SCHOOLS DIVISION OF ILOCOS SUR

SALCEDO DISTRICT
DINARATAN NATIONAL HIGH SCHOOL
Dinaratan, Salcedo, Ilocos Sur

ENTREPRENEURSHIP
MIDTERM EXAM

Name : _________________________________
1. The entrepreneurs who create new ideas called?
a. Innovative
b. Imitating
c. Fadian
d. Drone
2. The entrepreneur who lives on the labor of others is called?
a. Drone
b. Fabian
c. Imitating
d. Innovative
3. These are entrepreneurs who are to follow the path shown by innovative entrepreneur.
a. Innovative
b. Imitating
c. Social entrepreneurs
d. Fabian
4. Which of the following is not a function of an entrepreneur?
a. Skills management
b. Risk taking
c. Conduct research
d. Make no changes with his product
5. Entrepreneur means
a. Risk taker
b. To undertake
c. To research
d. To improve standard of living
6. It is a personality factor which means “doing things even before being told”.
a. Proactive
b. Perseverance
c. Persuasion
d. Initiative
7. It is a personality factor which means convincing customers to buy the product
a. Proactive
b. Persuasion
c. Self-confidence
d. Risk taker
8. Which of the choices is not part of the environmental factors?
a. Political
b. Weather condition
c. Climate
d. Family background of the manager
9. All except one does not belong to the group?
a. Unfair trade practices
b. Strikes
c. Political protest
d. Product
10. The entrepreneur who is skeptical about the changes in the company is called?
a. Fabian
b. Social entrepreneur
c. Drone
d. Imitating
11. Which is not a career for an entrepreneur?
a. Business consultant
b. Sales
c. Research and development
d. Domestic helper
12. They are entrepreneurs who drive social innovation and transformation in various fields.
a. Drone
b. Social entrepreneur
c. Fabian
d. Imitating
13. Which of the statements below is true?
a. Entrepreneur has limited career opportunities.
b. Entrepreneurs are prone to constant opportunities.
c. Entrepreneurs are contributor to the development of the society.
d. Entrepreneurs are the reasons for unemployment problem.
14. Which of the statement is NOT true?
a. An entrepreneur will patiently wait for his efforts to bear fruit.
b. The profit of the entrepreneur is immediate.
c. All entrepreneurs are successful.
d. All entrepreneurs are researches
15. Which of the following is NOT true?
a. Entrepreneurship create organizations
b. Improves the life of the entrepreneur alone.
c. Entrepreneurs improves the economy
d. None of the choices
16. To journalize business transactions refers to
a. Recording them in the general journal
b. Recording them in the general ledger
c. Recording them in the logbook
d. Organizing the company paperwork
17. Expenses are those items that are
a. All the company outflows
b. Direct costs for producing goods
c. Costs associated with operating a business
d. Owned by the company
18. To increase a revenue account, it should be
a. Debited
b. Credited
c. Both
d. Not recorded
19. If an asset and/or expense account is debited, it is
a. Decreased
b. Increased
c. Sometimes increases and sometimes decreases
d. No effect
20. A source document is
 a. Proof of a certain transaction
b. Paperwork that applies to bookkeeping
c. Only paperwork created for a customer or vendor
d. For souvenir
21. A date column in the general journal shows the date of the occurrence of the transaction. How
will you write the year in the general journal?
a. The year must be written in every page.
b. The year must be written on the first page of the general journal unless they have changed,
or a new page is needed.
c. The year will not be written because everybody knows it.
d. The year must be written in every journal entry.
22. Bookkeeping is the recording of business transactions in the books of the business. Which of the
following is NOT a fundamental concept in bookkeeping?
a. Support all transactions with business documents.
b. Record the transactions using any available paper in your business premises.
c. Use the proper account title.
d. Observe guidelines when using two column journal.
23. There are procedures that must be observed when using a two column general journal. Which of
the following procedures in writing the debit and credit account titles is correct?
a. The debit account title must be written first.
b. The credit account can be written in line with the debit account.
c. Abbreviation of the account title is allowed.
d. There must be a blank space in recording the succeeding transactions.
24. Transferring information from the journal to the ledger is known as:
a. Transferring
b. Posting
c. Balancing
d. Journalizing
25. Which of the following accounts is expected to have a debit balance?
a. Assets
b. Expenses
c. Losses
d. All of the above
26. A business buys a machine for $500 (cash) and pays machinery insurance $50 (Cash). Which of
the following shows the correct double entry for this transaction?
a. Debit machinery $550, credit cash $550
b. Debit cash $550, credit machinery $550
c. Debit machinery $500, debit insurance expense $50, credit cash $550
d. Debit cash $550, credit machinery 500, credit insurance expense $50
27. The amount brought in by the owner of the business should be credited to?
a. Owner’s equity
b. Drawing
c. Cash
d. All of the given options
28. Sales made to Paloma on credit should be debited to?
a. Account receivable
b. Cash
c. Account receivable
d. Sales
29. Which of the terms given below will be regarde as the book of the original entry?
a. The trial balances
 b. The general journal
c. The general ledger
d. The payment and receipt account
30. The journal transactions are recorded in which order?
a. Alphabetical order
b. Chronological order
c. Increasing order
d. Decreasing order

31-50. (20 points) Journalize and make the trial balance.

1 point each journal entry

6 points Trial Balance

Atty. Sarah Escudero opens ESCUDERO LAW FIRM. She had the

following transactions for the month of February, 2020.

February 1 Deposited cash in a bank for use as a working capital, Php100,000.

February 2 Purchased laptop and printer for office use on account with XYZ

Computer Shop, amounting to Php57,500.

February 4 Payment for various office supplies, Php2,800.

February 6 Purchased two units filing cabinet, Php9,000. A balance of

Php2,500 is still unpaid to ABC Store.

February 8 Rendered legal services to CBN-ABS on account, Php125,000.

February 10 Payment for various law books, Php33,000.

February 15 Rendered legal services to various customers, amounting to

Php50,000.

February 18 Atty. Escudero withdraw Php25,000 cash for personal use.

February 20 Purchased tables and chairs, Php25,000.

February 21 Payment for telephone, light, and water, Php6,250.

February 23 Partial payment to XYZ Computer Shop, Php42,500.

February 26 Collection to CBN-ABS, Php85,000.

February 27 Payment of rent for the month, Php8,000.

February 28 Payment of salary to office secretary and clerk, Php15,000.