ENTREPRENEUR 10. The expectations are captured in the discussions 1.

Which of the following should be taken into

with the customer and then refined for inclusion in consideration in making an effective product description?
the project product description. A. Company’s objectives C. Investors point of views
1.It is critical in any business endeavor as the businessman a. Quality Expectation b. Price Expectation B. Potential Market D. Product undesirable features
would want to have the cheapest possible at the highest c. Delivery Expectation
quality. 2. Why does testing a prototype considered as a significant
a. Materials b. Machine c. Manpower 1. Which of the following essential characteristics of phase of product development?
entrepreneurial mind see things differently? A. It allows to see the unviability of the products.
2. It is a systematic way of doing a particular job A. Creativity C. Passion B. To know whether the product specification is functioning
a. Methods b. Machine c. Manpower B. Innovative D. Resourceful well.
C. To be able to evaluate if the products need adjustments
3. It is about delivering products and services to customers 2. It brings the products (product or services) from or not.
to meet or surpass the expectations the prototype stage to production and eventually to D. B and C
a. Operation Management b. Quality expectations the potential market.
c. Delivery expectations A. Business mind C. Technical mind 3. What do you call a method of prototyping wherein the
B. Creative mind D. All of the choices output is said to be like the product itself but it’s not
4. They are called the worker. interactive and clickable?
a. Materials b. Machine c. Manpower 3. Which entrepreneurial mind conceptualizes and A. Mock-ups C. Wireframes
design products to capture the sensory system of B. Duck Tape D. Bailing Wire
5. It is the cost or the amount at which something is valued human being?
and also defined as to put a cost on something, or find out a A. Business mind C. Technical mind 4. What should be included in the product description of
cost. B. Creative mind D. All of the choices product and services?
a. Price b. Delivery c. Quality A. Features C. Benefits
4. Which of the following best described creative B. Price D. All of the choices
6. It is the transformation process where input is converted mind?
into output A. Employment of technology to arrive at a 5. What do you call an early sample, model, or release of
a. Input b.Process c. Output reconfigure design. product to test a process or concept?
B. Conversion of prototype into production stage and A. Model C. Prototype
7. It refers to the system and step by step process in the finally distribution to its market. B. Clone D. Mock-ups
business C. See and use products aside from its basic function.
a. Machine b. Manpower c. Method D. All of the above 1. Which of the terms below refers to the marketing copy
used to describe a product’s value to potential customers?
8. It is controlled by people or a machine itself to produce 5. A common eyeglass is used as a reading glass only. A. product description
the necessary or required number of productions needed. However due to demand of consumer the product B. product design
a. Materials b. Machine c. Manpower description and design is being reconfigure through a C. product prototype
technology to come up with a progressive eyeglass D. product value
9. It is a key responsibility of operations management. not just for reading but for three capable uses. What
a. Services Required b. Supplier Selection entrepreneurial mind is being manifested in the 2. Which of the terms below means someone who is
c. Products Selection situation? capable of becoming a purchaser of a product or a service?
A. Business mind C. Technical mind A. business partner
B. Creative mind D. All of the choices B. investor
C. potential customer
3. What is the first and arguably the best way to validate 2. Every business entity should have a guiding principle for
the marketability of your product? 8. Michelle has recently found out that banana stalks it to succeed and prosper. It constitutes the purposes of the
owner other than making profit. What is this?
A. Making initial sales could be made into flavored chips. She though this A. Catalogue
B. Receiving orders could be a big hit in the market especially that B. Brochure
C. Receiving product recommendations Filipinos are now becoming heath conscious. She C. Perspective
D. Receiving positive comments from the product testers decided make some and give as them token to the D. Mission and Vision
attendees of her 18th birthday. What validation 3. What form of business is the simplest and easiest one?
4. Mr. Villanueva uses small amounts of capital from his method was used by Michelle? A. Corporation
friends, who believe that Mr. Villanueva’s new product is a A. beta testing B. Joint Venture
breakthrough, to finance his new business venture. What B. competitive analysis C. Sole Proprietorship
D. Limited Partnership
marketability validation is he using? C. meeting the customers
A. beta testing D. research existing demand 4. The Filipino Foundation was established for the purpose
B. competitive analysis of helping distressed OFWs. What type of a corporation is
C. crowd-funding 9. Why does competitive analysis say that this?
A. Non-Stock Corporation / Non-Profit Corporation
D. ringing the cash register competition is good? B. Stock Corporation
A. It makes a business strive hard to beat its C. Close Corporation
5. Marie wants to know what particular features of the competitors. D. Corporation Sole
products sold by 4TEA5, ZenTEA, and TEAresa are appealing B. It confirms an existing demand for a product or a
5. To establish an enterprise, the owner must consider
to the public. What validation method should Marie use? service. existing local laws and must obtain a permit from the
A. beta testing C. It motivates businesses to make innovations to municipality where he will do his business. What kind of
B. competitive analysis take lead from their competitors. permit is this?
C. crowd-funding D. It is both beneficial to the buyers and the A. License to operate
B. Driver’s permit
D. research existing demand businesses. C. Mayor’s permit
D. Barangay permit
6. Nicole wants to find out whether her “pizza flavored 10. What should be done when your potential buyers
daing na pusit” is marketable in their area, so she decided are not interested in your product? There are three types of businesses in the country: sole
proprietorship, partnerships, and corporations.
to participate in a trade fair in their barangay so that she A. Play around with some methods of delivery and Sole Proprietorship: The simplest and most basic type of
may ask in person what her buyers like and dislike about adding value. business organization. An individual may establish his own
her pizza. What validation method is used by Nicole? B. Test your product with a few variants of concepts. business and is referred to as a sole proprietor. He may
A. beta testing C. Do your research and find out what feature should enjoy all the profits gained by his business but he is also the
lone absorber of risks and losses.
B. competitive analysis be changed or added. Partnership: This requires two or more persons who
C. meeting the customers D. All the choices are correct plan to contribute assets with the goal of sharing income
D. research existing demand between all parties involved.
(Pre-Test/Activity) Corporation: A corporation is the most complex type of
1. What do you call a written report outlining your business formed by at least five to fifteen incorporators.
7. As a newbie in business, Angelo wanted to make sure Majority of these incorporators must be Filipino citizens. A
business strategy and a description of the future of
that there is a demand for the product he would offer. Thus, your business? corporation may raise a capital or additional funding
he searched for the product trends on the internet. What A. Operational Plan through public offering of shares of stocks.
validation method did Angelo use? B. Financial Plan
C. Business Plan The following are the steps on how to register a single
A. beta testing proprietorship business:
D. Strategic Plan
B. competitive analysis 1. Business Name Registration at the Department of Trade
C. research existing demand and Industry (DTI)
D. ringing the cash register
Just like when you were born, your parents have chosen the c. It sustains the efficiency and performance
best name for you. A name sets an identity of your business d. It boosts confidence among employees 4. If you and your friends decided to establish a corporation,
and it can become a household name. After you have what agency of the government should you apply for a
decided what name you will use for your business, you need Three of the most popular organizational structures license other than the Department of Trade and Industry?
to search the website of the Department of Trade and are: A. Department of Budget and Management
Industry if the name you have chosen is unique or has been A. Line Organizational Structure B. Securities and Exchange Commission
taken by other entrepreneurs. If it is available, obtain a Also referred to as the hierarchal organizational chart C. Bangko Sentral ng Pilipinas
business name application form and fill it up then submit it and the most common organizational structure due D. Department of Finance
to the nearest DTI office. After processing your application, to its plainness and simplicity. The top of the chart
DTI will issue a business registration certificate. features the owner or owners, the managers of the 5. These are like guiding stars that will lead you to the
different departments. The line of information is of success of your business enterprise. What are these?
2. Obtain a Barangay Permit vertical orientation and it does not allow A. Loyalty, integrity and values
It is but important to go to the Barangay where your collaboration between teams of other department. B. Charity, humility and vision
business is located and apply for a barangay permit allowing C. Mission, virtue and values
you to operate within the jurisdiction of B. Functional Organization Structure D. Mission, vision and values
Discover the barangay. You will be needing a copy of your This type of structure offers more lines of
DTI Certificate of Business Registration, valid IDs (at least 2), communication and the flow of information can be 6. Which of the following is NOT a requirement in obtaining
and a barangay clearance. both vertical and horizontal. It allows collaboration a barangay permit?
among teams and individuals. A. DTI registration certificate
3. Secure Mayor’s Permit B. Valid identification cards
The Mayor’s Permit is one of the most important C. Line and Staff Organization Structure C. Fire safety clearance
documents you will ever need to operate your business. This organizational structure is widely adopted by D. Barangay clearance
Once you have obtained a DTI and Barangay certifications, large companies. Staffs are considered as specialists
the next step you will do is to register your business at the who provide advice, opinions, technical information 7. In what way you can become part of the community’s
office of the municipal or city mayor. The previously to every department. economy and fulfillment of social responsibility?
mentioned certificates A. By using profit to expand the business
will be attached to the Mayor’s Permit application form 1. Mario and James agreed to establish a business B. By creating jobs for the people
alongside with two valid identification cards. venture together. Mario will contribute money while C. By paying business permit fee
James will contribute his managerial skills and a D. By donating to a charity
4. Bureau of Internal Revenue (BIR) Registration portion of a lot he owns at downtown. What type of
As a law abiding citizen entrepreneur, you need to register business are they going 8. Which of the following type of organizational structure
your business with the BIR. By doing so, you will be able to to establish? allows collaboration among teams and individuals?
become part of the development of the country through A. Sole Proprietorship A. Line and Staff Organization Structure
the taxes from the income of your business. B. Joint Venture B. Functional Organization Structure
C. Corporation C. Line Organizational Structure
Organizational Structure D. Partnership D. Project-based structure
When documentary requirements and certifications were 9. Mr. Juancho Mariano is planning to establish his business.
already obtained and have effectively recruited enough 2. What is the main reason why we need to register He talked to the owner of stalls near the market for a
number of employees of your business, it is also important our business to the Bureau of Internal Revenue? possible rental agreement. The latter agreed to have Mr.
to create an organizational chart. Employees should have a A. To become part of nation building through Mariano rent one of the stalls. What type contract should
good character and competence to help you accomplish the payment of proper business income tax. they sign together?
goal of your business. An organizational structure is a B. To receive subsidy from the government. A. Contract of employment
framework that specifies the course of certain activities in C. To be a good citizen of the country. B. Joint venture contract
order to achieve an organization's goals. It also clearly D. To have a free advertisement. C. Logistical contract
depicts up to what extent are the duties and responsibilities D. Lease contract
of every individual in the organization. 3. This document is one of the most important one. It
shows that you have been give the privilege to 10. What should be the main criteria for hiring people into
The following are some the importance of having an operate your business within the jurisdiction of the your business?
organizational chart even for a startup business like yours: municipality or city where your business is located. A. Neatly dressed and has communication skills
a. It is a single picture of the whole organization of the What kind of permit is this? B. Good character without competence
business C. Barangay Permit C. Good character and competence
b. It defines the job of each employee D. Mayor’s Permit D. Pleasing personality only
 Supply Chain A. The supply chain for manufacturer X includes Y, Z, A and
Potential Suppliers of Raw Materials Supply chain defines as a tool of business conversion B. The supply chain for manufacture Y includes X, Z, A and B.
Selecting the right suppliers is essential for building a that reduces costs and maximizes customer C. The supply chain for company Z includes X, Y, A and B.
successful business. By employing some supplier's selection satisfaction by providing the right product at the D. All the above.
criteria, it is possible to identify enterprises who are reliable right price at right time at the right place and. It
and meet your particular needs. \ involves all activities in the distribution through a 6. Which of the following statements is true?
product transmission that reaches the final user A. The supply chain integrates all activities and processes to
1. Price while remaining profitable and provide a product or service to the end user.
If you focused on managing your finances, a main competitive. B. Raw material in the supply chain typically flows from
consideration for selecting suppliers is affordability yet customer to producer.
possesses a good quality product. Michael Porter pioneered the concept of value chain C. The supply chain involves only one supplier.
in his 1985 book "Competitive Advantage: Creating D. All of the above.
2. Reliability and Sustaining Superior Performance." He used this
Developing a closer relationship with a reliable supplier concept to show businesses add value to their raw 7. Which of the following generates the best source of the
means getting quality, timeliness, innovation and materialls to produce products that finally sold to the recommendation for a potential job candidate?
competitiveness, which are all assets in continuously market. There are five steps in the value chain A. Internet
receive throughout the supply chain relationship. process, which allows a company to have a B. Employee referral
competitive strength over other competitors. C. Company Web site
3. Stability D. Recruiting organizations
Look for qualified suppliers who have been in business for a 1. Which of the following is an advantage to a
long time. Stability is important, when entering into a long- supplier of delivering products on time 8. Manufacturing is important to the economy because:
term contract with a supplier. Conduct performance consistently? A. It adds value to products and services
reviews on their credit history to see if they are financially A. Lower payment B. It supports service and production.
stable. It requires also in finding out what businesses use a B. Repeating orders C. It creates wealth.
specific supplier's services and asking them for a reference. C. Lower trading costs D. All of the above
D. Minimal buffer stock consumed
4. Location 2. Which of the following factor to consider as the 9. Which of the following best describe the importance of
Consider about location when selecting suppliers. Dealing most important choosing the right recruiting?
with distant suppliers might provide you a longer delivery suppliers? A. To determine whether to use inside or outside
time and extra load costs. If you need it fast, a local supplier A. Price candidates.
might be a better option. Be sure to check on the freight B. Location B. To predict the short-term supply of candidates.
policies of distant suppliers. For instance, bulk orders might C. Reliability C. To develop and increase the pool of applicant
get a free shipping or you might combine different orders to D. Partnership D. To create positive story about a company.
reduce costs. 3. Which of the following is the initial stage in a
supply chain for a candy bar? 10. What is the initial step in the recruitment process?
5. Developing Partnerships A. The supplier of sugar. A. Perform candidate background checks.
Basically, the supplier’s relationship is at its best when a B. The seller of the candy bar. B. Decide what positions needs to fill.
strategic partnership is made, allowing full facts of the C. The manufacturer of the candy bar, C. Perform an initial interview.
source of materials and guaranteeing high quality. D. Transportation between each stage of the candy D. Create a pool of candidates
bar
Value/Supply Chain
In business, there are forms to be done that anybody has to 4. Which area of business will particularly focus to
see its benefits. One such form is implementing successful ensure deliveries of product to
value chain. Value and supply chain often used customer arrive on time?
interchangeably. Yet, there is a difference between these A. Sales
two models. Supply chain management and value chain B. Finance
management are connected both in the processes involved C. Logistics
in getting goods from the enterprise board, through D. Marketing
purchasing, manufacturing, and into the hands of
consumers. However, each discipline views the process 5. Manufacturer X and Y supply manufacturer Z,
from a unique standpoint, and with different objectives. which supplies customers A and B. Which of the
following statements is best?
 4. Costs incurred through payment of utilities such as 15. Based from the business model canvas presented in our
1. If assumed that Flora and Fauna pays P200.00/weekly for electricity and water - model, a company should know first its customers, both
the delivery charge. How much will the owner pays for a a. Revenue c. Mark-up through their current and future needs for they are essential
month for the Freight-In? b. Operating expenses d. Free part of an organization’s business.
a. P200 c. P800.00 a. Customer - segments c. Customer-relationship
b. P600 d. P400.00 5. Merchandise or goods purchased are referred to as – b. Key Activities d. Revenue Streams
a. Purchases c. Costs
2. If FLORA AND FAUNA GARDENS sold an average of 10 plants b. Operating Expenses d. Loss 1. Why it is important to keep the record of expenses
a day, one piece of its kind, how much is the sales for a day, especially when preparing the tax return?
week and month? 6. It is the result when cost to produce goods or render A. To identify sources of income.
a. P1,000.00, 10,000, 50,000 c. P1,500,10,850, 43,000 services is greater than the sales – B. To monitor the progress of the business.
b. P1,550.00, 10,850,43,400 d. P1,540,10,750, 43,400 a. Selling c. Benchmarking C. To keep track as the basis in property.
b. Revenue d. Loss D. To keep track of the deductible expenses.
7. It is a tool that allows managers to make educated 2. What is the reason why it is needed to record sources of
estimates on revenue and costs of the business in order income?
to cope up with uncertainties of the future A. To figure the gain or loss on the sale, exchange or other
a. Estimating c. Guessing disposition of property as well as deductions for depreciation.
b. Forecasting d. Benchmarking B. It will help to separate business from non-business receipts
and taxable from non-taxable income.
8. Freight-in refers to the amount paid to transfer goods C. To show what your firm owes, facilitates obtaining of
4. To compute the Cost of goods sold of FLORA AND FAUNA or merchandise purchased from the _________. available cash discounts and informs you when payments are
GARDENS in a month, following the simple formula, it will be; a. Buyer to the supplier c. Buyer to buyer due.
a. Cost of goods sold = Items sold less Freight -in b. Supplier to the buyer d. Supplier to supplier D. To represents the investments actually paid by the
b. Cost of goods sold = items sold multiply by freight- in company’s stockholders.
c. Cost of goods sold = items sold add the freight – in 9. The costs incurred through payment of utilities such
d. Cost of goods sold = items sold divided by the transportation as water, electricity, internet connection is considered 3. The following are types of records for accounting and tax
expenses as purposes except?
a. Costs c. Operating expenses A. Invoices
5. What will be the correct amount of the Cost of goods sold in b. Purchases d. Personal Expense of the owner B. Ticket Stubs
a month for Fauna and Flora Gardens? C. Annual Tax Returns
a. P43,400 – 600 c. P43,500 -800 10. Term used for the amount paid to transport goods D. Vehicle Use Log
b. P43,400 – 700 d. P43,400-800 or merchandise purchased the supplier to the buyer.
a. Merchandise c. Freight -In 4. Which of the following is a transaction business record?
b. expenses d. Operating expenses C. Cash Receipts
D. Official Receipts
1. Refers to goods and merchandise at the beginning of 11. Costs incurred through payment of utilities such as
operation of business electricity and water - 5. These could be used in the analysis of the effectiveness in
or accounting period. a. Revenue c. Mark-up advertising and promotions of your products, market coverage
a. Merchandise Inventory, end c. Expenses b. Operating expenses d. Free and profitability.
b. Merchandise Inventory, beginning d. Freight-in A. Sales Records
12. Merchandise or goods purchased are referred to as B. Cash Records
2. Mrs. Juana, sold 15 roses at P150.00 each, she needs to a. Purchases c. Costs C. Payroll Records
purchase another 15 roses for her garden display, she needs to b. Operating Expenses d. Loss D. Production Records
pay 200.00 for the freight-in. Calculate how much is the cost of
goods sold? 13. It is the result when sales exceed the cost to 1. It is a statement of the financial position of a business which
a. 2,020.00 c. 2,050.00 produce goods ender services is greater than the sales states the assets, lliabilities, and owners' equity at a particular
b. 2,270.00 d. 2,000.00 a. Selling b. Revenue c. Benchmarking d. Loss point in time.
A. Balance Sheet C. Owner’s Equity
3. Refers to amount paid to transport goods or merchandise 14. This is a methodology a company follows to get its B. Income Statement D. Assets
purchased from the supplier to the buyer. customer segments to buy its product or service. What
a. Merchandise Inventory, end c. Expenses building blocks of business model does it fall? 2. It is the most basic journal which provides columns for date,
b. Merchandise Inventory, beginning d. Freight-in a. Customer - segments c. Customer-relationship account titles and explanations, folio or references and a
b. Key Activities d. Revenue Streams separate column for debit and credit
entries
A. General Ledger C. Subsidiary Ledger 13. An account name which is the value remaining after
B. General Journal D. All of the above liabilities are subtracted from assets, representing the
owner’s held interest in the business (e.g., stock,
3. When cash or non-cash items are received, the said cash or retained earnings)
non-cash items must be recorded in what column of a general A. Assets C. Owner’s Equity
Journal? B. Liabilities D. Revenue
A. Folio C. Debit
B. Credit D. None of the above 14. Maria is a fish vendor selling at the local public
market. She gets herfish from a supplier at 100.00 pesos
4. It is the process of recording and organizing a business’s per kilo and sells it at 160.00 per kilo to his customers.
financial transactions which also refers to the different How much mark-up did Claire add to his selling price?
recording techniques businesses. A. 40.00 C. 70.00
A. Journalizing C. Bookkeeping B. 60.00 D. 50.00
B. Posting D. Accounting
15. What is an account name which is usually the cash
5. Are things or properties that the business owns, example that flows out from the business to pay for some item
includes cash, account or service (e.g., salaries, utilities)
receivable and repaid expenses. A. Assets C. Owner’s Equity
A. Assets C. Owner’s Equity B. Liabilities D. Expenses
B. Liabilities D. Revenue
6. It is the obligations of the company, payable in money,
goods or services.
A. Assets C. Owner’s Equity
B. Liabilities D. Revenue
7. It is the claim of the owner of the business also known as
the capital.
A. Assets B. C. Owner’s Equity
B. Liabilities D. Revenue
8. ________ is a record comprising the sales and other income
recieved by the business.
A. Assets C. Owner’s Equity
B. Liabilities D. Revenue
9. The most liquid form of asset that can be used anytime to
purchase another assets or pay liabilities.
A. Inventories C. Payable
B. Cash D. Receivables
10. An example of asset that can be used in the business for a
long period of time. Usually more than a year.
A. Inventories C. Receivables
B. Computer D. Cash
11. A type of business that is purely engage in providing all
types of service activities such as medical or legal services.
A. Service Business C. Manufacturing business
B. Merchandising business D. Trading Business
12. A type of business that is engage in buying and selling of
food products such as Grocery/convenient stores.
A. Service Business C. Forex Trading Business
B. Manufacturing business D. Merchandising business