MINDANAO MISSION ACADEMY

Manticao, Misamis Oriental

First Mid-term Examination
Entrepreneurship

Name: ___________________________________ Score:________________

“The LORD sees what happens everywhere; He is watching us, whether we do good or evil.” Proverbs 15:3

I: Multiple Choice: Encircle the best answer.

1. Reading magazine and newspaper articles, search the internet, and talk to business owners will
increase your business and entrepreneurial potential.
a. Financial skills c. Business knowledge
b. Education d. Career exploration

2. To increase your business and entrepreneurial potential, look for volunteering opportunities and
find out if any companies in your area provide internship programs.
a. Education c. Career exploration
b. Community Awareness d. Business Knowledge

3. Evaluate your strengths and your weakness; explore careers that interest you to increase your
potential as an entrepreneur.
a. Education c. Career exploration
b. Community awareness d. Business Knowledge

4. A natural ability to do a particular type of work or activity well.

a. Attitude c. Natural Ability
b. Aptitude d. Skill

5. Someone who creates and runs a business is called ______________.

a. Entrepreneurship c. Entrepreneur
b. Manager d. Board of Directors

6. Helps identifying risk and opportunities and forecast future performance for owners, creditors, and
investors.
a. Income statement c. Notes to financial statements
b. Statement of Assets and d. Statement of cash flow
liabilities

7. Statement I: When an entrepreneur starts a new business, risk is not involve.

Statement II: The biggest reward of becoming an entrepreneur is personal satisfaction.

a. Only statement I is true c. Both Statements are True

b. Only statement II is true d. Both statements are False

8. Statement I: Entrepreneurs risk more than its employees

Statement II: Aptitude is a way of viewing or thinking about something that affects how you feel
about it.
a. Only statement I is true c. Both Statements are True
b. Only statement II is true d. Both statements are False
9. Statement I: People are interested in income statement because they want to know how much money
they made or how much money they spent
Statement II: Opportunity is something you can make money with, develop a business around it, or
create value with it.
a. Only statement I is true c. Both Statements are True
b. Only statement II is true d. Both statements are False

10. It is an ability that is learned through training and practice.

a. Natural ability c. Aptitude
b. Skills d. Attitude

II: Enumeration: Supply what is needed.

1. Enumerate the sources of opportunity 2. Enumerate the (3) entrepreneurial mindset

a. a.

b. b.

c. c.

d. 3. Enumerate the risks of being an entrepreneur.

a.
e.
b.
f.
c.
g.
d.

III. Essay

1. If the Philippines is in crisis, how can we open new businesses?

2. “A time of danger; a time of opportunity.” What does this mean?

3. What is the importance of income statement in entrepreneurship?

IV: Business plan: Supply what is needed based on your business plan that was reported.

1. What are the goals/objectives in your business plan?

2. What is the vision/mission in your business plan?

2. Describe the product or services you want to sell.