ENTREPRENEURSHIP

LET – TLE MAJOR

Direction: Read the questions carefully and encircle the letter of the best answer for each item.

1. We all desire success in business ventures but one should know that first and foremost for
entrepreneurs is
a. Achievement c. Financial gain
b. Being a good follower first d. Creativity
2. Maria wants to engage in a business. On what should Maria base the type of business she wants to
engage in
a. Availability of resources and time for business
b. Type of business and timing
c. Interest, talent, profitability and training experience
d. Educational preparedness and market of the products
3. This refers to the earnings of corporation which are distributed among the stock holders.
a. Stock c. Profit
b. Dividend d. Wage
4. What document contains the overview of the step-by-step procedure of the whole business?
a. Description of the project c. Rationale of the project
b. Project proposal d. Details of the project
5. What part of the business plan explains how the business will be managed?
a. Production study c. Organizational study
b. Financial study d. Market study
6. What is the key ingredient of a successful entrepreneurial activity?
a. Careful planning c. Amount of capital
b. Patience d. Relevance of the business
7. The key ingredient to entrepreneurship is placed on
a. Products sold c. Services offered
b. Innovation d. Discoveries made
8. As a new entrepreneur, one is not very sure of the results so he must be aware if his business is good.
He can identify a good business through
a. The availability of supply, interest, capacity and skills
b. Pricing the products and services
c. Good managerial outlook
d. Personnel oriented group
9. If you have small business enterprise and you want people to patronize the store. Attracting buyers
depends on
a. Store lay out c. Pricing of merchandise
b. Store location d. Consumers likes and dislikes
10. Acceptance of challenges and changes with open arms is one of the qualities of entrepreneur
which is
a. Risk taker c. Self confident
b. Task oriented d. Future oriented
11. The manager wants the smooth working together of the different supporting elements of the
business. What function of management should he look into?
a. Planning c. Coordinating
 b. Directing d. Controlling
12. It refers to any lawful activity undertaken on a continuing basis involving manufacturing,
purchasing, selling, marketing and financing in order to obtain profit.
a. Management c. Business
b. Cooperative d. Entrepreneurship
13. John has a grocery and general merchandise store. His wife, children and relatives helps him in
doing the business. What kind of business enterprise does he has?
a. Partnership c. Sole proprietorship
b. Corporation d. Cooperative

14. Joy is planning to put up her own business. What should be her first step?
a. Registration of business name c. Application of mayor’s permit to operate
b. Registration to the SEC d. Registration to the BIR
15. Joriz works in a company; he records the financial operations of the business in a systematic
manner. His work is
a. Bookkeeping c. Journalizing
b. Recording d. Accounting
16. Which of the following is true about debit and credit?
a. Debit increase asset and decrease liabilities
b. Credit decrease asset and increase liabilities
c. Credit increase capital
d. All of the above
17. Who is an entrepreneur?
a. An individual who grasp an idea and develop it.
b. Self-starter and has organized and built successful enterprises
c. Person who improves social and economic condition
d. A person who is able to look at the environment and identify opportunities
18. This is the aim of business organizations.
a. Policy c. Objective
b. Budget d. Rule
19. Which is the Magna Carta for Small Enterprises signed on January 24, 1991?
a. RA 6077 c. RA 7670
b. RA 6770 d. RA 6977
20. What do you call the agreement in a corporation?
a. article of incorporation c. contract
b. agreement of partnership d. power of attorney
21. Machinery and/or equipment used in processing raw materials are known as
a. Temporary assets c. Capital assets
b. Current assets d. Fixed assets
22. What do you call the buying and selling of goods and services through the use of internet?
a. Electronic commerce c. Online media
b. Information Technology d. All of the above
23. What factor should be considered a priority in finding a location for a business?
a. rental cost c. distance from the city
b. waste disposal unit d. labor supply
24. It refers to the business activity which involved in the flow of goods and services from the point of
production to the point of consumption.
 a. Management c. Marketing
b. Manufacturing d. Selling
25. Profit is an indicator of how well the entrepreneur managed his _____.
a. Business c. Operation
b. Sales d. Credits