A right of consumer which states that consumers should be provided with correct information

with regards to the products and services offered to them

c. Right to be informed

Which of the following is not an advantage of operating small business?

c. Time commitment

Bakeries, Bagoong Manufacturers and restaurant belong to what category of small business?

Manufacturing

Entrepreneurs should have a fair treatment to their customers.

True

Which of the following is not a form of business idea?

a. A standard product cannot be customized.

People preferred to be employee forever than to become an entrepreneur.

False

Nobody should commit error in an innovative organization.

False

Through open communication , because employees are happy, they become

c. Productive

Creative contributions from employees should not be allowed in an innovative organization.

False

With regards to revenue and profitability, which of the following is true in small business?

b. Profit in small business is lower than those in the large scale and it depends on the nature of
business.

If an entrepreneur earns in a form of profit, a manager earns in a form of

d. Salary
Which of the following best describes a small business in terms of revenue and profit?

a. Profit in small business is lower than those in the large scale and it depends on the nature of
business.
It refers to the economic opportunity which is within the reach of the entrepreneur and which
will provide him with a desirable value.

c. Sound business idea

Existing can be professionalized through improvement of business presentation, quality of

products, service add-ons and etc.

c. An old type of business can be professionalized.

Of the following condition, where is the final selection being applied?

a. Status quo and shorter list

It is not the time and commitment that make an entrepreneur successful.

False

One of the methods of searching for business idea deliberate search can be used. Which of the
following is done when an entrepreneur ask specific questions to draw out answers related to
customer satisfaction?

b. Using search questions

These are the specific performance targets that the entrepreneurship hopes to accomplish.

a. Objectives

Testing the business idea will require a risk taking measures.

True

As an entrepreneur, he will be the one to bear the risk of losing but of course he will be the one

a. to reap also the fruits of his labor.

It refers to the work that you do to earn money.

c. Business

How do entrepreneurs ensure safe workplace for employees?

d. Maintaining sufficient ventilation

Owning one's business and running a _________ one can be an opportunity to entrepreneurs to
learn more about how to run a business effectively.

Small
An entrepreneurs should learn how to manage human and non human materials so as to have
the production of goods and services realized.

d. Organize production through purchasing and combining materials and labor

Which of the following is not a disadvantage of operating a small business?

c. Financial rewards

It is the pursuit of opportunity beyond resources controlled .

b. Everyone has the chance of getting hired and promoted without age, sex, race, religion and
political belief discrimination.

The government and entrepreneurship play an important role in developing the economy.

True

Which does not belong to the group?

a. General construction firms

Which of the following can be a sound business idea?

d. Imported products can be replaced by local products.

Quiz 4

Which of the following business ownership has a limited life?

In this part of Certificate of Incorporation, franchise fee, limitation of director's liability and other
important information can be indicated.

Which of the following describes the positive side of putting up a sole proprietorship?

c. Profits will go directly to the owner

Which of the following advantages does not belong to the group?

=c. Profits will go directly to the owner/entrepreneur

He is the partner who contributes his knowledge, skills or personal services to the partnership.

c. Industrial partner

What principle of cooperative is described in this statement: Cooperatives are committed to

provide education to their members and to the community at large.

=a. Education, training and information

A type of cooperative whose members share in the cost of renting or purchasing a space or
materials necessary for cooperative operations. Services are provided to member and customers
for a fee.

=c. Service provider cooperative

Type of cooperative which work similarly to those who provide housing and the clients are not
only from outside but of course members of the cooperative itself.

=d. Housing cooperative

There is direct control of making decisions in sole proprietorship.

=True

It is a set of formal documents which contain basic information on a company being created.

=b. Articles of Incorporation

Midterm

Employees tend to work better and complain less when they are _________.

= b. Motivated

Time that should be allowed for each activity should be indicated in the plan so as to establish a
target data for completing the activity.

=True

Which of the following does not belong to the group?

=d. Voucher system

When should summary of business plan be written?

=a. In the last stage of business planning.

In playing this role of a __________ , hindrances in the attainment of objectives of company can
be cast aside effectively by the small business operator.

=a. Counselor

Positive approach may solve problem in the workplace but if the problem is persistent and if the
employees' misconduct is not tolerable, discipline should not be used by the management to
correct the said behavior

=False

It is the way organization structures it jobs to coordinate work.

=Departmentalization

A partner who share both the ownership and business management.

=General partner

It is an extended form of line organizational structure

=d. Line and staff type

A long range planning is done regularly in this stage.

=c. Strategic planning stage

A type of cooperative whose members share in the cost of renting or purchasing a space or
materials necessary for cooperative operations. Services are provided to member and customers
for a fee.

=d. Service provider cooperative

Measures for a satisfactory accomplishment of the objectives in terms of quantity, quality, time
and cost should be provided by the plan.

=True

It refers to assignment of some tasks with commensurate authorities to subordinates.

=d. Delegation of authority

Difficult conversations means _______.

=b. talking to employees who need to be reminded to give their best in performing tasks.

It is sometimes called as the statement of financial position.

=c. Balance Sheet

There is direct control of making decisions in sole proprietorship.

=True

It summarizes the plan of the entrepreneur for his business.

=a. Executive summary

Which of the following best describes line and staff type of business organization?

=a. The managerial activity is being performed both by the line manager and staff manager.

In this part of business plan, benefit to current and potential customers as well as the reason
why is there a need for your product or service should be included.

=c. Service or product line

Which of the following does not belong to the group?

=Performance

It is a business blueprint which keeps the entrepreneur in the right track.

=b. Business plan

It is the possible alternatives for objectives that should be explained in detailed form.

=False

It is not the ownership, but the influence that matters in putting up the business.

=False

If an entrepreneur is not confident in making the business plan complete especially in the
financial aspect,

=a. He should seek help from professionals

Among the kinds business ownership, which has the direct control of decision making?

=d. Sole proprietorship

The profits earned by corporation are not taxed twice.

=False

He is the partner who is assigned to manage the business of the partnership

=d. Managing partner

He is the partner who contributes his knowledge, skills or personal services to the partnership.

=a. Industrial partner

An entrepreneur can also use his business plan in attracting future investors for his business.

=True
Which of the following cannot be included in appendix?

=d. Financial statements

What principle of cooperative is described in this statement: Cooperatives are passionate in

serving members and making something good for the betterment of the community.

=c. Concern for the community

There is direct control of making decisions in _________.

=c. Sole proprietorship

In describing the business under the company description part of a business plan, which of the
following should not be included?

=a. Income per year

There is possible potential conflict between partners in corporation.

=True

Content of Certificate of Incorporation wherein the length of time the company will exist should
be indicated?

=c. Term of existence of the corporation

Quiz 5

One factors that should may affect business location that should be assessed because some
businesses produce considerable wastes and cost for such might affect the location.

=a. Waste disposal

Actually the most promising segment that an entrepreneur should choose is the segment which
you have _________ customers already.

=Existing

A place where transacting business more efficiently is the _________ criterion in selecting a
good location for the business and that is the business climate.

=c. Last

How you put your marketing strategy into practice is your marketing _________.

=b. Plan

It is the place where a certain business is situated.

=a. Business location

Small business as much as possible should be located _________ to their markets especially if
the cost of moving products from the firm to its customers is high in relation to their value.

=Near

Reputation of the location should be considered because

=b. it can contribute to the achievement of objectives of the small business.

Which of the following possible sources of secondary data does not belong to the group?

=a. E-mails

It is the study of financial information about companies, projects, etc. in order to understand
their costs, profits, cash flows etc.

=b. Financial analysis

It is written by the would-be-franchisee expressing intent to enter as franchisee in a business.

=c. Letter of intent to franchise

Advertising is also called above-the line promotion because it is _________ and the
entrepreneur pays for what the business wants to relay about itself in mass media such as
newspapers and television.

=c. Non-personal

An entrepreneur should check if the franchise has stand for years and proven to be patronized
by customers because

=c. a good system is set and followed by all its franchisees.

In projecting sales, an entrepreneur should be realistic because

'= b. Overestimation can cause problems in the future.

In this provision, conditions of the premises and the equipment to be used are included in this
section.

=a. Premise and/or equipment

These refer to activities , including advertising, personal selling, sales promotion, public relation
and direct marketing, used by the small business owners or entrepreneurs to persuade
prospective customers to buy the company's products or services.

=b. Promotion
Which of the following is true in the economic importance of small business in terms of
improving the local quality of life?

=a. Through providing goods and services to a particular area, the customers quality of life of
people is improved.

Which does not belong to the group?

=spa

Nobody should commit error in an innovative organization.

=False

The government and entrepreneurship play an important role in developing the economy.

=True

Which of the following is true in the economic importance of small business in terms of
providing economic opportunities for entrepreneurs?

=c. Through small businesses, people who opt to put up their own business are being inspired to
become an entrepreneur.

A right of consumer wherein products and services offered by entrepreneurs should not do harm
to them

=a. Right to be safe

In running a small business, an entrepreneur can do what he loves to do and at the same time
making money out of it.

=True

Entrepreneurs earn in a form of profit.

=True

The person who undertakes an economic activity which involves starting up, managing and
assuming risk in running a business.

=d. Entrepreneur

A right of consumer which states that consumers should be provided with correct information
with regards to the products and services offered to them

=a. Right to be informed

With regards to market share, which of the following is true in small business?
=a. A small scale business serves a smaller area than in the large scale business. Usually, this type
of business serve one single community.

Introducing automation, simplification, convenience will surely earn profit for firm.

=True

Entrepreneurs and the government themselves should work hand in hand in developing the
economy of a country.

=True

The work experiences, skills, abilities of an entrepreneur should be considered as one way of
building an existing material and making profit from them.

=True

Which of the following is the second stage in business planning?

=a. Budgeting system stage

A long range planning is done regularly in this stage.

=a. Strategic planning stage

It is a part of business plan which summarizes the plan of the entrepreneur for his business.

=c. Executive summary

It is how the customer is persuaded to buy the goods and services offered.

=b. Promotion

Which of the following does not belong to the group?

=d. Voucher system

In writing a business plan, why should right information be at hand?

=a. To make forecast and analysis accurate

Measures for a satisfactory accomplishment of the objectives in terms of quantity, quality, time
and cost should be provided by the plan.

=True

It is not the business plan, but the marketing plan that should an entrepreneur be focusing in.

=false
It is a document that helps the small business owner determine what resources are needed to
achieve the objectives of the firm, and provides a standard against which to evaluate results.

=b. Business plan

It is business owned and operated by one person only.

=d. Sole proprietorship

It is not the capital but the income generated through the use of capital that matters in choosing
the type of business you want to put up.

=false

He is the partner who contributes his knowledge, skills or personal services to the partnership.

=b. Industrial partner

There is direct control of making decisions in sole proprietorship.

=true

There is possible potential conflict between partners in corporation.

=true

He is the partner who is assigned to manage the business of the partnership

=d. Managing partner

What principle of cooperative is described in this statement: Cooperatives are committed to

provide education to their members and to the community at large.

=d. Education, training and information

Content of Certificate of Incorporation wherein total number of shares to be authorized, type of

stock and its par value is indicated

=a. Amount of authorized capital stock

An entrepreneur or the owner of small business should provide information that is accurate and
adequate if subordinates are expected to perform.

=True

The officers who will be held accountable for objective accomplishment should be designated.

=True
A type of cooperative whose members share in the cost of renting or purchasing a space or
materials necessary for cooperative operations. Services are provided to member and customers
for a fee.

=c. Service provider cooperative

It is the possible alternatives for objectives that should be explained in detailed form.

=False

It is not the ownership, but the influence that matters in putting up the business.

=false

Measures for a satisfactory accomplishment of the objectives in terms of ___________ should

be provided by the business plan.

=c. quantity, quality, time and cost

In this part of business plan, benefit to current and potential customers as well as the reason
why is there a need for your product or service should be included.

=a. Service or product line

It's not a directing phases of management. It's under the controlling phase.

=false

Business plan serves as a guide to entrepreneur in running his business.

=True

Which of the following does not belong to the group?

=good deeds

There is direct control of making decisions in sole proprietorship.

=True

Which of the following best describes a committee type of business organization?

=c. Authority and responsibility vested in a group which consist of individuals who performs a
specific task which an individual manager cannot complete.

It is not correcting the actual performance. It is doing nothing because standards matches the
performance.

=False
In describing the business under the company description part of a business plan, which of the
following should not be included?

=c. Income per year

Type of cooperative which work similarly to those who provide housing and the clients are not
only from outside but of course members of the cooperative itself.

=b. Housing cooperative

There is direct control of making decisions in _________.\

=d. Sole proprietorship

Informal organizations are groups that are not formally sanctioned by the firm.

=True

An entrepreneur can also use his business plan in attracting future investors for his business.

=True

Through research, some decisions related to structure, marketing strategies and finances can be
made easily and accurately through considering the facts and data from research made.

=True

An entrepreneur should not decide on the purpose of writing the business plan.

=false

A partner who share both the ownership and business management.

=d. General partner

It serves as a useful tool for the entrepreneur in monitoring the achievement of his objectives.

=b. Business plan

Corporation is not the most stable among the three basic business ownership.

=False

Which of the following is the first factor to consider in designing firm's organizational structure

=c. Activities necessary to reach the goals

Cooperatives are owned by the members themselves.

=d. Autonomy and independence

Corporation is more expensive and complicated to organize.

=True

Employees tend to work better and complain less when they are _________.

=a. Motivated

Like sole proprietorship, partnership has no the disadvantage of unlimited liability.

=False

________ serves as a guide to entrepreneur in running his business.

=a. Business plan

In contacting the local council ___________ in the area and in the region should be studied.

=b. future or planned development, zoning, rates and business activity.

Which of the following questions is not appropriate in analyzing the right product to develop?

=a. How much is the cost incurred in producing the product?

Which part to the marketing plan is written on the last part.

=b. Executive summary

Once the entrepreneur or business owner made a decision for the right location, the next thing
in line is to think what _________ he will put up.

=a. Business premises

Gathering the demographic and economic characteristics of the areas an entrepreneur are
interested will give ample choices of right business location.

=True

Small business as much as possible should be located _________ to their markets especially if
the cost of moving products from the firm to its customers is high in relation to their value.

=near

No appropriate province is good to become a business location.

=False

Some criteria for retailing are not applicable to manufacturing and service business and the like
but there are instances also that some criteria are applicable to all types of small businesses.
=True

_________ allows consumers to try small amount of product so that they can try them and
hopefully make purchases afterwards.

=Sample

In this provision, conditions of the premises and the equipment to be used are included in this
section.

=c. Premise and/or equipment

It is written by the would-be-franchisee expressing intent to enter as franchisee in a business.

=b. Letter of intent to franchise

Franchisee is not completely independent in running the business.

=True

Assets can be categorized as current and fixed assets.

=True

Budget should be an aid to an entrepreneur in allocating resources where they are needed so
that

=c. business remains profitable and successful.

Small business no need to prepare financial statements because it is a waste of time.

=False