ENTREPRENEURSHIP

Learning Activity Sheet

Module 1

Name: __________________________________________________ Section:______________________

Assume that you will become an entrepreneur after graduating senior high school. Illustrate what you want
to achieve in five years. You can paste cut-outs from old magazines for your illustration. Explain briefly how you
would take the steps in achieving your goals from your illustration. It will be graded based on the content, relevance,
clarity and creativity of the illustration.

#dreamboard

Explanation:
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Learning Activity Sheet
Module 2

Name: __________________________________________________ Section:______________________

I Am an Entrepreneur.

What are the qualities of an entrepreneur that you think you possess? Explain briefly.
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Entrepreneurial Research Project

Identify and research one person who is/was a successful entrepreneur. Complete below worksheet for your
entrepreneur choice. Possible sources for information include the library, websites on internet, YouTube and more.

Entrepreneur Name: __________________________________________________________________________

What influenced them to become an entrepreneur?

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How does this person fit the definition of an entrepreneur?

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How did this person measure whether they were successful or not?
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What are your sources you used for information above?

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Learning Activity Sheet
Module 3

Name: __________________________________________________ Section:______________________

Present a product or service which you would want to introduce and describe briefly. Classify whether the
product or service is a conventional or an innovative business.

Name of Product/ Service:

Description:_____________________________________________________________________________________
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Classification:____________________________________________________________________________________
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Prepare a SWOT analysis of the product or service you want to introduce in the market.

Strengths Weaknesses Opportunities Threats

My Proposed
Business

(Write name of
product/ service)

Competitor A

(Write name of
product/ service)

Competitor B

(Write name of
product/ service)
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Learning Activity Sheet
Module 4

Name: __________________________________________________ Section:______________________

Based on the product/service that you want to introduce in the market. Using the template below write and
create a clear, compelling value proposition.

Template:
For ____________ (target customer)
who ____________ (statement of the need or opportunity)
our (product/service name) is ____________ (product category)
that (statement of benefit) ____________.

Sample:
Target customer: Students of KNHS
Need or Opportunity: Thirsty
Product name: juice drink
Product category: natural & organic drink
Statement of Benefit: Thirst quenching

Value Proposition:
“For students of KNHS who are thirsty, our juice drink is natural and organic that will quench your
thirst.”

Name of Product or Service: __________________________________________________________________

Your value propositions

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Learning Activity Sheet
Module 5

Name: __________________________________________________ Section:______________________

Draw or illustrate your viable and profitable business applying the tips discussed in the module. Below the
illustration, write an explanation in choosing the business. Make your output presentable and creative. (Refer to
Module 5 page 11 for the scoring rubric)

My Viable and Profitable Business

Explanation:
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Learning Activity Sheet
Module 6

Name: __________________________________________________ Section:______________________

FAB Analysis.
Draw or paste a picture illustrating your new product and complete the table by writing its Features,
Advantages and Benefits (FAB). Refer to your module (Module 6, page 14) for the scoring rubric.

FAB ANALYSIS

FEATURES ADVANTAGES BENEFITS

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Learning Activity Sheet
Module 7 – 9

Name: __________________________________________________ Section:______________________

Marketing Plan Making

Using the product you have in mind (based on previous activities from previous modules), apply the 7P’s of
marketing mix by providing what is asked.

1. What is the name of the product? (Think of your own brand name.)

2. Where will you sell your product? Describe briefly.

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3. How much is the possible price? Is it higher or lower than the competitor? Why is it higher/ lower?
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4. What are the methods of your promotion? How are you going to do it? Why do you think it is the most
appropriate method?
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5. Who are your target customers? Who will be involve in making or selling your product?
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6. For packaging, draw your own version of your product.

Branding Worksheet for Your Business
Complete below information for your business idea. Refer to your module (Module 9, page 14) for the
scoring rubrics.
I. My Identity
Mission: ___________________________________________________________________________
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Vision: ___________________________________________________________________________
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II. My Company
(WHAT is your business category?) ___________________________________________________________
(WHERE is your business located?) ___________________________________________________________
(WHO are your customers?) _________________________________________________________________
(HOW do you offer your product or services?) __________________________________________________
(WHEN did you start your business?) __________________________________________________________

III. My Potential Market

Demographics ____________________________________________________________________________
Needs/ Wants ____________________________________________________________________________

IV. My Competitors
Competitor 1
How are you similar? ______________________________________________________________________
How are you different? _____________________________________________________________________
What is your competitive advantage? _________________________________________________________

Competitor 2
How are you similar? ______________________________________________________________________
How are you different? _____________________________________________________________________
What is your competitive advantage? _________________________________________________________

V. My Image
Brand Identity. List at least three (3) adjectives that describe your product.
1. ________________________ 2. ________________________ 3. _____________________

Tagline: __________________________________________________________________________________
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Brand Logo (Draw an eye-catching logo suitable for your brand and product. Explain briefly.
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Learning Activity Sheet
Quarter 4: Module 1

Name: __________________________________________________ Section:______________________

I. Discuss the step by step processes applicable for your product/service in different areas of operation.
Product/ Service: _________________________________________________________________________
Steps in purchasing materials or ingredients:
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Steps in selling products to customer:
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II. List down all the Machine and Materials needed for the operation of your business.
Machine (Equipment) Materials (Ingredients)

III. Identify the different positions needed to operate your business. Describe each position briefly. Mention the
qualifications needed for each position.
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Learning Activity Sheet
Quarter 4: Module 2

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.

1._______ 3. _______ 5. _______ 7. _______ 9. _______

2. _______ 4. _______ 6. _______ 8. _______ 10. ______

1. Which of the following essential characteristics of entrepreneurial mind see things differently?
A. Creativity B. Innovative C. Passion D. Resourceful
2. It brings the products (product or services) from the prototype stage to production and eventually to the potential
market.
A. Business mind B. Creative mind C. Technical mind D. All of the choices
3. Which entrepreneurial mind conceptualizes and design products to capture the sensory system of
human being?
A. Business mind B. Creative mind C. Technical mind D. All of the choices
4. Which of the following best described creative mind?
A. Employment of technology to arrive at a reconfigure design.
B. Conversion of prototype into production stage and finally distribution to its market.
C. See and use products aside from its basic function.
D. All of the above
5. A common eyeglass is used as a reading glass only. However due to demand of consumer the product
description and design is being reconfigure through a technology to come up with a progressive eyeglass
not just for reading but for three capable uses. What entrepreneurial mind is being manifested in the
situation?
A. Business mind B. Creative mind C. Technical mind D. All of the choices
6. Which of the following should be taken into consideration in making an effective product description?
A. Company’s objectives C. Investors point of views
B. Potential Market D. Product undesirable features
7. Why does testing a prototype considered as a significant phase of product development?
A. It allows to see the unviability of the products.
B. To know whether the product specification is functioning well.
C. To be able to evaluate if the products need adjustments or not.
D. B and C
8. What do you call a method of prototyping wherein the output is said to be like the product itself but it’s
not interactive and clickable?
A. Mock-ups B. Duck Tape C. Wireframes D. Bailing Wire
9. What should be included in the product description of product and services?
A. Features B. Price C. Benefits D. All of the choices
10. What do you call an early sample, model, or release of product to test a process or concept?
A. Model B. Clone C. Prototype D. Mock-ups
 ENTREPRENEURSHIP
Learning Activity Sheet
Quarter 4: Module 3

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.
1._______ 3. _______ 5. _______ 7. _______ 9. _______
2. _______ 4. _______ 6. _______ 8. _______ 10. ______

1. Which of the terms below refers to the marketing copy used to describe a product’s value to potential customers?
A. product description C. product prototype
B. product design D. product value
2. Which of the terms below means someone who can become a purchaser of a product or a service?
A. business partner C. potential customer
B. investor D. target market
3. What is the first and arguably the best way to validate the marketability of your product?
A. Making initial sales
B. Receiving orders
C. Receiving product recommendations
D. Receiving positive comments from the product testers
4. Mr. Villanueva uses small amounts of capital from his friends, who believe that Mr. Villanueva’s new product is a
breakthrough, to finance his new business venture. What marketability validation is he using?
A. beta testing C. crowdfunding
B. competitive analysis D. ringing the cash register
5. Marie wants to know what features of the products sold by milk tea stores 4TEA5, ZenTEA, and TEAresa are
appealing to the public. What validation method should Marie use?
A. beta testing C. crowdfunding
B. competitive analysis D. ringing the cash register
6. Nicole wants to find out whether her “pizza flavored daing na pusit” is marketable in their area, so she decided to
participate in a trade fair in barangay so that she may ask in person what her buyers like and dislike about her pizza.
What validation method is used by Nicole?
A. beta testing C. meeting the customers
B. competitive analysis D. research existing demand
7. As a newbie in business, Angelo wanted to make sure that there is a demand for the product he would offer. Thus,
he searched for the product trends on the internet. What validation method did Angelo use?
A. beta testing C. meeting the customers
B. competitive analysis D. research existing demand
8. Michelle has recently found out that banana stalks could be made into flavored chips. She though this could be a
big hit in the market especially that Filipinos are now becoming heath conscious. She decided to make some and give
as them token to the attendees of her 18th birthday. What validation method was used by Michelle?
A. beta testing C. meeting the customers
B. competitive analysis D. research existing demand
9. Why does competitive analysis say that competition is good?
A. It makes a business strive hard to beat its competitors.
B. It confirms an existing demand for a product or a service.
C. It motivates businesses to make innovations to take lead from their competitors.
D. It is both beneficial to the buyers and the businesses.
10. What should be done when your potential buyers are not interested in your product?
A. Play around with some methods of delivery and adding value.
B. Test your product with a few variants of concepts.
C. Do your research and find out what feature should be changed or added.
D. All the choices are correct.
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Learning Activity Sheet
Quarter 4: Module 4

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.

1._______ 3. _______ 5. _______ 7. _______ 9. _______

2. _______ 4. _______ 6. _______ 8. _______ 10. ______

1. Mario and James agreed to establish a business venture together. Mario will contribute money while James will
contribute his managerial skills and a portion of a lot he owns at downtown. What type of business are they going to
establish?
A. Sole Proprietorship C. Corporation
B. Joint Venture D. Partnership
2. What is the main reason why we need to register our business to the Bureau of Internal Revenue?
A. To become part of nation building through payment of proper business income tax.
B. To receive subsidy from the government.
C. To be a good citizen of the country.
D. To have a free advertisement.
3. This is one of the most important documents which shows that you have been give the privilege to operate your
business within the jurisdiction of the municipality or city where your business is located.
A. Congressional Permit C. Barangay Permit
B. Governor’s Permit D. Mayor’s Permit
4. If you and your friends decided to establish a corporation, what agency of the government should you apply for a
license other than the Department of Trade and Industry?
A. Department of Budget and Management C. Bangko Sentral ng Pilipinas
B. Securities and Exchange Commission D. Department of Finance
5. These are like guiding stars that will lead you to the success of your business enterprise. What are these?
A. Loyalty, integrity and values C. Mission, virtue and values
B. Charity, humility and vision D. Mission, vision and values
6. Which of the following is NOT a requirement in obtaining a barangay permit?
A. DTI registration certificate C. Fire safety clearance
B. Valid identification cards D. Barangay clearance
7. In what way you can become part of the community’s economy and fulfillment of social responsibility?
A. By using profit to expand the business C. By paying business permit fee
B. By creating jobs for the people D. By donating to a charity
8. Which of the following type of organizational structure allows collaboration among teams and individuals?
A. Line and Staff Organization Structure C. Line Organizational Structure
B. Functional Organization Structure D. Project-based structure
9. Mr. Juancho Mariano is planning to establish his business. He talked to the owner of stalls near the market for a
possible rental agreement. The latter agreed to have Mr. Mariano rent one of the stalls. What type of contract
should they sign together?
A. Contract of employment C. Logistical contract
B. Joint venture contract D. Lease contract
10. What should be the main criteria for hiring people into your business?
A. Neatly dressed and has communication skills
B. Good character with conscience
C. Good character and competence
D. Pleasing personality only
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Learning Activity Sheet
Quarter 4: Module 5

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.

1._______ 3. _______ 5. _______ 7. _______ 9. _______

2. _______ 4. _______ 6. _______ 8. _______ 10. ______

1. Which of the following is an advantage to a supplier of delivering products on time consistently?

A. Lower payment C. Lower trading costs
B. Repeating orders D. Minimal buffer stock consumed
2. Which of the following factor to consider as the most important choosing the right suppliers?
A. Price C. Reliability
B. Location D. Partnership
3. Which of the following is the initial stage in a supply chain for a candy bar?
A. The supplier of sugar.
B. The seller of the candy bar.
C. The manufacturer of the candy bar.
D. Transportation between each stage of the candy bar.
4. Which area of business will particularly focus to ensure deliveries of product to customer arrive on time?
A. Sales C. Logistics
B. Finance D. Marketing
5. Manufacturer X and Y supply manufacturer Z, which supplies customers A and B. Which of the following
statements is best?
A. The supply chain for manufacturer X includes Y, Z, A and B.
B. The supply chain for manufacturer Y includes X, Z, A and B.
C. The supply chain for company Z includes X, Y, A and B.
D. All the above.
6. Which of the following statements is true?
A. The supply chain integrates all activities and processes to provide a product or service to the end user.
B. Raw material in the supply chain typically flows from customer to producer.
C. The supply chain involves only one supplier.
D. All of the above.
7. Which of the following generates the best source of the recommendation for a potential job candidate?
A. Internet C. Company Web site
B. Employee referral D. Recruiting organizations
8. Manufacturing is important to the economy because:
A. It adds value to products and services C. It creates wealth.
B. It supports service and production. D. All of the above
9. Which of the following best describe the importance of recruiting?
A. To determine whether to use inside or outside candidates.
B. To predict the short-term supply of candidates.
C. To develop and increase the pool of applicant
D. To create positive story about a company.
10. What is the initial step in the recruitment process?
A. Perform candidate background checks. C. Perform an initial interview.
B. Decide what positions needs to fill. D. Create a pool of candidates.
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Learning Activity Sheet
Quarter 4: Module 6

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.

1._______ 4. _______ 7. _______ 10. _______ 13. _______

2. _______ 5. _______ 8. _______ 11. _______ 14. _______
3. _______ 6. _______ 9. _______ 12. _______ 15. _______

1. Refers to goods and merchandise at the beginning of operation of business or accounting period.
a. Merchandise Inventory, end c. Expenses
b. Merchandise Inventory, beginning d. Freight-in
2. Mrs. Juana, sold 15 roses at P150.00 each, she needs to purchase another 15 roses for her garden display, she
needs to pay 200.00 for the freight-in. Calculate how much is the cost of goods sold?
a. 2,020.00 b. 2,270.00 c. 2,050.00 d. 2,000.00
3. 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
4. Costs incurred through payment of utilities such as electricity and water –
a. Revenue b. Operating expenses c. Mark-up d. Free
5. Merchandise or goods purchased are referred to as –
a. Purchases b. Operating Expenses c. Costs d. Loss
6. 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
7. It is a tool that allows managers to make educated estimates on revenue and costs of the business to cope up with
uncertainties of the future
a. Estimating b. Forecasting c. Guessing d. Benchmarking
8. Freight-in refers to the amount paid to transfer goods or merchandise purchased from the _________.
a. Buyer to the supplier c. Buyer to buyer
b. Supplier to the buyer d. Supplier to supplier
9. The costs incurred through payment of utilities such as water, electricity, internet connection is considered as
a. Costs b. Purchases c. Operating expenses d. Personal expenses
10. Term used for the amount paid to transport goods or merchandise purchased the supplier to the buyer.
a. Merchandise b. expenses c. Freight -In d. Operating expenses
11. Costs incurred through payment of utilities such as electricity and water -
a. Revenue b. Operating expenses c. Mark-up d. Free
12. Merchandise or goods purchased are referred to as
a. Purchases b. Operating Expenses c. Costs d. Loss
13. It is the result when sales exceed the cost to produce goods ender services is greater than the sales
a. Selling b. Revenue c. Benchmarking d. Loss
14. This is a methodology a company follows to get its customer segments to buy its product or service. What
building blocks of business model does it fall?
a. Customer - segments c. Customer-relationship
b. Key Activities d. Revenue Streams
15. Based on the business model canvas presented in our model, a company should know first its customers, both
through their current and future needs for they are essential part of an organization’s business.
a. Customer – segments c. Customer-relationship
b. Key Activities d. Revenue Streams
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Learning Activity Sheet
Quarter 4: Module 7

Name: __________________________________________________ Section:______________________

1._______ 3. _______ 5. _______ 7. _______ 9. _______

2. _______ 4. _______ 6. _______ 8. _______ 10. ______

I. Multiple Choice: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided above.

1. Why it is important to keep the record of expenses especially when preparing the tax return?
A. To identify sources of income.
B. To monitor the progress of the business.
C. To keep track as the basis in property.
D. To keep track of the deductible expenses.
2. What is the reason why it is needed to record sources of income?
A. To figure the gain or loss on the sale, exchange or other disposition of property as well as deductions for
depreciation.
B. It will help to separate business from non-business receipts and taxable from non-taxable income.
C. To show what your firm owes, facilitates obtaining of available cash discounts and informs you when
payments are due.
D. To represents the investments actually paid by the company’s stockholders.
3. The following are types of records for accounting and tax purposes except?
A. Invoices
B. Ticket Stubs
C. Annual Tax Returns
D. Vehicle Use Log
4. Which of the following is a transaction business record?
A. Sales Journal
B. Sales Invoice
C. Cash Receipts
D. Official Receipts
5. These could be used in the analysis of the effectiveness in advertising and promotions of your products, market
coverage and profitability.
A. Sales Records
B. Cash Records
C. Payroll Records
D. Production Records

II. True or False: Analyze each statement then write T if the statement is correct and write F if the statement is wrong.
Write T or F on the space provided above.

6. A business record must be retrievable at an earlier date so that the business dealings can be accurately reviewed as
required.
7. Good records can decrease the likelihood of business success.
8. Financial statements can help in dealing with the bank or creditors and help manage the business.
9. The records can identify the sources of income.
10. Financial records usually have set standards of reporting and any differences are very minimal.
 ENTREPRENEURSHIP
Learning Activity Sheet
Quarter 4: Module 8

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.

1._______ 4. _______ 7. _______ 10. _______ 13. _______

2. _______ 5. _______ 8. _______ 11. _______ 14. _______
3. _______ 6. _______ 9. _______ 12. _______ 15. _______

1. It is a statement of the financial position of a business which states the assets, liabilities, and owners' equity at a
particular point in time.
A. Balance Sheet B. Income Statement C. Owner’s Equity D. Assets
2. It is the most basic journal which provides columns for date, account titles and explanations, folio or references and
a separate column for debit and credit entries
A. General Ledger B. General Journal C. Subsidiary Ledger D. All of the above
3. When cash or non-cash items are received, the said cash or non-cash items must be recorded in what column of a
general Journal?
A. Folio B. Credit C. Debit D. None of the above
4. It is the process of recording and organizing a business’s financial transactions which also refers to the different
recording techniques businesses.
A. Journalizing B. Posting C. Bookkeeping D. Accounting
5. Are things or properties that the business owns, example includes cash, account receivable and repaid expenses.
A. Assets B. Liabilities C. Owner’s Equity D. Revenue
6. It is the obligations of the company, payable in money, goods or services.
A. Assets B. Liabilities C. Owner’s Equity D. Revenue
7. It is the claim of the owner of the business also known as the capital.
A. Assets B. Liabilities C. Owner’s Equity D. Revenue
8. ________ is a record comprising the sales and other income received by the business.
A. Assets B. Liabilities C. Owner’s Equity D. Revenue
9. The most liquid form of asset that can be used anytime to purchase other assets or pay liabilities.
A. Inventories B. Cash C. Payable D. Receivables
10. An example of asset that can be used in the business for a long period of time. Usually more than a year.
A. Inventories B. Computer C. Receivables D. Cash
11. A type of business that is purely engage in providing all types of service activities such as medical or legal services.
A. Service Business C. Manufacturing business
B. Merchandising business D. Trading Business
12. A type of business that is engage in buying and selling of food products such as Grocery/convenient stores.
A. Service B. Manufacturing C. Forex Trading D. Merchandising
13. An account name which is the value remaining after liabilities are subtracted from assets, representing the owner’s
held interest in the business (e.g., stock, retained earnings)
A. Assets B. Liabilities C. Owner’s Equity D. Revenue
A. Maria is a fish vendor selling at the local public market. She gets her fish from a supplier at 100.00 pesos per kilo
and sells it at 160.00 per kilo to his customers. How much mark-up did Claire add to his selling price?
A. 40.00 B. 60.00 C. 70.00 D. 50.00
15. What is an account name which is usually the cash that flows out from the business to pay for some item or service
(e.g., salaries, utilities)
A. Assets B. Liabilities C. Owner’s Equity D. Expenses
 ENTREPRENEURSHIP
Learning Activity Sheet
Quarter 4: Module 9

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.

1._______ 3. _______ 5. _______ 7. _______ 9. _______

2. _______ 4. _______ 6. _______ 8. _______ 10. ______

1. Which of the following is true about profit and loss statement?

A. It is known as the Net Income and Expense Statement
B. It is known as the Statement of Basic Income
C. It is known as the Cash Flow Statement
D. It is known as the Income Statement
2. Which ratio analysis measures the overall operating efficiency of the firm?
A. Operating profit margin C. Net profit margin.
B. Gross profit margin D. Return on equity.
3. Which of the following are the correct components of the profit and loss statement?
A. revenues, expenses, investments by owners, distributions to owners
B. revenues, losses, expenses, and gains
C. assets, liabilities, and owner’s equity
D. assets, liabilities, and dividends
4. Which of the following has the same result of reducing expenses?
A. Increasing revenue B. Decreasing revenue C. Increasing liabilities D. Decreasing liabilities
5. Which of the following account does not consider in the profit and loss statement?
A. Sales revenue B. General expenses C. Bonds D. Cost of goods sold
6. What happens if cost of goods sold exceeds revenue?
A. Products sold cost more than revenue received C. It is losing its money over time.
B. Likely time to find something else to do D. All of the above.
7. Which of the following is equal to the profit of a business during an accounting period?
A. Total cash receipts less the total cash payments C. Total cash receipts less the total expenses
B. Total revenues less the total cash payments D. Total revenues less the total expenses
8. When is a business said to be in a profit?
A. Income exceeds liability C. Income exceeds expenditure
B. Assets exceed expenditure C. Expenditure exceeds income

Items 9 – 10. Study the following figure in the profit and loss record.

9. What is the gross profit of the figure above?

A. 970,000 B. 920,000 C. 600,000 D. 500,000
10. What is the net profit figure?
A. 600,000 B. 500,000 C. 200,000 D. 150,000
 ENTREPRENEURSHIP
Learning Activity Sheet
Quarter 4: Module 10

Name: __________________________________________________ Section:______________________

Directions: Select the best answer to the following questions. Write the LETTER of your answer on the space
provided below.
1._______ 4. _______ 7. _______ 10. _______ 13. _______
2. _______ 5. _______ 8. _______ 11. _______ 14. _______
3. _______ 6. _______ 9. _______ 12. _______ 15. _______

1. Which financial statement will allow you to determine the gross for a retailer or manufacturer?
A. Balance sheet C. Income statement
B. Statement of cash flow D. Statement of shareholder’s equity
2. A corporation’s working capital is calculated using which amounts?
A. Total assets and total liabilities C. total assets and current liabilities
B. Current assets and current liabilities D. none of the choices
3. The amount spent for capital expenditures will be reported in which section of the statement of cash flow?
A. Cash provided/used in financing activities C. Cash provided/used in operating activities
B. Cash provided/used in investing activities D. Supplemental information
4. What does an income statement show about a company over a period of time?
A. Equity B. Liability C. Profitability D. reliability
5. Which of the following is NOT a standard financial statement?
A. Balance sheet B. Income Statement C. Cash flow statement D. Shareholder sheet
6. Which of the following basic calculation used to analyze an income statement?
A. Assets minus liabilities C. Income minus expenses
B. Revenue plus sales D. Sales plus operating costs
7. Which of the following is a category or element of the balance sheet?
A. Expenses B. gain C. liabilities D. losses
8. Which of the following is NOT a current asset?
A. Accounts receivable B. Prepaid insurance C. Land D. Supplies
9. Notes payable shoud appear as a line on the balance sheet in which classification?
A. Current assets B. Long-term liabilities C. Current liabilities D. Long-term assets
10. If a company has a total asset of ₱ 200,000.00 and with some total liabilities of ₱ 150,000.00. How much is the
owner’s equity?
A. ₱ 49,000.00 B. ₱ 50,000.00 C. ₱ 55,000.00 D. ₱ 150,000.00
11. The Tagudtud Bakeshop started the year with a total asset of ₱ 60,000.00 and some total liabilities of ₱ 40,000.00.
During the year the business recorded ₱ 100,000.00 in baking revenues, ₱ 55,000.00 in expenses and dividends of
₱ 10,000.00. The net income reported by the business was_________.
A. ₱ 20,000.00 B. ₱ 45,000.00 C. ₱ 35,000.00 D. ₱ 90,000.00
12. If a business has a total equity of ₱ 50,000 and a total liability of ₱ 100,000.00. How much is the total assets of the
business?
A. ₱ 50,000.00 B. ₱ 100,000 .00 C. ₱ 150,000.00 D. ₱ 10,000.00
13. Which of the following measures the profitability of a business?
A. Balance sheet B. Income statement C. Cash flow statement D. Shareholder’s equity
14. Which of the following is NOT a standard financial statement?
A. Balance sheet B. Income statement C. Cash flow statement D. Shareholder’s sheet
15. If an income statement measures the performance of the business, What about balance sheet?
A. represents the net worth of a company
B. represents contributions from stockholders gathered through the issuance of shares
C. provides detailed information about a company’s assets, liabilities and shareholder’s equity
D. summative reports with information obtained from the day-to-day bookkeeping activities