1. The 4Ms of production are as follows EXCEPT…. A. Machine B. Management C. Manpower D. Method

2. Which of the following refers to the marketing copy that explains what a product is and why it is worth purchasing? A. Business Model C. Prototype B. Product Description D. Suppliers

3. It represents the final products from the production process and distributed to the customers. A. Input B. Materials C. Output D. Suppliers

4. It describes the rationale of how an organization creates, delivers, and captures value in economic, social, cultural or other contexts. A. Business Model C. Product Description B. Prototype D. Suppliers

5. Read and analyse the statements then decide the correct answer. Statement I: Skills and expertise is NOT important in considering manpower. Statement II: Product to produce is one of the factors to be considered in method or production method. A. Only statement I is true. C. Both statements are true. B. Only statement II is true. D. Both statements are false.

6. Refers to the amount added to the cost of a product to determine the selling price. A. Cost B. Mark Down C. Mark Up D. Revenue

7. It is a planning tool that helps entrepreneur copes up with uncertainties in the future operation of the business. A. Benchmarking B. Forecasting C. Revenue D. Selling

8. Aling Edna sells Bornok Ismali shirt at P375.00 each. If each shirt costs P185.00 pesos, how much is the mark-up? A. 150.00 B. 160.00 C. 180.00 D. 190.00

9. Costs incurred through payment of utilities such as electricity and water. A. Revenue B. Operating Expenses C. Mark-Up D. Free

It is the result when cost to produce goods or render services is greater than the sales. A. Selling B. Revenue C. Benchmarking D. Loss

11. Nathaniel sells bottled water in a nearby city bus terminal. Everyday he can sell 30 pieces of bottled water at 20 pesos each. How much is Nathaniel daily sales? A. P900.00 B. P800.00 C. 700.00 D. 600.00

12. Lina sold all ten t-shirts for 1,500.00 pesos. Suppose she added 50.00 as mark-up price for every t-shirt. How much was the cost of every t- shirt sold? A. P 80.00 B. P 90.00 C. P100.00 D. P 110.00

13. Refers to goods and merchandise left at the end of operation or accounting period. A. Freight-in C. Merchandise inventory, beginning B. Freight-Out D. Merchandise inventory, end

14. It is a replica of a product. A. Business Model C. Product Design B. Prototype D. Suppliers

15. Which of the following refers to the manufacturing equipment used in the production of goods or delivery of services? A. Machine B. Manpower C. Method D. Materials

16. Refers to goods and merchandise left at the end of operation or accounting period. A. Merchandise inventory, beginning c. Freight-in B. Merchandise inventory, end d. Freight-out

17. 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? A. P 80.00 B. P 90.00 C. P 100.00 D. P 110.00

18. The selling price of an item or merchandise is computed by adding cost per unit and __________? A. Revenue B. Mark Up C. Discount D. Number of Items

19. 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? A. Supply chain C. Business model B. Value chain D. Prototype

20. Refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer. A. Merchandise Inventory, end C. Expenses B. Merchandise Inventory, beginning D. Freight-in

True or False 21. Profit is the money received from customer in exchange of products given to customer.

TRUE or FALSE 22. The government is not interested in financial statements since it is not a party to any of the transactions of the business.

TRUE or FALSE 23. Product to produce is one of the factors to be considered in the production method.

TRUE or FALSE 24. Supplier is an entity that manufacture goods and services to another organization.

TRUE or FALSE 25. In selecting the type of equipment to purchase, the entrepreneur may consider cost and capacity of the equipment.

Identify 26. It refers to the human labor force involved in the manufacture of goods.

Identify 27. This discusses the process or way of transforming raw materials to finished products.

Identify 28. It is known as business partners and it is an entity that offers goods and services to another business,

29. Part of business plan which is the first to be presented but the last to be made.

30. It is a diagram that graphically shows the relation of one official to another, or others of a company.