Question 1

Which of the following statement is true about entrepreneurship?

Accepted Answer

There are lots of risks and rewards involved.

Answer

They are always well-funded and carefully planned.

Answer

They do not hire any employees.

Answer

There are no known risks.

Question 2

Entrepreneurship offers young entrepreneurs the chance to work on their own pace and space, make

their own schedule, control their hours and set up their own workplace. What advantage of

entrepreneurship is being described?

Accepted Answer

Flexibility

Answer

Unlimited earnings

Answer

Challenge

Answer

Independence

Question 3

Lina is managing a laundry business. For almost two years of running the business, she saves a lot

for herself and family because the business is running well. She also pays her taxes on time to avoid

penalty. She knows that it is her responsibility to pay taxes as part of her contribution to the country.

What is the role of entrepreneurship in economic growth that is shown in the situation?

Accepted Answer

It provides social services.

Answer

It meets consumer demands.

Answer

It links industries.

Answer

It creates job.

Question 4

Which of the following statement is true about Laissez-faire economy?

Accepted Answer

It is the behavior of the market through which buyers and sellers interact and engage an exchange.

Answer

Countries will benefit more with specialization and trade.

Answer

Government could intervene in the economy and affect the level of output and employment.

Answer

The households and the firms are two basic decision-making units in an economy.

Question 5

Aling Lucie, a mother of four children, likes to help her husband to have an additional income for the

family. Since her neighbors are too busy with their work, she thinks to put up a small carinderia in front

of their house. She has a little money which is not enough to start the business. What do you think is a

possible solution to her problem?

Accepted Answer

Borrow money from financial institutions, family, and friends.

Answer

Research on ways how to start a business.

Answer

Give up and venture the business next time.

Answer

Seek advice to her friends.

Question 6

How would you differentiate product business from service business?

Accepted Answer

Product business sells actual physical things while service business sells service that consumers' need.

Answer

They have different tangible products to sell to the consumers.

Answer

Product business is more profitable than service business.

Answer

Product business refers to the individuals who sells product while service business refers to individual

who renders service.

Question 7

Which of the following is NOT a characteristic of a Natural Entrepreneur?

Accepted Answer

professional

Answer

skillful

Answer

innovator

Answer

creative

Question 8

What are the two strategies in improving individual potential in entrepreneuship?

Accepted Answer

Formal and Informal Preparations

Answer

Natural and Practitioners

Answer

Product and Service Preparations

Answer

Product and Service Entrepreneurs

Question 9

Liza is very flexible and open-minded, she obtains useful feedback and advice from others. What

Personal Competency does she demonstrates?

Accepted Answer

Coping uncertainty

Answer

Setting own standard

Answer

Building for future

Answer

Respond to feedback

Question 10

Mr. Dela Cruz believes that to have a successful business, one should first believe in himself?

What trait does he possess?

Accepted Answer

Self- confident

Answer

Persistent

Answer

Hardworking

Answer

Committed

Question 11

11. Why are many people engrossed in putting up a business?

Accepted Answer

All of the above.

Answer

To achieve financial independence.

Answer

To be a manager of their own.

Answer

To have flexibility of working hours.

Question 12

Why do we need to conduct environmental scanning?

Accepted Answer

It provides you the capability to formulate essential adjustments in the organization's reaction

to the factor that can turn out to be success and failure.

Answer

None of the above

Answer

To identify a number of broad factors and issues that will have significant impact on business.

Answer

To take action in a more suitable efficient manner.

Question 13

Tom works for a large marketing firm and wants to form a new strategy about how his firm should operate.

Before forming it, he wants to think about how he could maximize the capacity of his firm in comparison to the

economic environment. How should he proceeds in doing that?

Accepted Answer

By conducting a SWOT Analysis to analyze the strength and weaknesses of the firm and the

opportunities and threats in the environment.

Answer

By surveying to analyze the strength and weaknesses of the environment and the

opportunities and threats in the company.

Answer

By conducting a SWOT Analysis to analyze the strength and weaknesses of the environment and the

opportunities and threats in the company.

Answer

By surveying to analyze the strength and weaknesses of the firm and the opportunities and

threats in the environment.

Question 14

Mr. Dela Cruz believes that, in order to have a successful business one should first believe in his/her self.

What trait did he possess?

Accepted Answer

Self-confidence

Answer

Hardworking

Answer

Committed

Answer

Persistence

Question 15

Liza is very flexible and open- minded, she analyzes even the negative feedbacks

and advice from others with regards to her online business and find ways on how to improve

her business thru these. What Personal Entrepreneurial Competency does she demonstrates?

Accepted Answer

Respond to feedback

Answer

Coping uncertainty

Answer

Setting own standard

Answer

Building for future

Question 16

Which among the group of personal entrepreneurial competencies is under the planning cluster?

Accepted Answer

information seeking, building for the future and setting own standard

Answer

responding to feedback, information seeking and goal-setting

Answer

responding to feedback, hardworking and goal-setting

Answer

responding to feedback, building for the future and setting own standard

Question 17

Which of the following is fundamental characteristic of an entrepreneur?

Accepted Answer

All of the above

Answer

Cope with uncertainty

Answer

Committed

Answer

Risk taker

Question 18

What is an entrepreneur?

Accepted Answer

Both A & C.

Answer

Someone who makes a lot of money.

Answer

Someone who takes a risk to make a profit.

Answer

Someone who invests time and money to start a business.

Question 19

Which of the following does not belong to the group?

Accepted Answer

Information seeking

Answer

Hardworking

Answer

Demand for efficiency and quality

Answer

Cope with failure

Question 20

Marco was not able to attend any formal education about business but still able to run his four

carinderia businesses successfully. Which of the following is true about Marco?

Accepted Answer

Marco learned the basics while being employed in the same type of businesses and apply it on

his own businesses.

Answer

Marco is doing his best to satisfy customers and to deliver what is promised.

Answer

Marco is hardworking.

Answer

Marco is persistent and committed to what he is doing.

Question 21

Which of the following strategies might help you to improve your potential as an entrepreneur?

Accepted Answer

All of the above.

Answer

Enrollment in private colleges that offers an educational program in entrepreneurship

Answer

Networking

Answer

Mentoring

Question 22

Which of the following is true about barter system?

Accepted Answer

It is a system of exchange in which participants in a transaction directly exchange goods or services

for other goods or services without using money.

Answer

You can trade goods or services without using money but lacks of a common measure of value.

Answer

For barter to occur between two parties, both parties need to have what the other wants.

Answer

The goods are normally traded at the same point in time.

Question 23

The following has important aspects to the stability of a bartering system EXCEPT ...

Accepted Answer

dealer honesty, goods or products, money, secure exchanges

Answer

dealer honesty, goods or products, accurate valuation

Answer

dealer honesty, goods or products, secure exchanges

Answer

goods or products, accurate valuation, secure exchanges

Question 24

The following has important aspects to the stability of a bartering system EXCEPT ...

Accepted Answer

dealer honesty, goods or products, money, secure exchanges

Answer

dealer honesty, goods or products, secure exchanges

Answer

dealer honesty, goods or products, accurate valuation

Answer

goods or products, accurate valuation, secure exchanges

Question 25

Which of the following is not an example of franchise business?

Accepted Answer

Mang Inasal, 7-eleven, SM shoemart

Answer

Red ribbon, 7-eleven,Mc Donald's

Answer

Jollibee, Master Siomai, Chooks to go

Answer

Dunkin Donuts, Jollibee, Mc Donald's

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