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ENTREPRENEURSHIP Q2_2nd Summative

Quiz by Michelle Miles D. Torregosa

Grade 11/12
Entrepreneurship
Philippines Curriculum: SHS Applied Track Subjects

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35 questions
Show answers
  • Q1
    It is often referred to as record keeping, is the accounting part that records transactions and business events in the form of journal entries in the accounting system.
    Users enter free text
    Type an Answer
    50s
  • Q2
    It is often referred to as "Business language. developing an effective marketing strategy.
    Users enter free text
    Type an Answer
    50s
  • Q3
    These are the resources owned by the business
    Equity
    Liabilities
    Revenue
    Assets
    50s
  • Q4
    These are the obligations and debt owed by the business
    Expenses
    Liabilities
    Assets
    Equity
    50s
  • Q5
    It is the money earned by the business.
    Asset
    Liability
    Revenue
    Equity
    50s
  • Q6
    It refers to the cash that flows out from the business to pay for some item or service .
    Expenses
    Equity
    Liability
    Asset
    50s
  • Q7
    It is the value remaining after liabilities are subtracted from assets, representing the owner’s held interest in the business
    Liability
    Equity
    Revenue
    Asset
    50s
  • Q8
    The formula of accounting equation is ___________.
    Assets = Liabilities - Owner's Equity
    Assets = Liabilities x Owner's Equity
    Assets = Liabilities / Owner's Equity
    Assets = Liabilities + Owner's Equity
    50s
  • Q9
    Revenues also refer to the positive cash inflows coming into your business.
    true
    false
    True or False
    30s
  • Q10
    The formula to get the net income or net loss is ___________.
    Expenses - Revenue
    Revenues - Expenses
    Expenses x Revenue
    Revenues + Expenses
    50s
  • Q11
    Variable Costs are the recurring, predictable costs you will have to pay for doing business.
    false
    true
    True or False
    30s
  • Q12
    It is a financial report that indicates net income as the difference between revenue and expenses.
    Cash Flow Statement
    Changes in Owner's Equity
    Balance Sheet
    Income Statement
    50s
  • Q13
    It calculates how efficiently a company produces cash to satisfy its debt commitments, finance its operating expenses and support investments
    Balance Sheet
    Changes in Owner's Equity
    Income Statement
    Cash Flow Statement
    50s
  • Q14
    It provides an overview of the assets, liabilities and equity of a company's shareholders.
    Income Statement
    Balance Sheet
    Changes in Owner's Equity
    Cash Flow Statement
    50s
  • Q15
    This represents the sum of all net revenue since the beginning of the business minus all cash dividends paid since the beginning.
    Changes in Owner's Equity
    Income Statement
    Cash Flow Statement
    Balance Sheet
    50s

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