Republic of the Philippines

Department of Education
REGION IV-A CALABARZON
SCHOOLS DIVISION OF LIPA CITY
FERNANDO AIR BASE INTEGRATED NATIONAL HIGH SCHOOL
FERNANDO AIR BASE, LIPA CITY

ENTREPRENEURSHIP
4th Summative Test
4 Quarter (Weeks 7-8)
TH

2nd Semester
SY 2021 – 2022

Name: _____________________________________ Score: ____________

Grade Level/Section: __________________________ Date: _____________

I. Read and understand the following. Choose and encircle the correct answer.

1. A source document evidencing those orders have been placed by the customer waiting to be served by the supplier.
A. Purchase request B. Purchase invoice C. Purchase order D. Purchase check
2. A source document evidencing those goods have been delivered by the supplier to the customer.
A. Customer’s delivery receipt B. Customer’s sales invoice C. Supplier’s sales invoice D. Vale slip
3. A source document issued by the supplier acknowledging that full payment has been received from the customer.
A. Delivery receipt B. Official receipt. C. Purchase receipt D. Receiving report
4. Referred to as the book of original entry
A. Accounts Receivable Ledger B. Journal C. Ledger D. Purchase Journal
5. A source document which shows that the customer has already made partial payment to the supplier through issuance of.
A. Check B. Official receipt C. Sales invoice D. Voucher
6. An example of asset that can be used in the business for a long period of time,usually more than a year.
A. Cash B. Computer C. Inventories D. Receivables
For no. 7-9 Read and solve the following.
The following are financial records of Lex Luther Corp.

7. How much is the total expenses?

A. P19,000.00 B. P10,000.00 C. P18,000.00 D. P9,000.00
8. How much is the net income?
A. P59,000.00 B. P50,000.00 C. P 31,000.00 D. P56,000.00
9. How much is the total revenue?
A. P59,000.00 B. P50,000.00 C. P31,000.00 D. P75,000.00
10. One of the account titles below is used in making an adjusting entry. Which is one is it?
A. asset B. capital C. liability D. prepaid insurance
11. All the following are examples of source documents, except
A. Check B. Contract C. Invoices D. Journal
12. Which of the following statement is true?
A. Book of Accounts are book of accounts composed of the Journal and Ledger
B. Journal Referred to as the book of final entry
C. Ledger Referred to as the book of original entry.
D. Journal 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.
II. Fill in blanks to complete the following statements:
13. __________ is an employee of the company in charge to maintain bookkeeping records of the business.
14. __________ is considered the book of original entry.
15. __________ is considered the book of final entry.
16. __________ is the most convenient and fastest way of posting journal entries to the ledger. This account is divided into two sides.
17. __________ contains the detail for all invoices received from suppliers.
18. __________ is a group of accounts directly associated from the general ledger.

Address: Fernando Air Base, Lipa City

Contact number: (043)774-2093
Email Add: fabnhsfab@yahoo.com
 Republic of the Philippines
Department of Education
REGION IV-A CALABARZON
SCHOOLS DIVISION OF LIPA CITY
FERNANDO AIR BASE INTEGRATED NATIONAL HIGH SCHOOL
FERNANDO AIR BASE, LIPA CITY
For 19-20. Read and understand the following. Answer the given questions.
19. If you are the owner of the business, is payment of employee salaries an expense? yes, or no? then Why?

20. Fill in the table to complete the data of the following.

Ms. Juliana Chloe Neri opened her computer repair business in Cagayan de Oro City on July 14, 2020. The following transactions occurred
during the month of July 2020:

Prepared by:

MAVELLE A. FAMORCAN KIMBERLY ROSE F. GIRON LEY-AN R. LLAN

Teacher I Teacher I Teacher I

RIZAMAY A. MINDANAO IRISH SOLOMON

Teacher II Teacher II

Checked by:

ELMA H. ILAGAN
Master Teacher II

Noted by:

LEONIDES V. KUNDANGAN
Assistant Principal II

Address: Fernando Air Base, Lipa City

Contact number: (043)774-2093
Email Add: fabnhsfab@yahoo.com
 Republic of the Philippines
Department of Education
REGION IV-A CALABARZON
SCHOOLS DIVISION OF LIPA CITY
FERNANDO AIR BASE INTEGRATED NATIONAL HIGH SCHOOL
FERNANDO AIR BASE, LIPA CITY

Address: Fernando Air Base, Lipa City

Contact number: (043)774-2093
Email Add: fabnhsfab@yahoo.com