TECHNOLOGY AND LIVELIHOOD EDUCATION

ENTREPRENEURSHIP

1. Which of the following is the correct definition of the term

entrepreneur?
A. Pursues opportunity without regard to resources.
B. Starts a new business with the aim of making a profit.
C. Seeks to create value for local communities, people or customers
by starting new ventures which exploit new products, processes
or markets.
D. Seeks to generate value through creation or expansion of
economic activity by identifying and exploiting new products,
process or markets.
2. Which of the following skills are NOT needed by an entrepreneur?
A. Technical skills
B. Personal entrepreneurial skills
C. Working skills
D. Business management skills
3. Which of the following statement is INAPPROPRIATE in starting a
business?
A. Study the concepts and principles of entrepreneurial skills.
B. Cope with failures of the business.
C. Undergo training on entrepreneurial skills.
D. Know what characteristics are needed to become an
entrepreneur.
4. Which of the following is NOT a source of fund for Ms. Burgos future
business?
A. Seek assistance from the Central Bank of the Philippines.
B. Borrow money from friends and relatives.
C. Avail of the government program on financing micro-macro
business.
D. Use part of her retirement benefit.

5. If her business idea is a boutique, what quality of a future

entrepreneur is INAPPROPRIATE?
A. Relaxed
B. Hardworker
C. Risk-taker
D. Innovative
6. Which of the following is NOT a characteristic of an entrepreneur?
A. Coping with failure
B. Irritated
C. Opportunity seeker
D. Persistent
7. Which among these characteristics of an entrepreneur is
UNDESIRABLE?
A. Opportunity seeker
B. Goal setter
C. Futuristic
D. Impassive
8. Which of the following is the primary cause of failure in small
business?
A. Poor financial control
B. Poor location
C. Management mistake
D. Improper inventory control
9. Which of these traits gets an entrepreneur off of his/her feet and
puts him/her into action, turning daydreams into reality?
A. Perseverance
B. Ambition
C. Creativity
D. Enthusiasm
10. This entrepreneurial trait allows you to make a calculated risk. It
will act as safety net, making you question every move you make
so as to avoid any serious problems.
A. Creativity
B. Prudence
C. Decision-making
D. Perseverance

11. Which entrepreneurial traits give an entrepreneur a positive

outlook in life which gives the energy to pursue his/her
endeavours?
A. Perseverance
B. Ambition
C. Creativity
D. Enthusiasm
12. With which trait an entrepreneur able to withstand the troubles
that come with a starting business?
A. Perseverance
B. Ambition
C. Creativity
D. Enthusiasm
13. Which general function of marketing involves the physical
meeting point for buyers and sellers at the point of production or
via some other means of communication?
A. Specific functions
B. Exchange functions
C. Physical functions
D. Facilitating functions
14. Which type of marketing functions enables the actual flow of
commodities through space and time from the producer to
consumer and their transformation to a form desirable to the
consumer?
A. Specific functions
B. Exchange functions
C. Physical functions
D. Facilitating functions
15. From a societal viewpoint, which of the following statements
about marketing objective is NOT true?
A. Assist in the efficient allocation of resources
B. Create wealth and promote economic growth
C. Improve income distribution among different sectors of the
economy
D. Maintain instability of supply and demand for marketed goods

16. Which is considered a vehicle for informing target market about

the enterprise and the products or services?
A. Product
B. Price
C. Promotion
D. Place
17. At what stage of marketing effort does an entrepreneur
concentrate on targeting a new market of buyers and taking market
share from competitors by price cutting or relaunching the product?
A. Introduction
B. Growth
C. Maturity
D. Decline
18. Which of the following is NOT appropriate in running a smallscale business?
A. Keeping clear records
B. Verifying profit and loss
C. Distribution channel
D. Managing cash flow
19. Which marketing channel operates with capital owned directly by
the operators and their partners, or in some cases by share
holders?
A. Cooperatives
B. Independent, locally-based private enterprises
C. Marketing boards and other state enterprises
D. Transnational companies
20. At which stage of a product life cycle must an entrepreneur
decide whether she wants to try or rejuvenate the product by
investing in the development and aggressive marketing or to
quietly admit defeat and exit the market?
A. Introduction
B. Growth
C. Maturity
D. Decline

21. A marketing mix that can have both tangible and intangible
aspects and is the thing you offer to satisfy your customers wants
and needs is _______________.
A. Product
B. Packaging
C. Price
D. Promotion
22. Which is considered to be the best way to assess entrepreneurial
projects or business ventures?
A. Environment analysis
B. SWOT analysis
C. Competitor analysis
D. PEST analysis
23. An analysis that provides the details for the opportunities and
threats of a business to make better decisions regarding marketing
plan is __________.
A. Environment analysis
B. SWOT analysis
C. Competitor analysis
D. PEST analysis
24.
A.
B.
C.
D.

The acronym SWOT stands for ______________.

Strengths Weaknesses Option Threats
Strengths Weaknesses Opportunity Testing
Strengths Weaknesses Operations tactics
Strengths Weaknesses Opportunities Threats

25. Which questions is asked at the first stage in the marketing

planning process of an enterprise?
A. Where are we now?
B. Where are we heading?
C. Are we on course?
D. Where would we like to be?
26. Which of these stages is the final stage in the marketing
planning process flow chart?
A. Control
B. Marketing planning mix

C. Setting marketing objectives

D. Setting the product price
27. An entrepreneur might select a target market probably because
the target market is ______________.
A. Attractive to the business and matches its supply capabilities
B. Large and well-served with existing products
C. Fully understood by the entrepreneur
D. Has a proven track record for buying product
28. What is the RESULT when the client or costumer pays more than the
actual cost of goods or services?

A.
B.
C.
D.

Profit
Sales
Income
Revenue

29. A carefully thought structured formal commercial report that is

extraordinarily well documented and clearly written to safeguard
any wastage of further investment project is _________.
A. Portfolio
B. Business plan
C. Resume
D. Feasibility study
30. Which is considered as a comprehensive and effective blueprint
to guide an entrepreneur in a business venture?
A. Resume
B. Portfolio
C. Business plan
D. Insurance plan
31.
Who puts money in a business venture in the hope of receiving
a return on investment?
A. Stakeholder
B. Owner
C. Debtor
D. Creditor

32.
A.
B.
C.
D.

Which is attached to voucher?

Price list
Invoice
Recipient
Item description

33.
A.
B.
C.
D.
E.

Who exposed on the Theory of Bureaucratic Management?

Max Webber
Chester Barnard
Mary Parker Follett
Lillian Gilbreth
Karl Marx

34.
A.
B.
C.
D.

Morality applied to business seeks the _________.

Entrepreneurial prestige attached to success
Influence of power in the world market
Welfare of the people
Leadership position in the business industry

35. Which principle of management requires the use of one plant to

direct operation within the organization?
A. Esprit de corps
B. Unity of direction
C. Authority
D. Unity of command
36.
A.
B.
C.
D.

The acronym PEST stands for ______________.

Practical, Economical, Service and Technology
Politics, Environment, Savings and Technologies
Political, Economy, Secure and Transparent
Political, Economic, Social and Technological

37. Which of the following is an example of money, materials and

machine?
A. Capital
B. Resource
C. Input
D. Material

38. What is the best training ground to develop skills in decisionmaking?

A. Home
B. School
C. Society
D. Church
39. This is the money moving in and moving out of the enterprise.
Its the total amount of money coming in and going out of the
business.
A.
B.
C.
D.

Profit
Cash flow
Asset
Credit

40. Cooperatives in name only and controlled by the government.

Serve as taxation mechanisms or to promote government support.
A. Parastatals
B. Credit
C. Multipurpose
D. Consumer

ANSWER KEY / KEY TO CORRECTION:

1. C.
Seeks to create value for local communities, people or customers
by starting new ventures which exploit new products, processes or
markets.
2. C.
Working skills
3. B.
Cope with failures of the business.
4. A.
Seek assistance from the Central Bank of the Philippines.
5. A.
Relaxed
6. B.
Irritated
7. D.
Impassive
8. B.
Poor location
9. B.
Ambition
10.
B.
Prudence
11.
D.
Enthusiasm
12.
A.
Perseverance
13.
B.
Exchange functions
14.
C.
Physical functions
15.
D.
Maintain instability of supply and demand for marketed
goods
16.
C.
Promotion
17.
C.
Maturity
18.
C.
Distribution channel
19.
B.
Independent, locally-based private enterprises
20.
D.
Decline
21.
A.
Product
22.
B.
SWOT analysis
23.
D.
PEST analysis
24.
D.
Strengths Weaknesses Opportunities Threats
25.
A.
Where are we now?
26.
A.
Control
27.
A.
Attractive to the business and matches its supply
capabilities
28.
D.
Revenue
29.
D.
Feasibility study
30.
C.
Business plan
31.
A.
Stakeholder
32.
B.
Invoice
33.
A.
Max Webber
34.
A.
Entrepreneurial prestige attached to success
35.
B.
Unity of direction

36.
37.
38.
39.
40.

D.
B.
B.
B.
A.

Political, Economic, Social and Technological

Resource
School
Cash flow
Parastatals