University of Luzon

Senior High School Department

Midterm Examination in Applied Subject 6

Name: _________________________________________________ Permit Number: __________ Score: ___________

Part 1. IDENTIFICATION. Choose the letter of the best answer.

1. This theory asserts that social cultures have significant contributions to entrepreneurship.
2. A generalization that explains a set of facts or phenomena.
3. Refers to the physical environment, societal environment, and industry environment where the business
operates.
4. A process that goes on inside an existing business venture and may lead to new ones and the development
of new products and services.
5. This theory focuses on learning and alertness as the primary attributes of entrepreneurship.
6. He is an American economist who conceptualized the risk and uncertainty-bearing theory of
entrepreneurship.
7. This is the book written by Joseph Schumpeter which he included his innovation theory of
entrepreneurship.
8. The year wherein Lord Keynes published his book entitled, The General Theory of Employment, Interest
and Money.
9. The type of risk that commonly occur in entrepreneurship.
10. _______ creates economic wealth by providing goods and services to the consumers.
11. Defined as the abundance of money, property or possession.
12. Refers to a business or enterprise that correctly adopts and practices the principles of entrepreneurship.
13. Refers to a person who strongly advocates and correctly practices the concepts and principles pf
entrepreneurship.
14. It refers to the process of setting the goals of the business.
15. He identified the threat of new entrants, the bargaining power of supplier and buyer, and the threat of
substitute products and services as some factors that may affects the business.

Part 2. ENUMERATION. In any order.

1. Areas that differ between the Owner of Ordinary Small Business and Entrepreneur. (7 pts)
2. Good Sources of Entrepreneurial Ideas (5 pts)
3. Entrepreneurial Process of Creating a New Venture (3 pts)
4. Give three theories from each group during our class discussion and explain briefly. (6 pts)

Part 3. Illustrate the Flow of Entrepreneurial Benefits (4 pts.)