Entrepreneurship Exam Review

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Questions and Answers

What is the effect of carriage outwards on a company's financial statement?

It increases net profit

It decreases net profit (correct)

It has no impact on net profit

It contributes to revenue

How is the total expenses amount calculated in the given example?

Utilities and salaries combined

Salaries and rent only

Rent and utilities only

Rent, Salaries, and Utilities combined (correct)

What formula is used to determine daily revenue?

Price - Quantity

Quantity + Price

Price / Quantity

Quantity x Price (correct)

What does the profitability ratio measure?

Efficiency of resource utilization Signup and view all the answers

What is the retail price when achieving a 15% profit on a cost of 100 pesos?

115 pesos Signup and view all the answers

What is the calculated net income if total revenue is 20,000 pesos and total expenses are 9,000 pesos?

11,000 pesos Signup and view all the answers

What common mistake in a business plan can hinder attracting investors?

Failure to have a clear vision Signup and view all the answers

Which components are included in the supply chain process description?

Manufacturing, distribution, customer service Signup and view all the answers

What is the primary role of manpower in a company?

To provide the human workforce necessary for productivity Signup and view all the answers

What is the purpose of prototype testing?

To find defects and gather feedback for enhancements Signup and view all the answers

Which method helps gauge customer interest in a new product?

Early Bird Offer providing discounts to initial customers Signup and view all the answers

What does a workflow diagram illustrate in a production process?

The interaction between materials, manpower, machine, and money Signup and view all the answers

What does net profit represent in a business?

The remaining income after all expenses have been deducted from gross profit Signup and view all the answers

What is a primary advantage of creating a 3D model during prototype development?

To visualize and refine the design and functionality of a product Signup and view all the answers

What is the role of mark-up in product pricing?

It is the additional amount added to the cost price to ensure overhead and profit are covered Signup and view all the answers

Which factor is crucial in improving the interaction between manpower and machines?

Developing a comprehensive training program for workers Signup and view all the answers

Study Notes

Entrepreneurship Exam Review

Manpower and Productivity:
- Manpower (human workforce) is vital for productivity.
- Skills, labor, and management are components of manpower.
Product Sampling:
- A prototype is an initial product sample for testing and refinement before mass production.
Product Research:
- Product descriptions on packaging provide crucial feature and benefit information.
Prototype Development:
- 3D models aid in visualizing and refining product design and functionality before full-scale production.
Prototype Testing:
- Prototype testing uncovers defects and gathers feedback for improvements.
Product Validation:
- Early Bird Offers (discounts to initial customers) gauge market interest and validate products.
Diagrams in Prototyping:
- Diagrams illustrate product dimensions, materials, and fabrication processes. This ensures proper instructions and specifications.
Feedback Prototyping:
- Building an initial product version for demonstration allows for practical testing and feedback collection.
Utilities Costs:
- Utilities (electricity, water) are operating expenses that contribute to overall business costs.
Net Profit Calculation:
- Net profit is the income remaining after deducting all expenses from gross profit.
The 4Ms in Production:
- A workflow diagram illustrates the interaction and contribution of materials, manpower, machines, and money to production efficiency.
Manpower and Machine Interaction:
- Training programs enhance worker machine interaction, improving production outcomes.
Markup:
- Markup is the amount added to the cost price for overhead and profit.
Revenue and Cost Estimation:
- Forecasting analyzes historical data to anticipate future financial performance.
Net Turnover:
- Net turnover is calculated by adding gross profit to the cost of goods sold, yielding total income after the cost of goods is accounted for.
Carriage Outwards:
- Carriage outwards is a business expense, deducting from net profit.
Daily Revenue Calculation:
- Daily revenue is calculated by multiplying quantity and price.
Profitability Measurement:
- Profitability ratios assess a company's resource use for profit generation.
Total Expenses:
- Total expenses example: P9,000 (rent + salaries + utilities).
Net Income:
- Net income example: P11,000 (revenue minus total expenses).
Investor Product Description:
- Product descriptions highlight features and benefits directly to potential investors.
Retail Pricing with Profit:
- Retail price calculation for 15% profit example: P115 (100 + [15% of 100]).
Donation Percentage:
- Donation percentage example: 15% (22,500/150,000).
Profit Calculation:
- Profit calculation example: P625 [(25x30) + (25x25) -1000].
Profit Margin:
- operating profit margin example: 25% (Profit / Total Revenue) x100).
Business Plan Mistakes:
- Lack of a clear business vision hinders decision making and investor appeal.
Supply Chain:
- The supply chain encompasses raw materials procurement, manufacturing, warehousing, distribution, and customer service to ensure smooth operations.
Business Plan Structure Analysis:
- A marketing plan analyzes the market, prices, and distribution strategies.
Financial Operation Evaluation:
- A worksheet summarizes balance sheet and income statements for a financial health and operational efficiency review.

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Description

This quiz covers key concepts in entrepreneurship, focusing on manpower and productivity, product sampling, and prototype development. It also addresses the importance of product validation and the role of diagrams in prototyping. Test your understanding and prepare effectively for your exam!