ST. ISIDORE LABRADOR CHILD DEVELOPMENT CENTER, INC.

Tel. No. 346 – 5975

Email address: silcdci_maya@yahoo.com

GRADE 12 – Entrepreneurship
Second semester - Final Examination

Name : ________________________________________ Date: ________________

Grade & Section: _________________________________ Score: _______________
Strand/Specialization: ______________________________
GENERAL INSTRUCTIONS: Strictly NO ERASURE, NO CORRECTION PEN, and
ALTERATION. Erasures means WRONG.

I. MULTIPLE CHOICE
Directions: Read and understand each question carefully and encircle the letter of the correct
answer.
1. Which of the following refers to the human workforce involved in the manufacture of
products?
A. Materials B. Method C. Machine D. Manpower
2. The 4M’s of production are as follows except ONE. Which one is it?
A. Management B. Manpower C. Method D. Machine
3. Which of the following refers to the marketing copy that explains what a product is and why it
is worth purchasing?
A. Prototype B. Product Description C. Business Model D. Suppliers
4. It represents the final products from the production process and distributed to the customers.
A. Input B. Supplies C. Output D. Materials
5. It is a replica of a product.
A. Prototype B. Product Description C. Business Model D. Suppliers
6. 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. Supply Chain B. Value Chain C. Business model D. Prototype
7. 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 aftersales service?
A. Supply Chain B. Value Chain C. Business Model D. Prototype
8. It describes the rationale of how an organization creates, delivers, and captures value in
economic, social, cultural or other contexts.
A. Prototype B. Product Description C. Business Model D. Suppliers
9. It is an entity that supplies goods and services to another organization.
A. Prototype B. Product Description C. Business Model D. Suppliers
10.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
11.It refers to the process or technique of converting raw materials to finished products.
A. Machine B. Manpower C. Method D. Materials
12. It simply refers to the raw materials needed in the production of a product.
A. Machine B. Manpower C. Method D. Materials
13. This refers to the amount added to the cost of a product to determine the selling price.
a. Revenue b. Cost c. Mark Up d. Mark Down
14. 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. 900.00 b. 450.00 c. 800.00 d. 1000.00
15. It is a planning tool that helps the entrepreneur copes with uncertainties in the future
operation of the business.
a. Revenue b. Selling c. Benchmarking d. Forecasting
16. The selling price of an item or merchandise is computed by adding cost per unit and
__________?
a. revenue b. mark up c. discount d. number of Items
17. Mang Berting is a fruit vendor selling at the local public market. He gets his mangoes from a
supplier at 25 pesos per kilo and sells it at 45 pesos per kilo to his customers. How much mark-
up is Mang Berting adding to his selling price?
a. 25.00 b. 30.00 c. 15.00 d. 20.00
18. Aling Elvie sells t-shirt at 175.00 pesos each. If each t-shirt costs 135.00 pesos, how much
is the mark-up?
a. 30.00 b. 45.00 c. 40.00 d. 50.00
19. It is the result when sales exceed the cost to produce goods or render services.
a. Forecasting b. Selling c. Revenue d. Benchmarking
20. It is a tool that allows managers to make educated estimates on revenue and costs of the
business in order to cope with uncertainties of the future.
a. Estimating b. Guessing c. Forecasting d. Benchmarking
21.Mang Lito sold 5 pairs of slippers. Suppose Mang Lito purchased the 5 pairs of slippers at
P30.00 each and pays P120.00 freight. Calculate how much is the cost of goods sold?
a. 220.00 b. 420.00 c. 270.00 d. 200.00
22.This refers to costs incurred through payment of utilities such as electricity and water.
a. Revenue b. Operating expenses c. Mark-up d. Free
23.Merchandise or goods purchased are referred to as –
a. Purchases b. Operating expenses c. Costs d. Loss
24.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
25.Jean purchased 5 baskets for P 30.00 each. According to her calculation, P 10.00 shall be
added to the cost as mark-up. How much is the selling price of each basket?
a. 35.00 b. 40.00 c. 50.00 d. 60.00
26. Irene sells fashion bags online. She gets each bag for P 150.00 from a local supplier. She
then adds P 100.00 as mark-up for each bag. How much is the selling price of each bag?
a. P 200.00 b. P 250.00 c. P 300.00 d. P 350.00
27. A merchandising business earns through –
a. rendering services c. donating products
b. lending money d. buys and sells goods
28. Which of the following businesses use Service Income in recording revenues?
a. Beauty Salon b. Sari-sari store c. Movie House d. Hardware
29. It refers to the amount of merchandise or goods sold by the business for a given period of
time.
a. Operating Expense b. Cost of Goods Sold c. Deductions d. Sales
30. Aling Coring sold 5 pieces of rugs. She bought the rugs for 20 pesos and sold it for 35
pesos. How much is the total cost of goods sold?
a. P 80.00 b. P 90.00 c. P 100.00 d. P 110.00
31. 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
32. Nathaniel sells bottled water in a nearby city bus terminal. Every day he can sell 30 pieces
of bottled water at 20 pesos each. How much is Nathaniel’s daily sales?
a. P 900.00 b. P 800.00 c. P 700.00 d. P 600.00
33. 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. P 80.00 b. P 90.00 c. P 100.00 d. P 110.00
34. The following are financial records of ABC Company.
Revenues – P 20,000.00 Salaries expense – P4,000.00
Rent expense – P3,000.00 Utilities expense – P2,000.00
How much is the total expenses?
a. P9,000.00 b. P10,000.00 c. P18,000.00 d. P1,000.00
35. How much is the net income?
a. P9,000.00 b. P10,000.00 c. P 18,000.00 d. P11,000.00
36. A source document issued by the supplier acknowledging that full payment has been
received from the customer.
A. Official receipt C. Delivery receipt
B. Purchase receipt D. Receiving report
37. All of the following are examples of source documents, except
A. Check B. Invoices C. Contract D. Journal
38. A source document which shows that the customer has already made partial payment to the
supplier through issuance of.
A. Check B. Voucher C. Official receipt D. Sales invoice
39. Which of the following is true?
A. Good record keeping is not important to the business owner.
B. Good record keeping is important only to the accountant.
C. Good record keeping gives benefits to the enterprise.
D. Good record keeping gives no importance at all.
40. Which of the following is NOT a benefit to the enterprise?
A. It allows the entrepreneur to plan and work more efficiently.
B. It allows the entrepreneur to meet legal and tax requirements.
C. Can check if the business is doing good.
D. It cannot protect the rights of the owner.

II. Compute the Gross Profit

Directions: Solve the given problems below. Show your solutions. (5pts each.)
1. Quille is engaged in a buy – and – sell business of perfumes. He bought 20 boxes of
perfumes. Each box costs P12,000.00 and contains a dozen of perfume bottles. He is
planning to sell one perfume bottle at P1,500. What is his expected profit on the 20
boxes of perfumes?

2. Zyannah went to Baguio and bought 20 jars of strawberry jam for P3,500.00 with 15%
discount. When she got back to Manila, she sold 10 of the jars for a total of P1,800.00
and the rest as P185.00 each. How much profit did Zyannah gain?

Prepared by:
Ms. Michelle C. Montiadora
Teacher