TECHNOLOGY AND LIVELIHOOD EDUCATION

BUSINESS MATH

1. Which term refers to mathematical business decisions that make

orderly delineated sequences of mathematical operatives that lead to
a solution?
A. Conceptual model
B. Quantitative model
C. Algorithms
D. Decisions

2. Every day we have to calculate the discount of shopping mall, allocate

how much for food and shopping, and when we get a loan from the
bank we calculate the interest. This simply means we need _______.
A. Money
B. Calculation
C. Mathematics
D. Percentage

3. Which is also known as Quantitative Finance that is concerned with

financial markets and taking observed market prices as inputs?
A. Mathematics in marketing
B. Mathematical finance
C. Percentage
D. Calculation

4. What financial reports reflect the net income sales?

A. Statement of Cash Flow
B. Balance sheet
C. Net Income Report
D. Income statement

5. What is the remainder after all the expenses have been deducted from
revenues?
A. Repair income
B. Gross income
C. Net income
D. Service income

6. On what financial statements are assets that are used in the operation
of business found?
A. Income statement
B. Statement of Owners Capital
C. Balance sheet
D. Statement of Cash Flow
7. The sum of all the expenses from the operation of the business can be
found on the _____________
A. Balance sheet
B. Statement of Cash Flow
C. Income statement
D. Statement of Owners capital

8. To which financial reports are Liabilities and Capital added?

A. Statement of Cash Flow
B. Statement of Owners capital
C. Income Statement
D. Balance Sheet

9. What financial statement shows all the received cash from both
ongoing operations and external investment sources?
A. Statement of Cash Flow
B. Statement of Owners capital
C. Income statement
D. Balance Sheet

10. The earning power of the business firm is reported on the ________.
A. Balance sheet
B. Income Statement
C. Statement of Cash Flow
D. Statement of Owners Capital

11. The Balance Sheet provides the information about ____________.

A. all the sales of the firm
B. all the expenses of the firm
C. list of cash received and payments of the firm
D. list of all the assets of the firm

12. Recording the increases of income of a Computer Repair Shop should

be written on the ________ column.
A. Asset
B. Income
C. Credit
D. Debit

13. In journalizing, the owner’s withdrawal from his firm should be

written on the _____.
A. Capital
B. Debit
C. Credit
D. Expenses

14. When a business purchased a computer set worth Php 65,000.00

for the office; debit computer set, Php 65,000.00; credit is _______.
A. Accounts payable, Php 65,000.00
B. Capital, Php 65,000.00
C. Computer set expenses, Php 65,000.00
D. Cash, Php 65,000.00

15. Ms. Allen receives her payment from tutorial of Mrs. Yap’s son;
debit, cash; credit, ______.
A. payment
B. cash
C. fee
D. asset

16. Mr. Albert Patac bought and invested a Coffee Vending Machine
worth Php 35,000.00. Debit, machine; credit, _______.
A. Cash, Php 35,000.00
B. A. Patac, capital, Php 35,000.00
C. Asset, Php 35,000.00
D. Expenses, Php 35,000.00

17. Purchased office supplies and equipment on credit are _______.

A. debit office supplies, credit cash
B. debit office supplies, credit accounts payable
C. debit office supplies and equipment, credit cash
D. debit office supplies and equipment, credit accounts payable

18. To find the current liability, one must look at the ________.
A. mortgage payable
B. loans payable
C. bonds payable
D. salaries payable

19. The resources that a firm acquires through creditors, is called ___.
A. liability
B. capital

C. assets
D. income

20. Business owed that will be due not to exceed a year is referred to
as ______.
A. current asset
B. current liability
C. fixed asset
D. fixed liability

21. Which is owned by the business that requires prompt payment?

A. Non-current liability
B. Non-current asset
C. Current asset
D. Current liability

22. Which refers to a business obligation that requires 15 months of

payment?
A. Current liability
B. Long-term liability
C. Current asset
D. Long-term asset

23. Which of these terms best applies to current asset?

A. Accounts receivable
B. Accounts payable
C. Notes receivable
D. Notes payable

24. What is an example of non-current assets?

A. Prepaid expenses
B. Cash in the bank
C. Accounts receivable
D. Properties and equipment

25. What are the resources owned for the operation of the business?
A. Assets
B. Liability
C. Capital
D. Expenses

26. Some resources of the firm acquired their assets through

obligations. What does this refer to?
A. Expenses
B. Assets
C. Liability
D. Capital

Situation:
27. After a month, Mr. Patac was able to get all the coins he earned
from his coffee vending machine worth Php 11,755.00 and paid his
water bill for Php 750.00 and electricity for P 1,300.00.

How much is Mr. Patac’s gross sales?

A. Php 9,705.00
B. Php 10,455.00
C. Php 11,755.00
D. Php 11,005.00

28. How much is the net sales of Mr. Patac after a month of his
business?
A. Php 11,005.00
B. Php 10,455.00
C. Php 9,705.00
D. Php 11,755.00

29. Mr. Patac bought a motorcycle worth Php 72,000.00 to monitor his
expanding Coffee Vending Machine business. After 5 years, the said
motorcycle will become Php 15,000.00 in value. How much is he going
to set aside per month for depreciation?
A. Php 57,000.00
B. Php 11,400.00
C. Php 950.00
D. Php 850.00

30. Giving 10% depreciation for the 5 additional units of Coffee

Vending Machine that is worth Php 35,000.00 each, how much is the
depreciation cost of each machine?
A. Php 17,500.00
B. Php 3,500.00
C. Php 4,250.00
D. Php 1,750.00

31. What is the term that best describes the total cash, plus purchases,
plus the customers’ obligation to the business?
A. Assets
B. Inventory
C. Profit
D. Liability

32. Which term refers to gross increases in owner’s equity arising from
increases in assets received in exchange for the delivery of goods or
services to customers?
A. Assets
B. Liability
C. Income
D. Expenses

33. Which term refers to decreases in owner’s equity that increases

because goods or services are delivered to customers?
A. Profit
B. Expenses
C. Earnings
D. Revenue

34. Something a business owns or controls such as cash, land, and

equipment, etc.?
A. Capital
B. Equity
C. Asset
D. Liabilities

35. Represents the difference between the assets and liabilities. It

represents the amount of capital that remains in the business after the
assets are deducted to pay off the obligations or liabilities.
A. Equity
B. Revenue
C. Profit
D. Liability

36. A business obligation, owned to someone such as payables,

creditors, bank loans, mortgage, etc.?
A. Expenses
B. Liabilities
C. Assets
D. Statements

37. What the business has earned over a period is called ______.
A. Assets
B. Income
C. Profit
D. Sales

38. The cost incurred by the business is called _________.

A. Liabilities
B. Expense
C. Debit
D. Credit
39. It is a measure of the assets of your operation that have been
generated through profitable activity, retained in your business and
not paid out to shareholders as dividends.
A. Statement of Cash flow
B. Statement of Retained earnings
C. Statement of Assets and Liabilities
D. Statement of Financial Position

40. Also knows as the Balance Sheet. It presents the financial position
of an entity at a given date.
A. Statement of Financial Position
B. Income statement
C. Statement of Retained earnings
D. Statement of Cash flow

41. Also known as Profit and Loss Statement. It reports the company’s
financial performance in terms of net profit or loss over a specified
period.
A. Fixed Assets
B. Income Statement
C. Statement of cash flow
D. Statement of Retained earnings

42. Things of value that you have and that may have future economic
benefit.
A. Assets
B. Profit
C. Income
D. Expense

43. These are the things that have negative value because they are
something you owe.
A. Liabilities
B. Debts
C. Expenses
D. Investment

44. The type of assets that are acquired by the business for use in the
business. The business has no intention of selling them at the time of
purchase for as long as they remain productive and business
continuous to operate. Also known as long term assets.
A. Fixed
B. Current
C. Financial term
D. Short term
45. The type of assets that remain in business over a short time period.
This is usually less than a year. Their value constantly changes and
some of these are acquired by the business for re-sale purposes.
Also known as short term assets.
A. Financial term
B. Current
C. Fixed
D. Credit

ANSWER KEY
BUSINESS MATHEMATICS
(45 ITEMS)

1. C 13. B 23. A 36. B

2. C 14. D 24. D 37. B
3. B 15. C 25. A 38. B
4. D 16. B 26. C 39. B
5. B 17. D 27. C 40. A
6. C 18. D 28. C 41. B
7. C 19. A 29. C 42. A
8. D 20. B 30. B 43. A
9. A 21. D 34. C 44. A
10. B 22. B 35. A 45. B
11. D
12. C
TECHNOLOGY AND LIVELIHOOD EDUCATION
ENTREPRENEURSHIP

Which of the following is the correct definition of the term “entrepreneur”?

Pursues opportunity without regard to resources.
Starts a new business with the aim of making a profit.
Seeks to create value for local communities, people or customers by starting
new ventures which exploit new products, processes or markets.
Seeks to generate value through creation or expansion of economic activity
by identifying and exploiting new products, process or markets.

Which of the following skills are NOT needed by an entrepreneur?

Technical skills
Personal entrepreneurial skills
Working skills
Business management skills

Which of the following statement is INAPPROPRIATE in starting a business?

Study the concepts and principles of entrepreneurial skills.
Cope with failures of the business.
Undergo training on entrepreneurial skills.
Know what characteristics are needed to become an entrepreneur.

Which of the following is NOT a source of fund for Ms. Burgos future
business?
Seek assistance from the Central Bank of the Philippines.
Borrow money from friends and relatives.
Avail of the government program on financing micro-macro business.
Use part of her retirement benefit.

If her business idea is a boutique, what quality of a future entrepreneur is

INAPPROPRIATE?
Relaxed
Hardworker
Risk-taker
Innovative

Which of the following is NOT a characteristic of an entrepreneur?

Coping with failure
Irritated
Opportunity seeker
Persistent

Which among these characteristics of an entrepreneur is UNDESIRABLE?

Opportunity seeker
Goal setter
Futuristic
Impassive

Which of the following is the primary cause of failure in small business?

Poor financial control
Poor location
Management mistake
Improper inventory control

Which of these traits gets an entrepreneur off of his/her feet and puts
him/her into action, turning daydreams into reality?
Perseverance
Ambition
Creativity
Enthusiasm

This entrepreneurial trait allows you to make a calculated risk. It will act as
safety net, making you question every move you make so as to avoid any
serious problems.
Creativity
Prudence
Decision-making
Perseverance

Which entrepreneurial traits give an entrepreneur a positive outlook in life

which gives the energy to pursue his/her endeavours?
Perseverance
Ambition
Creativity
Enthusiasm

With which trait an entrepreneur able to withstand the troubles that come
with a starting business?
Perseverance
Ambition
Creativity
Enthusiasm

Which general function of marketing involves the physical meeting point for
buyers and sellers at the point of production or via some other means of
communication?
Specific functions
Exchange functions
Physical functions
Facilitating functions
Which type of marketing functions enables the actual flow of commodities
through space and time from the producer to consumer and their
transformation to a form desirable to the consumer?
Specific functions
Exchange functions
Physical functions
Facilitating functions

From a societal viewpoint, which of the following statements about

marketing objective is NOT true?
Assist in the efficient allocation of resources
Create wealth and promote economic growth
Improve income distribution among different sectors of the economy
Maintain instability of supply and demand for marketed goods

Which is considered a vehicle for informing target market about the

enterprise and the products or services?
Product
Price
Promotion
Place

At what stage of marketing effort does an entrepreneur concentrate on

targeting a new market of buyers and taking market share from competitors
by price cutting or relaunching the product?
Introduction
Growth
Maturity
Decline

Which of the following is NOT appropriate in running a small-scale business?

Keeping clear records
Verifying profit and loss
Distribution channel
Managing cash flow

Which marketing channel operates with capital owned directly by the

operators and their partners, or in some cases by share holders?
Cooperatives
Independent, locally-based private enterprises
Marketing boards and other state enterprises
Transnational companies
At which stage of a product life cycle must an entrepreneur decide whether
she wants to try or rejuvenate the product by investing in the development
and aggressive marketing or to quietly admit defeat and exit the market?
Introduction
Growth
Maturity
Decline

A marketing mix that can have both tangible and intangible aspects and is
the thing you offer to satisfy your customer’s wants and needs is
_______________.
Product
Packaging
Price
Promotion

Which is considered to be the best way to assess entrepreneurial projects or

business ventures?
Environment analysis
SWOT analysis
Competitor analysis
PEST analysis

An analysis that provides the details for the opportunities and threats of a
business to make better decisions regarding marketing plan is __________.
Environment analysis
SWOT analysis
Competitor analysis
PEST analysis

The acronym SWOT stands for ______________.

Strengths Weaknesses Option Threats
Strengths Weaknesses Opportunity Testing
Strengths Weaknesses Operations tactics
Strengths Weaknesses Opportunities Threats

Which questions is asked at the first stage in the marketing planning process
of an enterprise?
Where are we now?
Where are we heading?
Are we on course?
Where would we like to be?

Which of these stages is the final stage in the marketing planning process
flow chart?
Control
Marketing planning mix

Setting marketing objectives

Setting the product price

An entrepreneur might select a target market probably because the target

market is ______________.
Attractive to the business and matches its supply capabilities
Large and well-served with existing products
Fully understood by the entrepreneur
Has a proven track record for buying product

What is the RESULT when the client or costumer pays more than the actual
cost of goods or services?
Profit
Sales
Income
Revenue

A carefully thought structured formal commercial report that is

extraordinarily well documented and clearly written to safeguard any
wastage of further investment project is _________.
Portfolio
Business plan
Resume
Feasibility study

Which is considered as a comprehensive and effective blueprint to guide an

entrepreneur in a business venture?
Resume
Portfolio
Business plan
Insurance plan

Who puts money in a business venture in the hope of receiving a return on

investment?
Stakeholder
Owner
Debtor
Creditor

Which is attached to voucher?

Price list
Invoice
Recipient
Item description
 Who exposed on the Theory of Bureaucratic Management?
Max Webber
Chester Barnard
Mary Parker Follett
Lillian Gilbreth
Karl Marx

Morality applied to business seeks the _________.

Entrepreneurial prestige attached to success
Influence of power in the world market
Welfare of the people
Leadership position in the business industry

Which principle of management requires the use of one plant to direct

operation within the organization?
Esprit de corps
Unity of direction
Authority
Unity of command

The acronym PEST stands for ______________.

Practical, Economical, Service and Technology
Politics, Environment, Savings and Technologies
Political, Economy, Secure and Transparent
Political, Economic, Social and Technological

Which of the following is an example of money, materials and machine?

Capital
Resource
Input
Material

What is the best training ground to develop skills in decision-making?

Home
School
Society
Church

This is the money moving in and moving out of the enterprise. It’s the total
amount of money coming in and going out of the business.

Profit
Cash flow
Asset
Credit

Cooperatives in name only and controlled by the government. Serve as

taxation mechanisms or to promote government support.
Parastatals
Credit
Multipurpose
Consumer

ANSWER KEY / KEY TO CORRECTION:

C. Seeks to create value for local communities, people or customers by
starting new ventures which exploit new products, processes or markets.
C. Working skills
B. Cope with failures of the business.
A. Seek assistance from the Central Bank of the Philippines.
A. Relaxed
B. Irritated
D. Impassive
B. Poor location
B. Ambition
B. Prudence
D. Enthusiasm
A. Perseverance
B. Exchange functions
C. Physical functions
D. Maintain instability of supply and demand for marketed goods
C. Promotion
C. Maturity
C. Distribution channel
B. Independent, locally-based private enterprises
D. Decline
A. Product
B. SWOT analysis
D. PEST analysis
D. Strengths Weaknesses Opportunities Threats
A. Where are we now?
A. Control
A. Attractive to the business and matches its supply capabilities
D. Revenue
D. Feasibility study
C. Business plan
A. Stakeholder
B. Invoice
A. Max Webber
A. Entrepreneurial prestige attached to success
B. Unity of direction
D. Political, Economic, Social and Technological
B. Resource
B. School
B. Cash flow
A. Parastatals