Entrep

Question 1

It is designing, developing, and executing the Enterprise Delivery System, from sourcing of the necessary input to the transformation of these input into the final output, which come in the form of goods or services or both, must carry all the features and attributes that customers are looking for

Answer 1

Operation Management

Question 2

It represent factors that influence on results of any concern process. This was used to make product design and quality defect prevention to identify potential factors on cause and overall effect.

Answer 2

4M’s of Operation

Question 3

What are the 4M’s of Operation

Answer 3

Method
Machine
Materials
Manpower

Question 4

These are employees that processes and give insights on how to reduce cost, increase productivity to achieve a better business result.

Answer 4

Manpower

Question 5

Used to make new products

Answer 5

Materials

Question 6

It is a detailed procedure for accomplishing a particular job used when developing or innovating new product or service and expanding a business enterprise

Answer 6

Method

Question 7

The process of acquiring the materials and services to be used in production is called?

Answer 7

Purchasing

Question 8

It is marketing strategy that explains what a product is and why consumers should buy it.

Answer 8

Product description

Question 9

TRUE OR FALSE
One of the necessary early steps in the inventing process is the creation of the prototype. It is the conversion of concepts into a viable product.

Answer 9

TRUE

Question 10

What is the process of presenting a concept for a product to its target market and learns from those prospective buyers whether or not the idea is worth pursuing?

Answer 10

Market Validation

Question 11

TRUE OR FALSE
Market validation typically takes place later-on in the conception stage, before any significant investment has been made in developing the product

Answer 11

FALSE
Market validation typically takes place early-on in the conception stage, before any significant investment has been made in developing the

Question 12

It is the integration of all the activities that starts from the manufacturing of raw materials into the finished product and ends when the product reaches the customer.

Answer 12

Supply Chain

Question 13

The series of input activities that focuses on creating or adding value to the product for its valued customers which often involves finding the raw material for manufacturers or just simply packaging and marketing for retailers.

Answer 13

Value chain

Question 14

TRUE OR FALSE
Your success will depend on your capability to organize a team of highly qualified employees who are dedicated to the goals and objectives of your business.

Answer 14

TRUE

Question 15

It is the processes of the companies use to find qualified candidates to fill job openings.

Answer 15

Recruiting/Recruitment

Question 16

TRUE OR FALSE
When recruiting, you shouldn’t consider your actual needs of your business.

Answer 16

FALSE
When recruiting, you should consider your actual needs of your business.

Question 17

It refers to a high-level plan for profitably operating a business in a specific marketplace; It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses.

Answer 17

Business model

Question 18

It helps new, developing companies attract investment, recruit talent, and motivate management and staff.

Answer 18

Business model

Question 19

not a question
These are the types of Business Model

Answer 19

•Retailer
•Manufacturer
•Fee-for-service
•Subscription
•Freemium
•Bundling
•Brokerage
•Marketplace
• Affiliate
•Razor Blade
•Reversed Razor Blade
•Franchise
•Pay-as-you-go

Question 20

TRUE OR FALSE
In creating a business model, you should identify your audience and set monetization solutions.

Answer 20

TRUE

Question 21

It is a tool used in planning that aims to support management or a business owner in its desire to adjust and cope up with uncertainties of the future.

Answer 21

Forecasting

Question 22

It is the result when sales exceed the cost to produce goods or render the services.

Answer 22

Revenue

Question 23

It refers to the amount of money used to produce or manufacture goods/merchandise as well as costs incurred in selling the goods/merchandise.

Answer 23

Cost

Question 24

It refers to the amount added to the cost to come up with a selling price.

Answer 24

Mark-up

Question 25

What is the mark-up (MP) formula?

Answer 25

MP = cost × desired mark-up percentage

(e.g. ₱30 × 13%)

Question 26

What is the selling price (SP) formula?

Answer 26

SP = cost + mark-up

(e.g. ₱30 + ₱3.9)

Question 27

It is a cost that a company (or other organization) becomes liable for.

Answer 27

Cost incurred

Question 28

It refers to goods and merchandise at the beginning of operation of business or accounting period.

Answer 28

Merchandise Inventory: Beginning

Question 29

It refers to the amount of merchandise or goods sold by the business for a given period of time.

Answer 29

Cost of Goods Sold/Cost of Sales

Question 30

Refers to the merchandise or goods purchased

Answer 30

Purchases

Question 31

It refers to goods and merchandise left at the end of operation or accounting period.

Answer 31

Merchandise Inventory: End

Question 32

Refers to amount paid to transport goods or merchandise purchased from the supplier to the buyer. In this case, it is the buyer who shoulders these cost.

Answer 32

Freight-in

Question 33

They are a group financial statement ratios that primarily determine the profitability of the business operation. They provide information on the efficiency of resource utilization.

Answer 33

Profitability ratios

Question 34

It represents the difference between net sales and cost of sales of the entrepreneurial venture during a given period.

Answer 34

Gross profit

Question 35

TRUE OR FALSE
Investors and financial analysts rely on financial data to analyze the performance of a company and make predictions about the future direction of the company’s stock price

Answer 35

TRUE

Question 36

These are used by investors, market analysts, and creditors to evaluate a company’s financial health and earnings potential.

Answer 36

Financial statements

Question 37

What are the three major financial statements?

Answer 37

Balance Sheet
Income Statement
Cash flow Statement

Question 38

It provides an overview of a company’s assets, liabilities, and shareholders’ equity as a snapshot in time. The date at the top tells you when the snapshot was taken, which is generally the end of the reporting period.

Answer 38

Balance sheet

Question 39

It measures how well a company generates cash to pay its debt obligations, fund its operating expenses, and fund investments.

Answer 39

Cash Flow Statement

Question 40

Unlike the balance sheet, this statement covers a range of time, which is a year for annual financial statements and a quarter for quarterly financial statements. It provides an overview of revenues, expenses, net income, and earnings per share.

Answer 40

Income Statement

Question 41

The process of recording and organizing a business’s financial transactions. It can also refer to the different recording techniques businesses can use.

Answer 41

Bookkeeping

Question 42

The one who manages bookkeeping

Answer 42

Bookkeeper

Question 43

In the world of bookkeeping, an
account doesn’t refer to an individual bank account. Instead, an account is a record of all financial transactions of a certain type, like sales or payroll.

Answer 43

Business account

Question 44

Five basic types of business accounts

Answer 44

Assets
Liabilities
Revenue or Income
Expenses or expenditures
Equity

Question 45

Back in the day, charts of accounts were recorded in a physical book called the general ledger (GL). But now, most businesses use computer software to record accounts. What type of software is used now?

Answer 45

Spreadsheet software