DATA CENTER COLLEGE OF THE PHILIPPINES

ENTREPRENEURSHIP

Name: _____________________________ Course: ________________ Score: __________

I. TRUE or FALSE. Write XYX if the statement is true and YXY if the statement is false.

1. All small enterprise in the Philippines, the owners are also the managers.
2. Medium enterprises have assets, before financing of above P15 million to P100 million
and employ 100 to 199 workers.
3. In the executive summary, in just a few sentences, describe the business concept, its
products and services, the competitive advantages and why the company will be
incredibly successful.
4. A small business succeeds in small, isolated or overlooked markets.
5. Being closer to the buyers, small business gets first-hand information about consumer
taste and preferences.
6. Small business is high in capital but low in labor intensity.
7. Micro enterprises are those with assets, before financing of P3 million or more and
employ not more than nine workers.
8. A small business is usually financed by the family through its own savings and/or loans,
if ever the business is funded by a small group, it comes from relatives and close
friends.
9. In the executive summary, the opening should intrigue readers and make them want to
read more.
10. Small enterprises are those with assets, before financing of above P3 million to P15
million and employ 10 to 100 workers.
11. Business plan is an important step in helping the company launch, grow and thrive.
12. Executive summary appears first and writing it first.
13. Small businesses, as a group, challenge big businesses in many ways.
14. The real heart of any business is the owner of the business.
15. Business plans provide vision and a clear strategy.
16. The best ideas will not fail if a company does have not unskilled and aggressive
employees.
17. A small business has limited ability to obtain funds from others.
18. Owners of small businesses generally lack management skills.
19. Small business are the main providers of jobs.
20. The primary objective of business is to meet the needs of the markets.
21. Economic contributions of small businesses are: introduce innovation, create
employment, provide competition, fill needs of society and big business.
22. Business is defined as an organized effort of individuals to produce and sell goods and
services to satisfy the needs of the society.
23. Small producers or sellers can profitability fit their products and services to the needs of
smaller groups of consumers.
24. Smaller businesses supply the needs of the big businesses.
25. Small business employees are the masters of the destiny of the business
26. The owner being the boss and the manager, he cannot easily introduce changes in his
products or services, and experiment on price strategies.
27. Only small business introduces innovation.
28. Small business cannot easily respond to changing economic conditions.
29. Small enterprise requires lot and complicated set of records.
30. In rural communities where markets are small due to the few residents, a small
business is viable.

SET 1