of scale and automation.
Research and development to increase drive quality and improve gas mileage.
Provide affordable and stylish cars with great efficiency and safety to everyday people who need to travel or commute often.
Which of the following is NOT a definition of Value Chain?
The Value Chain adds value to the product
A value chain is the set of input activities that a company carries out to create value for its valued customers
The Value Chain often involves finding the raw material for manufacturers or just simply packaging and marketing for retailers.
Value Chain is a connection of all the parties, resources, businesses and activities involved in the marketing or distribution through which a product
It is the result when sales exceed the cost to produce goods or render the services.
cost
mark up
revenue
selling price
It refers to the amount added to the cost to come up with the selling price.
Cost
Mark-up
Revenue
Selling price
It is a tool that allows managers to make educated estimates on revenue and costs of the business in order to cope with uncertainties of the future.
Forecasting
Benchmarking
Estimating
Guessing
This refers to goods and merchandise at the beginning of operation of business or accounting period.
Merchandise Inventory, end
Merchandise Inventory, beginning
Expenses
Freight-in
What is the formula of selling price?
Cost + Mark-up
Cost – Mark up
Cost + Revenue
Revenue - Cost
It is the sum total of the cost price and the profit margin set by the seller.
Cost
Revenue
Mark-up
Selling price
These are expenses that a business has to pay even though there are no sales or activities.
Fixed cost
Product Cost
Variable cost
Unit cost
It refers to the amount of merchandise or goods sold by the business for a given period of time.
Beginning Inventory
Ending Inventory
Cost of Goods sold
Gross Profit
Aling Cely sold 5 pairs of slippers. Suppose Aling Cely purchased the 5 pairs of slippers at P 30.00 each and pays P120.00 freight. Calculate how much is the cost of goods sold?
P220.00
P420.00
P270.00
200.00
This refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer.
Merchandise Inventory, end
Merchandise Inventory, beginning
Expenses
Freight-in
This refers to costs incurred through payment of utilities such as electricity and water.
Revenue
Operating expenses
Mark-up
Free
It refers to the method of purchasing and selling of products or services by electronic means via the Internet.
marketing
E-procurement
planning
enterprising
Which office do you visit to register a partnership or corporation?
SEC
DTI
BIR
Mayor’s Office
To secure a Tax Identification Number (TIN), which office will you go?
SEC
BIR
DTI
Mayor's Office
Registering your business trade name is done in the office of
BIR
DTI
Mayor's office
SEC
What do you call the sources of documents?
Income statement
balance sheets
records
record keeping
Which of the following is not a benefit of record keeping?
It will not help in managing potential risks.
It will measure profit and performance.
It will protect the rights of the owner.
It will not let you know how much you earned.
The tasks to be accomplished before operating the business should have:
design
decoration
time allotment
measurement
Who are paying SSS, PhilHealth and Pag-ibig fund contributions? Employees or Employers?
employees only
employers only
both
none
Which of the following is not a step to follow before operating a business?
Register your business
Set up an accounting system
Advertise the business using Facebook
Selling the product
How should an entrepreneur develop his/her objectives?
specific and clear
specific and long term
short and blurred
long and not specific
