Entrepreneurship GRADE 11 SECOND QUARTER
EXAM
OED DEADLINE!!!!!
SHS Quarter 2 Examination
GRADE 12 July 3-7 2023
GRADE 11 July 17-21 2023
End of Term/LMS course access (Quizzes & EXAM) will
close 2-3 days after last day of examination.
These obligations of the business are not due for at least
one year.
Answer: Long-term liabilities
A net figure is computed by subtracting other expenses
from other income.
Answer: Other income and expenses
This figure represents the total amount invested by the
stockholders plus the accumulated profit of the business.
Answer: Owner's equity
The number is computed by adding other income (or
subtracting if other expenses exceed other income) to the
operating profit.
Answer: Net profit before taxes
A written report of the financial condition of a firm.
Answer: Financial Statement
This is listed with cost of goods sold if the expense
associated with the fixed asset is used in the direct
production of inventory.
Answer: Depreciation
If you’ve borrowed money to buy equipment, vehicles,
furniture or other items for your business, this is the
account that tracks what’s owed and what’s due.
Answer: Loans Payable
The __________________ shows the sums you expect to
be coming into and going out of your business in a given
time frame.
Answer: Cash Flow Statement/Cash Budget
It also called the profit and loss statement or P&L,
summarizes your company's revenue and expenses.
Answer: Income Statement/Profit and Loss Statement
__________ is listed with operating expenses if the cost is
associated with fixed assets used for selling, general and
administrative purposes.
Answer: Depreciation
The following are the example of variable cost except.
Answer: Freight
It measures all your revenue sources vs. business
expenses for a given time period.
Answer: Income Statement
These are expenses that stay the same when your sales
increase such as rent, insurance, licensee fees, utilities
etc.
Answer: Fixed expenses
It is computed by subtracting taxes paid from net income
before taxes.
Answer: Net profit after taxes
The results of the first three calculations are used to
determine the total change in cash and marketable
securities caused by fluctuations in operating, investing
and financing cash flow.
Answer: Net change in cash and marketable securities
The _______ account is where you track all incoming
revenue from what you sell
Answer: Sales
Some of the most common ___________ include cash
value of life insurance, long-term investment property and
compensation due from employees.
Answer: Other assets
The following are the example of variable cost except.
Answer: Rent
The activity or occupation of keeping records of the
financial affairs of a business.
Answer: Bookkeeping
Gross Profit / _________ = Gross Profit Margin
Answer: Sales
Operating activities are the daily internal activities of a
business that either require cash or generate it.
Answer: Net cash flow from operating activities
These expenses go up or down based on the sales you
make such as advertising, delivery charges and electricity
if you are manufacturing.
Answer: Variable expenses
The Retained Earnings account tracks any of your
company’s profits that are reinvested in the business and
are not paid out to the owners
Answer: Purchases
These are the assets in a business that can be converted
to cash in one year or less.
Answer: Current assets
(Selling Price - Cost to Produce) / Cost to Produce =
_________.
Answer: Markup Percentage
Products you have in stock to sell are like money sitting on
a shelf and must be carefully accounted for and tracked.
Answer: Inventory
_________ results when a company purchases a fixed
asset and expenses it over the entire period of its planned
use, not just in the year purchased.
Answer: Depreciation
A document (hard copy or digital) that records a business
dealing.
Answer: Business Record
It is computed by subtracting the operating expenses from
the gross profit.
Answer: Operating profit
The costs that generally are more static in nature
Answer: Fix Cost
If your company sells products or services and doesn’t
collect payment immediately you have “receivables” and
you must track.
Answer: Accounts Receivable
The _________ shows your company's assets and
liabilities
Answer: Balance Sheet
It is calculated as sales less the cost of goods sold.
Answer: Gross profit
These are the tangible assets of a business that will not be
converted to cash within a year during the normal course
of operation.
Answer: Fixed assets
These are expenses relating directly to sales such as
buying stock or components, freight costs if goods are
shipped to your business or wages if a staff member
works directly on producing an item for sale.
Answer: Cost of goods sold
This account has a nice ring to it. Basically, it tracks the
amount each owner puts into the business.
Answer: Owners’ Equity
It provides a snapshot of the business's assets, liabilities
and owner's equity for a given time.
Answer: Balance Sheet
It is designed to convert the accrual basis of accounting
used to prepare the income statement and balance sheet
back to a cash basis.
Answer: Statement of cash flow
These obligations of the business are due within one year.
Answer: Current liabilities
This is the biggest cost of all for many businesses.
Answer: Payroll Expenses
It is where you track any raw materials or finished goods
that you buy for your business.
Answer: Purchases
These costs include materials used, direct labor, plant
manager salaries, freight and other costs associated with
operating a plant (for example, utilities, equipment repairs,
etc.)
Answer: Cost of goods sold
It is usually included in operating expenses and/or cost of
goods sold, but it is worthy of special mention due to its
unusual nature.
Answer: Depreciation
A chart that breaks down how much your business
expects to sell in various categories by month (for the next
year) and by year (for the following two to four years).
Answer: Sales Forecast
This is the gross revenue generated from the sale of
clothing less returns (cancellations) and allowances
(reduction in price for discounts taken by customers).
Answer: Sales
A written description of your business' future.
Answer: Business Plan
These selling, general and administrative expenses are
necessary to run the business
Answer: Operating expenses
This is where you track any raw materials or finished
goods that you buy for your business.
Answer: Purchase
It is important in a business for it is the only way to inform
the entrepreneur how the business is doing.
Answer: Record Keeping
These expenses go up or down based on the sales you
make such as advertising, delivery charges and electricity
if you are manufacturing.
Answer: Variable expenses
