Republic of the Philippines

DEPARTMENT OF EDUCATION
DIVISION OF DINAGAT ISLANDS
Edera National High School
SUMMATIVE TEST
Applied Economics - 12

NAME:_________________________________________ DATE:__________________________
GRADE & SECTION:_________________ SCORE:_________________________
Direction: Read carefully and choose the letter of the correct answer. Encircle the correct answer.

1. A business industry that process raw materials (i.e., ore, wood, and foodstuff) into finished products and
into something more useful by adding value to the products and selling them at a higher price.
a. Retail and services b. Agricultural c. Manufacturing d. Import and Export
2. It is a framework for analyzing competition in the industry and understanding the forces that shape such
competition.
a. PESL analysis b. Porter’s seven forces c. SWOT analysis d. Porter’s five forces
3. A tool which enables a company to understand its position relative to other companies and helps them in
forecasting future trends and directions.
a. Industry analysis b. Industry evaluation c. Decision tool d. Industry
4. A decision-making tool in a form of graph or model that involves contemplating each option and the
outcomes of each. Statistical analysis is also conducted with this technique.
a. Decision Tree b. T-Chart c. SWOT Analysis d. Decision Matrix
5. Which of the following businesses does NOT belong to a manufacturing Industry?
a. Huawei Corp. b. Bakery Shop c. Automobile Company d. Barbershop
6. Root crops, poultry, livestock, fruits and vegetable are what type of industry?
a. Manufacturing b. Retail and services c. Agricultural d. Import and Export
7. Which of the following local products belongs to an agribusiness industry?
a. Can goods b. water refill c. poultry d. fish in the market
8. It defines factors affecting consumer welfare, job creation, and environmental issues, uplifting the
quality of life and contributing to the economy.
a. Economic factors c. external factors
b. Socio-economic factors d. environmental factors
9. A person who owns the business, responsible for the success or future of the business, enjoy all the
business profits and a problem solver.
a. Proprietor b. entrepreneur c. employer d. employee
10. A small business that originate idea in the mind of an entrepreneur.
a. Proprietor b. market plan c. ventures d. business plan
11. A person who is not responsible for the turnout of the business venture, expecting that management will
solve the existing problem of the business.
a. Employee b. entrepreneur c. employer d. manager
12. A problem of the business in which they are losing money.
a. Insolvency b. bankruptcy c. holiday d. Lumpsum
13. Someone who earns a living by working in a particular business.
a. Supervisor b. profession c. manager d. employee
14. Government income mainly from taxes.
a. Marginal utility b. Government Revenues c. National budget d. Wage
15. A tool used to identify the firm’s competitive advantage through its strengths, to fix its weaknesses,
recognize opportunities for further growth, and possible threats that the business may face.
a. Decision Matrix b. Decision Tree c. T-chart d. SWOT Analysis
 Republic of the Philippines
DEPARTMENT OF EDUCATION
DIVISION OF DINAGAT ISLANDS
Edera National High School
SUMMATIVE TEST
Applied Economics - 12

16. A business industry principally engaged in buying and selling of goods and services to end-users for
personal or household use and is generally recognized as such.
a. Agricultural b. Manufacturing c. Retail and services d. Import and Export
17. A state of limited competition, in which a market is shared by a small number of producers or sellers.
Ex. Auto industry, oil, etc.
a. Monopoly b. Monopolistic c. Oligopoly d. Perfect Competition
18. A guide to industry analysis that includes government laws and regulations that apply to the business.
a. Company information b. Regulatory environment c. Geographic area d. industry
19. Roots crops, poultry, livestock, fruits and vegetables are what type of industry?
a. Manufacturing b. agricultural c. retail and services d. import and export
20. Which of the ff. factors does not belong to the group?
a. Competition b. Customers c. Substitute d. product
II. MATCHING TYPE: Match the description in column A with the words in column B. Write only the letter
on the space provided before the number.
COLUMN A
______ 21. Semi-processed goods that is not yet ready for final use by the consumer.
______ 22. The buying and selling of goods and services between countries.
______ 23. Commonly employs a man-machine setup with division of labor in a large scale production.
______ 24. Studies how economic activity affects and is shaped by social processes.
______ 25. Analytical frameworks that can help identify the business risks and rewards.
______ 26. Goods that is ready for consumption.
______ 27. An economy sells goods to other countries.
______ 28. Simplest way to set up a business owned by a single individual.
______ 29. Resources used in the production of goods and services.
______ 30. A legal entity that is separate from its owners, the shareholders.
______ 31. The use of goods and services to satisfy human wants.
______ 32. A group of companies producing similar goods and/or services.
______ 33. This is used when multiple people are involved in making a decision.
______ 34. The movement of money for the purpose of investment, trade, or business production
______ 35. A process that creates and/or adds value or utility.

B.
A. Socio_enonomics f. SWOT analysis k. Inputs p. consumption
B. Intermediate goods g. Final goods l. industry q. multivoting
C. Trade flows h. Exports m. corporation r. multitasking
D. Manufacturing i. Fisheries n. production
E. Capital flows j. Sole proprietorship o. imports