LET: TLE Part 28

This is the Multiples Choice Questions Part 28 of TLE. In preparation for the LET Exam, practice, and familiarize every question we have, it might be included in the actual examination. Good luck.

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TLE Part 28

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

a. Conceptual model

b. Quantitative model

c. Algorithms

d. Decisions

Answer: c

2. Everyday we have to calculate the discount of shopping mall, allocate how much for 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

Answer: c

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

a. Mathematics in marketing

b. Mathematical finance

c. Percentage

d. Calculation

Answer: b

4. What financial reports reflect the net income sales?

a. Statement of Cash Flow

b. Balance Sheet

c. Net Income Report

d. Income Statement

Answer: 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

Answer: b

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

a. Income Statement

b. Statement of Owner’s Capital

c. Balance Sheet

d. Statement of Cash Flow

Answer: 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. Balance Sheet

Answer: c

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

a. Statement of Cash Flow

b. Statement of Owners Capital

c. Income Statement

d. Balance Sheet

Answer: d

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

a. Statement of Cash Flow

b. Statement of Owners Capital

c. Income Statement

d. Balance Sheet

Answer: 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 Owners Capital

Answer: 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 the assets of the firm

Answer: d

12. Recording the increases of income of a Computer Repair Shop should be written on the ______ column.

a. Asset

b. Income

c. Credit

d. Debit

Answer: c

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

a. Capital

b. Debit

c. Credit

d. Expenses

Answer: b

14. When a business purchases computer set worth P65,000.00 for the office; debit computer set, P65, 000.00

a. Accounts payable, P65, 000.00

b. Capital, P65, 000.00

c. Computer set expenses, P65, 000.00

d. Cash, P 65, 0000.00

Answer: d

15. Allen receives her payment from tutorial of Mrs. Yap’s son; debit cash; credit, _______.

a. payment

b. cash

c. fee

d. asset

Answer: c

16. Albert Patac bought and invested Coffee Vending Machine worth P35, 000.00. Debit, machine; credit, ____.

a. Cash, P35, 000.00

b. Patac, capital, P35,000.00

c. Asset, P35, 000.00

d. Expenses, P35, 000.00

Answer: b

17. Purchased office supplies and equipment on credit 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.

Answer: d

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

a. mortgage payable

b. loans payable

c. bonds payable

d. salaries payable

Answer: d

19. The resources that a firm acquires through creditors, is called _____.

a. liability

b. capital

c. assets

d. income

Answer: a

20. Business owed 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

Answer: b

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