QUIZ # 1 Multiple Choice

1. What PECs must you possess if you are determined to run your own business and you concentrate on your work
either a producer or a seller.
a. Hard Working b. Self- Confidence c. Profit Oriented d. Goal Oriented
2. An Entrepreneurial Trait where you have a strong faith in your ability despite the problems that you encounter.
a. Hard Working b. Self-Confidence c. Profit Oriented d. Goal Oriented
3. What PECs must you possess if there are customers who complain about the quality of your product?
a. Patience b. Self-Confidence c. Hard Working d. Persistent
4. The following are not considered as characteristic of an entrepreneur except for one.
a. Opportunity Seeker b. dependent c. Arrogant d. Selfish
5. It is the ability to set realistic targets.
a. Persistent b. Goal-Oriented c. Committed d. Selfish
6. The interest in money generation.
a. Profit Oriented b. Goal-Oriented c. Willing to Listen d. Risk-Taker
7. Ability to take measured or calculated risk.
a. Risk-taker b. Persistent c. Committed d. Profit-Oriented
8. Being honest, fair, and trustworthy.
a. Patient b. Confident c. Reliable and has Integrity d. Willing to Listen
9. Obtaining useful feedback and advice from others.
a. Responds to feedback b. hardworking c. committed d. Willing to Listen
10. Striving to achieve a goal.
a. Arrogant b. Tactful c. Goal Oriented d. Selfish
11. The following are examples of people’s basic needs, except:
a. Shelter b. education c. luxury d. food
12. Which of the following should be considered first by a prospective entrepreneur in choosing the right location
for the store?
a. Types of merchandise
b. Access of target market
c. Attractiveness of the store
d. Competitors
13. This will help you determine a successful plan for setting up a business.
a. SWOT Analysis b. Environment Scan c. Feedback from customers d. Increasing demand of a product
14. When an entrepreneur improves or alter products to make it more appealing to target customers, he/she is
doing an ___________ of a product.
a. Innovation b. invention c. improvisation d. alteration
15. These are desires that signifies wealth and an expensive way of living
a. Needs b. wants c. status symbols d. luxuries
16. These are essential to every individual so he/she may be able to live with dignity and pride.
a. Needs b. wants c. status symbols d. luxuries
17. When a businessman introduces an entirely new product, he is doing an ___________
a. Innovation b. invention c. improvisation d. alteration
18. The needs for the products and services are referred to as:
a. Target market b. market demand c. supply d. environment
19. Refers to whoever will use or buy the product or service.
a. Market b. environment c. demand d. supply
20. Which of the following is a positive factor that contributes to a business?
a. Threat b. Opportunity c. Weakness d. competitor
21. Which of the following is an example of strength?
a. Cheap raw materials b. Inexperienced owner c. Slow internet connection
22. Which of the following is the best explanation of business environment?
a. External factor that affects the business b. laws and regulations that affects the business
c. internal factors that affect the business d. internal and external factors that affects the business
23. which of the following is not considered a characteristic of an entrepreneur?
a. persistent b. dependent c. hardworking d. versatile
24. You follow the advice of a friend to be flexible. What PECs has been demonstrated?
a. hard work b. open to feedback c. patient d. opportunity seeker
25. if you are studying the population of the environment, your goal is to___________
a. identifpy his would be “suki”
b. select his favorite customers
c. predict his biggest buyer
d. determine whom to sell the product or service