First Periodical Test in Entrepreneurship

I. Multiple Choice

1) A process of creating incremental wealth through the efforts of individuals who find new
and useful ways to employ.
a. Entrepreneur b. Employee c. Entrepreneurship d. Product

2) Someone who starts a new business, recognizes opportunities, and creates something
new that will provide value to customers.
a. Employer b. Entrepreneurship c. Entrepreneur d. Seller

3) Gain the most success of the enterprise but if it fails, also have the most to lose.
a. Failure b. Make money c. Be your own boss d. Lose money

4) It is a chronological list of all the sales transactions for a business.

a. Sales Journal b. Expense Journal c. Bookkeeping d. Chart of Accounts

5) A chronological list of all the expense transactions in a business

a. Sales Journal b. Expense Journal c. Bookkeeping d. Chart of Accounts

6) Indicates when the sales or expenses transaction took place.

a. Amount b. Date c. Doc. No. D. Customer Name

7) Shows the state of business assets, liabilities, and net worth of business.
a. Cash flow b. Income Statement c. Balance Sheet D. Profit & loss statement

8) The amount of money they want to generate from implementing business ventures.
a. Date b. Sales c. Budget D. Profit

9) The maximum amount of money that they could spend for certain expense accounts.
a. Profits b. Budgets c. Savings D. Sales

10) The amount of cash the student will set aside for his future.
a. Savings b. Profits c. Savings D. Sales

11) The amount of profit they want to generate from implementing business ventures.
a. Savings b. Sales c. Budgets D. Profits

12) Shows the current state of cash and history of all cash transactions.
a. Income statement b. Loss & Profit statement c. Cash flow s D. Balance Sheet

13) Formal reports that tell the financial story of a business.

a. Bookkeeping b. Financial Statements c. Customer Name D. Amount

14) Indicates the total amount in pesos of each expense or sales.

a. Book b. Date c. Amount D. Transaction Description

15) For choosing the right place for your business is very important.
a. Location b. People c. Supplier D. Business Registration

16) It is a blueprint of individuals, organizations or group who would like to engage in

business.
A. Business B. Entrepreneur C. Business Plan D. Entrepreneurship
17) This contains a brief description of each part of the business plan.
A. Introduction B. Marketing Plan C. Executive Summary D. Market Analysis

18) It is a comprehensive document or blueprint that outlines a business advertising and

marketing efforts for the coming year.
A. Industry analysis B. Appendices B. Market analysis D) Marketing Pan

19) It shows the financial or funding requirement of the business

A. Financial Plan B. Budget c. Funding d. Financial

20) This portion is intended for miscellaneous items which may not be put in the main part
of the business plan such as photos, contracts, forms, certificates, permits and other
relevant papers.
A. Organizational Plan B Appendices c. Production plan D. Product description

21) These are the advantages of your products offerings in the market or services over
similar offerings in the market.
A. Opportunities B. Trends C. Strengths D. Weaknesses

22) These are the perceived limitations of your products and service.
A. Opportunities B. Threats C. Strengths D. Weaknesses

23) These are the things that happen outside of your business that can potentially be to the
advantage of your products or services.
A. Opportunities B. Threats C. Strengths D. Weaknesses

24) These are harmful things that may potentially negatively affect your products or services.
A. Opportunities B. Threats C. Strengths D. Weaknesses

25) These are the market inclinations towards your product or services
A . Opportunities B. Strengths C. Trends D. Threats

II. Enumeration:

26 - 30 Give the five screening processes. (5PTS)

31 - 36 Give at least 6 Ps in marketing mix. (6 PTS)
37 - 40 Give the 4 Ms of production or operation. (4 PTS)
41 - 45 Give the 5 types of a Business Model. (5 PTS)
46 - 50 What kind of business do you want to try? (5 PTS)
ENTREP Exam
Key:

1) C
2) C
3) A
4) A
5) B
6) B
7) C
8) B
9) B
10) A
11) D
12) C
13) B
14) C
15) A
16) B
17) C
18) D
19) A
20) B
21) C
22) D
23) A
24) B
25) C

26-30

Personal Preference
Customer Requirements
Viability
Profitability
Innovation or Differentiation.

31 - 36
41 - 45
Product
Price Customer
Place Value Proposition
Promotion Distribution Channel
People Key Resources
Packaging Key Activities
Positioning

46 - 50
37 - 40
ANY RESPONSIVE ANSWER WILL DO.
Manpower
Method
Machines
Materials