A high value customer is:

a.
Someone who is easy to find

b.
Someone who don’t easily trust

c.
Someone who questions everything

d.
Someone who is hard to persuade
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The correct answer is: Someone who is easy to find

Question 2
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An ideal business model is characterized by a reasonable ROI at the right time with the right amount.

a.
True

b.
False
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The correct answer is: True

Question 3
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Any failure identified must be redesigned and tested again until it becomes fully operational.

a.
Competitor’s product/service test

b.
Component test

c.
Product cost testing

d.
Safety test
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The correct answer is: Component test

Question 4
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Decreasing the operational cost is a controllable strategy in increasing profiys of the business as
lower cost means higher profit margin.

a.
False

b.
True
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The correct answer is: True

Question 5
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Question text
It is the process of efficiently transferring the products to retailers or consumers.

a.
Marketing

b.
Warehousing

c.
Selling

d.
Transportation
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The correct answer is: Transportation

Question 6
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One of the characteristics of an ideal business model is capitalizing on the business stature as a
market leader.

a.
True

b.
False
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The correct answer is: True

Question 7
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Sally is planning to create a prototype for her product. What should she do?

a.
Consult to authorities

b.
Study the competitors product or service

c.
Research and copy other prototype

d.
Just make a plan that you think is right
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The correct answer is: Study the competitors product or service

Question 8
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The entrepreneur must examine must examine every stage of the manufacturing process.

a.
Safety test

b.
Product cost testing

c.
FGD

d.
Legality and ethical test
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The correct answer is: Product cost testing

Question 9
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The objective of this is to identify errors, deficiencies and issues that impede the success of the
product.

a.
Safety test

b.
Legality and ethical test

c.
Product cost testing

d.
FGD
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The correct answer is: FGD

Question 10
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This can be described as the “best friend” of manpower in producing goods and offer services.

a.
Methods

b.
Materials

c.
Machines

d.
Manpower
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The correct answer is: Machines

Question 11
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This carries huge amount of confidential information that must be protected from fraudsters.

a.
Methods

b.
Man

c.
Materials

d.
Machines
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The correct answer is: Machines

Question 12
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This enumerates the duties and responsibilities of the potential employee, including scope and
limitation and terms and condition of employment.

a.
Job description

b.
Work attitude

c.
Work experience

d.
Employee qualification
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The correct answer is: Job description

Question 13
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This gives the entrepreneur an idea on the degree of the candidate’s knowledge of basic things.

a.
Work attitude

b.
Specific skill

c.
Educational background

d.
Work experience
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The correct answer is: Educational background

Question 14
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This is a preliminary model or sample of a product or service.

a.
Specimen

b.
Prototype

c.
Sample

d.
Trial
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The correct answer is: Prototype

Question 15
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This is a training program wherein an expert team member is assigned to assist a new employee.

a.
Buddy system

b.
Mentor-mentee program

c.
Group mentoring

d.
Training system
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The correct answer is: Buddy system

Question 16
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This is considered earned when the product is already sold or service has been rendered regardless if
the business is paid in cash or credit.

a.
Revenue

b.
Tax

c.
Gross

d.
Sales
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The correct answer is: Revenue

Question 17
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This is one of the biggest investments of an entrepreneur.

a.
Training people

b.
Employee orientation

c.
Giving them benefits

d.
Team building
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The correct answer is: Training people

Question 18
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This is the process of appointing a third party manufacturer to do the manufacturing operations of the
business.

a.
Outsourcing

b.
Promoting

c.
Marketing

d.
Warehousing
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The correct answer is: Outsourcing

Question 19
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Question text
This is the process of developing, testing and commercializing a product or service.

a.
Product description

b.
Product service

c.
Product development

d.
Product promotion
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The correct answer is: Product development

Question 20
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Question text
This will what to expect from the applicant and what he or she can potentially contribute to the
business based on his or her past positions and experiences.

a.
Work attitude

b.
Educational background

c.
Specific skill

d.
Work experience
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The correct answer is: Work experience