FINAL EXAMINATION IN ENTREPRENEURSHIP

S.Y. 2022-2023

Instructions: Read each question carefully and write the letters of the correct answer in the
sheet provided. Do not write anything on the test paper.
1. Which of the following explains about delivering products and services to customers meets or
surpasses expectations?
A. Services to people
B. Manpower services
C. Managerial operation
D. Operation management
2. Which of the following refers to the human workforce involved in the manufacture of
products?
A. Machine
B. Manpower
C. Materials
D. Method
3. The 4M’s of production are clearly shown in the options, except ONE.
A. Machine
B. Management
C. Manpower
D. Method
4. Which of the following refers to the marketing copy that explains what a product is and why
it is worth purchasing?
A. Prototype
B. Suppliers
C. Business Model
D. Product description
5. It represents the final products from the production process and is distributed to the
customers.
A. Input
B. Output
C. Materials
D. Supplies
6. Which Of the following options is considered a replica/duplication of a product as it contains
details such as color, graphics, packaging and directions?
A. Prototype
B. Suppliers
C. Business Model
D. Product description
7. 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?
A. Prototype
B. Value Chain
C. Supply Chain
D. Business model
8. 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. Prototype
B. Value Chain
C. Supply Chain
D. Business Model
9. It describes the rationale of how an organization creates, delivers, and captures value in
economic, social, cultural, or other contexts.
A. Prototype
B. Suppliers
C. Business Model
D. Product description
10.It is an entity that supplies goods and services to another organization.
A. Prototype
B. Suppliers
C. Business Model
D. Product Description
11.A small restaurant wants to expand, but first it needs to raise funds. John wants to raise
capital through debt financing, but his partner Damien, isn’t sure that’s a good idea. What is
one downside of debt financing that Damien could cite to prove his point to John?
A. A. Shareholders will own part of their business.
B. They will need to sell stocks in their business.
C. They will be required to repay the money immediately.
D. They will have to pay interest on the borrowed amount.
12.Claire needs to determine the feasibility of a new venture idea. What are three factors that
Claire should consider when conducting her feasibility study?
A. A. The venture's staffing needs, raw material needs, and past sales
B. The venture's staffing needs, estimated return on investment, and past sales
C. The venture's raw material needs, estimated return on investment, and past sales
D. The venture's staffing needs, raw material needs, and estimated return on investment
13.How could a business use marketing-research data it has gathered about the average age,
income, educational levels, and spending patterns of area consumers?
A. To create a mailing list for the business
B. To identify problems within the business
C. To develop a profile of the typical customer
D. To establish an appropriate operating budget
14.Which of the following is the factual consideration of the requirements needed in the
workplace?
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.
A. Only Statement I is true.
B. Only Statement II is true.
C. Both Statements are true.
D. Both Statements are false.
15.Which of the following talks about the human labor force involved in the manufacture of
products?
Statement I - Educational qualifications and experience are one of the criteria in
considering manpower.
Statement II – The product to produce is one of the factors to be considered in the method
or production method.
A. Only Statement I is true.
B. Only Statement II is true.
C. Both Statements are true.
D. Both Statements are false.
16.Which of the following statements provide costumers with its salient details given the idea
being used to provide the customers the satisfaction it guarantees?
Statement I - In selecting the type of equipment to purchase, the entrepreneur may
consider the cost and capacity of the equipment.
Statement II - The purpose of a product description is to supply customers with details
about the features and benefits of the product.
A. Only Statement I is true.
B. Only Statement II is true.
C. Both Statements are true.
D. Both Statements are false.
17.Which of the following is a true statement concerning marketing strategies?
A. Marketing strategies can be changed as needed.
B. Successful strategies should be made permanent.
C. There is a formula for selecting the best strategies.
D. Companies in the same industry use the same strategies.
18.How could a business use marketing-research data it has gathered about the average age,
income, educational levels, and spending patterns of area consumers?
A. To create a mailing list for the business
B. To identify problems within the business
C. To develop a profile of the typical customer
D. To establish an appropriate operating budget
19.Dan is in the process of determining the types of computer software and telephone service
that will best suit his new business and get it up and running. Dan is considering his
businesses

A. Technical needs
B. Financial constraints
C. Staffing requirements
D. Competitive advantage
20. Which of the following statements is TRUE about determining the selling price of a good or
service offered by the seller and are internal to the business?

A. True, most factors affecting price are internal to the business.

B. False, most factors affecting price are not controlled by the firm.
C. True, most factors affecting price are directly controlled by the business.
D. False, most factors affecting price are directly controlled by the business.
21. Which of the following is the most important consideration in finding a suitable buyer when
developing an exit strategy for an entrepreneurial venture?
A. True, the valuation of a business is dependent on the buyer's financial resources.
B. False, the most important factor that an entrepreneur should consider is profitability.
C. False, there are many factors to consider, such as company valuation and personal
goals.
D. True, if the buyer is inexperienced, the business risks monetary losses and long-term
failure.
22. Time management helps reduce stress because it
A. Provides less time for rest and relaxation.
B. Increases feelings of pressure and tension.
C. Encourages procrastination in planning necessary activities.
D. Allows adequate time for personal and professional activities.
23. Which of the following statements is TRUE about new venture risk-taking?
A. An entrepreneur's financial risk is not closely related to rewards.
B. When an entrepreneur seeks a high profit, the risk is usually higher.
C. The entrepreneur who does not care about profit is a high risk-taker.
D. When the entrepreneur seeks to limit risk, the reward tends to increase.
24. Which of the following employees would most likely be described as “innovative” by his/her
supervisor?
A. Anthony, because he is usually quiet during brainstorming sessions
B. Jake, because he is always willing to adapt to changes during a project
C. Madison, because she prefers to stick to traditional ideas and processes
D. Elizabeth, because she gets frustrated when she needs to learn new skills
25. Which of the following statements is TRUE about business startup requirements?
A. New business owners usually need to register for patent protection.
B. Equipment is the least expensive requirement for a startup business.
C. The financial needs to start a new business depend on the nature of the venture.
D. Purchasing a franchise is usually easy and inexpensive for startup business owners.
26.Which office will you go to register your single-owned business?
A. Mayor’s Office
B. Bureau of Internal Revenue
C. Security Exchange Commission
D. Department of Trade and Industry
27.Which office do you visit to register a partnership or corporation business?
A. Mayor’s Office
B. Bureau of Internal Revenue
C. Security Exchange Commission
D. Department of Trade and Industry
28.To secure a Tax Identification Number (TIN), which office will you go to?
A. Mayor’s Office
B. Bureau of Internal Revenue
C. Securities and Exchange Commission
D. Department of Trade and Industry
29.Social Security System (SSS), Philhealth and Pag-ibig fund contributions are made by
__________.
A. Managers only
B. Employees only
C. Employers only
D. Both Employees and Employers
30.Which of the following is TRUE?
A. Good record-keeping gives no importance at all.
B. Good record keeping gives benefits to the enterprise.
C. Good record keeping is important only to the accountant.
D. Good record keeping is not important to the business owner.
31.Which of the following is NOT a benefit to the enterprise?
A. Plan and work more efficiently.
B. Meet legal and tax requirements.
C. Can check if the business is doing good.
D. It cannot protect the rights of the owner.
32.The objectives of the entrepreneur should be _____________.
A. Specific and clear
B. Short and blurred
C. Long and not specific
D. Specific and long term
33.The task before operating the business must be _______________.
A. Managing potential risks
B. Kept by the owner for future reference
C. In detail so that the owner will know what to do
D. Specified to be accomplished by the owner alone
34.The tasks to be accomplished before operating the business should have:
A. Design
B. Decoration
C. Measurement
D. Time allotment
The following are the financial records of ABC Co.
i. Revenues – ₱ 20,000
ii. Salaries expense – ₱ 4,000
iii. Rent expense – ₱ 3,000
iv. Utility expense – ₱ 2,000
35.How much are the total expenses?
A. ₱ 9,000
B. ₱ 10,000
C. ₱ 18,000
D. ₱ 1,000
36.How much is the net income?
A. ₱ 9,000
B. ₱ 10,000
C. ₱ 18,000
D. ₱ 11,000
37.Mang Ariel sells bottled water in the nearby public bus terminal. Every day he can sell 70
pieces of bottled water at 20 pesos each. How much is his daily revenue? 
A. ₱1,400.00
B. ₱1,450.00
C. ₱1,700.00
D. ₱1,800.00
38.One of the account titles below is used in making an adjusting entry. Which one is it?
A. Asset
B. Capital
C. Liability
D. Prepaid insurance
39.The following are the financial records of Lex Luther Corp.
1. Service Income, Customer 1 – ₱50,000
2. Salaries paid to the clerk – ₱ 5,000
3. Rent expense – ₱ 3,000
4. Utility expense – ₱ 2,000
5. Service Income, Customer 2 (not yet received) – ₱ 25,000
6. Salaries paid to Manager – ₱ 9,000
How much is the net income?
A. ₱ 31,000
B. ₱ 50,000
C. ₱ 56,000
D. ₱ 59,000
40.How much is the total revenue?
A. ₱ 31,000
B. ₱ 50,000
C. ₱ 59,000
D. ₱ 75,000
41.How much is the amount still collectible?
A. ₱ 25,000
B. ₱ 31,000
C. ₱ 50,000
D. ₱ 75,000
42.Which of the following is not a benefit of record keeping?
A. It will protect the rights of the owner.
B. It will measure profit and performance.
C. It will not help in managing potential risks.
D. It will not let you know how much you are earning.
43.The tasks to be accomplished before operating the business should have:
A. Design
B. Decoration
C. Measurement
D. Time allotment
44.Which of the following statements is TRUE?
A. Professional advice is only a waste of money.
B. Professional advice is made only by consultants.
C. Professional advice is only needed before starting the business.
D. Professional advice is needed all throughout the life of the business.
45.Which of these statements is TRUE?
A. Before starting a business, the entrepreneur is set advised to have an attorney.
B. Before starting a business, the entrepreneur should consult a professional for advice.
C. Before starting a business, the entrepreneur may not consult a professional for advice.
D. Before starting a business, the entrepreneur must start selling when there are
available buyers.
46.Certain steps are followed before operating a business. What would be the next step after
advertising your business?
A. Hire an accountant
B. Manage potential risks
C. Set up an accounting system
D. Secure insurance for the business
47.In opening a business, there are basic requirements that we should prepare. What agency
will you approach to register your business tradename?
A. Mayor’s Office
B. Bureau of Internal Revenue
C. Securities and Exchange Commission
D. Department of Trade and Industry
48.How does a systematic recording help a business in record keeping?
A. Advertise the business
B. Plan and work efficiently
C. Set up an accounting system
D. Secure insurance of the business
49.What do you call the sources of the documents?
A. Records
B. Balance sheet
C. Record keeping
D. Income statement
50.What ledger are you going to look in checking the list of all ledger accounts with closed or
final balances arranged according to the assets, liabilities, capital, revenue, and expense.
A. Trial Balance
B. General Ledger
C. Subsidiary Ledger
D. Accounts Payable Ledger

Prepared by:

WILCHITA G. VILLARIZA – SST-I

MARTHADALE SEMACIO SST-II
SAN FRANCISCO NATIONAL HIGH SCHOOL

Checked by:
MARLYN M. LAMANILAO MT-I
MELANIE P. BOTEROS MT-I
JAYMARK V. FULGARINAS SST-III
RUTH B. MIASCO SST-II
SAN FRANCISCO NATIONAL HIGH SCHOOL