Admire International Academy

Second Semester Final Exam 2023 Entrepreneurship Garde 11.1

Section A: Gap Fill (5 Items/ 5 Marks)

(opportunities -flexible - creative - flexibility - generate - rapid - elastic - images )

1. Successfull Entrepreneurship requires original and creative thinking.

2. When entrepreneurs apply ______________________ in planning, they often realize that there are
multiple ways of solving a problem.
3. To be flexible, an entrepreneur should be prepared to exmaine things from different
perspectives.
4. Entrepreneurs generate business ideas, then compare options for applying those ideas.
5. Talented enrtepreneurs are efficient in turning theoretical ideas into opportunities.

Section B: (True/False) - 10/Marks

Marks each of the following statements either true or false

6 An entrepreneur is not expected to find new ways to improve the current processes and F
procedures of a newly acquired business.
7 A business plan outlines business goals, the reasons an entrepreneur thinks these goals can be T
met, and how those goals can be achieved.
8 There are exactly three types of business plans: the brief summary, the oral presentation & F
the investor’s business plan.
9 A business opportunity is a consumer need or want that can be met by an existing business T
venture.
10 Evaluating the feasibility of ideas is done by performing a cost/benefit analysis, an T
opportunity-cost analysis, and a SWOT analysis.

Section C: Matching.(5 Items/10 Marks)

Match statement parts from column (A) with their proper completions in column (B)

(A) (B)
11 An entrepreneur is expected to find new ways to the reasons an entrepreneur thinks these goals
improve can be met, and how those goals will be
achieved. 12
12 A business plan outlines business goals, the oral presentation, the investor’s business
plan, and the operational plan. 15
13 A business opportunity is a consumer need a cost/benefit analysis, an opportunity-cost
analysis, and a SWOT analysis. 14
14 Evaluating the feasibility of ideas is done by or want that can be met by a new business
performing venture. 13
15 The four types of business plans include the brief the current processes and procedures of a
summary, newly acquired business. 11
Section D- MCQ: (5-items/5)

Circle the letter of the correct answer to each of the following questions.
16. Entrepreneurs need to apply logical thinking to evaluate the___________of a business idea.
a. practicality
b. feasibility
c. convenience
d. seriousness

17. To determine the feasibility of a business venture, the following methods are used.
a. SWOT analysis
b. Cost/benefit analysis
c. Opportunity-cost analysis
d. All of the above

18. Successful entrepreneurs take __________________________.

a. all types of risks
b. calculated risks
c. no risks at all
d. a long time to deal with a calculated risk

19. Taking a calculated risk essentially means _____________________________.

a. carefully considering potential costs and benefits
b. focussing carefully on a particular risk and deal with it separately
c. isolating a major risk in order to eliminate its effect
d. using advanced mathematical analysis to handle a risk

20. Cost/benefit analysis entails _______________________________.

a.adding up all the expected benefits of an opportunity
b. subtracting all the expected costs of an opportunity
c. Adding and subtracting opportunities
d. None of the above

Section E: Written Response (5 Items) - 10 Marks

Write complete answers to the following questions.

21. What does a business plan include?

A business plan includes the business goals, the reasons those goals can be met, and how to achieve
the goals.
22. Define a business opportunity.
A business opportunity is a consumer need or want that can be met by a new business venture.
23. Why do entrepreneurs have to evaluate businees opportunities?
Entrepreneurs have to evaluate businees opportunities to ensure that they are feasible and
worthwhile enough to invest resources in them so as to achieve a financial gain.
24. Define ‘flexibility’ as it pertains to entreprenourship.
Flexibility is having the capacity to examine an opportunity from different angles/perspectives and
the readiness to explore all possible ways and appraoches to achieve the desired business goals.
25. What does an entrepreneur need to apply to evaluate the feasibility of a business opportunity?
Students provide their own answers to question (25) from the handout.