Entrepreneurship

MINDANAO MISSION ACADEMY

Accountancy, Business and Management
First Midterm Examination

Name:_____________________________ Score:_______________
The LORD himself goes before you and will be with you; he will never leave you nor forsake you. Do not be afraid; do not be
discouraged.” Deuteronomy 31:8
Examination Rules:
a. Use Blue/Black ink ball pens only
b. Strictly No Erasures
c. Ask directly to the proctor if you have questions.
d. Talking to your seatmates while taking the exam is considered cheating.

Test I: Identification. Write your answers on the space provided after each statement.
1. Process of creating something new of value by devoting the necessary time and effort._____________________
2. A great desire to attain a vision or fulfill a mission._____________________
3. A person who creates and manages change by the recognition of opportunities._______________________
4. Confidence in one’s self and the firm belief that everything is within reach so long as you aspire for
it.________________________
5. Other than vision, mission, and objectives, the opportunity must match the values and desired virtues that you have or
wish to impart.___________________________
6. To assure the viability of the opportunity____________________________
7. An investment that is needed to operationalized the business such as salaries, supplies, and utilities__________________
8. It is part of the macro environment that describes the natural resources and the ecosystem__________________
9. The amount of a product or service that consumers are willing and able to buy at any given price over a period of time.
___________________

10. A market segmentation that groups customers based on their values, attitudes, interest, lifestyle, and other factors.
___________________

11. Refers to the classification of customers into groups, each of which responds differently to different products or
marketing approaches.____________________________

12. A market segmentation that splits up people according to their age, gender, social class, income, religion, and ethnic
group. _____________________________

13. A market segmentation that groups the customers based on the region they lived. __________________

Test II. True or False. Draw  if the statement is true and  if false.

1. The entrepreneur must be able to ‘perfect’ the product or service at it goes through the process of Implementing, organizing, and
Financing while continuously subjected to testing and improvement______________
2. In order to come up with the product/service concept, the entrepreneur may create a concept similar to the winning products in
the marketplace and ride with the obvious market trends_______________
3. The ultimate goal of doing the opportunity screening matrix is to narrow down the many opportunities into one or two most
attractive ones. _____________
4. Estimating Market sales is about classifying potential market using demographics such as age, gender, income class, etc.
_______________
5. Production/Service Facilities Investment: long-term investment includes land, building, computer, machines, equipment, vehicle,
furniture, etc.___________ __
6. Opening and running a business provides guarantee that an entrepreneur will earn enough money and survive. ___________
7. In order to be successful the entrepreneur must engage himself to a lower quality of life to produce the kind of result he
expects._________________
8. More entrepreneurs are starting business because they see this as an opportunity to make a difference in a route or way that is
personally important to them__________
9. One of the drawbacks of entrepreneurship is the opportunity to engage in work of their choice. ________
10. The process of pursuing a business is called entrepreneurship.______________

II. Word Bank: Choose a word from the box that describes each statement.

RELEVANCE REINFORCEMENT OF ENTREPRENEURIAL INTEREST

REACH RESOURCES REQUIRED
RESONANCE RELATIVELY EASE IMPLEMENTATION
REVENUES REVOLUTIONARY IMPACT
RISKS RESPONSIVENESS
RETURNS RANGE
1. Other than vision, mission, and objectives, the opportunity must match the values and desired virtues that you have or
wish to impart._____________________
2. It must be aligned with what you have as your personal vision, mission, and objectives for the enterprise you want to
set up._______________
3. Opportunities that have good chances of expanding through branches, distributorships, dealerships, or franchise
outlets in order to attain rapid growth are better opportunities.___________________
4. The opportunity can potentially lead to a wide range of possible product or service offerings, thus, tapping many
market segments of the industry._________________________
5. If you think that the opportunity will most likely be the “next big thing” or even a game- changer that will
revolutionize the industry, then there is a big potential for the chosen opportunity. __________________________
6. Opportunities requiring fewer resources from the entrepreneur may be more favored than those requiring more
resources._________________
7. If the opportunity that you want to pursue addresses the unfulfilled or undeserved needs and wants of customers, then
you have a better chance of succeeding.____________________
8. In any entrepreneurial endeavor, it is important to determine the sales potential of the products or services you want to
offer. _______________
9. How does the opportunity resonate with the entrepreneur’s personal interests, talents, and
skills.__________________________
10. In an entrepreneurial endeavor, there will always be risks.______________________________

III. ESSAY

1. What do you think is the use of market segmentation?

2. Based on the picture above, what kind of personality traits or lifestyle would you expect the people who buy this product to
have? Explain.

3. Refer again to the picture above, would it make sense to segment this product geographically? Why or why not? If “yes”
where?

IV. Screen the following opportunities using the 12Rs.

You were given P1, 000, 000 by your father for you to start your own business. He gave you a list of the following opportunities to
choose from which he obtained through opportunity seeking process.

Market Problem Cause Effect Market needs/opportunity Possible product/services

Internet café with mini-

Poor/limited internet Delayed in making research
Lack of service provider Establish an internet café library and private rooms
connection papers
where people can sleep
 overnight.
Motor/car rental shop.
Growing demand for People’s works are far from Establish a motorcycle rental Customers may choose
Lack of transportation.
motorcycles their homes. shop their desired vehicle they
want to rent.

A school which offers

They depend more to the
Increasing number of different skills. People will
No skill acquired government to feed and help Establish a skill training center
unemployed citizens learn practical skills which
them with their living.
are applicable to abroad.

Knowing the 12 Rs of opportunity screening, which of the following opportunities will you pursue? Defend your answer.