Entrepreneurial Mind Quiz 2

Developing Entrepreneurial Mind

- Developing Business Acumen
- The Language of Business
Question 1: (2 points)

1. Curiosity is the difference between average success and

great success
2. Ordinary people stop working when they run out of
creative energy, while highly effective entrepreneurs
never stop generating new ideas.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 2: (2 points)

1. Urgent matters are usually visible, they insist on action.

2. Importance has to do with results. If something is
important, it contributes to an entrepreneur's mission,
values, and high-priority goals.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 3: (2 points)

1. Most people do not listen with the intent to

understand; they listen with the intent to reply.
2. Seek first to understand involves a profound paradigm
shift. People typically seek first to be understood.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 4: (2 points)

1. Empathy is sympathy. It is not a form of agreement nor

a form of judgement.
2. Emphatic listening is getting inside another person’s
frame of reference.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 5: (2 points)

1. The concept of Synergy tells that in relationship, the

whole is less than the sum of its parts.
2. Synergy means that the relation of departments within
an organization is catalytic, empowering, unifying, and
exciting.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 6: (2 points)

1. Anxiety is incredibly pervasive. People strongly believe

that trying to calm down is the best way to cope with
their anxiety according to Dr. Alison Brooks.
2. Failure represents a more incredible adversity than
success.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 7: (2 points)

1. Proactivity means more than merely taking initiative. It

means that as human beings, people are responsible
for their lives.
2. Proactive people are influenced by internal physical,
emotional, and physiological stimuli.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 8: (2 points)

1. Put first things first is a principle involves envisioning

the future
2. Begin with the end mind is a frame of mind and heart
that constantly seeks mutual benefit in all human
interactions.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 9: (2 points)

1. Seek first to understand, then to be understood means

having a balanced program in four areas of life which
allows individuals to become efficient and effective.
2. Some entrepreneurs spend a great deal of time in
urgent but unimportant activities in quadrant II of the
time management matrix.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 10: (2 points)

1. Jeff Van Duzer believes that value creation is the

purpose of business. His theory proposes that
economic and societal values can be pursued at the
same time.
2. Philippe Naert proposes that the purpose of business
should serve both employees and customers.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 11: (2 points)

1. Bhagavad Gita asserts that people should focus on their

thoughts and actions rather than the outcomes of
those actions.
2. Dr. Dharma has highlighted some of the core concepts
of Dharma or natural law. It can be understood as a
righteous duty or the right path to uphold the family
and the organizational and social fabric.
A. Both Statements are Correct C. Only statement 1 is Correct
B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 12: (2 points)

1. Seek higher consciousness means that a leader’s action

today can become the karma that influence their status
tomorrow.
2. Act rather than react means a leader should be
compassionate and selfless. They treat everyone as
equals.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 13: (2 points)

1. Vividhta means business must be the engine of

innovation constantly seeking more effective solutions
to meet its economic and social expectations.
2. Loka Sangraha means change and continuity coexist.
Corporate governance must keep learning from the
feedback loop form society.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 14: (2 points)

1. Usage based pricing means some innovations are

successful because a new technology improves the
relationship with supply chain partners.
2. Some innovations succeed because they enable sharing
of costly assets.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
Question 15: (2 points)

1. The income statement presents a business view of

assets equals to the sum of liabilities and capital.
2. Statement of financial position summarizes the revenue
and expenses incurred by a business over an
accounting period.

A. Both Statements are Correct C. Only statement 1 is Correct

B. Both Statements are Incorrect D. Only Statement 2 is Correct
 Test II: ABM Company provided the following data for the year ended December 31,
2022. Prepare a Balance Sheet and income statement using the data below:

Cash 394,700.00 Accounts Payable 165,000.00

Utilities expense 3,490.00 Building 1,500,500.00
Loans Payable 385,000.00
Office Euipment 122,100.00
Rent Expense 9,800.00
Ramirez, Capital 4,351,730.00
Accounts Receivable 79,250.00
Furniture and Fixture 33,390.00 Licenses and Permits Expense 3,600.00
Land 2,780,250.00 Notes Receivable 13,110.00
Service income 780,500.00 Notes Payable 33,270.00
Supplies 11,700.00 Miscellaneous Expense 2,780.00
Advertising Expense 75,950.00 Salaries Expense 55,750.00
Answer Key:

Test 1 (2 Points each)

1 A
2 A
3 A
4 D
5 D
6 C
7 C
8 B
9 B
10 B
11 A
12 B
13 C
14 D
15 B
 + 2 pts if with double –rule for the totals-
Answer Key: + 2 Points if alignment is good (title and numbers). TOTAL SCORE: 40
Test 2: + 4 pts if no erasures (Correction tape not counted).
ABM Company 1 Pt
Balance Sheet 1 Pt
December 31, 2022 1 Pt

ASSETS 1 Pt LIABILITTIES AND OWNER'S EQUITY 1 Pt

Cash 1 Pt 394,700.00 Accounts Payable 1 Pt 165,000.00
Accounts Receivable 1 Pt 79,250.00 Notes Payable 1 Pt 33,270.00
Notes Receivable 1 Pt 13,110.00 Loans Payable 1 Pt 385,000.00
Furniture and Fixture 1 Pt 33,390.00 TOTAL LIABILITIES 1 Pt 583,270.00 3Pts
Office Euipment 1 Pt 122,100.00
Supplies 1 Pt 11,700.00 Ramirez, Capital 1 Pt 4,351,730.00
Land 1 Pt 2,780,250.00
Building 1 Pt 1,500,500.00
1 Pt
TOTAL ASSETS 1 Pt 4,935,000.00 5Pts LIABILITTIES AND OWNER'S EQUITY 4,935,000.00 5Pts
+ 2 pts if with double –rule for the totals-
+ 2 Points if alignment is good (title and numbers).
+ 4 pts if no erasures (Correction tape not counted).
TOTAL SCORE: 30
ABM Company 1 Pt
Income Statement 1 Pt
For the eyar ended December 31, 2022 1 Pt
REVENUE: 1 Pt
Service income 1 Pt 780,500.00
EXPENSES: 1 Pt
Salaries Expense 1 Pt 55,750.00
Rent Expense 1 Pt 9,800.00
Advertising Expense 1 Pt 75,950.00
Utilities expense 1 Pt 3,490.00
Licenses and Permits Expense 1 Pt 3,600.00
Miscellaneous Expense 1 Pt 2,780.00
TOTAL EXPENSES 1 Pt 151,370.00 3 Pts

NET INCOME 1 Pt 629,130.00 5 Pts

Test 1 (Multiple Choices): 30 Points
Test 2
Balance Sheet: 40 Points
Income Statement: 30 points

TOTAL SCORE: 100

Passing score is 80