ENTREPRENEURSHIP

1. It is a process of creating and starting a new business.

A. Business Management C. Marketing
B. Entrepreneurship D. Management

2. A person who starts a business and is willing to risk loss to make money.
A. Business Enthusiast C. Manager
B. Entrepreneur D. Marketer

3. Entrepreneurship is not a job, it is a:

A. dream C. occupation
B. mindset D. work

4. It is considered as the blueprint which states the projects, and programs of the
enterprise in the next couple of years.
A. Business Concept C. Business Plan
B. Business Model D. Business Strategy

5. Business plan is particularly important for a businessman who will start his business.
Which among the following is NOT the purpose of a business plan?
A. to ‘sell’ the proponent and the business proposition
B. to invite more customers and read the business plan
C. to convey the capabilities and competencies of their owners and managers
D. to convince prospective business investors about the soundness and potential
of their business.

6. Business plans serve many masters, EXCEPT:

A. customers B. entrepreneur C. investors D. manager

For 7-10 items only. Read the statements carefully and choose the letter that
corresponds to your answer from the box below.
7. It contains the essence of the enterprise, and the value of the product/services to
its target markets.
8. It contains the essence of the enterprise in a concise but power
manners.
9. It is a formula on how the enterprise exactly plans to make money out of the
business.
10. It shows the future and long-term prospects of the enterprise.

A. Business Concept C. Business Model

B. Business Goals 7.D. Product/Service
Offering
11. Business plans have many parts. What part of the business plan contains Vision,
Mission, Objectives, and Performance targets of the enterprise?
A. Business Goals C. Marketing Strategy
B. Business Concept D. Product and Services

For 12-14 items only.

12. The statement that reflects how you see your business in the next couple of
years.
13. It states the plan on how you will be going to accomplish your vision statement.
14. It is more specific and should be measurable, achievable, and time-bound.

A. Mission C. Performance target

B. Objectives D. Vision

15. A mind frame that allows the entrepreneur to see things in a positive and optimistic
way.
A. business mind frame C. managerial mind frame
B. entrepreneurial mind frame D. staff mind frame

16. It refers to the ‘big or macro forces’ that affect the area, the industry, and the market,
which the enterprise belongs to.
A. macro environment C. microenvironment
B. macro market D. micro market

17. It refers to the specific target market segment of a particular enterprise.

A. macro environment C. microenvironment
B. macro market D. micro market

18. The unique selling proposition of the enterprise.

A. audience C. main value proposition
B. consumers D. target customers

19. It refers to the tastes of groups of people.

A. consumer dislikes C. consumer preferences
B. consumer likes D. consumer wants

20. This refers to the ability of an entrepreneur to go to failure with no loss of enthusiasm.
A. confident C. optimistic
B. disciplined D. resiliency
21. An attitude of an entrepreneur where he looks at defeat as an opportunity for
success.
A. determination B. discipline C. self-reliant D. strong will

22. The ability of an entrepreneur relies principally on his own efforts, merits, and work.
A. determination B. discipline C. self-reliant D. strong will

23. It is an entrepreneur that rises to a challenge and transfers problems into

opportunities.
A. creative C. self-determination
B. humble D. risk-taker

24. The following is NOT a definition of Entrepreneurship.

A. it refers to a person who sets up a business with the aim of making a profit.
B. the act of creating a business while building and scaling it to generate profit.
C. it creates opportunities, ensures social justice, instills confidence and stimulates
the economy.
D. it is important part of the economic growth strategies of many local and national
governments around the world.

25. The following statement has the relevance of Entrepreneurship to SHS Grade 12
students, EXCEPT:
A. it creates job
B. it generates new wealth in an economy.
C. it creates job opportunities and ensures social justice.
D. it aids students from all socioeconomic backgrounds to think outside the box.

26. The following words in NOT associated with the skills of an entrepreneurs.
A. innovative C. collaborative
B. impulsive D. creative

27. The most common reason given to people who choose to become entrepreneurs.
A. to be their own boss.
B. to make a lot of money.
C. to be able to retire early.
D. to escape the long hours associated with the corporate jobs.

28. After opportunity seeking comes the process of opportunity screening. Opportunity
screening has 12 Rs, which among the following is NOT included?
A. range B. reach C. recover D. resonance
29. It is based on the estimated number of possible customers who might avail of the
product or service.
A. business customers C. market customer
B. business potential D. market potential
30. The following are characteristics shared by successful entrepreneurship, EXCEPT:
A. passion C. risk averse
B. product/customer focus D. tenacity despite failures
31. Which of the following is NOT a common myth about entrepreneurs.
A. entrepreneurs are gamblers.
B. entrepreneurs love the spotlight.
C. entrepreneurs are born, not made.
D. everyone has the potential to be an entrepreneur.

32. The following is NOT an example of tangible product.

A. car C. event organizes
B. alcohol D. facemask

33. It is referred to as the production of an essentially intangible benefit.

A. items C. service
B. company D. market
34. The process of creating something new that makes life better is called.
A. technology C. brand recognition
B. innovation D. opportunity cost

35. This is an example of a goods.

A. candy bar C. dental visit
B. haircut D. having car oil changed

36. The intangible good or the intangible service that the enterprise offers to its
customers to satisfy their needs and to produce their expected results.
A. advertisement C. enterprise
B. business D. product

37. It means capital which is important in the operation of the business.

A. machine B. man C. materials D. money

38. Banking and hotel services are example of:

A. products B. commodities C. barter system D. services offered

39. It is important to determine the sales potential of the products or services you want
to offer.
A. range C. relevance
B. revenues D. returns

40. The following are demographic classifications EXCEPT:

A. age C. occupations
B. social classes D. loans/liabilities
41. In screening the location of the enterprise, which of the following is NOT included?
A. clustering of competitor C. future area development
B. exact target customers D. buying habits of the customers

For items 42-48.

42. Refers to finding location to maximize the potential.
43. Is the way the customers perceive the enterprise and its products.
44. It is considered as the ultimate marketing strategy.
45. It depends on the business objectives set by the enterprise.
46. It is referred to as tangible good or intangible service.
47. An explicit communication strategy adopted by an enterprise, such as advertising.
48. It can even be more important than the product itself.

Choose the letter that corresponds to your answer.

A. Packaging D. Price G. Product

B. People E. Positioning
C. Place F. Promotions

49. It harnesses the potential of new products by creating the market space for them.
A. business mind C. innovative mind
B. creative mind D. technical mind

50. It is also called the originator, adaptor, and renderer.

A. business mind C. innovative mind
B. creative mind D. technical mind