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MIDTERM EXAM
ENTREPRENEURSHIP

FILL IN THE BLANK. Write the correct answer on the space provided.

1. ________________ defined as a routinely performance for operation.

2. ________________ is a packaged business investment that allows the buyer to begin a
business
3. _______________ putting your business in a way that will attract the potential
customers.
4. ______________ refers to the organized activities and efforts of individuals to build and
sell goods and services for profit.
5. ______________ is where selection, retaining, and developing manpower to achieve the
business objectives
6. ______________ is a basic economic concept involving the buying and selling of goods
and services.
7. ______________ create a scalable business system that supports the delivery of the
business functions.
8. ______________ is owned by two or more persons who contribute capital to conduct
business.
9. _____________ build a profitable, scalable, cash rich business to fund the business.
10. _____________ a place where buyers and sellers can meet to facilitate the exchange of
goods and services.
11. ______________ is when people or business specialized in production of goods and
services.
12. ______________ creates new products from raw materials
13. _______________ refers to the conduct of trade among economic agents.
14. _______________ provides intangible products.
15. _______________ operated for their mutual benefits and owned by a group of
individual.

IDENTIFICATION.
 1. Company A is a newly opened business in the area, the company creates job
opportunities and improve the living standards in the area. What social responsibility did
the scenario show?
2. Marites321 purchase products in a wholesale price for they can save a lot of money from
it, and when they display it for sale, they will sell it in a retail price. What type of
business Marites321 into?
3. Karen is part of the company wherein her primary function is into selecting employees,
promote and demote employees, and provide training to all the staffs in the company.
What function did Karen show?
4. XYZ is a merchandising agency wherein they passionately paid their taxes on time,
encourages fair trade, and avoid monopoly practices. What social responsibility did the
scenario show?
5. Coca – cola is a known company in the world wherein they provide fair wages to all the
employees, developed skills program for them and they provide safe and good working
environment for all. What social responsibility did the scenario show?
6. Anden is an employee in Novo Supermart wherein he focuses on promoting new
products and he also develops new products to be released in the market. What function
did Anden possess?
7. Christian is on the process of selling a product to the market, however he is still in the
process of costing and determining how much would it cost for the product he wanted to
sell. What function of business did Christian show?
8. Jollibee Foods Incorporation is a corporation in which all the shareholders will have a fair
return of investment and also they will share the complete information of the progress
and the performance of the company. What social responsibility did the scenario show?
9. Jan is a known artist in the Philippines, he himself has a lot of endorsement coming from
different companies that he is into. So Jan engage in himself in social welfare programs
and take good care of his image. What ethical behavior did Jan show?
10. Joshua is the Executive Housekeeper in Mari Resorts, he distributed the tasks fairly to
his subordinates. He also talks politely to his employees. What ethical behavior did?

TRUE OR FALSE. Write TRUE if the statement is correct and FALSE if not. Write your
answers in the space provided.

_____________ 1. Albert Bandura’s Laissez Faire doctrine states that the market is a free
market.
_____________ 2. Trade is the activity of buying and selling, especially on a large scale.
_____________ 3. One of the social responsibilities towards employees is to have an adequate
basic facility such as electricity, hygienic toilets, and canteens.
_____________ 4. Avoid throwing of garbage near the coastline is an ethical way on economic
management.
_____________ 5. In rack jobber, agent presents the store manager with a copy of the inventory
control sheet, which indicates how much merchandise was sold.
_____________ 6. Cooperative is a business organization that has a separate legal personality
from its owners.
_____________ 7. The company sells high quality products with a cheap/reasonable price rate is
called consumer rights.
_____________ 8. In Vending machine routes, if your locations are spread far apart, it can spell
the difference between profit and loss.
_____________ 9. Operations creates new products and fulfill the quantity requirement of the
company.
_____________ 10. Finance is a process or operation that is performed routinely to carry out a
part of the mission of an organization.

MULTIPLE CHOICE. Encircle the correct answer.

1. A packaged business investment that allows the buyer to begin a business.

a. Business package c. Opening Business
b. Business opportunity d. Opening Package

2. Is the study of moral obligation involving the distinction between right and wrong.
a. Ethics c. Manner
b. Etiquette d. Breed

3. If you satisfy your needs, then you are doing social work for they are part of the society.
a. Employee Justification c. Employee Satisfaction
b. Employee Promotion d. Employee Concern

4. Buyers enter into an agreement with the parent company to market their goods by means
of strategically – located racks
a. Rack Jabbing c. Rack Opportunity
b. Rack Jobbing d. Rack Business

5. Businesses bring “specialized” people, equipment, and other resources together and
coordinate the production of goods and services.
a. Service Render c. Servicing
b. Service Special d. Service Specialization

6. Provide team gathering, team outing, and other means of curricular activities to keep
employees motivated to come to work
a. Responsibility towards b. Responsibility towards
Customers Shareholders
 c. Responsibility towards d. Responsibility towards Public
Employees

7. To make best use of society’s resources for their welfare.

a. Responsibility towards c. Responsibility towards
Customers Employees
b. Responsibility towards d. Responsibility towards Public
Shareholders

8. Regular and complete information about the performance and progress.

a. Responsibility towards c. Responsibility towards
Customers Employees
b. Responsibility towards d. Responsibility towards Public
Shareholders

9. Supply of right quality of goods in right quantity.

a. Responsibility towards c. Responsibility towards
Customers Employees
b. Responsibility towards d. Responsibility towards Public
Shareholders

10. Means business grows and production units increased, a business will have a better
chance to decrease its cost.
a. Economies of Scale c. Economies
b. Economies of Investment d. Scale of Investment

11. Who states that the market is a free market where the producers and consumers act in
accordance to their own interest.
a. Adam Lavigne’s Laissez Faire c. Adam Johnson’s Laissez Faire
b. Adam Smith’s Laissez Faire d. Adamson’s Laissez Faire

12. Consumers have become very conscious about their rights. If you are giving high quality
products at cheap rate, that is kind of social responsibility.
a. Social Responsibility c. Consumer Awareness
b. Social Influence d. Consumer Responsibility

13. Includes plastic less business by giving paper bag, creating eco-friendly product, by
eliminating production.
a. Eco Warrior c. Economic Management
b. Environment Dispose d. Environment Management

14. It is the belief that what entrepreneur does has a strong influence on employees.
a. Ethical Leadership c. Good Leader
b. Etiquette Leadership d. Leadership
 15. The activities of an entrepreneur towards the welfare of the society earn goodwill and
reputation for the business.
a. Image c. Public Image
b. Private Image d. Public

ESSAY

1. If you are the owner of a company, how would you give attention to your
employees/workers? (Give five (5) examples of benefits that focused on your workers).
And explain each. (10 points)

2. If you are to begin your business, what would it be and what kind of business opportunity
will be used? Explain why. (10 points).

ANSWER KEY:

Fill in the blank 4. Responsibility towards Government

1. Function 5. Responsibility towards Employees
2. Business Opportunity 6. Marketing
3. Market 7. Sales
4. Business 8. Responsibility towards Shareholders
5. Human Resource / People 9. Public Image
6. Trade 10. Ethical Leadership
7. Operation
8. Sole Proprietorship
9. Finance
10. Market
11. Product or Service Specialization
12. Manufacturing
13. Commerce
14. Service
15. Cooperative

Enumeration TRUE OR FALSE

1. Responsibility towards Public 1. False
2. Merchandising 2. False
3. Human Resource 3. True
 4. False
5. True
6. False
7. False
8. True
9. False
10. False

MULTIPLE CHOICE
1. B
2. A
3. C
4. B
5. D
6. C
7. D
8. B
9. A
10. A
11. B
12. C
13. D
14. A
15. C