ENTREPRENEURSHIP REVIEWER

TRUE OR FALSE

“I did well on the exam because it was easy”, is an example of external locus of
control. Ans. True

Psychological traits include a host of qualities including need for achievement, risk
appetite, acceptance for vagueness, self-efficacy and goal setting Ans. True

Competency is the capability, capacity, and ability of the learner in handling situations
in various areas in business operations Ans. True

According to Stevenson, Entrepreneurship is a capacity for innovation, investment

and expansion into new market and techniques. Ans. False

Entrepreneurs not only accept consequences but they can also identify, calculate, and
manage risk. Ans. True

Mark Zuckerberg and college roommates Eduardo Saverin, Dustin Moskovitz, and
Chris Hughes are the founders of Facebook Ans. True

Declining profit, loss of market share and high debt ratio are some of the reasons or
factors that makes an entrepreneur failed. Ans. True

According to M. Acierto, Entrepreneurship is a Science of converting processed ideas

into a remarkable business venture. Ans. True

SWOT analysis looks at internal and external factors that can affect your business
Ans. True

Creative thinking encourage discontinuity rather than stability Ans. False

Multiple Choice

It is an exclusive right to a product or a process that generally provides a new way of

doing something, or offers a new technical solution to a problem.
a. Copyright
b. Trademark
c. brand
d. Patent

This the 2nd step in entrepreneurial process.

a. discovery
b. reaping the returns
c. development of business concept
d. organizing resources
It is a sign capable of distinguishing the goods or services of one enterprise from
those of other enterprises.
a. copyright
b. trademark
c. patent
d. brand

This the 5th step in entrepreneurial process.

a. discovery
b. reaping the returns
c. development of business concept
d. organizing resources

This the 1st step in entrepreneurial process.

a. discovery
b. reaping the returns
c. development of business concept
d. organizing resources

A kind of thinker that thinks all possible ways to reach a solution.

a. divergent thinker
b. creative thinker
c. convergent thinker
d. strategic thinker

SCAMPER stands for Substitute, Combine, Adapt, Magnify,________, Eliminate, and

Rearrange.
a. Practical
b. Put to other use
c. Personal
d. Process

A phase in pre commercialization where in refinement of ideas and visualization of an

idea that can serve as business opportunity happens.
a. idea stage
b. product development stage
c. test marketing stage
d. concept stage

Tina sells empanada at 15 pesos each, if the cost to make the product is 8 pesos, how
much would be the profit if she sold 150pcs.
a. 1,200
b. 1,350
c. 1,050
d. 1,500

Assumed that unit cost to make a leche flan is 90 pesos and desired mark up is 28%,
what is the mark up price.
a. 130 pesos
b. 135 pesos
c. 150 pesos
d. 125 pesos

One of the 7pcs in marketing where in you need to consider what your customers are
prepared to pay, costs such as retail mark-up and manufacturing, as well as other
considerations.
a. people
b. pricing
c. promotion
d. place

It is the explicit communication strategy adopted by an enterprise to elicit the

patronage, loyalty, and support not only from its customers but also from its other
significant stakeholders.
a. people
b. pricing
c. promotion
d. Place

Classification (parts of business plan)

Promotion - Ans. Marketing plan

Physical plant- Ans. Production plan
name of the business and address of the company Ans. Introductory plan
competition Ans. ENVIRONMENTAL AND INDUSTRY ANALYSIS
Flow of orders for goods and services Ans. Operational plan
Sales forecasts Ans. Marketing plan
Skills and abilities Ans. Organizational plan
Strategies for preventing or minimizing risks Ans. Assessment of Risk
milestones Ans. Timetable
curriculum vitae of management team Ans. appendices
Breakeven analysis Ans. Financial plan
Roles and responsibilities Ans. Organizational plan

CLASSIFICATION (ENTREPRENUREAL SKILLS/COMPENTENCY

strategic thinking Ans. Entrepreneurial skills

Willingness to take risk Ans. Entrepreneurial competency
locus of control Ans. Entrepreneurial competency
flexibility Ans. Entrepreneurial competency
customer service Ans. Entrepreneurial skills
integrity Ans. Entrepreneurial competency
communication Ans. Entrepreneurial skill
commercial aptitue Ans. Entrepreneurial competency
High-Growth High-Value Entrepreneurship Ans. Entrepreneurial skills
marketing Ans. Entrepreneurial skills
need for achievement Ans. Entrepreneurial competency