SUMMATIVE TEST #1 IN ENTREPRENEURSHIP

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