Entrepreneurship -post Test 2018

M.B. ASISTIO SR. HIGH SCHOOL – UNIT 1 FINAL EXAM IN APPLIED ENTREPRENEURSHIP Plapla St. Kaunlaran Village Caloocan City SENIOR HIGH SCHOOL First Semester - 2018-2019

“If you can dream it, you can do it.” Walt Disney I. Instruction: Choose the letter that corresponds to the correct answer. 1. Widely accepted strategic marketing tool a. Marketing Mix b. 4P’S c. 3P’S d. SWOT 2. Any physical good, services, or idea that is created by an entrepreneur or an innovator a. Products. b. Price c. Place d. Promotion 3. Refers to a location or the medium of transaction. a. Products. b. Price c. Place d. Promotion 4. Is the peso value that the entrepreneur assigns to a certain product or service after considering its costs. a. Products. b. Price c. Place d. Promotion 5. Involves presenting the products or services to the public and how these can address the public’s needs, wants, problems, or desires a. Products. b. Price c. Place d. Promotion 6. This potential employees need to be well-compensated and provided with benefits a. People b. Packaging c. Process d. Promotion 7. It is a overall identification (look and feel) of the product or service a. People b. Packaging c. Process d. Promotion 8. Is defined as a step-by-step procedure or activity workflow that the entrepreneur or employees to effectively and efficiently serve customers. a. People b. Packaging c. Process d. Promotion 9. Is the major factors why a customers, the tendency is to look for the second layer of selection a. Core Benefits b. Marketing Mix c. Physical Characteristics d. Augmented Benefits 10.These are the benefits are the only additional benefits; a customer will still get the core benefits of a product or service a. Core Benefits b. Marketing Mix c. Physical Characteristics d. Augmented Benefits 11. Refers to the identity of a company, of a product, of a service, or of an entrepreneur a. Brand name b. Brand c. Branding d. Brand Management 12. Is the supervision of the tangible and intangible elements of a brand. a. Brand name b. Brand c. Branding d. Brand Management 13. Process of integrating the strategies formed from the marketing mix to give an identity to the product or service a. Brand name b. Brand c. Branding d. Brand Management 14. Is a major differentiator of the entrepreneur against the competitors a. Brand name b. Brand c. Branding d. Brand Management 15. It is the process of developing, testing, and commercializing a product or service with the ultimate objective of solving the problem of the primary target market a. Product Development b. Prototype c. Safety test d. Validation of Market Acceptability 16. It is the processes to be followed in effectively manufacturing or delivering the product or service. a. Methods b. Manpower c. Machines d. Materials 17. Used in creating a product or performing a service, which includes supply chain management. a. Methods b. Manpower c. Machines d. Materials 18. Right human resources who will handle certain business operations a. Methods b. Manpower c. Machines d. Materials 19. The technology used in efficiently operating the business. a. Methods b. Manpower c. Machines d. Materials 20. Process of bringing the products or services to customers. a. Service Delivery Process b. Payment Process c. Distribution Method d. none of the above 21. These customers are often misinterpreted as affluent or high-end customers. a. Targeted High-value customers c. Satisfying customer b. Difficult customer d. Regular customer 22. Is the output of a sale wherein the sales price exceeds the cost to produce the product or render the service. a. revenue b. collateral c. return of investment d. Expense 23. It refers to the value reduction of the noncurrent assets primarily due to natural wear and tear and other valuereducing factors a. Asset b. Depreciation c. Capital d. Liabilities

24. General Accepted Accounting equation should always be… a. Assets=Liabilities + Capital c. Income - Expense = Net Income/Net Loss b. Assets=Income d. Assets = Capital 25. A financial statement that describes the financial position of the business a. Income Statement b. Balance Sheet c. Capital Statement d. Cash flow Statement II. Computation: Direction: Compute for the Cash Flow Statement of Antonio Castro Store. The first column is done for you as a guide.

Starting Cash Balance Add: Positive Cash Flows Less: Negative Cash flows Add: Depreciation Ending Cash Balance

Startup Month

Month 1

Month 2

Month 3

10,000

2,000

5,200

8,400

11,600

14,800

0

8,000

8,000

8,000

8,000

8,000

8,000

5,000

5,000

5.000

5,000

5,000

0

200

200

200

2000

26.

27.

28.

Month 4

Month 5

200 29.

200 30.

III. Instruction: Read the questions carefully and analyzed the underlined word/s. Write T if the statement is true and F if it is false. _____31. The entrepreneur must discuss the marketing plan and marketing objective thoroughly. _____32. Give special discount prices to first 100 customers who will like the page on Facebook. _____33 Capital is the money that will be allocated by the entrepreneur to establish a business.. _____34. The primary target market are also sales leads or prospects. _____35. The entrepreneur money is same from his personal money. _____36. Entrepreneur becomes the checker in the “maker-checker” accounting concepts. _____37. Revenue is the output of a sale wherein the Income is less than the operating expenses. _____38. Balance Sheet is a financial statement that details the computation of net revenues of deducting cost of sales, expenses and taxes from the gross revenue figures in retail perspective. _____39. Income Statement is a core financial statement that describes the financial position of the business _____40. Owner’s Equity or capital is the funds allocated by the entrepreneur to run the business. IV. Problem Solving: Prepare Income Statement and Balance Sheet of Mr. Castro of Labadami- labango Laundry Shop (10 pts.) CASH CASH IN BANK ACOOUNTS RECEIVABLE INVENTORY OFFICE SUPPLIES FURNITURE

25,000 1,179,333 500,000 1,500,00 15,000 639,167

ACCOUNTS PAYABLE NOTES PAYABLE CASTRO, CAPITAL SALES RENT EXPENSE TAXES AND LICENSES SALARIES EXPENSE LIGHT AND WATER TELEPHONE EXPENSES

383,333 1,500,000 1,475,167 1,500,00 10,000 5,833 5,000 2,000 2,000

NOTE: USE SEPARATE SHEET FOR COMPUTATON

************************************************** Good luck and Godbless************************************************* /ggm

KEY TO CORRECTION ENTREPRENEURSHIP 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30.

a a c b d a b c a d b d c a a a d b c c a a b a b 5,200 8,400 11,600 14,800 18,000

31. 32. 33. 34. 35. 36. 37. 38. 39. 40.

T T T T F T F F F T

LABADAMI-LABANGO LAUNDRY SHOP INCOME STATEMENT FOR THE MONTH ENDED, SEPTEMBER 30, 2018 Income: Sales Operating Expenses: RENT EXPENSE 10,000 TAXES AND LICENSES 5,833 SALARIES EXPENSE 5,000 LIGHT AND WATER 2,000 TELEPHONE EXPENSES 2,000 TOTAL OPERATING EXPENSES

1,500,000 10,000 5, 833 5,000 2,000 2,000 24,833

NET PROFIT

1,475.167 LABADAMI-LABANGO LAUNDRY SHOP BALANCE SHEET SEPTEMBER 30, 2018

Assets Current Assets Cash on hand Cash in Bank Accounts Receivable Inventory Office Supplies Total Current Assets Fixed Asset Furniture Liabilities Accounts payable Notes Payable Total liabilities Owner’s Capital Castro’s, Capital Net Income Total liabilities Total Liabilities and Capital

25,0000 1,179,333 500,000 1,500,000 15,000 3,219,333 639,167 3,858,500 383,333 1,500,000 1,883,333 500,000 1,475,167 1,975,167 3,858,500