SUMMATIVE TEST 1

2nd Quarter
APPLIED ECONOMICS 12

Name: ________________________________ Score: __________

General Directions:
1. Read each items comprehensively. Kailangan maintindihan mo ang binabasa mo dahil hindi ito
nakukuha sa tingin
2. Erasures are okay. Dahil we deserve a second chance. Okay lang na magkamali ng tatlo
hanggang lima pero ang anim hanggang sampo, bes hindi ito ang boyfriend / girlfriend na masyado
kang nagpapakatanga. Exam to oy.
3. Don’t CHEAT! Wag kang tumulad sa ex mong nakakita lang ng iba, mabilis pa sa kidlat na
ipinagpalit ka.
4. Take your time. Kalma lang bes. Matatapos ka rin. Wag kang tumulad sa bff mong nauna ng
grumadweyt at nakaapag asawa ng maaga dahil sa pagmamadali.
5. Review your answer. Hindi ito laro. Wag mong hulaan ang sagot baka masaktan ka lang.
6. Submit on time. Ang lahat ay may hangganan. Dapat alam mo kung kalian ka susuko. Walang
poreber!

Multiple Choice: Read and understand thoroughly the questions and choose the
letter of the best answer.
_______1. The term used to address the owners of a corporation.
a. Partners b. owners c. shareholders
_______2. One of the external factors that affects the operation of a business
a. Market trends such as new products or technology or evolving buyer’s
profiles, including changes in tastes and lifestyle behavior.
b. Current processes, such as employee programs, department hierarchies,
and software systems, sales and distribution capabilities, and marketing
Programs
c. Human resources consisting of employees
_______3. The main objective in putting up a business is to ______________.
a. Earn profit b. earn customers c. earn friends
_______4. A _____________ is just a small portion of an industry.
a. Business b. location c. capital
_______5. One of the principles in which that the entrep’s vision is more important
to the life of the business than anything else.
a. Big ideas b. vision c. purpose
_______6. It is the simplest way to set up a business.
a. Partnership b. sole proprietorship c. corporation
_______7. It is a legal entity that is separate from its owners.
a. Partnership b. corporations c. sole proprietorship
_______8. It must manifest the higher purpose upon which it is needed, the
mission it was intended to fulfill and the vision it was meant to exemplify.
a. Vision b. system c. scalability
_______9. One of the tools in evaluating a business EXCEPT:
a. Geographic area b. capital c. competition
_______10. All owners share the management of the business and each is
personally responsible and must assume the consequences of the actions of the
other partners.
a. Partnership b. limited partnership c. general partnership
1
 II. Compare and Contrast
Directions: Compare and contrast the following

1 – 3. Micro, Small, Medium and large scale business

4 – 6. General Partnership and Limited Partnership

7 – 10. Distinguish between business and industry

III. Reflection:
Explain the Statement in 5 sentences only. (5points)

Most of the time, business’ strengths and weaknesses will not match the
listed opportunities and threats, and this is where the owner should attempt to
somehow make them meet.

Prepared by:

John Maykale B. Farrales

Subject Teacher