Division of Surigao del Sur – Unified 4th Quarterly Assessment

ENTREPRENEURSHIP

Directions: The following items contain questions with four different choices. Shade the letter which
corresponds to the best answer on the answer sheet provided.

1. Where should an enterprise register his or her

business taxation purposes?
9. Select the best definition of a Finance Person:
A. Bureau of Internal Revenue
A. The harnesser, allocator and provider of
B. Commission on Audit
funds.
C. Department of Budget Management
B. The balancer of growth, profits and
D. Department of Trade and Industry
sustainability of funds.
2. Before getting all the necessary permits for C. The corporate planner who assesses
business, the following are the clearances that where the funds should go.
must be obtained EXCEPT: D. The person responsible for managing the
A. Barangay clearance finance function.
B. Fire clearance
10. Which statement support the purpose of
C. Locational clearance
business plan?
D. Police clearance
A. Business plan should begin with the
3. Which of the following is the correct order of business concept.
stages in business life cycle? B. Business plan should contain important
A. Declining, Maturity, Growth, Introduction information.
B. Growth, Introduction, Maturity, Declining C. Business plan should elaborate the
C. Introduction, Growth, Maturity, Declining business ideas.
D. Maturity, Declining, Introduction, Growth D. Business plan should show what financial
returns it could muster.
4. In business record keeping, the following are
examples of records that can be maintained 11. Which of the factors present explains why
except: people are engaging to business?
A. Credit records A. It creates employment
B. Production records B. It is very important
C. Purchases records C. It is easy to organize
D. Tax records D. It makes life easier
12. “Potential market” is the same as:
5. What is one of the most easily understood A. Buyer market
financial statements in bookkeeping? B. Consumer market
A. Balance Sheet C. User market
B. Cash Flow Statement D. Target market
C. Income Statement
D. Statement of Owner’s Equity 13. What does keeping business record means?
A. To analyze business data
6. What is true in the balance sheet? B. To gather business data
A. The assets always balance the liabilities C. To protect business data
B. The current assets balance the current D. To record business data
liabilities
C. The fixed liabilities balance the fixed assets 14. Which of the following represents the primary
D. The incurred liabilities balance the gained task of a bookkeeper?
assets A. Collect tax returns
7. Income statement accounts will be anything B. Monitor financial obligations
related to EXCEPT: C. Prepare financial records
A. Expenses D. Review tax returns
B. Gains or Losses
C. Revenues 15. What does “assets minus liabilities is equal to
D. Taxes owner’s equity” means?
8. Which is the most effective technique in A. Owner’s equity is equal to liabilities and
convincing potential customer to buy product assets.
and/or services? B. Owner’s equity is the amount left over after
A. Having an appointment liabilities are deducted from assets.
B. Through direct mail or email C. Owner’s equity is the sum of assets and
C. Posting in social media liabilities.
D. Using word-of-mouth referrals
 Division of Surigao del Sur – Unified 4th Quarterly Assessment

ENTREPRENEURSHIP

D. Owner’s equity is the partial total of assets 16 – borrowed money from EW Bank, signed a
and liabilities. promissory note for ₱12,000
16. Fixed assets are purchased for long-term 17 – received refund from supplier on cash
used which includes the following, EXCEPT: purchase of April 14, ₱500
A. Cash 18 – bought merchandise from MALTA, ₱14,200,
FOB shipping point, terms, 2/10, n/30
B. Buildings
20 – paid freight on April 18 purchase, ₱700
C. Machineries 23 – sold merchandise for ₱16,400. The
D. Lands merchandise sold had a cost of ₱10,500
26 – bought merchandise for cash, ₱12,300
17. In a balance sheet, all debt incurred less all 27 – paid MALTA on the April 18 purchase,
principal payments paid is considered to be? ₱9,000. No discount allowed on partial
A. Capital payment
B. Credit 28 – Mr. Parker got cash from business ₱2,008
C. Debt 29 – made refund to cash customers for defective
D. Equity merchandise, ₱900
30 – sold merchandise on account, ₱13,700, n/30.
18. Where to inquire and acquire business Cost of the merchandise sold is ₱11,000
30 – paid the following: Advertising, ₱1,000,
permits?
Utilities, ₱400, Rent, ₱3,500, and Salaries,
A. Barangay Office
₱1,500
B. Mayor’s Office
C. Negosyo Center Office 21. What is the total amount of assets of the
D. Tourism Office business?
A. ₱55,688
19. How many financial statements are to be B. ₱55,788
prepared in a journal? C. ₱55,888
A. One D. ₱55,988
B. Four
22. In the statement of financial position, how much is
C. Three
the total liabilities?
D. Two A. ₱17,200
B. ₱18,250
20. What does “generate an overall report on the C. ₱19,300
activity” means? D. ₱20,350
A. To customize list of reports
B. To filter list of reports 23. What is the total liabilities and owner’s equity?
A. ₱52,785
C. To provide list of reports
B. ₱53,786
D. To select list of reports
C. ₱54,787
D. ₱55,788
CASE PROBLEM: Sir Jollibee Store
24. In income statement, how much is the total sales?
The business, Sir Jollibee Store, was registered as A. ₱42,094
a single proprietorship with the Department of B. ₱43,095
Trade and Industry: C. ₱44,096
April 1 – Mr. Parker invested ₱38,000 D. ₱45,097
2 – bought computer equipment for ₱10,000
cash 25. What is the total amount of Mr. Parker’s cash
withdrawal?
2 – bought merchandise on account on account
from KARAJAW Supply Co, ₱15,000 terms A. ₱2,008
B. ₱3,000
2/10, n/30
C. ₱4,008
D. ₱5,000
4 – bought office supplies on cash basis for ₱700
4 – sold merchandise on account ₱15,200, FOB 26. How much is the total trial balance?
destination, terms 2/10, n/30. The cost of A. ₱100,500
merchandise was sold ₱12,200 B. ₱101,500
5 – Paid ₱200 freight on April 4 sale C. ₱102,500
6 – received credit from KARAJAW Supply Co. D. ₱103,500
for merchandise returned ₱300
11 – paid KARAJAW Supply Co. 27. In income statement, how much is the gross
13 – collected from April 4 customers income?
14 – bought merchandise of cash basis for A. ₱10,396
₱14,400 B. ₱10,397
15 – salaries paid ₱1,500 C. ₱10,398
 Division of Surigao del Sur – Unified 4th Quarterly Assessment

ENTREPRENEURSHIP

D. ₱10,399
36. What do you think will social media convey to the
28. What is the total Income before tax?
businesses?
A. ₱1,593
A. Potential products
B. ₱1,594
B. Potential progress
C. ₱1,595
C. Potential prospects
D. ₱1,596
D. Potential promotions
29. How much is the initial capital investment of Mr.
37. What will happen if businesses adopt the use of
Parker?
social media in doing business?
A. ₱37,000
A. Generates product innovations
B. ₱38,000
B. Attracts potential target markets
C. ₱39,000
C. Motivates businesses
D. ₱40,000
D. Promotes products/services
30. What is the total owner’s equity? 38. How much change there would be if businesses
A. ₱38,588 considered social media as a medium in doing
B. ₱39,588 business?
C. ₱40,588 A. Massive changes would occur
D. ₱41,588 B. Minimal changes would occur
C. Moderate changes would occur
31. In cash flow statement, how much is the net for D. No changes at all
operations?
39. How social media is useful in doing business?
A. (₱26,590)
A. It contributes development to the
B. (₱27,591)
products/services
C. (₱29,592)
B. It contributes development to the society
D. (₱30,593)
C. It contributes development to the economy
D. It contributes development to nature
32. What is the net cash flow from investing activity?
A. (₱10,000) 40. Social media is important in doing business for
B. (₱20,000) several reasons, except:
C. (₱30,000) A. Create authenticity
D. (₱40,000) B. Encourage engagement
C. Grow affordably
33. How much is the net cash flow from financing D. Provide support
activity?
A. ₱48,992 CASE PROBLEM
B. ₱49,993
C. ₱50,994 Parker & Parker Enterprises annually reviewed
D. ₱51,995 their business standing. In their recent financial
statements, they have found out significant
34. In cash flow statement, what is the cash figures that made them to decide whether to
beginning? continue or not to continue the business. In the
A. ₱0 income statement, revenue of the business
B. ₱5 hampered decreasingly for around 50% from
C. ₱10 ₱20,000,000 compared to last year revenue
D. ₱15 gained for about ₱40,000,000. Factor affecting
the revenue of the business is because of the
35. In cash flow statement, what is the cash end? huge amount of cost of goods sold amounting to
A. ₱9,400 ₱20,000,000 and expenses incurred amounting
B. ₱9,500 to ₱20,000,000.
C. ₱9,600
D. ₱9,700 41. If you are the proprietor of the business, how
would you feel if this happened?
A. Become anxious
CASE PROBLEM – Opportunity Seeking in the Digital B. Become concerned
Era C. Become troubled
D. Become worried
Social media has been very active in terms of 42. In the current situation of the business, do you
spreading the word about practically anything and believe that the business could still sustain?
everything. As a budding entrepreneur, there is a A. I don’t believe the business could still sustain
huge advantage to churn out potential opportunities. because they incurred a huge amount of loss.
 Division of Surigao del Sur – Unified 4th Quarterly Assessment

ENTREPRENEURSHIP

B. I don’t believe the business could still sustain

because they incurred a huge amount of cost
of goods sold.
C. I don’t believe the business could still sustain
because they incurred a huge amount of
expenses.
D. I don’t believe the business could still sustain
because they incurred a huge amount of
money.

43. Do you think to close the business is the best

thing to do?
A. I believe it is the best thing to do because it is
too risky to bounce back.
B. I believe it is the best thing to because it is only presentations?
way.
C. I believe it is the best thing to do because it will
not cause you any stresses.
D. I believe it is the best thing to do because it will
make your life easier.
44. What is the best alternative that a proprietor could
choose from in order to sustain its business?
A. Apply for credit/loan
B. Borrow money from a family member and/or
friend
C. Make real sacrifices
D. Sell your properties
45. If you are the proprietor of the aforementioned
business, what will be the best decision to make?
A. Abandoned the business.
B. Find ways to sustain the business.
C. Close the business for good.
D. Sell the business to those who can sustain it.
49. How would you like to generate an overall report
on the activity especially during financial report
A. Create a system that would make generating of
overall reports on the activity more convenient.
B. Find ways to select a system that make
generating of overall reports on the activity more
convenient.
C. Consider the traditional way in generating of
overall reports on the activity more convenient
D. Try not to change the system and stick to the
traditional way of generating of overall reports on
the activity.
50. If you had all the access to all resources, how
would you deal with generating the overall reports on
the activity?
A. Be open minded to new ideas.
B. Be stagnant to what is the usual.
C. Be pessimistic and stick to the traditional way.
D. Be optimistic and embrace changes.

46. To interpret financial standing of the business,

how many financial statements should be prepared?
A. Eight
B. Four
C. Six
D. Ten

47. State the financial statement needed in business.

A. Balance Sheet, Cash Flow Statement, Income
Statement, and Statement of Owner’s Equity
B. Balance Sheet, Journal, Ledger
C. Balance Sheet, Book of Accounts
D. Balance Sheet, Ledger

48. How would you check if the business is gaining or

losing?
A. Compute the revenue and deduct the gross
profit
B. Compute the gross profit by getting the
revenue
and deducting the cost of goods sold
C. Compute cost of goods sold by adding both the
revenue and gross profit.
D. Compute revenue by deducting cost of goods
sold to gross profit