Entrep Summative Test'20-'21

SUMMATIVE TEST
ENTREPRENEURSHIP
Name: ____________________________________________________________ Score: _______________

DIRECTION: A. Read the following questions carefully and identify the correct answer. Encircle the letter of
your answer.
1. The following are the fundamental characteristics of an entrepreneur EXCEPT.

a. future oriented c. copes with uncertainty
b. comitted d. small- minded
2. It refers to the ability to take measured or calculated risks.
a. persistent c. risk-taker
b. hardworking d. profit-oriented
3. They are the individuals who are alert to profitable opportunities for the exchange of goods and services?
a. entrepreneur c. buyers
b. family d. kids
4. This will strengthen the domestic economy by developing new industries and generate local employment for our
people.
a. agri-business c. buy and sell
b. entrepreneurship d. loan
5. Entrepreneurship must believe in their own ability. What is it?
a. ambition c. goal
b. objectives d. self-efficacy
6. The people who buy goods within a large market who share common characteristics are known as?
a. business people c. customers
b. seller d. onliners
7. When a product returns a profit that is sufficient to provide a return to the business owner while also meeting its
commitments to business creditors then the product/ business can survive and is capable of being successful.
a. customer requirement c. profitability
b. target goal d. viability
8. Which statement is NOT correct about the status of entrepreneurship in the Philippines?
a. The number of business establishments formed every year would generally show an increasing trend.
b. N-entrepreneurs are people who can secure resources such as technology and information to gain distinct,
sustainable, competitive advantages.
c. In 2005, the top 50 Philippine corporations in terms of sales could be broken down into 25 private domestic firms,
20 foreign firms, and 5 government-owned and/or controlled corporations.
d. The 22 companies could be identified with 11 families and individuals, mostly Filipinos of Chinese ethnic
background.
9. A business that generates after it pays all expenses directly related to the generation of the revenue, such as
producing a product, and other expenses related to the conduct of the business activities wherein without this the
business will face bankruptcy.
a. customer requirement c. profitability
b. target goal d. viability
10. You start a water business in your town because most of the people in that area is drinking mineral water. You
thought that because you are the only one who will start that business that is why you increase the price beyond the
prescribe amount without realizing that there are retailers of water in nearby store. The scenario shows that the
entrepreneur forgot to think about?
a. competition c. market needs
b. segmentation d. target market
11. Which of the following is NOT a tangible product?
a. drinking water c. medicines
b. event organizer d. Face mask
12. Which is referred to as the production of an essentially intangible benefit?
a. Items c. Company
b. Service d. Market
13. Which of the following are considered perishable goods?
a. canned goods c. vegetables and fruits
SUMMATIVE TEST
ENTREPRENEURSHIP
b.. RTWs d. dried foods

14. Which is referred to as cost of transporting goods in bulk by truck, train, ship, or aircraft?
a. freight cost c. operation cost
b. production cost d. average cost
15. Which of the following is NOT a definition of Entrepreneurship?
a. It creates opportunities, ensures social justice, instills confidence and stimulates the economy.
b. It is an important part of the economic growth strategies of many local and national governments around
the world.
c. Refers to a person who sets up a business with the aim to make a profit.
d. The act of creating a business or businesses while building and scaling it to generate a profit.
B. TRUE OR FALSE. Write TRUE if the statement is correct and write FALSE if the statement is wrong.
____________16. The government may act as a barrier to entry into certain market through restrictive licensing
requirements or limiting the ability to obtain raw materials.
____________17. Entrepreneurs are individuals who are alert to profitable opportunities for the exchange of goods
and services.
____________18. An entrepreneur has to have certain cultivated and inherent qualities in order to make a success of
his or her venture.
____________19. Business involves many risks, which an entrepreneur must hesitate to take.
____________20. A market is any place where two or more parties can meet to engage in an economic transaction—
and should only involve legal tender.
____________21. Market refers to the whole area of operation of demand and supply.
____________22. Market includes retail stores and other similar businesses that sell individual items to wholesale
markets selling goods to other distributors but may not be virtual.
____________23. To know the demographic information that people have in common is a way of reaching a potential
market.
____________24. Existing customers are people who have already purchased your product.
____________25. Customer is a person or organization that uses a commodity or service.
____________26. Asking what related products will customers need in the future is helpful in identifying potential
markets.
____________27. Products and services can both be perishable.
____________28. Service is associated with physical items.
____________29. Fragile products can’t be easily broken or damage.
____________30. Seasonality means that there are same levels of demands for a product all throughout the year.
C. DIRECTIONS: Briefly explain the following. Use an extra sheet of paper for your answers.
31-35. What is the difference between product and service offerings in a business?
36-40. Give business name’s specializes on product and service offering to the market. State a brief description of
each.
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SUMMATIVE TEST

Name: ______________________________________________ Score: _

1. The following are the fundamental characteristics of an entrepreneur EXCEPT.

b.. RTWs d. dried foods

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