ENTREPRENEURSHIP
I.
A.Top management commitment C. Intellectual property
B. Entrepreneurial domain D. Trademark
C 1. Any patents, trademarks copyright or trade
secrets held by the entrepreneur is known as
_____
A 2. The organization will never be able to make the
necessary charges without ______.
B 3. The ways entrepreneur make decision.________
D 4. A word, symbol, name or device that a business
uses to identify its goods. ______
A.Focus group C. Motivation
B. Trade Barrier D. Synectics
B 5. Hindrance for going international business is
known as _______
6. A set of reasons for engaging in a particular
C behavior, especially human behavior is known as
______
A 7. What techniques is an excellent method for
initially screening ideas and concepts in addition
to generating new ideas?
D 8. The creative process for problem solving that
involves making the strange familiar in first step
and then making the familiar strange through
personal, direct or symbolic analogy is called
_________.
A.Retailer C. Cultural
B. Asian Countries D. Decentralize operations
D 9. When the multiplicity of environments become
too complex to handle, the international
entrepreneurs often ___
10.An entrepreneur into the hosiery business found
A out the reason his hosiery was not selling was
due to its color. What could be the best source of
this information?
11. In some countries, point of purchase displays are
C
not allowed in retail stores. Such differences are
studied by international entrepreneurs under
_________ environment.
B 12.Entrepreneurial success has been significant
because of the culture and the political and
economic systems in __.
A. Market Segmentation C. Expertise of an entrepreneur
B. Turn-key project D. Majority interest
D 13. Having more than 50% ownership position that
provides the entrepreneur with managerial control
is called ____..
B 14. The under-developed or lesser developed
countries need manufacturing technology and
infrastructure and yet do not want to turn over
substantial portion of their economy to foreign
ownership. Which of the following is a solution to
this dilemma?
C 15. The development of a new venture based on an
inventor's work often requires ________.
A 16. It is the process in marketing of dividing a market
into distinct subsets (segments) that behave in
the same way or have similar needs.
A. Financial plan C. Job descriptions
B. Sole proprietorship D. Proprietorship
B 17. A business where an individual is both the owner
and conductor of the business affairs is
called_________.
D
18. In ___ the entrepreneur has the right to sell
any assets.
C 19. ____________________are lists of the general
tasks, or functions, and responsibilities of a
position.
A 20. A_______________ can be a budget, a plan for
spending and saving future income.
A. Small Business Innovation Research C. Debt financing
B. Weakness D. Strategy
C 21. It involves an interest-bearing instrument, usually
a loan, the payment of which is only indirectly
related to sales and profits.
D 22. The idea and actions that explain how a firm will
make its profits refers to ______
A 23. SBIR stands for:
B 24. ______________is what the "W" in the SWOT
analysis stands for
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A. Value and Cost C. Luck 34. Which of the following is NOT a common
D myth about entrepreneurs?
B. Doer D. To be independent
A. Entrepreneurs are born, not made.
A 25.Benefits can focus on which of these? B. Entrepreneurs love the spotlight
D 26. An entrepreneur's primary motivation for starting C. Entrepreneurs are gamblers.
a business is D. Everyone has the potential to be an
27.To be successful in an entrepreneurial venture, entrepreneur
C
you need
28.Entrepreneurs are best as A 35. The entrepreneurial process is comprised of
B each of the following steps EXCEPT:
A. deciding to become an entrepreneur
II. MULTIPLE CHOICE B. inventing a new product or process
29. It is an individual who undertakes the C. managing and growing the entrepreneurial
B firm.
creation, organization, and ownership of a
business D. moving from an idea to an entrepreneurial
firm
A. Consumer
B. Entrepreneur
C. Business owner D 36. What is a business model?
A. A simulated version of the business you
D. Capitalist
intend to pursue.
B. A product prototype or sample that is
D 30. In a/an__________, people have an important provided to potential investors
right to make economic choices.
C. Forecasted financial statements for a new
A. Entrepreneurship business.
B. Monopoly D. A firm's plan for how it competes and
C. Free system society creates value to sustain itself.
D. Free enterprise

A 37. What do you call the string of activities that

31. It is money left after all expenses of running move a product from the raw material stage,
C
a business have been deducted from the through manufacturing and distribution, and
income. ultimately to the end user?
A. Capital A. value chain
B. Cost B. supply chain
C. Profit C. marketing channel
D. Surplus D. direct distribution

32. In a free enterprise system, the price of a

A B 38. An effective business model address each
product is determined in the _____________. of the following EXCEPT:
A. Marketplace A. how a firm competes
B. Stock market B. how a firm obtains start-up capital
C. Government C. how a firm acquires and uses its resources.
D. Company D. how a firm interfaces with its customers

C 33. It is a business that has stopped operating

39. What describes why a business exists and
with a loss to creditors. C what its business model is supposed to
A. New venture accomplish?
B. Enterprise A. the corporate charter
C. Business failure B. the statement of core values
D. Discontinuance
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 C. the firm's mission statement
D. the feasibility analysis
A 40. A cost leadership strategy requires a
business model that is focused on each of the
following EXCEPT:
A. differentiation
B. efficiency.
C. cost minimization
D. volume.
C 41. It is a resource or capability that serves as a
firm's competitive advantage over its rivals.
A. Brand loyalty
B. Strategic edge
C. Core competency
D. Differentiation
B 42. Which of the following BEST typifies a
strategic asset?
A. the firm's office machines
B. the firm's patents and trademarks
C. the firm's delivery trucks
D. the firm's customer service staff
D 43. What do you call the coordination of the
flow of all the information, money, and material
that moves through a product's supply chain?
A. transportation and distribution
B. fulfilment
C. information management
D. supply chain management
44. Which of the following is NOT a source of
A risk associated with participating in alliances
and partnerships?
A. cost sharing
B. proprietary information
C. management complexities
D. decision-making autonomy
III. ENUMERATION
A. What are the steps of the entrepreneurial
process? (4 POINTS)
1. Deciding to become an entrepreneur
2. Developing successful business ideas
3. Moving from an idea to an entrepreneurial firm
4. Managing and growing the entrepreneurial firm
B. R e s e a r c h e r s h a v e i d e n t i fi e d s e v e r a l
characteristics that tend to make some people
better at recognizing opportunities than others.
Discuss them. (4POINTS)
- prior experience in an industry helps
entrepreneurs recognize business opportunities
- entrepreneurs may be better than others at sizing
up the marketplace and inferring likely
implications
- having extensive social and professional contacts
exposes entrepreneurs to opportunities and
ideas
- creativity helps the opportunity recognition
process
C. What does a business model do? (4 Points)
The business model do the following:
1. A business model serves as an ongoing
extension of a firm's feasibility analysis.
2. A business model focuses attention on how all
the elements of a business fit together
3. A business model describes why the network of
participants needed to make an idea viable is
willing to work together.
4. A business model communicates a company's
core logic to employees as well as outside
stakeholders
D. What are the four major components of a
business model? (4 POINTS)
The 4 components of a business model are the following:
1. core strategy
2. strategic resources
3. partnership network
4. customer interface
CHAPTER 1 - PEARSON
1. Entrepreneurial behavior typically requires all
B of the following EXCEPT
A. willingness to take risks.
B. invention of something new.
C. drive
D. creativity.
B 2. _____ is the position of a firm on a continuum
ranging from highly conservative to highly
entrepreneurial.
A. Risk tolerance
B. Entrepreneurial intensity
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 C. Inventiveness
D. Organizational bureaucracy
C 3. What is the most common reason given for
why people choose to become entrepreneurs?
A. To make a lot of money.
B. To escape the long hours associated with
corporate jobs.
C. To be their own boss.
D. To be able to retire early.
D 4. Some entrepreneurs report that the financial
rewards associated with entrepreneurship can
be bittersweet if they are accompanied by
________.
A. A. modest upside potential
B. the thrill of starting a business
C. motivating factors
D. losing control of the firm
B 5. All of the following are characteristics shared
by successful entrepreneurs EXCEPT:
A. passion
B. risk averse
C. product/customer focus
D. tenacity despite failure
A 6. Which of the following is NOT a common
myth about entrepreneurs?
A. Everyone has the potential to be an
entrepreneur
B. Entrepreneurs are born, not made
C. Entrepreneurs are gamblers
D. Entrepreneurs love the spotlight
D 7. What do you call small firms that yield a level
of income for their owner that is similar to what
they would ear n when working for an
employer?
A. sole proprietorship
B. small business
C. lifestyle firm
D. salary-substitute firm
A 8. ____ of the 26 million businesses in the
Philippines are owned by women, minorities,
seniors, and young people.
A. A growing number
B. An insignificant portion
C. A declining amount
D. An unknown quantity
C 9. Influence on innovation and job creation best
typifies entrepreneurial firms' ________.
A. impact on larger firms
B. impact on the environment
C. economic impact
D. impact on society
B 10. The entrepreneurial process is comprised of
each of the following steps EXCEPT
A. deciding to become an entrepreneur
B. inventing a new product or process
C. managing and growing the entrepreneurial
firm
D. moving from an idea to an entrepreneurial
firm
CHAPTER 3
D 1. The most effective businesses emerge from a
process that includes each of the following
EXCEPT
A. recognizing a business idea
B. testing the feasibility of the idea
C. writing a business plan
D. securing angel investment
C 2. Which of the following is an example of
primary research?
A. census data
B. industry studies
C. administering surveys
D. analyst forecasts
B 3. _____ is an assessment of the overall appeal
of the product or service being proposed.
A. Concept testing
B. Product/service feasibility analysis
C. Test marketing
D. Usability testing
A 4. All of the following are normally included in
the concept test EXCEPT:
A. detailed financial statements
B. a description of the product or service
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 C. the intended target market C. existing alternatives for the money being
D. the benefits of the product or service invested.
D. risks assumed in launching the business

B 5. All of the following are suitable questions to

ascertain Product/Service Desirability EXCEPT B 11. The process of determining if a business
A. Does it make sense? idea is viable is the development of a business
plan
B. Is the product or service financially feasible?
A. True
C. Is this a good time to introduce the product
or service in the market? B. False
D. Are there any fatal flaws in the product or C. Sometimes
service's basic design or concept? D. None of these

C 6. All of the following are characteristics of A 12. Many entrepreneurs make the mistake of
attractive industries EXCEPT: identifying a business idea and then jumping
A. the industry is young directly to writing a business plan to describe
and gain support for the idea.
B. the industry is fragmented
A. True
C. the industry is crowded
B. False
D. the industry has high operating margins
C. Sometimes
D. None of these
D 7._____ is conducted to determine whether a
proposed business has sufficient management
expertise, organizational competence, and A 13. Two of the most important factors related to
resources to successfully launch its business. management prowess are passion for the
A. A marketing plan business idea and understanding the markets in
which the firm will participate
B. Financial feasibility analysis
A. True
C. Industry/market feasibility analysis
B. False
D. Organizational feasibility analysis
C. Sometimes
D. None of these
C 8. The ability to obtain intellectual property
protection on key aspects of the business is
most likely an issue related to __ A 14. The adequacy of the labor pool poses a
A. financial performance of similar firms resource sufficiency issue
B. industry attractiveness A. True
C. Resource sufficiency B. False
D. second-mover advantage C. Sometimes
D. None of these

A 9. Which of the following is the final step of a

comprehensive feasibility analysis? A 15. Some entrepreneurs go to extraordinary
A. financial feasibility analysis lengths to talk about their product or service
idea with others before deciding to move
B. marketing research
forward
C. filing articles of incorporation
A. True
D. industry/market feasibility analysis
B. False
C. Sometimes
A 10. The projected financial return to assess
D. None of these
whether the venture is financially feasible
considers each of the following EXCEPT
A. availability of equity capital
B. amount of capital invested
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II. ANSWER WHY IS BEING ASKED 5.____________is money left after all expenses of
C running a business have been deduced from
A. W h a t a r e t h e m a j o r c o m p o n e n t s o f a
comprehensive feasibility analysis? (5 points) the income
Product/service feasibility analysis, Industry/ A. capital
market feasibility, Organizational feasibility B. cost
analysis analysis, Financial feasibility analysis C. profit
D. surplus
B. Discuss the four step process effective 6. ______________ competition is a market
D
businesses emerge from. ( 5 points) structure in which there are numerous buyers
- Recognizing a business idea and sellers, and no single buyer or seller can
- Testing the feasibility of the idea affect price.
- Writing a business plan A. free enterprise
- Launching the business B. monopolistic
C. oligopolistic
CHAPTER 4 D. perfect
1. A/An_____________is an individual who
B undertakes the creation, organization, and
A 7. A ___________is a basic requirement for
ownership of a business survival.
A. consumer A. need
B. entrepreneur B. good
C. business owner C. service
D. Capitalist D. want

B 2. A/An ___________ is a new business B 8. The resource businesses use to produce the
undertaking that involves risk goods and services people want are called
A. monopoly ____________.
B. Venture A. factors of manufacturing
C. entrepreneur B. factors of production
D. market structure C. capital
D. start-up funds
A 3._______________is the study of how people
choose to allocate scarce resources to fulfil B 9. __________occurs when demand exceeds
their unlimited wants supply.
A. economics A. production
B. Entrepreneurship B. scarcity
C. free enterprise system C. want
D. monopoly D. need

D 4. In a/an ________people have an important

right to make economic choices. A 10. In a free enterprise system, the price of a
product is determined in the ___________.
A. entrepreneurship A. marketplace
B. monopoly B. stock market
C. free society C. government
D. free enterprise system D. company

Page 6 of 8
 11. __________is the total market value of goods C 1. People who own, operate and take the risk of a
D and services produced by workers and capital business venture
within a country during a given period 2. The process of running a business of one's own
E
A. federal reserve 3. Personal satisfaction, Serve a community need,
F
B. factors of production Do something you like, Enjoy personal
C. resource B 4. How much money you will earn, How quickly you
D. gross domestic product can pay off debts
D 5. a natural ability to do something
A 12. The entrepreneur is the driving force of the G 6. Library, Small Business Administration, Trade
__________process shows and trade associations, Government
publications, Books, Magazines, Internet
A. start-up
B. venture
II. ENUMERATION
C. manufacturing
A. Characteristics of successful entrepreneurs
D. production
• independent
• self-confident
C 13. Studies by the small business
• determination and perseverance
administration report that _____percent of new
businesses survive the first 2 years • goal-oriented
A. 42 • need to achieve and to set high standards for
themselves,
B. 33
• creative
C. 66
• able to act quickly
D. 50

B. Examples of retailing business

B 14. A/An ____________is a business that has
stopped operating with a loss to creditors. • Grocery stores
A. new venture • Hardware stores
B. business failure • Jewelry stores
C. discontinuance • Retail bakeries
D. enterprise • Shoe stores
• Sporting goods and bicycle stores
• Clothing stores
A 15. A _______ is a business that may be
operating under a new name C. Examples of service business
A. discontinuance • Appliance repair
B. business failure • Automotive repair
C. new venture • Babysitting
D. start-up • Bookkeeping
• Consulting
• Dance instruction
B. FILL IN THE BLANK • Electrical services
• Exterminators
A. Independence E. entrepreneurship
B. Financial Goal F. nonfinancial goal D. Disadvantages of entrepreneurship
C. entrepreneurs G. Sources to investigate • risky
D. aptitude business opportunities • face uncertain and irregular incomes
• work long hours
• must make all decisions by themselves.
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E. Advantages of entrepreneurship
• own bosses
• choose a business that interests them
• creative
• make lots of money
F. Examples of manufacturing business
• Apparel and other textile products
• Chemicals and related products
• Electronics and other electrical equipment
• Fabricated metal products
• Food products
1. Discuss Feasibility Study Vs. Business Plan
2. What is e marketing strategies
The 7 Different Types of Online Marketing
1. Search engine optimization (SEO)
2. Search engine marketing (SEM)
3. Pay-per-click advertising (PPC)
4. Content marketing.
5. Social Media Marketing (SMM)
6. Affiliate marketing.
7. Email marketing.
Types of marketing strategies
There are different types of marketing strategies
available. Picking up a marketing strategy includes
analyzing the needs of your business, your target
audience and specifications of your products.
The two main types of marketing strategy are:
1. Business to business (B2B) marketing
2. Business to consumer (B2C) marketing
The most common form of marketing is business to
consumer (B2C) marketing. Let’s explore a bit more.
Following are the different types of marketing
strategies available:
1. Paid advertising
- This includes multiple approaches for
marketing. It includes traditional approaches
like TVCs and print media advertising. Also,
one of the most well-known marketing
approach is internet marketing. It includes
various methods like PPC (Pay per click) and
paid advertising.
2. Cause marketing
- Cause marketing links the services and
products of a company to a social cause or
issue. It is also well known as cause related
marketing.
3. Relationship marketing
- This type of marketing is basically focused on
customer building. Enhancing existing
relationships with customers and improving
customer loyalty.
4. Undercover marketing
- This type of marketing strategy focuses on
marketing the product while customers remain
unaware of the marketing strategy. It is also
known as stealth marketing.
5. Word of mouth
- It totally relies on what impression you leave
on people. It is traditionally the most important
type of marketing strategy. Being heard is
important in business world. When you give
quality services to customers, it is likely that
they’d promote you.
6. Internet marketing
- It is also known as cloud marketing. It usually
happens over the internet. All the marketing
items are shared on the internet and promoted
on various platforms via multiple approaches.
7. Transactional marketing
- Sales is particularly the most challenging work.
Even for the largest retailers, selling is always
tough especially when there are high volume
targets. However with the new marketing
strategies, selling isn’t as difficult as it was. In
t r a n s a c t i o n a l m a r k e t i n g t h e re t a i l e r s
encourage customers to buy with shopping
coupons, discounts and huge events. It
enhances the chances of sales and motivates
the target audience to buy the promoted
products.
8. Diversity marketing
- It caters diverse audience by customizing and
integrating different marketing strategies. It
covers different aspects like cultural, beliefs,
attitudes, views and other specific needs.
Final Word
Marketing strategies have made it much easier to
promote products and services. They also limit the
strategy to target audience ensuring the proper
advancement of the business.
—end—
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