Latest TLE Reviewer 12 - LET EXAM - Questions & Answers

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Latest TLE Reviewer 12


1. Which term refers to mathematical business decision that makes orderly delineated sequences of mathematical operatives that leads to a solution?

A. Conceptual model
B. Quantitative model
C. Algorithms
D. Decision

ANS: C

2. Every day we have to calculate the discounted of shopping mall, allocate how much food and shopping and when we get a loan from the bank we calculate the interest. This simply means we need _______ .

A. money
B. calculation
C. mathematics
D. percentage

ANS: C

3. Which is also known as Quantitative Finance that is concerned with financial markets and taking observed market prices as inputs?

A. Mathematical in marketing
B. Mathematical finance
C. Net Income Report
D. Income statement

ANS: B

4. What financial reports reflects the net income sales?

A. Statement of Cash flow
B. Balance Sheet
C. Net income report
D. Income Statement

ANS: D

5. What is the remainder after all the expenses have been deducted from revenues?

A. Repair income
B. Gross income
C. Net income
D. Service income


ANS: B

6. On what financial statements are assets that are used in the operation of business found?

A. Income statement
B. Statement of owners Capital
C. Balance sheet
D. Statement of Cash low

ANS: C

7. The sum of all the expenses from the operation of the business can be found on the ________ .

A. balance sheet
B. statement of cash flow
C. income statement
D. Statement of owners capital

ANS: C

8. To which financial reports are Liabilities and capital added?

A. Statement of cash flow
B. Statement of owners of owners capital
C. income statement
D. Balance sheet

ANS: D

9. What financial statement shows all the received cash from both ongoing operations and external investments sources?

 A. Statement of cash flow
B. Statement of owners of owners capital
C. income statement
D. Balance sheet

ANS: A

10. The earning power of the business firm is reported on the __________ .

A. Balance sheet
B. income statement
C. Statement of cash flow
D.  Statement of owners of owners capital

ANS: B

11. The balance sheet provides the information about ________________ .

A. all the sales of the firm
B. all the expenses of the firm
C. list of cash received and payments of the firm
D. list of all assets of the firm

ANS: D

12. Recording the increase of income of a Computer Repair Shop should be written on the _________ column.

A. Asset
B. Income
C. Credit
D. Debit

ANS: C

13. In journalizing the, owner’s withdrawal from his firm should be written on the ____________.

A. capital
B. debit
C. credit
D. expenses

ANS: B

14. When a business purchased computer set worth P, 65,000.00 for the office; debit computer set, P65,000.00; credit is __________________ .

A. Accounts payable, P 65,000.00
B. Capital, P 65,000.00
C. Computer set expenses P 65,000.00
D. Cash P 65,000.00

ANS: D

15. Ms. Alien receives her payment from tutorial of Mrs, Yap’s son; debit  cash credit, ______ .

A.  payment
B. cash
C. fee
D. assets

ANS: C

16. Mr. Albert Patac bought and invested coffee Vending Machine worth P 35,000.00. Debit machine; machine credit _______ .

A. Cash P 35,000.00
B. A Patac, capital P 35,000.00
C. Asset P 35,000.00
D. Expenses, P35,000.00

ANS: B

17. Purchased office supplies and equipment on credit card are ________ .

A. debit office, supplies, credit cash
B. debit office supplies, credit accounts payable
C. debit office supplies and equipment, credit cash
D. debit office supplies and equipment, credit accounts payable

ANS: D

18. To find the current liability, one must look at the _______ .

A. mortage payable
B. loans payable
C. bonds payable
D. salaries

ANS: D

19. The resources that s firm acquires through creditors is called ________ .

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

ANS: A

20. Business owned that will be due not to exceed a year is referred to as ________ .

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

ANS: B

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