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WorksheetsLong Quiz
Total questions: 52
Worksheet time: 29mins
What are the three main types of entrepreneurial ventures?
Sole proprietorship, partnership, corporation
Merchandising, manufacturing, service
Small, medium, large enterprises
Importing, exporting, trading
What defines the distinction between an entrepreneur and an ordinary businessperson?
Business location
Capital investment
Innovation or creativity
Number of employees
In a manufacturing process, what does the 'input' refer to?
The finished product
The raw materials, manpower, machines, and design
The transformation process
Customer feedback
What are the four M's of production?
Manpower, Method, Machine, Materials
Marketing, Manufacturing, Merchandising, Management
Money, Management, Manufacturing, Marketing
Manpower, Machines, Money, Materials
What is the role of a supplier in an entrepreneurial venture?
To distribute products to customers
To provide raw materials and essential resources
To finance the business operations
To oversee customer service
Why is innovation easily noticeable in manufacturing businesses?
They deal with large numbers of customers.
They transform raw materials into finished goods
They operate only on a large scale
They rely on technology for production
Why must entrepreneurs carefully select raw materials?
To ensure a lower selling price
To meet legal requirements
To guarantee high-quality finished products
To match competitor standards
What does a business plan primarily serve?
To increase business expenses
To help entrepreneurs plan and strategize
To replace financial records
To legally register the business
Which is NOT a characteristic of a heterogeneous product?
Unique appearance
Easily distinguishable
Consistent across all units
Differing features
Why is forecasting revenues important?
It allows businesses to predict profit and expenses
It ensures businesses never face losses
It prevents competition
It determines legal compliance
If an entrepreneur wants to improve production efficiency, what factor should they focus on?
Increasing prices
Enhancing manpower skills and upgrading machines
Expanding storage areas
Reducing customer base
Which of the following best represents a value chain?
A business process that adds value to a product.
A system of suppliers and logistics.
A financial record of profits and losses
A collection of employee roles and responsibilities
How can an entrepreneur use prototyping effectively?
By mass-producing a product before testing
By testing product design and function before full production
By selling products without customer feedback
By skipping the production phase
What is the role of a business model?
To increase the company's expenses
To describe how a company creates and delivers value
To replace financial records
To ensure legal business registration
Which of the following strategies best helps an entrepreneur compete in a crowded market?
Reducing employee wages
Innovating new product features
Increasing production costs
Ignoring market demand
If a company's production costs increase, what should an entrepreneur analyze first?
Employee behavior
Supplier reliability and material costs
Competitor pricing
Social media trends
What is the most important factor in supplier selection?
The supplier's location
The supplier's reputation and reliability
The supplier's advertisement budget
The supplier's workforce size
If a business fails due to lack of planning, what was likely missing?
An executive summary
A comprehensive business plan
A legal compliance certificate
A promotional video
Why is demand forecasting important for a business?
To increase expenses
To ensure stable supply and avoid overproduction
To eliminate competition
To decrease product quality
What should an entrepreneur do if a competitor launches a cheaper alternative product?
Immediately lower prices
Improve the product's features and market it better
Stop production
Complain to authorities
How can entrepreneurs effectively manage business risks?
Ignoring risks until they happen
Planning, forecasting, and implementing strategies
Avoiding innovation
Focusing only on customer service
If customer demand decreases, what action should an entrepreneur take?
Shut down the business
Reduce marketing efforts
Analyze trends and adjust the product accordingly
Stop product innovation
Why is branding important for an entrepreneurial venture?
It increases costs
It differentiates the product from competitors
It only benefits large companies
It reduces production expenses
What should an entrepreneur do before scaling up production?
Ignore customer feedback
Assess production efficiency and market demand
Stop marketing efforts
Focus only on advertising
Why should entrepreneurs continually evaluate their supply chain?
To maintain efficiency and cost-effectiveness
To increase business expenses
To eliminate all suppliers
To avoid customer interaction
What does Cost of Goods Sold (COGS) represent?
Total sales of a business
Cost of merchandise sold during a specific period
Total expenses of the business
Net income of the business
What is another term for Cost of Goods Sold?
Net profit
Gross revenue
Cost of Sales
Operating expenses
Merchandise Inventory, beginning refers to:
Goods available for sale at the start of the period
Goods purchased during the period
Goods left at the end of the period
Goods returned to the supplier
What is included in Net Purchases?
Purchases less purchase returns, allowances, and discounts
Purchases only
Purchases plus merchandise inventory
Purchases plus freight-out
Merchandise Inventory, end represents:
Goods available for sale
Goods left at the end of the period
Goods purchased during the period
Goods sold to customers
What is Freight-in?
Cost of delivering goods to customers
Cost of transporting purchased goods to the business
Discount on bulk orders
Insurance cost on goods sold
Which of the following is NOT included in the calculation of Cost of Goods Sold?
Merchandise Inventory, beginning
Freight-in
Rent expense
Net Cost of Purchases
The formula for Cost of Goods Available for Sale is:
Beginning Inventory + Purchases + Freight-in
Beginning Inventory - Purchases + Freight-in
Purchases + Freight-in - Ending Inventory
Ending Inventory + Beginning Inventory
How do you calculate Cost of Goods Sold (COGS)?
Cost of Goods Available for Sale - Ending Inventory
Beginning Inventory - Purchases + Freight-in
Net Purchases - Ending Inventory
Sales - Purchases
What happens if Merchandise Inventory, end is high?
Cost of Goods Sold increases
Cost of Goods Sold decreases
Net sales increase
Profit decreases
Why is Cost of Goods Sold important?
It helps determine the selling price
It measures gross profit
It tracks business expenses
All of the above
A high COGS means:
The business has lower profits
The business has higher profits
Sales revenue is increasing
Operating expenses are high
If a business increases purchases, what happens to COGS?
It increases
It decreases
It stays the same
It depends on sales
If a business has more unsold inventory, what happens to COGS?
COGS decreases
COGS increases
Net profit decreases
Sales decrease
If Freight-in costs increase, what happens to the cost of goods sold?
Increase
Decreases
Stays the same
Becomes negative
If a business has Beginning Inventory of P10,000, Net Purchases of P50,000, Freight-in of P2,000, and Ending Inventory of P8,000, what is the COGS?
P52,000
P54,000
P56,000
P60,000
A retailer buys 200 T-shirts at P100 each and sells them for P200 each. If 50 T-shirts remain unsold, what is the COGS?
P15,000
P20,000
P10,000
P25,000
If purchases are P40,000, purchase returns are P5,000, and freight-in is P2,000, what is the Net Cost of Purchases?
P37,000
P35,000
P42,000
P45,000
If a business purchases 500 pairs of jeans at P300 each and sells them for P600 each, but 100 pairs remain unsold, what is the COGS?
P150,000
P120,000
P180,000
P200,000
If COGS is P30,000 and sales revenue is P50,000, what is the gross profit?
P20,000
P80,000
P30,000
P50,000
A clothing store purchases a dress for P200.00 and wants to apply a 60% markup. What will be the markup amount?
P100.00
P120.00
P80.00
P140.00
A small bakery earns an average of ₱4,500 per day. What is the projected yearly revenue?
₱1,460,000
₱1,642,500
₱1,800,000
₱1,500,000
A coffee shop earned ₱120,000 in January. If its revenue is expected to increase by 6%, what will be the projected revenue for February?
₱127,200
₱126,500
₱125,500
₱128,000
True or False. If a business applies a 25% markup on a product that costs P800, the markup amount will be P250.00.
(a)
True or False. If a business applies a 25% markup on a product that costs P800, the markup amount will be P250.00.
(a)
A retail store earns an average of ₱2,750 daily. Its projected yearly revenue is (a) .
A clothing store has a projected yearly revenue of ₱2,007,500. What is its daily revenue?
(a)
