STA. ELENA (CAM. NORTE) COLLEGE, INC.

Purok 10, Brgy. Sta. Elena (Poblacion), Sta. Elena, Camarines Norte

COLLEGE OF EDUCATION
2nd Semester AY 2022-2023

THE ENTREPRENEURIAL MIND – FINAL EXAMINATION

Instructor: Edison R. De Castro

Name: Date of Exam:

Course/Year: BEED I - PIAGET Score:

A. MULTIPLE CHOICE
Direction: Choose the best answer and encircle the letter that corresponds to your answer on the item number of your
answer sheet.

1. The national economy is composed of different major sectors, which of the following does NOT belong to the group?

a. Government b. Business Enterprises c. Households d. Municipality

2. Which of the following role of the government in our economy does NOT belong to the group?

a. Extend financial assistance.

b. Selling goods to a foreign country.
c. Formulate policies that are conducive to economic growth
d. Extend technical assistance.

3. Japan is considered one of the richest countries in the world but is not endowed with abundant natural resources the country imports about 90%
of raw materials for its industries and yet Japan has excelled. What is the reason why Japan excelled especially in the economy?

a. Because Japan is endowed with abundant natural resources.

b. Because Japan has a good leader.
c. Because of the quality of the people of Japan.
d. None of the Above

4. During colonial rule, Filipinos think that the coming of these foreign people was a great blessing. Which of the following is being
pointed out in the sentence?

a. Chinese c. Americans
b. Spanish d. Japanese

5. Human resources are the most important productive resources. Unfortunately in poor countries or underdeveloped economies, most
women are engaged in unproductive activities. Women help on the farms but their economic contributions are insignificant. In
economics, such a situation is referred to as what?

b. Unemployment b. Disguised Unemployment c. Disguised Employment d. Employment

6. This country is formerly known as East Pakistan, which is a very poor country. Which of the following countries is being pointed out
in the sentence?

c. Vietnam c. Thailand
d. Singapore d. Bangladesh

7. He is considered the father of modern Filipino nationalism, he said that we need economic nationalism to attain real economic growth.
Who is being pointed out in the sentence?

a. Claro M. Recto c. Carlos P. Garcia

b. Fidel V. Ramos d. Karl Max

8. Ms. Ronquillo is working as a public teacher in a secondary high school in the Bicol region. Her salaries come from the people
through their tax payments. Which of the following is another term for public teacher?

a. Public Servant c. Private teacher

b. Teacher d. Instructor

9. The role of the government is to promote the welfare of all sectors. Which of the following sectors does NOT belong to the group?

I. Producers
II. Consumers
III. Employees
IV. Government
 a. I c. III
b. II d. IV

10. What is the proper order in which foreign nations colonized the Philippines?
I. JAPANESE II. SPANISH III. AMERICANS

a. III – I – II c. III – II – I
b. I – II – III d. II – III – I

11. Mr. Giroy is an American businessman and he wants to bring all his products to the Philippines in unlimited quantities free of tax,
which of the following Acts will fall under this scenario?

a. Co–Prosperity Sphere c. Bell Trade Act

b. Payne – Aldrich Act d. Filipino First Policy

12. During the Japanese regime, our economy was at its worst, goods and services were extremely scarce, and as a result, inflation became
very high because of this problem, what do you think happened to the Filipinos during the Japanese Era?

a. The Filipinos will starve and the price of goods and services will increase.
b. The Filipinos will be happy.
c. The Filipinos will be joining Japanese military forces to have free food.
d. The Filipinos will leave the Philippines.

13. Japan invaded the Philippines and other Southeast Asian countries for economic reasons. Which of the following reason is NOT
belong?

a. Population Explosion c. Shortage of raw materials

b. Free Trade d. Surplus of factory products
14. Who introduced the Filipino First Policy?

a. Fidel V. Ramos c. Carlos P. Garcia

b. Diosdado Macapagal d. Sergio Osmena

15. It is an Act that promotes, develops, and assists small and medium-scale enterprises through the creation of a Small and Medium
Enterprises Development Council, and the establishment of a Small Business Guarantee and Finance Corporation. What Republic Act
is pertaining in the sentence?

a. Republic Act 6797 c. Republic Act 6180

b. Republic Act 6977 d. Republic Act 6810

16. There is a need to fund government projects and programs. However, the payment of taxes should be based on the ability to pay the
scheme, and in the Philippines, there are so many taxes. Which of the following taxes does NOT belong to the group?

I. Lagay System
II. NPA Tax
III. Highway Tax
IV. Bribe

a. I c. III
b. II d. IV

17. It is an Act establishing the Magna Carta for countryside and barangay business enterprises, granting exemptions from any and all
government rules and regulations and other incentives and benefits therefor, and for other purposes. What Republic Act is pertaining
in the sentence?

a. Republic Act 6797 c. Republic Act 6180

b. Republic Act 6977 d. Republic Act 6810

18. Mr. Cheng a Taiwanese businessman wants to establish his business here in the Philippines he thought that getting a business permit
will take time but he is amazed by our government because the government simplifies business requirements and place all the offices
in one building. What government assistance is being pertained in the sentence?

a. Public Administration c. Technical and Livelihood

b. Infrastructures d. Marketing Assistance

19. Mr. Joel Sapinpin is a Filipino citizen, he is encouraged to become an entrepreneur but he is encountering difficulties in the marketing
of his product. What the government can do to help and assist Mr. Joel Sapinpin’s situation?

a. Public Administration c. Technical Assistance

b. Financial Assistance d. Marketing Assistance

20. About 250, 000 to 300, 000 years ago, there were already inhabitants in the Philippines. They came from other countries in Asia, they
need to do something for a living. Which of the following does NOT belong?

I. Living
II. Fishing
III. Hunting
IV. Food Gathering

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 a. I and II c. I, III, and IV
b. I only d. II and III

21. Which of the following components of business planning should be specific and realistic?

a. Time Frame c. Objectives

b. SWOT d. Strategies

22. Which of the following components of business planning are the ways of accomplishing the objectives?

a. SWOT c. Time Frame

b. Strategies d. Objectives

23. One of the basic principles in planning explains that the objectives of the entrepreneur should fit the needs of the people in a
community. Which of the following is being mentioned in the sentence?

a. Planning must be based on felt needs c. Planning must be flexible

b. Planning must be realistic d. Planning must start with simple projects

24. Which of the following must be based on available resources – human, financial and physical resources?

a. Planning must be based on felt needs c. Planning must be flexible

b. Planning must be realistic d. Planning must start with simple projects

25. Which of the following is the most appropriate project for them like a micro-business that requires very simple management and
technology and also needs a simple and few resources?

a. Planning must be based on felt needs c. Planning must be flexible

b. Planning must be realistic d. Planning must start with simple projects

26. According to the basic principles of planning, it should be adjusted to such changes to be effective and relevant. Which of the
following is described in the sentence?

a. Planning must be based on felt needs c. Planning must be flexible

b. Planning must be realistic d. Planning must start with simple projects

27. One of the importance of planning explains that the resources of production such as money, materials, machine, and manpower are
properly used and scheduled according to plan. Which of the following is described in the sentence?

a. It can eliminate business risk c. It can detect the weaknesses of the business operations
b. It can minimize the costs of production d. None of the above

28. Which of the following components of business planning explains that an entrepreneur must be efficient in time management?

a. Time Frame c. Objectives

b. SWOT d. Strategies

29. Which of the following Stages of Planning explains that the owner-manager is busy looking for funds, customers, materials, and
equipment and he has no time for planning?

a. Annual Planning Stage c. Budgeting-system Stage

b. Unplanned Stage d. Strategic planning Stage

30. Which of the following defined as a brief description of the market to describe the buyers and users of the product and the areas of
dispersion?

a. Market Description c. Competition

b. Demand d. Market

31. The following are the reasons why small businesses fail. Which of the following does NOT belong to the group?

I. They Provide Competition

II. Wrong Location and poor plan of expansion
III. Mismanagement of Inventory
IV. Lack of Experience and money

a. I c. III
b. II d. IV

32. Small business owners are the masters of their destinies. They are not employees. They make their own decisions. They do not apply
for vacation or sick leaves, in short, this is the kind of life they enjoy. Which of the following advantages is being described in the
sentence?

a. Simple record keeping c. Independence

b. Government incentives d. Personalized relationships with customers and employees

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33. Mr. Chua a Chinese businessman has a growing small business and he wants to expand his business but has a limited ability to obtain
funds. And also the bank can only extend a loan which is equivalent to about 60-70 percent of the value of the property used as
collateral. Which of the following choices is being described in the sentence?

a. Risk of failure c. Limited management skills

b. Lack of opportunities for employees d. Difficulty in raising capital

34. Mr. Joel Sapinpin has an eatery in a small town and his staff is his family, he wants to help some unemployed in their town but his
business is small, which of the following disadvantage is pertained in the sentence?

a. Risk of failure c. Limited management skills

b. Lack of opportunities for employees d. Difficulty in raising capital

35. Which of the following choices is not belong to the economic contributions of small business?

a. Introduce innovation c. Create employment

b. Business d. Provide competition

36. The following are the economic contributions of the Spanish during their time. Which of the following does NOT belong to the group?

I. Encomienda
II. Galleon Trade
III. Retail Trade
IV. Tobacco Monopoly

a. I c. III
b. II d. IV

37. Before the war, rice wasn't as expensive as it was during the Japanese era when a Cavan cost P3, 000.00. What is the cost of rice
before the war?

a. P300.00 c. P200.00
b. P30.00 d. P100.00

38. Mr. Joe Smith is an American businessman who has been given the right to exploit our natural resources, operate public utilities and
other businesses, and enjoy the pre-war free-trade agreement by the Philippine government. Which of the following Acts Mr. Smith's
situation will fall?

a. Co–Prosperity Sphere c. Bell Trade Act

b. Payne – Aldrich Act d. Filipino First Policy

39. When the Philippine economy plunged to its lowest level, the United States agreed to impose import and foreign exchange control,
which reduced U.S. exports to the Philippines. What do you think are the benefits of Filipino entrepreneurs in this import and foreign
exchange control?

a. Filipino entrepreneurs were given an opportunity to put up their own enterprises.

b. Filipino entrepreneurs can supply raw materials needed to other countries.
c. Filipino entrepreneurs are not allowed to establish their own businesses.
d. The Filipino entrepreneurs will provide support to the Americans in terms of business.

40. The U.S. government pressured the Philippine government to return to free trade which naturally favored U.S. business interests.
How long did the control program last?

a. 5 years c. 7 years
b. 6 years d. 8 years

41. In 1962, the new president abolished the import and foreign exchange control in exchange, the Philippine government received more
than $500 Million in loans from the United States. Who is the president who abolished the control program?

a. Ferdinand Marcos c. Carlos P. Garcia

b. Diosdado Macapagal d. Manuel Quezon

42. What will happen if our Philippine economy will be controlled by foreign countries?

a. It will benefit the Philippines because it will provide support from other countries.
b. It will result in good performance of our economy.
c. It will provide pressure on the government to follow the rules and regulations provided by them.
d. None of the above

43. Despite Marcos's criticism of the decontrol program or the return of free trade. Why does Marcos force him to continue such program?

a. Because Marcos will benefit.

b. Due to heavy pressure from the WB-IMF.
c. The Philippine government will benefit from such program.
d. None of the above.

44. After the term of Ferdinand Marcos as president of the Philippines. Who became the next president of the Philippines?

a. Gloria Macapagal Arroyo c. Corazon Aquino

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 b. Fidel V. Ramos d. Joseph Estrada

45. Who defines entrepreneurs are people who can see and evaluate business opportunities, gather the necessary resources and take
advantage of them, and initiate appropriate action to ensure success?

a. Cantillion c. Peter Drucker

b. Schumpeter d. Geoffrey Meredeth

46. Which of the following is refer to countryside and barangay business enterprises?

a. SMED c. SBGFC
b. CBBE d. SMEs

47. Entrepreneurs make decisions. The success of their business depends on their ability to make the right decisions. Which of the
following is described in the sentence?

a. Positive Thinker c. Leadership

b. Decision - Maker d. Innovative

48. Mr. John Smith, An American businessman is hesitant to start a company in the Philippines because several of his acquaintances have
warned him that it is unsafe for foreign investors to do so. What kind of government support can our government officials offer to Mr.
Smith?

a. Political Stability c. Price Stability

b. Peace and Order d. Government Stability

49. What is the key factor in the development of the Ramos government?

a. People Power c. People Empowerment

b. Education and Training d. Peace and Order

50. The Aquino Administration provide a 6 – year development plan and one of them is their priority. Which of the following is the
priority of the Aquino administration?

a. Respect for human rights c. Wiping out of poverty

b. Economic recovery d. Promotion of social justice.

51. Mr. Santos has a friend named Mr. Tolentino, and he has a habit of bringing others down whenever they succeed in reaching the top.
What kind of attitude does Mr. Tolentino have?

a. Colonial Mentality c. Positive Mindset

b. Crab Mentality d. Bad Attitude

52. What theory holds that land is the primary driver of economic growth?

a. Kaldor Theory c. Keynesian Theory

b. Ricardian Theory d. Harrod – Domar Theory

53. Who is the professor who asserts that Entrepreneurship is the capacity for innovation, investment, and expansion in new markets,
products, and techniques?

a. Professor Hirsh c. Professor Peter Drucker

b. Professor Domar d. Professor Nathaniel Left

54. What theory holds that the government should not interfere in economic activities?

a. Laissez Faire Theory c. Non – Economic Theory

b. Innovation Theory d. Kaldor Theory

55. Mr. Tolentino, a Filipino businessman, entered the United States and brought some of his products, but only basic goods like sugar,
tobacco, coconut, and abaca were permitted. Which Act would Mr. Tolentino’s situation fall?

a. Co–Prosperity Sphere c. Bell Trade Act

b. Payne – Aldrich Act d. Filipino First Policy

56. Who is the professor who asserts that “Entrepreneurship is more than a word, it is a mission.”?

a. Professor Hirsh c. Professor Peter Drucker

b. Professor Domar d. Professor Nathaniel Left

57. What theory holds that the key factors of development and growth are political stability, efficient public administration, open society,
and positive cultural values?

a. Laissez Faire Theory c. Non – Economic Theory

b. Innovation Theory d. Kaldor Theory

58. Juan Dela Cruz a Filipino entrepreneur wants to establish his business enterprise and the president of the Philippines granted it, the
decision of the president is based on provisions of article 12 section 12. Which of the following Mr. Dela Cruz’s situation will fall?

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 a. Co–Prosperity Sphere c. Bell Trade Act
b. Payne – Aldrich Act d. Filipino First Policy

59. Where is the place which serves as the commercial center during the Spanish Era?

a. Binondo c. Intramuros
b. Luneta d. Parian

60. What theory holds that physical capital like machines is the key factor in economic growth?

a. Kaldor Theory c. Keynesian Theory

b. Ricardian Theory d. Harrod – Domar Theory

61. What theory maintains that the key factor for development and growth is technology?

a. Kaldor Theory c. Keynesian Theory

b. Ricardian Theory d. Harrod – Domar Theory

62. Who is America’s foremost management specialist, who asserts that the entrepreneurial economy had been the most important
development in the American economy?

a. Professor Hirsh c. Professor Peter Drucker

b. Professor Domar d. Professor Nathaniel Left

63. In the Philippines, most of our economic activities fall under the micro and small business categories. As long as they perform some
risk-taking ventures, innovations, and creative undertakings, they are considered entrepreneurs. Which one of the following micro and
small business categories does NOT belong?

I. Retailers
II. Corporations
III. Vendors
IV. Small Proprietors

a. I c. III
b. II d. IV

64. What theory holds that the innovator who has the courage and imagination to handle old systems, and be able to transform theory into
reality?

a. Laissez Faire Theory c. Non – Economic Theory

b. Innovation Theory d. Kaldor Theory

65. What theory holds that during the economic depression, the government should put up massive public works, like the construction of
roads and bridges and other labor-intensive projects?

a. Kaldor Theory c. Keynesian Theory

b. Ricardian Theory d. Harrod – Domar Theory

66. Mr. Emmanuel Salo is a politician and he wants to provide economic solutions to reduce or eliminate poverty, unemployment, disease,
illiteracy, injustice, and exploitation for the development of our country. What kind of development does him referring to?

a. Global Development c. Economic Development

b. Urban Development d. Personality Development

67. In the Philippines, Many Filipinos are poor and jobless, yet our country is rich in natural resources. To properly utilize idle natural
resources, what should the government do to help them?

a. The government should provide more job opportunities in our country.

b. The government should give them opportunities to transform our idle natural resources into useful products.
c. The government should provide more job opportunities in other countries.
d. None of the Above

68. Mr. and Mrs. Tolentino has 10 children and they are living under the bridge, both of them do not have a permanent job. In, which
economic problems their situation will fall?

a. Poverty, Urbanization, and Unemployment

b. Traffic, Urbanization, and Booming Population
c. Poverty, Unemployment, and Booming Population
d. Traffic and Poverty only

69. What is the real objective of implementing martial law during the Marcos administration according to the critics?

a. To protect the interest of the local elite and foreign capitalists.

b. To protect themselves and retain their position in the government.
c. To prevent further ruins of the economic development.
d. None of the Above.

70. Entrepreneurs are resourceful and creative. They can create customers or buyers. Which of the following contribution of

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 entrepreneurs was described in the sentence?

a. Discover new sources of materials c. Mobilize capital resources

b. Develop new Market d. Create employment

71. Entrepreneurs are the organizers and coordinators of the major factors of production, such as land, labor, and capital. Which of the
following contributions of entrepreneurs pertains to the sentence?

a. Develop new market c. Introduce new technologies, industries, and products

b. Mobilize capital resources d. Create employment

72. Entrepreneurs can be innovators and reasonable risk-takers, who take advantage of business opportunities and transform these into
profits, they introduce something new or something different. Which of the following contributions of entrepreneurs was described in
the sentence?

a. Develop new market c. Introduce new technologies, industries, and products

b. Mobilize capital resources d. Create employment

73. Entrepreneurs are never satisfied with traditional or existing sources of materials. Which of the following contributions of
entrepreneurs was described in the sentence?

a. Discover new sources of materials c. Mobilize capital resources

b. Develop new Market d. Create employment

74. Entrepreneurs can produce jobs by establishing new businesses like factories, service industries, agricultural enterprises, and
numerous small-scale businesses. Which of the following contributions of entrepreneurs was described in the sentence?

a. Discover new sources of materials c. Mobilize capital resources

b. Develop new Market d. Create employment

75. Which of the following is undertaken to accomplish an objective: to produce and sell products/services for profit at an attractive rate
of return to the investors and to accomplish this will require adequate planning and implementation?

a. Business Project c. Financial Aspect

b. Market Research d. Marketing Aspect

76. Which of the following defined this in business as thinking ahead of objectives, strategies, financing, production, marketing, profit
prospects, and growth possibilities?

a. Planning c. Project Study

b. Research d. Marketing Management

77. According to Philip Kotler, Author of Marketing Management, said that there are four stages of business planning and one of them is
the owner-manager realizes the need to develop and use a budgeting system. Which of the following stages is being described in the
sentence?

a. Annual Planning Stage c. Budgeting-system Stage

b. Unplanned Stage d. Strategic planning Stage

78. According to Philip Kotler, he said that there are four stages of business planning and one of them is the business enterprise becomes
bigger, and long-range planning is needed. Which of the following stages is being described in the sentence?

a. Annual Planning Stage c. Budgeting-system Stage

b. Unplanned Stage d. Strategic planning Stage

79. According to Philip Kotler, he said that there are four stages of business planning, and one of them is the owner-manager drafts an
annual plan. He can use either top-down planning or bottom-up planning. Which of the following stages is being described in the
sentence?

a. Annual Planning Stage c. Budgeting-system Stage

b. Unplanned Stage d. Strategic planning Stage

80. Who is the author of Protestant Ethics and the Spirits of Capitalism?

a. Max Weber c. Joseph Schumpeter

b. Peter Drucker d. Derek Bok

81. Who developed the Innovation theory?

a. Max Weber c. Joseph Schumpeter

b. Peter Drucker d. Derek Bok

82. Who is the president that inherits the administration of Aquino especially the political stability and together with democratic
institutions in place?

a. Gloria Macapagal Arroyo c. Corazon Aquino

b. Fidel V. Ramos d. Joseph Estrada

83. Who is the owner and also the founder of SM Uniwide?

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 a. Tony Tan Caktiong c. Henry Sy
b. Lucio Tan d. Kenneth Yang

84. Who is the owner and founder of Jollibee Food Corporation in the Philippines?

a. Tony Tan Caktiong c. Henry Sy

b. Lucio Tan d. Kenneth

85. Mr. Robert Sanchez is a BS Accountancy graduate and he applies to different companies but any of them did not accept his
application because of lacking experience. After failing so many times he commits a crime like a robbery. Which economic problem
his situation will fall?

a. Lack of financial support from the government

b. Overpopulation
c. Lack of business opportunities
d. Unemployment

86. Which of the following aspect of the project study aimed at designing the form of ownership, although in most cases this is already
predetermined, as well as the internal structure for managing the project?

a. Human Resource c. Production

b. Marketing d. Management

87. Which of the following aspect of the project study describes the technology that will be used in making the product?

a. Production c. Marketing
b. Financial d. Management

88. Which of the following aspect of the project study meant to determine the cost of the project and cash requirement and the source and
cost of financing the project?

a. Financial c. Production
b. Management d. Marketing

89. Which of the following aspect of the project study aimed at determining and analyzing the demand and supply for the product /service
in the past and making projections of demand and supply in the future?

a. Human Resource c. Production

b. Marketing d. Management

90. Mr. Diaz explains that it is not enough that there are sufficient buyers of goods and services, and also equally important that there are
steady suppliers of raw materials and other inputs of the business. Which of the following resources is needed according to the
sentence?

a. Capital c. Technology
b. Individual interests d. Suppliers of inputs

91. Which of the following defines small and medium enterprises as any activity or enterprise engaged in industry, agribusiness, and /or
services, whether single proprietorship, cooperative, partnership, or corporation?

a. Republic Act 6797 c. Republic Act 6180

b. Republic Act 6977 d. Republic Act 6810

92. Ms. Rodriguez is a small business owner, she is the principal worker, and she employs one or more assistants. Which of the following
kinds of small business is being described in the sentence?

a. Micro-Business c. Medium Enterprises

b. Business d. Small Enterprises

93. Which of the following is defined as an organized effort of individuals to produce and sell goods and services to satisfy the needs of
society?

a. Business c. Corporation
b. Manufacturing d. Small Business

94. Ms. Ronquillo has a small business but doesn’t have sufficient financial resources, she cannot afford to purchase big machines or
modern equipment, so instead of using machines and the only possible for her to do so is to use labor for her business operations.
Which of the following features of a small business is being pointed out in the sentences?

a. A small business is efficient in specialized skills or services.

b. A small business often operates in unstable markets.
c. A small business is low in the capital but high in labor intensity.
d. None of the Above

95. The following are the common characteristics of small businesses. Which of the following does NOT belong to the group?

I. It is privately owned

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 II. Big capital is needed
III. It has few or no layers of management
IV. it has insufficient resources to dominate its field of business

a. I c. III
b. II d. IV

96. What is the primary objective of a business?

a. To gain customers c. To gain profit

b. To compete with others d. To become rich

97. Mr. Cheng, A Chinese Businessman is the owner-manager of their business he employs his wife and children. Which of the following
features of a small business is being pointed out in the sentences?

a. The size of the enterprise is small in relation to the industry.

b. The owners of the small businesses are also the managers.
c. Capital comes from the owner or small group.
d. The area of operation is small.

98. In rural communities where markets are small due to the few residents, a small business is viable, and giant corporations cannot
survive in small towns where demand is limited. Which of the following features of a small business is being pointed out in the
sentences?

a. The size of the enterprise is small in relation to the industry.

b. A small business succeeds in small, isolated, or overlooked markets.
c. Capital comes from the owner or small group.
d. The area of operation is small.

99. This small business can well produce goods and services that are designed to the particular needs of an individual or a few clients.
Which of the following features of a small business is being pointed out in the sentences?

a. A small business is efficient in specialized skills or services.

b. A small business often operates in unstable markets.
c. A small business is low in the capital but high in labor intensity.
d. None of the Above

100. Ms. Maria Clara established a small business and was financed by her family through their savings and loans. Which of the following
features of a small business is being pointed out in the sentences?

a. A small business often operates in unstable markets.

b. A small business succeeds in small, isolated, or overlooked markets.
c. Capital comes from the owner or small group.
d. None of the Above

Prepared by:

Mr. Edison De Castro

Instructor

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