Entrep 1 Test Question Final Exam

Archdiocese of Tuguegarao
LYCEUM OF TUAO, INC.

Centro 02, Tuao, Cagayan, 3528
Email address: lyceumoftuao1965@yahoo.com.ph
COLLEGE DEPARTMENT
FINAL EXAMINATION in Entrepreneurial Mind 01

First Semester, SY 2022-2023
TEST I : How much do you know about Entrepreneurial? Test your knowledge of Entrepreneurial Mind
by taking this simple 50 question . Write your answers on the official answer sheet by writing the Letter of
choice correspond to you correct answer, if the item ask for True or False write T for True and F for
False.
1. Which is not an advantage of a sole proprietorship?

a. Selling the business is difficult
b. Owners have total flexibility when running the business
c. Often only a business license
d. Very few requirements for starting
2. This type of organization do not require a formal agreement?

a. Sole Proprietorship c. Limited Liability Company
b. Corporation d. Partnership
3. This organization, profits generated by this form of organization are taxed as the “personal income” of the
company.
4. Before you decide what type of business organization to choose, assess your company to determine its
general business type. The process involves combining raw materials, technology, human labor and
overhead costs to create a manufactured good that can be sold to customers.
a. Online selling c. Manufacturing
b. Servicing d. Merchandising
5. This type of business makes profit if the amount of money they receive from reselling purchased products
exceeds the purchase price and business operating costs.
6. Ms. Conception M. Tapang open a business with total flexibility, with few requirements and expecting all
income from the business will be her. She started what type of business form?
7. If Ms Tapang open same structure but her intention is to sell what she bought for a mark-up of profit, She
is doing what type of business?
8. This means that the corporation itself does not pay any income taxes, making it an effective way of
avoiding double taxation. What type of corporation is this?
a. C – corporation c. Non profit corporation

b. S – Corporation d. Answer not given
9. Which of the following statement is a fallacy?

a. No business structure is inherently better than another
b. Knowing the available types of capital allows you to choose the one that works best for your
company and yourself.
c. The cost of setting up a company can become a challenge early on, so it's important to be
prepared.
COLLEGE DEPARTMENT
d. Answer not given
10. There are three types of partnerships—general, limited and limited liability partnership. Which of the
following statement is not correct?
a. All partners assume liability for the company's potential losses
b. LLPs are similar to general partnerships
c. partners in LLPs are personally responsible for the actions of other partners or the debts of the
business.
d. In a limited partnership, some of the partners are solely investors who have no managerial control
or liability.
11. Talents, hobbies, skills, consumer preference, piques and market sources are different sources of what?
a. Commitment to work contract c. Systematic Planning and monitoring
b. Information seeking d. Opportunity seeking
12. The threats of ecological degradation have generated countless opportunities such as smoke and spill
detectors, filters and screens, pollution counters, and energy-saving devices. The statement is a classic
source of what?
13. Mr. Mando Rucot develops these qualities over the years. The same goes for organizations, if an
organization expects their employees to perform exceptionally well then they will have to provide a work
environment that will help increase commitment to work
14. Ms Concepcion Biglang-awa a successful entrepreneur is always an effective manager. To be an effective

manager she has to be a organized. What do you think is one of the important competencies required for
a successful entrepreneurial career.
15. As an Education student, you have always mentioned that formal education can give you a living but
informed education is what gives you a fortune. The things you learn in class with others are common
knowledge for everyone. But what you pick by yourself is what makes you special. What do you think you
becomes the secret to your success using the skill stated above.
16. Feeling that you are able to succeed is a key factor in actually succeeding in what you do is called
entrepreneurship?
a. The statement is correct b. The statement is not correct
17. Entrepreneurs who are very confident are better poised to start and succeed in a new business. Because
of their self-efficacy, they feel that they are able to succeed.
a. The statement is correct b. The statement is not correct
18. When you think outside the box to create new idea or making solution is understandably called what?
a. Self-confidence c. Goal Setting
b. Persuasion and networking d. Risk taking
19. The potential loss of livelihood from missing sales quotas can urge you to learn new methods of winning
clients and polish your cold calling skills. What do you think the example is best described?
COLLEGE DEPARTMENT
20. You can build a strong network easily on social media because most you are on these networking
platforms marketing their products and services or searching for them. What do you think is best
described here?
21. Procopia de Makulangan a fresh graduate of LOTI Education department just starting out, she experience
hardship to have assurance as an entrepreneur. She’s probably worried that everything won’t work out.
What do you think is the statement referred as one of the example of entrepreneurial character?
22. Which of the following statement is not one of the sources of Opportunities?
a. Determining personal preferences and competencies lay the foundation for a new business
venture.
b. View challenges optimistically: as opportunities, not problems
c. The longer the customer wants to use the product, the greater the chances of creating lasting
loyalty.
d. Before the customer is won over, there is first a battle for the mind.
23. Which of the Following statement does not qualify under Risk Taking as one of the Characteristics of
Entrepreneurial individual?
a. Set goals and have a vision for what they want to accomplish
b. Look at decisions from a reward-perspective, not from a risk-perspective
c. Think outside the box to create solutions
d. Set achievable goals and measure performance
24. This is one of the considerations to be done by you when you set your goals.
a. Consider taking time to review your goals regularly. This can help you make adjustments as your
business grows.
b. I want to earn a position managing a development team for a startup tech company.
c. I will update my resume with relevant qualifications so I can apply to three open positions for the
manager of a development team at a tech startup this week.
d. I will apply to three open positions for the manager of a development team at a tech startup.
25. The SMART method is one of the most common methods for goal setting in entrepreneurship. This
method can help you create achievable goals. Which of the following is true
a. You must have got an idea by now that all these plans are necessary for your business. So, if you
set up an enterprise of your own and wish to run it successfully, make all relevant plans
systematically.
b. A strategy might include formulation of major policies such as taking decisions whether to market
directly or through distributors.
c. A daily planner is a great way to track your entrepreneur goals. After you have written all your
goals, you can track them in your daily planner.
d. You need to have information sources that will help you to find a solution to your learning needs.
26. As you are in the pandemic period you will retain the flexibility of working in a remote location. It will also
encourage in-person collaboration for more exploratory or hands-on work. What do you think is best
described here?
a. Mobile Optimization c. The rise of Gig Economy
b. Work from home or hybrid d. Increased diversity in the workforce
27. Companies that want to succeed online need to begin or increase investment in connectivity. It should
reflect the capabilities of the desktop version, and ideally, work consistently between the two. This an
example of what?
COLLEGE DEPARTMENT

28. Businesses like JT and T and Online banking have proven the profitability of this business model. What do
you think is identified in this kind of entrepreneurial trends?
29. One of the advantages of this entrepreneurial trends is high market coverage? What do you think is this?
30. Companies are changing their brand identities, taglines, and even offering products to provide forte,
specialized things for their target audiences. What does it diecribed?
a. Niche c. Crypto Acceptance
b. Social Commerce d. Subscription-based business
31. The ability to hold currencies that aren’t overseen by a national government or bank system
32. As lockdowns began in 2020, many people turned to these online purchases initially for safety. This is true
for this particular entrepreneurship tends?
33. Your main focus is more on social media as part of your digital marketing strategy. What is this?
34. Statement 1 : To be a successful entrepreneur your should validated in the online course
Entrepreneurship Essentials, where entrepreneurship is described as a “process of discovery.
Statement 2 : The nature of business is dormant. Entrepreneurship is an iterative process, and new
challenges and opportunities present themselves at every turn.
a. Statement 1 is True and Statement 2 is False c. Statement 1 and 2 are True
b. Statement 1 is False and Statement 2 is True d. Both statements are False
35. Which of the following is not a characteristic of a successful entrepreneurs?

a. Without curiosity, entrepreneurs can’t achieve their main objective discovering new
opportunities.
b. A great entrepreneur is aware of their strengths and weaknesses.
c. Keep in mind, that you don’t need to make all of these changes overnight. However, it’s worth
outlining how to integrate these practices into your business within the next five years.
Consumers are beginning to care more and eco-friendly practices are here to stay.
d. Entrepreneurship is a long-term endeavor, and entrepreneurs must focus on the process from
beginning to end to ensure long-term success.
36. Business opportunities exist in areas where consumer satisfaction is weak or incomplete.
a. The statement is correct b. The statement is false
37. Among the productive resources, people are the most important because they are the ones who organize
and manage the other productive resources such as money, materials, machine, and manpower. This is a
classic explanation for?
a. Capital c. Supply of Input
b. Business Opportunity d. Answer not given
COLLEGE DEPARTMENT
38. Statement 1 : The success of any business also depends on the efficiency of its employees is called skills
Statement 2: Entrepreneurs should be aware of the presence of technology to improve their products or
services, or introduce new innovations in the market.
39. Statement 1: Look at other successful businesses/entrepreneurs is not a good practice

Statement 2: Home-Based Business Option is a not a good practice as economy is open now
40. Statement 1: The best way to evaluate business opportunity is through Market Research, which is
defined as the study of all problems in marketing a product.
Statement 2: Reaching a conclusion comes later after analysis of data in the marketing research
procedure
41. Mario try to evaluate the business by evaluating the environment which the business may be able to
exploit. He is Evaluating what?
a. Strength c. Opportunities
b. Weaknesses d. Threats
42. If you want to determine the features of your business in which it is stronger than its competitor you are
analyzing its what?
43. You are trying to study LOTI’s survival in the present absence of TES, what do you think are your trying to
determine from LOTI?
44. Venturing into a business project demands a timely and clear decision as to which area or business
concern to deal with, in the selection process, one has to begin with choosing or focusing on a particular
business by category or sector. Which of the following does not belong to the group?
a. Wholesalers c. Distributorship
b. Online Selling d. Trading or product-based business
45. This is the process of generating philosophies on one or more subjects in a creative open environment.
What is this?
a. Ideas c. Ideation
b. Patent d. Answer not given
46. This is a typical agreement or contract where one should ask advice to a patent attorney or those with
experience and expertise in the intellectual property rights.
a. Patent c. Trademark
b. Copyrights d. Confidentiality Agreement
47. Which of the following is not true in evaluating ideas?

a. Mario sees to it that his idea is with permanency benefits
b. Mario takes a minimal risk in his idea to save the business
c. Mario tests his idea/s against the past, present and future
d. Mario uses research as weapon against failure
COLLEGE DEPARTMENT
48. Creativity is an essential part of innovativeness, the starting point of a process, which is skillfully managed,
and brings an idea into innovation. Which of the following statement is not true to what the statement
point at?
a. It is considered as a characteristic that is innate or inherent to every individual, but the social
environment can influence both the level and frequency of creative behavior.
b. The lack of freedom in deciding what to do or how to accomplish the task
c. Inappropriate reward system is not applicable
d. Answer not given
49. Innovation is doing something different. It could be introducing either something new or different.
Innovativeness is a characteristic of an individual, team, or organization. This is also the capacity to create
ideas and develop them to usable products or services. Which of the following does not impact innovation
management?
a. Data c. Return of Investment
b. Consumers d. Income
50. Which of the following is not one of the elements of innovation orientation?
a. Introducing a new process, procedure, or technology for continued use
b. Valued place on creativity and innovation in general
c. An offensive strategy of taking the lead towards the future.
d. An orientation towards risks
Prepared by:
MR. ALLAN E. SAMONTE

Entrep 1 Instructor
1stSem – 2022-2023

Entrep 1 Test Question Final Exam

Uploaded by

Copyright:

Available Formats

Entrep 1 Test Question Final Exam

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Entrep 1 Test Question Final Exam

Uploaded by

Copyright:

Available Formats

Archdiocese of Tuguegarao

LYCEUM OF TUAO, INC.

FINAL EXAMINATION in Entrepreneurial Mind 01

1. Which is not an advantage of a sole proprietorship?

2. This type of organization do not require a formal agreement?

a. C – corporation c. Non profit corporation

9. Which of the following statement is a fallacy?

d. Answer not given

14. Ms Concepcion Biglang-awa a successful entrepreneur is always an effective manager. To be an effective

a. Mobile Optimization c. The rise of Gig Economy

35. Which of the following is not a characteristic of a successful entrepreneurs?

39. Statement 1: Look at other successful businesses/entrepreneurs is not a good practice

47. Which of the following is not true in evaluating ideas?

MR. ALLAN E. SAMONTE

You might also like