It represents the final products from the production process and distributed to the customers.

It is a replica of a product.

Which of the following refers to the system of organizations, people, activities, information, and resources involved in moving a product or service from supplier to customer?

Which of the following is the process or activities by which a company adds value to an article, including production, marketing, and the provision of after-sales service?

It describes the rationale of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts.

It is an entity that supplies goods and services to another organization.

It refers to the process or technique of converting raw materials to finished products.

Which of the following refers to the manufacturing equipment used in the production of goods or delivery of services?

Statement I - Educational qualifications and experience is one of the criteria in considering manpower.

Statement II - Product to produce is one of the factors to be considered in method or production method.

Statement I - Skills and expertise are not important in considering manpower.

Statement II - Benefits are the reasons why customers will decide to buy the products.

This refers to the amount added to the cost of a product to determine the selling price.

Aling Marta sells bibingka in her neighbourhood, every day she can sell 45 pieces of bibingka at 20 pesos each. How much is her daily revenue?

It is a planning tool that helps the entrepreneur copes with uncertainties in the future operation of the business.

Mang Berting is a fruit vendor selling at the local public market. He gets his mangoes from a supplier at 25 pesos per kilo and sells it at 45 pesos per kilo to his customers. How much mark-up is Mang Berting adding to his selling price?

Aling Elvie sells t-shirt at 175.00 pesos each. If each t-shirt costs 135.00 pesos, how much is the mark-up?

It is the result when sales exceed the cost to produce goods or render services.

Mang Lito sold 5 pairs of slippers. Suppose Mang Lito purchased the 5 pairs of slippers at P 30.00 each and pays P120.00 freight. Calculate how much is the cost of goods sold?

Jean purchased 5 baskets for P 30.00 each. According to her calculation, P 10.00 shall be added to the cost as mark-up. How much is the selling price of each basket?

It is the result when cost to produce goods or render services is greater than the sales.

This refers to costs incurred through payment of utilities such as electricity and water.

Sales is an account title used to describe goods or merchandise sold by a business. What nature of business uses Sales?

Irene sells fashion bags online. She gets each bag for P 150.00 from a local supplier. She then adds P 100.00 as mark-up for each bag. How much is the selling price of each bag?

Which of the following businesses use Service Income in recording revenues?

Aling Coring sold 5 pieces of rugs. She bought the rugs for 20 pesos and sold it for 35 pesos. How much is the total cost of goods sold?

Nathaniel sells bottled water in a nearby city bus terminal. Every day he can sell 30 pieces of bottled water at 20 pesos each. How much is Nathaniel’s daily sales?

Lina sold all ten t-shirts for 1,500.00 pesos. Suppose she added 50.00 pesos as mark-up price for every t-shirt. How much was the cost for every t-shirt sold?

The amount paid to transfer goods purchased from supplier to buyer.

Total Cost and Expenses is calculated by –

It refers to goods and merchandise left at the end of operation or accounting period.

It refers to the amount of merchandise or goods sold by the business for a given period of time.

Which office will you go to register your single-owned business?

Which of the following statements is true?

Which of the following is not a step to follow before operating a business?

To secure a Tax Identification Number (TIN), which office will you go?

Which of the statements is true?

One of the objectives in evaluating the gross profit rate of the business is to determine whether the amount of the gross profit is sufficient to cover the operating expenses.

The gross profit rate of the entrepreneurial venture is computed by dividing the cost of goods sold by net sales.

The gross profit rate provides information on the cost ratio of the business.

In evaluating the profitability of the entrepreneurial venture, the evaluation must focus on the information reflected on the face of the balance sheet.

Preparation and presentation of the financial statements of the entity is the primary responsibility of an accountant.

The operating profit margin rate indicates information on the percentage of operating expenses on the net sales.

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 P 750,000.

Profit is the money received from the customer in exchange of products given to customer.

The gross profit rate of the entrepreneurial venture is computed by dividing the cost of goods sold by net sales.

The gross profit rate provides information on the cost ratio of the business.

The operating profit margin rate indicates information on the percentage of operating expenses to net sales.

The government is not interested in financial statements since it is not a party to any of the transactions of the business.

The net profit margin rate presents the general perspective of the operating performance of the business.

The amount of income per peso investment can be determined by computing the net profit margin rate.

In a normal situation, it is favorable for the business to have high inventory.