Republic of the Philippines

Department of Education
Region II – Cagayan Valley
Schools Division of Nueva Vizcaya
Ambaguio District
TIBLAC NATIONAL HIGH SCHOOL
Name: ________________________________________________________________ Date: ______________
Grade and Section: _____________________________________________________ Score: ______________

I. MULTIPLE CHOICE: Read the items carefully. Choose the letter of the correct answer. Write your
answers on the separate answer sheet.

1. What do you call the replica of a product?

A. Business Model B. Product description C. Prototype D. Suppliers
2. Why do you need to test your product prototype?
A. To avoid competition
B. To make your product be known and saleable
C. To meet your customers’ needs and expectations
D. Both A and B.
3. Why are customers considered as the life blood of the business?
A. Without them, the business will grow.
B. They monitor the progress of the business.
C. They are the source of capital of the business.
D. Without them, the chance to venture into a new business will be wasted.
4. The following are steps in validating the service description of product to its potential customers. Which is NOT?
A. Test the product prototype.
B. Conduct competitive analysis.
C. Make a creative layout of the product.
D. Research on existing demands at the market.
5. Why do we need to validate the service description of product to its potential customers?
A. It enables us to choose our customers.
B. It enables us to force customers buy our products.
C. It enables us to predict whether our business will be profitable.
D. It enables us to collect regular customers before selling the product.
6. Why is it important to hire qualified people for your business?
A. To secure the limelight C. To take pride during meetings
B. To ensure business growth D. To have somebody run errands
7. Which describes the factors of how an organization creates, delivers, and captures value in economic, social, cultural or
other contexts?
A. Business Model B. Product description C. Prototype D. Suppliers
8. Which of the following BEST describes a business model?
A. It serves investors and cautious financiers.
B. It serves the entrepreneur who must set a navigational course.
C. It convinces prospective investors about the potential of the business.
D. It describes what products or services the business plans to manufacture and market.
9. What is a planning tool that helps the entrepreneur copes with uncertainties in the future operation of the business?
A. Benchmarking B. Forecasting C. Revenue D. Selling
10. Aling Marta sells bibingka in her neighborhood, every day she can sell 45 pieces of bibingka at 20 pesos each. How
much is her daily revenue?
 A. ₱450.00 B. ₱800.00 C. ₱900.00 D. ₱1000.00
11. 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?
A. ₱80.00 B. ₱90.00 C. ₱100.00 D. ₱110.00
12. What do you call the amount gained by selling a product?
A. expenses B. loss C. profit D. revenue
13. From where will you subtract cost / expenses to compute for profit or loss?
A. income/revenue C. sales
B. operating expenses D. sales discount
For numbers 29-30, refer to the problem below.

Annie bought one dozen smartphones for ₱200,000.00 with a discount of 5%. She sold half a dozen at a price of
₱18,000.00 per unit. However, a new model of smartphones became available in the market, so she sold the remaining half
dozen at ₱15,000.00 each unit.

14. How much is the discount for one dozen of smartphones?

A. ₱18,000 B. ₱12,000 C. ₱10,000 D. ₱1,000
15. What is the gross profit rate?
A. 4.04% B. 4.40% C. 95.60% D. 95.96 %
16. Which of the following is NOT a benefit to the enterprise?
A. Can check if the business is doing good.
B. It cannot protect the rights of the owner.
C. It allows the entrepreneur to plan and work more efficiently.
D. It allows the entrepreneur to meet legal and tax requirements.
17. What are the sources of documents?
A. balance sheets B. income statements C. records D. record keepings
18. Which office will you go to register your single-owned business?
A. BIR B. DTI C. Mayor’s Office D. SEC
19. Which office do you visit to register a partnership or corporation?
A. BIR B. DTI C. Mayor’s Office D. SEC
20. To secure a Tax Identification Number (TIN), which office will you go?
A. BIR B. DTI C. Mayor’s Office D. SEC
21. What is referred to as the book of final entry?
A. Balance Sheet B. Income Statement C. General Journal D. General Ledger
For numbers 47-48, refer to the financial records of ABC Company below:
Revenues – ₱20,000.00 Salaries expense – ₱4,000.00
Rent expense – ₱3,000.00 Utilities expense – ₱2,000.00

22. How much is the total expenses?

A. ₱9,000.00 B. ₱10,000.00 C. ₱18,000.00 D. ₱20,000.00
23. How much is the net income?
A. ₱9,000.00 B. ₱10,000.00 C. ₱18,000.00 D. ₱29,000.00
24. What composed of statement of financial position (balance sheet), statement of comprehensive income (income
statement), statement of cash flows, and statement of changes inequity?
A. Journal B. Key Financial Reports C. Ledger D. Records
25. What is the equation for computing net income of a service-concerned business?
A. Net Income/Loss = Total Revenue – Total Expenses
B. Net Income/Loss = Total Revenue – Service Income
C. Net Income/Loss = Total Expenses – Service Income
D. Net Income/Loss = Service Income – Total Expenses
26. What is a group of accounts directly associated with the general ledger?
A. General Journal B. Special Journal C. Subsidiary Ledger D. Trial Balance
27. What is the most convenient and fastest way of posting journal entries to the ledger?
 A. Adjusting Entry B. Subsidiary Ledger C. T –account D. Trial Balance
28. What is an entry made to update the financial data already recorded?
A. Adjusting Entry B. General Journal C. General Ledger D. Trial Balance

For numbers 59-60, refer to the given transaction below:

The laundry equipment, which was purchased by ALS on June 5, 2018 at P160,000.00 has an estimated useful life of
5 years with a salvage value of P10,000.00.

29. How much is the monthly depreciation?

A. ₱30,000.00 B. ₱10,000.00 C. ₱3,000.00 D. ₱2,500.00
30. Suppose that ALS is going to journalize the transaction, how much is the accumulated depreciation of the laundry
equipment to be credited?
A. ₱30,000.00 B. ₱10,000.00 C. ₱3,000.00 D. ₱2,500.00