Latest TLE Reviewer 11 - LET EXAM - Questions & Answers

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Latest TLE Reviewer 11


1. Which is owed by the business that requires prompt payment?

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

ANS: D

2. Which refers to a business obligation that requires 15 months of payment?

A. Current liability
B. long-term liability
C. current asset
D. current liability

ANS: B

3. Which of these terms best applies  o current asset?

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

ANS: A

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

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

ANS: D

5. What are resources owned for the operation of the business?

A. assets
B. liability
C. capital
D. expenses


ANS: A

6. Some resources of the firm acquired their asset through obligation. What does this refer to?

A. Expenses
B.  Assets
C. Liability
D. capital

ANS: C

7. After a month, Mr. Patac was able to get all coins he earned form his coffee vending machine worth P 11, 755.00 and paid his water bill P 750.00 and electricity P 1,300.00.
A. P 9,705.00
B. P 10, 455.00
C. P 11, 755.00
D. P. 11, 005.00

ANS: C

8. How much is the net sales of Mr. Patac after a month of his business?

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

ANS: C

9. Mr. Patac bought motorcycle worth P 72,000.00 to monitor his expanding coffee vending machine business. After five (5) years, the said motorcycle will become P 15,000.00 value. How much is he going to set aside per month for depreciation?

A. P 57,000.00
B. P 11,400.00
C. P 950.00
D. P 850.00

ANS: C

10. Giving 10% depreciation for the 5 additional units of coffee Vending machine that is worth P 35,000.00 each. How much is the depreciation cost of each machine?

A. P 17,000.00
B. P 3,500.00
C. P 4,250.00
D. P 1,750.00

ANS: B

11. What is the term that describes the total of cash, plus purchase, plus the customers obligation to the business?

A. Assets
B. Inventory
C. Profit
D. liability
ANS: A

12. Which term refers to gross increase in owner’s equity arising from increase in assets received in exchange for the delivery of goods or services to customers?

A. Assets
B.  liability
C.  income
D. expenses

ANS: C

13. Which term refers to decreases in owner’s equity that increases because goods or service are delivered to customers?

A. Profit
B. Expenses
C. Earnings
D. Revenue

ANS: B

14. Which is considered to be the best way to assess entrepreneurial project or business ventures?


A. environmental analysis
B. SWOT analysis
C. competition analysis
D. PEST analysis

ANS: B
                    
15. An analysis that provides the details for opportunities and threats of a business to make batter decision regarding marketing plan is termed ______ .

A. environmental analysis
B. SWOT analysis
C. competition analysis
D. PEST analysis

ANS: D

16. The acronym SWOT stands for _____ .


A. Strengths-Weaknesses-Option-Threats
B. Strengths-Weaknesses-Opportunity- Testing
C. Strengths-Weaknesses- Operations-Tactics
D. Strengths-Weakness-Opportunities-Threats

ANS: D

17. Which question is asked at the first stage in the marketing planning process of an enterprise?

A. Where are we now?
B. Where are we heading?
C. Are we on course?
D. Where would we like to be?

ANS: A

18. Which of these stages is the final stage in the marketing planning process flow chart?

A. Control
B. Marketing planning
C. Setting marketing objectives
D. Setting the product price

ANS:A

19. An entrepreneur might select a target market probably because the target market _____ .

A. is attractive to the business and matches its supply capabilities
B. is large and well-served with existing products
C. is fully understood by the entrepreneur
D. has a proven track record for buying product

ANS: A

20. A carefully thought structured formal commercial report that is extraordinarily well documented and clearly written to safe any wastage of further investments project is called ______ .

A. portfolio
B. business plan
C. resume
D. feasibility

ANS: A
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