West Visayas State University

Calinog Campus
Calinog, Iloilo

Final Examination in SS 113

Entrepreneurial Mind
1st Semester, SY 2022 – 2023

TEST I: MULTIPLE CHOICES

DIRECTIONS: Read and understand every statement carefully. Write the letter of the correct ans on the space
provided before each number.
_________1. People or individuals with the skills and capabilities to see and evaluate business
opportunities are called -
A. Businessman B. Teacher C. Researcher D. Entrepreneur
2. It is referred to a strategic process of innovation and new product creation-
A. Business B. Entrepreneurship C. Online Selling D. Marketing
3. It is a specific state of mind which orients human conduct towards entrepreneurial
activities and outcomes.
A. Entrepreneurial Mind B. Mindset C. Business D. Marketing
4. Which of the following is referred to as a way of thinking and opinions of a person?
A. Mindset B. Business C. Marketing D. Entrepreneurial Mind
5. Thinking like an entrepreneur will help you right from the beginning.
A. False B. True C. Maybe D. Either true or false
6. An entrepreneurial mindset will NOT help you in other areas of your life.
A. False B. True C. Maybe D. either true or false
7. Having an entrepreneurial mindset will encourage creativity.
A. False B. True C. Maybe D. either true or false
8. The use of the imagination or original ideas, especially in the production of an artistic
work is referred to as -
A. Comfort with Uncertainty B. Suspicion of Predictors C. Functional Humility D. Creativity
9. Entrepreneurs tend to labor under the assumption that data is the sole predictors of
an outcome.
A. Comfort with Uncertainty B. Creativity C. Suspicion of Predictors D. Functional Humility
10. Entrepreneurial competencies are NOT an important characteristic that should be possessed
by an individual in order to perform entrepreneurial functions effectively.
A. False B. True C. Maybe D. Either true or false
11. Combination of knowledge, abilities, and attitudes needed to accomplish a role efficiently.
A. Knowledge B. Skills C. Competences D. Talent
12. Is an ingrained characteristic or habit that is difficult to learn or unlearn, like Shyness or
confidence.
A. Trait B. Attributes C. Characteristics D. Skills
13. Implementation of new ideas at the individual, group or organizational level.
A. Process B. Value C. Innovation D. Change
14. Which of the following is not a type of Innovation?
A. Invention B. Duplication C. Extension D. Supervision
15. The following are Myths of Innovation except-
A. Innovation is planned and predictable C. Creativity relies on dreams and blue-sky ideas
B. Technical Specifications should be thoroughly prepared D. Motivation is important
16. The following characteristics help entrepreneurs in a variety of ways. Optimism; vision, self-
control; and having initiative, persistence, tolerance and resilience. Which features below
makes an entrepreneur stand out and have the ability to maneuver projects.
A. Personal Traits B. Critical Thinking C. Interpersonal Skills D. Practical Skills
17. This requires them to have excellent interpersonal skills. Communication, leadership,
motivation, personal relations, negotiation skills, and ethics are attributes that are a must
have in a very dynamic business environment.
A. Personal Traits B. Interpersonal Skills C. Critical Thinking D. Practical Skills
18. An entrepreneur must be his own critic.
A. Personal Traits B. Critical Thinking C. Interpersonal Skills D. Practical Skills
19. These skills are required at the stage of idea implementation and management of the
enterprise.
A. Personal Traits B. Interpersonal C. Critical Thinking D. Practical Skills
20. In entrepreneurship, both the left and right hemispheres of the brain are used. The right-
brained thinking draws in divergent reasoning, the ability to create a multitude of original
diverse ideas. While the left-brained thinking counts on convergent reasoning, the ability to
evaluate multiple ideas and to choose the best solution to a problem.
A. True B. False C. Maybe D. Either true or false

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 21. Ingrained in most educational systems is the assumption that there is one “right” answer to a
problem.
A. Searching for the one “right” answer C. Blindly following the rules
B. Focus on “being logical” D. Constantly being practical
22. Sometimes, creativity depends on our ability to break the existing rules so that we can see new
ways of doing things.
A. Searching for the one “right” answer C. Blindly following the rules
B. Focus on “being logical” D. Constantly being practical
23. A creative process in which a small group of people interact with very little structure with a
goal is to create a large quantity of new and imaginative ideas
A. Rapid Prototyping B. Brainstorming C.Mind-mapping D. Entrepreneurship
24. Transforms an idea into an actual model will point out flaws in the original idea and will lead to
improvements in its design
A. Rapid Prototyping B. Mind-Mapping C. Brainstorming D. Entrepreneurship
25. The Extension of brainstorming is called -
A. Brainstorming B. Mind-mapping C. Rapid Prototyping D. Entrepreneurship
26. It is a form of business owned by a single person, known as the proprietor
A. Business B. Single or Sole Proprietorship C. Entrepreneurship D. Organization
27. Which of the following is an advantage in organizing a sole proprietorship?
A. Unlimited liability C. No corporate income taxes
B. Limited life D. Limited ability to expand
28. Which of the following is a disadvantage in organizing a sole proprietorship?
A. It may be difficult for an individual to raise capital
B. Ease of formation and dissolution
C. Ownership of all profits
D. Typically, there are low start-up costs and low operational overhead.
29. Partnership is a business organization that is an association of at least two or more persons who
agree to place money, property or of Industry in a common fund with the aim of sharing the
profits among themselves.
A. False B. True C. Maybe D. Either true or false
30. How to organize a partnership?
A. Register the business name
B. Have the partnership agreement (Articles of Co-partnership) notarized and registered with the SEC
C. Obtain a tax identification number for the partnership from the BIR
D. All of the above
31. It is a form of business organization in which the owners (known as: stockholders) have an
undivided ownership share in the assets of the corporation upon its dissolution; and a share in
its profits corresponding to the amount of shares of stock which they own.
A. Corporation B. Business C. Organization D. Market
32. How to organize a corporation?
A. Verification of corporate name with SEC. C. Payment of filling and publication fees
B. Drafting and execution of the Articles of Incorporation D. All of the above
33. It is also called as the distributed profits of the corporation
A. Profit B. Dividend C. Market Value D. stock
34. The dividend in the form of promissory notes indicating the kind of benefits the stockholders
shall be entitled to receive in the future (cash, non-cash, stock or some other form of dividend).
A. Cash B. Script C. Profit D. Bond
35. This is in the form of non-cash assets of corporation.
A. Cash B. Property C. Profit D. Script
36. A written document that describes in detail how a business—usually a new one—is going to
achieve its goals.
A. Mission B. Vision C. Business Plan D. Objectives
37. This part gives the detail of how products are to be manufactured.
A. Business Plan B. Operating Plan C. Marketing Plan D. Corporation
38. It describes market conditions and strategy related to how products and services will be priced,
distributed and promoted
A. Business Plan B. Marketing Plan C. Operating Plan D. Corporation
39. The market to which you are planning to sell your products or services.
A. Target Market B. Establishment C. Mall D. Wet Market
40. Which of the following is/are importance of a business plan to an entrepreneur?
A. Writing a business plan allows you to have a clear indication of what you’re doing, and where you are going;
you get more clarity about an idea, as well as the execution plan.
B. A business plan helps you to understand the industry you are venturing into, in an in-depth manner, before your
start-up.
C. Both A and B
D. All of the above
41. Business creates ______ in the economy?
A. Investments B. Employment C. Income D. All of the choices
42. Only organizations composed primarily of small producers and consumers who voluntarily join
together to form business enterprises which they themselves own, control and patronize.

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 A. Corporation B. Partnership C. Sole proprietorship D. Cooperative
43. Policy protects the small firm against loss that may result from the insolvency of persons to
whom the SBO may extend credit within the term of insurance.
A. Crime insurance B. Credit Insurance C. General liability insurance D. Life Insurance
44. There are times when business firms become the subject of liability suits arising from loss or
damage caused by any of the various aspects of business operations. Examples of these are
several incidents of death and illness caused by food poisoning.
A. Crime insurance B. Credit Insurance C. General liability insurance D. Life Insurance
45. Groups of customers within a large market who share common characteristics are known as?
A. Customer profile B. SWOT analysis C. Market segmentation D. Corporation
46. Data that describe a group of people in terms of their taste, opinions, personality traits, and
lifestyle habits are called psychographics. People who prefer to live in a downtown setting and
whose musical preference is jazz would be an example of a market segment based on
psychographic data.
A. Psychographic B. Info graphic C. Demographic D. Used based date
47. Involves offering different levels of prices for a specific category of product based on
feature and quality. A jeweler might offer three price lines of diamond necklaces and display
them in different cases so that shoppers can go straight to the price level they can afford.
A. prestige pricing B. multi-unit pricing C. promotion pricing D. price lining
48. Are offered to customers to encourage early payment of invoices. When this is done, the terms of
an invoice will include the amount of the discount, the number of days in the discount period,
and when the invoice is due if the discount is not taken.
A. Quantity discounts B. Seasonal discounts C. Trade discounts D. cash discounts
49. People or businesses that move products between the manufacturer and the consumer. Agents,
wholesalers, and retailers serve as intermediaries
A. Direct channel B. Channel Options C. Indirect Channel D. Distribute goods and consumer
50. usually don’t sell directly to customers. Instead, they make their products and then sell the
products to other businesses, such as retailers. The retail store then sells to the final consumer.
A. Physical distribution B. Services business C. Manufacturing Business D. Goods services
51. Is designed to protect the product from the time is produced until it is consumed.
If the product is not protected during the distribution phase, it could be damaged or destroyed,
resulting in a loss of money to channel members.
A. Service B. Product C. design D. Packaging
52. This involves the process by which the firm, for a fee, agrees to pay another firm a sum of money
stated in a written contract when a loss occurs. The insured Party’s fee to the insurance company
for coverage against losses is called?
A. Insurance B. Premium C. risk D. life insurance
53. People working in a small firm will have to worry about losses due to sickness, injury, and death.
This is true with the employees, the managers, and the owner/s of the firm.
A. Insurance B. Premium C. risk D. Life insurance
54. combines term insurance with investment. Premiums are paid at any time in virtually any amount
with the effect that the amount of insurance can be changed easily. The interest earned on short-
term investment poured into the plan increases the cash value of the policy.
A. Variable life policy B. Adjustable life policy C. Universal life policy D. credit life policy
55. Is a system for collecting, recording, and analyzing information about customers, competitors,
products, and services? Based on the findings of market research, a business will be able to
determine which marketing strategies will be more effective and most profitable.
A. Production research B. Market research C. Sells research D. Supply research
56. A business that makes most of its money selling the same or similar products or services to the
same market as other businesses is called?
A. Cut throat competition B. Indirect competition C. Direct completion D. No Competition
57. Who is the owner of Robinson’s mall in the Philippines?
A. Henry Sy B. Lucio Tan C. Manny Villar D. John Gokongwei
58. As a business owner, you will need to outline the goals you want to accomplish through your
marketing efforts. Once you have identified your goals, you will need to develop a marketing
strategy, which is a plan that identifies how these goals will be achieved.
A. Marketing strategy B. Sales C. Promotion D. Profit
59. Which of the following does not belong to the group?
A. Land B. labor C. Entrepreneur D. Market
60.Describe what you want your business to achieve in the next two to five years. Although your
marketing strategy will be determined largely by your short-term goals, you will need to make sure
that the strategy you are planning will make it possible for you to achieve.
A. Short term goal B. Medium term goal C. Long term goal D. None of the above

Prepared by:

LODELYN B. CAGUILLO
Course Facilitator