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BUSINESS
WIZARD 2018
March 9, 2018
EASY ROUND
10 QUESTIONS
10 SECONDS THEORY
20 SECONDS PROBLEM
3 POINTS EACH
1. Product, price, place and
promotion or the so called
4Ps, are also known as what?

a. Marketing Mix
b. Market Mix
c. Uncontrollable Variables
d. Internal Variables
A
2. It is a graphic presentation of a
product’s sales history from its birth or
market beginning, to its death, or
withdrawal from the market.

a. Product Development
b. Production Cycle
c. Product Life Cycle
d. Product Mix Cycle
C
3. These are needs translated into
specific satisfiers that may differ from
person to person.

a. Wants
b. Product
c. Needs
d. Services
A
4. It refers to a set of actual and potential
buyers of a product who have a common
need or want that can be satisfied
through exchange.

a. Customers
b. Market
c. People
d. Collaborators
B
5. In this function of management, the
manager looks into the future of the
company and identifies strategies to
make organizations achieve its goals and
objectives.

a. Organizing
b. Leading
c. Controlling
d. Planning
D
6. When a manager is able to understand
and has the expertise on the different
activities involved in the operation of the
organization, the manager possesses the
skill of?

a. Interpersonal
b. Technical
c. Diagnostic
d. Conceptual
A
7. It is a mental image of a possible
and desirable future state of the
organization.

a. Vision
b. Mission
c. Goals
d. Objectives
A
8. A form of leadership in which the
leader solicits input from subordinates

a. Transformational
b. Autocratic
c. Democratic
d. Bureaucratic
C
9. It is a mechanical task involving the
collection of basic financial data.

a. Financial Accounting
b. Financial Reporting
c. Bookkeeping
d. Auditing
C
10. When an entity pays employees for
their services, the effect is an increase in:

a. Assets
b. Expenses
c. Income
d. liabilities
B
 AVERAGE
ROUND
10 QUESTIONS
10 SECONDS THEORY
40 SECONDS PROBLEM
5 POINTS EACH
1. He has been regarded as the father of
double-entry accounting.

a. Benjamin Workman
b. Nicolas Petri
c. Werner Sombart
d. Fra Luca Pacioli
D
2. Allen Marks is the sole owner and
operator of Great Marks Company. As of
the end of its accounting period,
December 31, 2011, Great Marks
Company has assets of P940,000 and
liabilities of P300,000. During 2012, Allen
Marks invested an additional P65,000 and
withdrew P45,000 from the business.
What is the amount of net income during
2012, assuming that as of December 31,
a. P65,000
b. 50, 000
c. 105, 000
d. 370, 000
A
3. It is a set of independent organizations
involved in making a product available
for us by the target market.

a. Distribution Channel
b. Networking Institutions
c. Professional Organizations
d. Special Channels
A
4. The responsibility that companies have
towards society at large.

a. Ethical Responsibility
b. Moral Responsibility
c. Legal Responsibility
d. Social Responsibility
D
5. It is a set of independent organizations
involved in making a product available
for us by the target market.

a. Distribution Channel
b. Networking Institutions
c. Professional Organizations
d. Special Channels
A
6. The balance in the office supplies
account on June 1 was P6,300, supplies
purchased during June were P3,100, and
the supplies on hand at June 30 were
P2,500. The amount to be used for the
appropriate adjusting entry is
a. P3,700
b. P11,900
c. P5,700
d. P6,900
D
7. The leader with this type of power has
control over punishment.

a. Legitimate Power
b. Referent Power
c. Expert Power
d. Coercive Power
D
8. On January 2, 2017, Smith purchased the net
assets of Jones Cleaning, a sole proprietorship, for
P350,000, and commenced operations of Spiffy
Cleaning, a sole proprietorship. The assets had a
carrying amount of P375,000 and a market value of
P360,000. In Spiffys cash-basis financial statements
for the year ended December 31, 2017, Spiffy
reported revenues in excess of expenses of
P60,000. Smiths drawings during 2017 were
P20,000. In Spiffys financial statements, what
amount should be reported as Capital-Smith?
a. 410,000
b. 390,000
c. 400,000
d. 415,000
B
9. The proper journal entry to record the
receipt of inventory purchased on account in a
perpetual inventory system would be:

a. Jan 1 Purchases (250.00); Accounts Receivable (250.00)

b. Jan 1 Inventory (250.00); Accounts Payable (250.00)
c. Jan 1 Office Supplies (250.00); Accounts Payable
(250.00)
d. Jan 1 Purchases (250.00); Accounts Payable (250.00)
B
10. Which of the following is an internal
user of a company's financial
information?

a. Holders of the company's bonds

b. Board of directors
c. Stockholders in the company
d. Creditors with long-term contracts with the
company
B
DIFFICULT
ROUND
10 QUESTIONS
10 SECONDS THEORY
60 SECONDS PROBLEM
7 POINTS EACH
1. It is a brand
that is given a
legal protection.
TRADEMARK
2. It is the
amount earned
per unit of
product sold.
MARK-UP
3. It is a concrete
version of the product
idea detailing all of the
product’s
characteristics, color,
PRODUCT
CONCEPT
4. The process of
identifying the
specific procedures
and processes
required at lower
OPERATIONAL
PLANNING
5. Using the following information, what is
the amount of gross profit?
Purchases P32,000 Purchases discounts P960
Merchandise inventory 5,700 Merchandise inventory 6,370
September 1 September 30

Sales returns and 910 Sales 63,000

allowances

Purchases returns and 1,200 Freight In 1,040

allowances
a. P34,870
b. P31,880
c. P27,460
d. P62,090
B
6. The accounts in the ledger of Monroe
Entertainment Co. are listed in
alphabetical order. All accounts have
normal balances.
Accounts Payable 1,500 Fees Earned 3,000
Accounts 1,800 Insurance 1,300
Receivable Expense
Investment 2,000 Land 3,000
Cash 2,600 Wages Expense 1,400
Drawing 1,200 Capital 8,800
Prepare a trial balance. The total of the debits
is

a. P13, 300
b. P9, 400
c. P9, 100
d. P9, 600
A
7. A measure of the appropriateness
of the goals an organization is
pursuing and the degree to which the
organization achieves those goals
Effectiveness
8. Closing entries ultimately will affect
___________.

a. total liabilities.
b. the cash account
c. total assets.
d. the owner’s capital account.
D
9. It refers to the time span during which
cash is used to acquire goods and
services, which in turn are sold to
customers, who in turn pay for their
purchases with cash.
a. Cycle time
b. Normal operating cycle
c. Throughput
d. Queue time
B
10. How does receiving a bill to be paid
next month for services rendered affect
the accounting equation?

a. assets decrease; owner's equity decreases

b. assets increase; liabilities increase
c. liabilities increase; owner's equity increases
d. liabilities increase; owner's equity decreases
D