Republic of the Philippines

Department of Education
Region VII, Central Visayas
TAYASAN NATIONALHIGH SCHOOL
Matuog, Tayasan, Negros Oriental

Quarter 2-Summative Test (1st)

ENTREPRENEURSHIP

Name: ______________________________________________ Score: ____________

Year and Section: ____________________________ Date: _____________
I. Read the statement carefully and underline the letter of the best answer.
1. It is the profit of the company that made after deducting the cost.
A. Net Profit
B. Gross profit
C. Profit shares
2. The income generated from normal business operations and includes discounts and deductions for returned
merchandise.
A. Revenue
B. Profit
C. Sales
3. It shows the financial picture – assets, liabilities, and capital – at some specific moment.
A. Income statement
B. Balance sheet
C. Projected five year forecast
4. It is the ratio between net profit and cost of investment.
A. Return of Investment
B. Total sales
C. Assets
5. Mr. Q is a practicing Doctor of Medicine. During the month of March 2019 he received Professional Fees
amounting to P 1,000,000 and total expenses of P250,000. The net income of Mr. Q is___________
A. P 750,000
B. P 450,000
C. P 500,000
6. It is the money received from customer in exchange of products given to customer.
A. Sales
B. Profit
C. shares
7. The price of all inventory sold which includes both fixed and variable costs.
A. Cost of good sold
B. Total sales
C. Net sales
8. Anything with monetary value that a business owns.
A. Liabilities
B. Assets
C. Expenses
9. The following are belongs to the fixed costs EXEPT ____________.
A. Rent
B. Salaries of employees
C. Material used
10. The simple formula in getting the profit.
A. total revenue – total expenses = profit
B. Total expenses + total revenue = profit
C. Total sales- variable cost = profit
11. it is one of the financial statements of a company and shows the company’s revenues and expenses during a
particular period.
A. Balance sheet
B. Revenues
 C. Income statement
12. The term used for the goods available for sale and raw materials used to produce goods available for sale.
A. Net sales
B. Inventory
C. Production sales
13. Also called equity.
A. Capital
B. Expenses
C. liabilities
14. In normal situation, it is favorable for the business to have high inventory.
A. Necessarily
B. Not necessarily
C. If it is only needed
15. Preparation & presentation of the financial statements of the entity is the primary responsibility of ____________.
A. a lawyer
B. a mayor
C. an accountant
16. Which of the following is NOT a benefit to the enterprise?
A. Meet legal and tax requirements.
B. Can check if the business is doing well.
C. It cannot protect the rights of the owner.
17. The objectives of the entrepreneur should be _______________.
A. Specific and clear
B. Specific and long term
C. Short and blurred
18. The tasks before operating the business must be _____________.
A. Specified to be accomplished by the owner alone
B. In detail so that the owner will know what to do
C. Kept by the owner for future reference
19. The tasks to be accomplished before operating the business should have:
A. Design B. Decoration C. Time allotment
20. Which of the statements is true?
A. Before starting a business, the entrepreneur may not consult a
professional for advice.
B. Before starting a business, the entrepreneur should consult a
professional for advice.
C. Before starting a business, the entrepreneur must start selling when there are available buyers.
21. To register your Business Trade name is done in the office of?
A. SEC B. DTI C. Mayor’s Office
22. The sources of documents are called?
A. Income statement B. Balance sheet C. Record
23. Which of the following is not a benefit of record keeping?
A. It will not help in managing potential risks.
B. It will measure profit and performance.
C. It will protect the rights of the owner.
24. Which of the following statements is true?
A. Professional advice is only needed before starting the business.
B. Professional advice is needed all throughout the life of the business.
C. Professional advice is made only by consultants.

Prepared by:
LELITA G. FAUSTO
Teacher III