ENTREPRENEURSHIP

Quarter 3

DIRECTIONS. Read and understand the following directions carefully.

I. TRUE OR FALSE. Read the following statement carefully. Choose TRUE if the statement states a fact
otherwise FALSE.
______ 1. Entrepreneurship is an economic activity that involves creation and operation of an
enterprise with a view of creating value or wealth by ensuring optimum utilization of limited
resources.
______ 2. Proactive entrepreneurs have the courage to always pursue his/her business ideas.
______ 3. An entrepreneur must be firm when he/she makes decisions.
______ 4. Factors affecting entrepreneurship are the personality factors and environmental factors.
______ 5. Fabian entrepreneurs that are skeptical about the changes made in an organization and
are conservative to suffer loss in business.
______ 6. Entrepreneurship is a process of actions of an entrepreneur who always in search of
opportunities.
______ 7. One of the relevance of entrepreneurship to an organization is a means for economic
development that lifts the economic status of an individual.
______ 8. Entrepreneurs are not afraid to take the risk, innovators and contributes to the development
of the economy.
______ 9. As innovators, entrepreneurs are willing to take the risk and generate new ideas that can
provide profitable solutions to the needs of the market.
______ 10. The development of managerial capabilities means that one of the benefits of
entrepreneurship to an organization if to develop one’s managerial skills.

II. MULTIPLE CHOICE. Choose the letter of the correct answer.

1. It refers to an individual who creates new business, innovate products and taking up risks for the
purpose of gaining profit.
A. Businessman C. Entrepreneurship
B. Entrepreneur D. Proprietor

2. Why is there a need to screen products and services in entrepreneurship?

A. Trial and error is embedded in entrepreneurship
B. To determine the possible products or services that will meet the market need.
C. To understand the market trends
D. To be able to respond to the competitor’s needs

3. What activity pertains to setting up a business and taking on financial risks to be able to acquire profit?
A. Buying and Selling C. Entrepreneurship
B. Franchising D. Partnership

4. Which of the following is NOT part of selecting or recognizing potential market?

A. Analyzing the market need
B. Determining the possible products
C. Following the market trends
D. Identifying the market problem

5. What refers to the tangible goods or services that the enterprise offers to its customers in order to
satisfy their needs and to produce their expected results?

A. Producer C. Production
B. Product D. Output

6. What do you call a replica of a product that will serve as the basis for “product testing”?
 A. Product packaging C. Product Design
B. Product description D. Product prototype

7. Which of the following is considered as the backbone of the economy?

A. Businesses C. Health Care Facilities

B. Government Institutions D. Universities

8. The manager of Company A is stranded on the airport and would not be able to meet his team. Their deadline is
tight, and they cannot afford to waste a day because of his absence. The last person he makes contact was his assistant
where he outlined the things that needs to be done for their project. Three days after, when he arrives, he was so
impressed and grateful that her assistant took the responsibility to get the project moving. His assistant has
__________.

A. Initiative C. Perseverance
B. Plan D. Persuasion

9. Steve Jobs achieved greatness at a young age. Started Apple in his parent’s garage and blossomed it into a $ 2
billion empire. Fired from the company he created and found himself unemployed but treated it as a freedom rather
than a curse. He did not stop, with determination he founded NeXT and Pixar, got back to his company and helped
launch Apple’s current popularity. He claimed that his career success and his strong relationship with his family are
both results of his termination from Apple. Steve Jobs exemplified ________________

A. Initiative C. Persuasion
B. Perseverance D. Risk-taker

10. The success of iPhone series is undeniable. Instead of developing independent products, Apple Inc. regularly
improves upon the existing model of the iPhone and releases improvements in a stylized manner, generating
excitement and increasing sales with every new model to be announced. What common competency in
entrepreneurship does Apple Inc exemplifies?

A. Decisive C. Opportunity Seeker

B. Innovative D. Pro-active

11. This allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult
situation.
A. Entrepreneurial gut game C. Entrepreneurial inclination
B. Entrepreneurial heart flame D. Entrepreneurial mind frame

12. Entrepreneurs are driven by passion and attracted to discover satisfaction in the act and process of
discovery.
A. Entrepreneurial gut game C. Entrepreneurial inclination
B. Entrepreneurial heart flame D. Entrepreneurial mind frame

13. This refers to the ability of the entrepreneur of being intuitive and has the confidence in one’s self and
firm belief that everything you aspire can be reached.

A. Entrepreneurial gut game C. Entrepreneurial inclination

B. Entrepreneurial heart flame D. Entrepreneurial mind frame

14. This refers to anything that would take the place or function of another item.
A. Competitor C. Rival
B. Product D. Substitute

15. This refer to someone who pays cash in exchange for goods and services.
A. Buyers C. Sellers
 B. Competitors D. Suppliers

16. The intensity of rivalry among existing firms is characterized to the following factors EXCEPT:
A. Diversity of rivals
B. Number of competing firms
C. Characteristics of the products or services
D. Product represents a high percentage of the buyer’s cost

17. These forces competing within the industry EXCEPT:

A. Potential new entrants and substitute products C. Rivalry among existing firms
B. Buyers and suppliers D. Needs and wants

18. They have the ability to capture the market or enter into a particular industry.
A. Potential new entrants C. Rivalry among Existing Firms
B. Potential Buyers D. Needs and Wants

19. This refers to the physical environment, societal environment, and industry environment where the
business operates.

A. external environment C. internal environment

B. industry environment D. All of these

20. These refers to the awareness, hobbies, and preferences of people are rich sources of
entrepreneurial ideas, like the increasing number of Internet Cafés at present could lead to the strong
attachment of young people to computers.

A. Customer behavior C. People’s Interest

B. Past experiences D. All of these