TLE (7) - Entrepreneurship

1) In the entrepreneurial world, new ideas and opportunities are evolving. What is the
ability to create new things, invest in new enterprises and expand business?
a. Creativity
b. Entrepreneurship
c. Manufacturing
d. Producing
2) Alvin has transferred to a new locality. He observed that there is an opportunity for
him to put up his own business since he has enough capital and very much interested to
the idea. Which of these factors must he possess so that he will not rely on the services
of the employees?
a. Markets
b. Manpower
c. Supply of resources
d. Knowledge/Skills
3) Management functions and principles play a very critical role in running a business.
What principle of planning specifies that the objectives of an entrepreneur should match
the needs of the society?
a. must be realistic
b. must be based on felt needs
c. must focus on dealing with a crisis
d. must start with a simple project
4) Entrepreneurs use various management tools to succeed in a business. What
management tool is used to analyze business opportunities?
a. Environmental scanning
b. Market study
c. Market survey
d. SWOT
5) When an entrepreneur communicates with people through interviews, observations
and advertisement on what is new, what entrepreneurial activity does he/she engage?
a. Statistical study
b. Marketing study
c. Entrepreneurial scanning
d. Environmental scanning
6) There are P's in preparing market research. Which P in marketing is designed to
communicate the product to customers?
a. Place
b. Price
c. People
d. Promotion
7) The site of the business enterprise is one of the requirements of entrepreneurship.
Which of the following is the most important in choosing the best location for the
business?
a. access to supplies and raw materials
b. clean, decent and peaceful environment
c. less competitors in the area
d. enough capital to pay space rental
Which term refers to people, institutions or organizations for whom the business is
designed?
a. sample
b. population
c. market
d. society
9) Which one is not included in planning a business?
a. how and when to do it
b. how to increase profits
c. what to expect in the future
d. what to do
10) What is the benefit of business planning wherein the entrepreneur determines
whether the business is profitable or not?
a. minimize cost production
b. detect the weakness of the business
c. eliminate business risk
d. estimate sales
11) What is thinking ahead of objectives, strategies, financing, production, marketing,
profit proposal and growth facilities?
a. forecasting
b. managing
c. planning
d. projecting
12) Business enterprises should operate in a dynamic environment in order to survive.
What kind of environment includes technological, social and ethical/political factors?
a. Macro environment
b. Micro environment
c. Technological environment
d. Social environment
13) Mr. Silva purchased a right to operate an already established business, what type of
retail ownership is it?
a. Corporate
b. Franchise
c. Independent
d. Single-store-ownership
14) Who among the following is the principal actor of the production?
a. Entrepreneur
b. Customer
c. Production manager
d. Worker
15) These are the perishable tangible used in the production process.
a. Financial resources
b. Human resources
c. Information resources
d. Material resources
16) Which method of establishing a business starts from scratch?
a. buy-out
b. franchising
c. loan
d. start-up
17) What brief description of the market describes the buyers and users of the product
and the area of dispersion?
a. market analysis
b. market dispersion
c. marketing
d. market study
18) It is a type of organization wherein a superior delegates authority to a subordinate.
a. committee type
b. functional type
c. line type
d. line and staff type
19) Which is one disadvantage of a functional type of organization?
a. Morale is likely to be low when discipline is weak.
b. Each manager is supreme in his own field.
c. It is difficult to secure executives and superiors with an all around knowledge.
d. There is greater flexibility.
20) What type of product, as designed, produced and marketed by the seller?
a. Licensed brand
b. National brand
c. Private label brand
d. Trademark
21) Which of the following is the correct definition of the term "entrepreneur"? A person
who ________.
a. pursues opportunity without regard to resources
b. starts a new business with the aim of making a profit
c. seeks to create value for local communities, people or customer by starting new
ventures which exploit new products, processes or markets.
d. seeks to generate value through creation or expansion of economic activity, by
identifying and exploiting new products, processes or markets
22) Which of the following skills are NOT needed by an entrepreneur?
a. Technical skills
b. Personal entrepreneurial skills
c. Working skills
d. Business management skills
23) Which of the following statement is INAPPROPRIATE in starting a business?
a. Study the concepts and principles of entrepreneurial skills.
b. Cope with failures of the business.
c. Undergo training on entrepreneurial skills.
d. Know what characteristics are needed to become an entrepreneur.
24) Which of the following is NOT a source of fund for Mr. Fajardo's future business?
a. Seek assistance from Central Bank of the Philippines.
b. Borrow money from friends and relatives.
c. Avail of the government program on financing micro-macro business.
d. Use part of her retirement benefit.
25) If her business idea is a boutique, what quality of a future entrepreneur is
INAPPROPRIATE?
a. Relaxed
b. Hard worker
c. Risk taker
d. Innovative
26) Which of the following is NOT a characteristic of an entrepreneur?
a. Coping with failure
b. Irritated
c. Opportunity seeker
d. Persistent
27) Which among these characteristics of an entrepreneur is UNDESIRABLE?
a. Opportunity seeker
b. Goal setter
c. Futuristic
d. Impassive
28) Which of the following is a primary cause of failure in small business?
a. Poor financial control
b. Poor location
c. Management mistakes
d. Improper inventory control
29) Which of these traits gets an entrepreneur off of his feet and puts him into action,
turning daydream into reality?
a. Perseverance
b. Ambition
c. Creativity
d. Enthusiasm
30) Which entrepreneurial trait gives an entrepreneur a positive outlook in life which
gives the energy to pursue his endeavors?
a. Perseverance
b. Ambition
c. Creativity
d. Enthusiasm
31) Which trait is an entrepreneur able to withstand the troubles that come with a
starting business?
a. Perseverance
b. Ambition
c. Creativity
d. Enthusiasm
32) What is the general function of marketing, involves the physical meeting point for
buyers and sellers at the point of production or via some other means of
communication?
a. Specific functions
b. Exchange functions
c. Physical functions
d. Facilitating functions
33) Which type of marketing functions, enables the actual flow of commodities through
space and time from producer to consumer and their transformation to a form desirable
function to the consumers?
a. Specific functions
b. Exchange functions
c. Physical functions
d. Facilitating functions
34) From a social viewpoint, which of the following statements about marketing
objective is NOT true?
a. Assist in the efficient allocation of resources.
b. Create wealth and promote economic growth.
c. Improve income distribution among different sectors of the economy.
d. Maintain instability of supply and demand for marketed goods.
35) Which is considered a vehicle for informing target market about the enterprise and
the products or services?
a. Product
b. Price
c. Place
d. Promotion
36) At what stage of marketing effort does an entrepreneur concentrate on targeting a
new market of buyers and taking market share from competitors by price cutting or
relaunching the product?
a. Introduction
b. Growth
c. Maturity
d. Decline
37) Which of the following is NOT appropriate in running a small-scale business?
a. Keeping clear records
b. Verifying profit and loss
c. Managing cash flow
d. Distribution channel
38) Which marketing channel operates with capital owned directly by the operators and
their partners, or in some cases by shareholders?
a. Cooperatives
b. Independent, locally based private enterprise
c. Marketing boards and other state enterprises
d. Transnational companies
39) At which stage of a product life cycle must an entrepreneur decide whether he wants
to try to rejuvenate the product by investing in development and aggressive marketing
or to quietly admit defeat and exit the market?
a. Introduction
b. Growth
c. Maturity
d. Decline
40) A marketing mix that can have both tangible and intangible aspects and is the thing
you offer to satisfy your customers' wants and needs is ________.
a. Product
b. Packaging
c. Price
d. Promotion
41) Which is considered to be the best way to assess entrepreneurial projects or business
ventures?
a. Environmental analysis
b. SWOT analysis
c. Competitor analysis
d. PEST analysis
42) An analysis that provides the details for opportunities and threats of a business to
make better decisions regarding marketing plan is termed ________.
a. Environmental analysis
b. SWOT analysis
c. Competitor analysis
d. PEST analysis
43) The acronym SWOT stands for:
a. Strengths-Weaknesses-Options-Testing
b. Strengths-Weaknesses-Opportunities-Testing
c. Strengths-Weaknesses-Options-Threats
d. Strengths-Weaknesses-Opportunities-Threats
44) Which question is asked at the first stage in the marketing planning process of an
enterprise?
a. Where are we now?
b. Where are we heading?
c. Are we on course?
d. Where would we like to be?
45) Which of these stages is the final stage in the marketing planning process flow chart?
a. Control
b. Marketing planning mix
c. Setting marketing objectives
d. Setting the product price
46) An entrepreneur might select a target market probably because the target market
________.
a. is attractive to the business and matches its supply capabilities
b. is large and well-served with existing products
c. is fully understood by the entrepreneur
d. has a proven track record for buying product
47) A carefully thought structured formal commercial report that is extraordinary well
documented and clearly written to safeguard any wastage of further investment project
is called ________.
a. Portfolio
b. Business plan
c. Resume
d. Feasibility study
48) Which is considered as a comprehensive and effective blueprint to guide an
entrepreneur in a business venture?
a. Resume
b. Portfolio
c. Business plan
d. Insurance plan
ANSWERS:
1. B 39. D
2. D 40. A
3. B 41. B
4. D 42. D
5. B 43. D
6. D 44. A
7. A 45. A
8. C 46. A
9. B 47. D
10. C 48. C
11. C
12. A
13. B
14. C
15. D
16. D
17. D
18. C
19. A
20. C
21. C
22. C
23. B
24. A
25. A
26. B
27. D
28. B
29. B
30. D
31. A
32. B
33. C
34. D
35. C
36. C
37. C
38. B