Entrepreneurship ST 2

Entrepreneurship
Summative Test 2
Part I. Instruction: Read the statements carefully then write TRUE if the statement is correct and FALSE if it is not. Write your
answer in a separate sheet of paper.
1. An entrepreneur enters a business because of its profitability.
2. New business ideas provide business opportunities.
3. The entrepreneurial process starts with identification of entrepreneurial opportunities.
4. Not all changes in the external environment provides business opportunities.
5. Discovery and advancement in the use of technology are additional good sources of business opportunities.
6. Interest and hobbies of the people are possible good sources of entrepreneurial ideas.
7. The industry environment of the business is under technological discovery and advancement sources of opportunities.
8. The variables in the physical environment include the economic forces.
9. Entrepreneurial heart flame refers to the ability of the entrepreneur to sense without using the five senses.
10. Entrepreneurial mind frame permits the entrepreneur to see things in a very positive and optimistic light.
11. The business operates in the industry environment.
12. Opening a Halo – halo business during summer season is ideal.
13. Environmental scanning is conducted only when a new business is opened.
14. When the barriers to the competitive forces are high, the effect to the growth of the business is likewise high.
15. Entrepreneurs need not observe and evaluate the priorities of the government.
Part II. Instruction: Read the question carefully. Choose the letter of your answer.
1. Which of the following is the process of considering, evaluating, and pursuing market-based activities that are believed to
be advantageous for the firm?
a. Opportunity – seeking c. Opportunity – screening
b. Opportunity – seizing d. Sources of opportunity
2. This is essential to opportunity – seeking which allows the entrepreneur to see things in a positive and optimistic light in
the midst of crisis or difficult situations.
a. Entrepreneurial mind frame c. Entrepreneurial heart flame
b. Entrepreneurial gut game d. Entrepreneurial peer frame
3. It is the ability of entrepreneur that can sense without using the five senses, also known as intuition.
a. Entrepreneurial mind frame c. Entrepreneurial heart flame
b. Entrepreneurial gut game d. Entrepreneurial peer frame
4. One of the essentials of entrepreneur’s opportunity – seeking that refers to the driven passion of an individual. A.
Entrepreneurial mind frame C. Entrepreneurial heart flame B. Entrepreneurial gut game D. Entrepreneurial heart frame
5. What variable of societal environment includes income level and employment rate?
a. Economic forces b. Political forces c. Sociocultural forces d. Technological forces
For questions 6 and 7 refer to the following statements:
A. Preferences and tastes of the customers easily change.
B. The buyer has the potential for backward integration.
C. The cost of switching the supplier cost is minimal.
D. Product differentiation is highly noticeable.
6. Which are the factors of the substitute product that pose a great threat in the industry environment?
a. A, B, C, D b. A and D c. A and C d. B and C
7. Which are the factors that influence the buyer to have a less threats because of the bargaining power?
a. A only b. A and D c. A and C d. B and C
8. What do you call the ones who pay cash in exchange for your goods and services?
a. Buyers b. competitors c. Sellers d. Suppliers
9. The intensity of rivalry among existing firms is characterized to the following factors except one. Which one is it?
a. Diversity of rivals
b. Number of competing firms
c. Characteristics of the products or services
d. The product represents a high percentage of the buyer’s cost
10. The following are the forces competing within the industry except one. Which one is it?
a. Potential new entrants and Substitute Products c. Buyers and Suppliers
b. Rivalry among Existing Firms d. Needs and Wants
11. Which of the following good sources of entrepreneurial ideas determine the interest, hobbies and preferences of people?
a. Changes in the environment c. People’s interest
b. Technological discovery d. Past experiences
12. Societal environment includes the following, except:
a. Economic forces c. Political forces
b. Sociocultural forces d. Natural resources
13. Which among the following is the result of identifying entrepreneurial opportunities?
a. Creation of entrepreneurial ideas
b. Opening of entrepreneurial venture
c. Sources of opportunity
d. Entrepreneurial process
14. What entrepreneurial idea will you recognize, if you consider the new discovery and advancement of technology as
source of opportunity?
a. Changes in the environment
b. Technological discovery and advancement
c. Government’s thrust, programs, and policies
d. People’s interest
15. A source of entrepreneurial idea where expertise and skills developed by a person from its previous work can lead to the
opening of a related business enterprise.
a. Government’s thrust, programs, and policies
b. Past experiences
c. People’s interests
d. Technological discovery and advancement

Entrepreneurship ST 2

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