Igama Colleges Founstaion,Inc.

Badoc Ilocos Norte

Senior High School Department

Finals in Entrepreneurship

I. MULTIPLE CHOICE : Select the best answer to the following multiple choice questions. (2 points)

1. Which is a characteristic of a successful entrepreneur?

A. Motivated B. Takes very little risk C. Passionate D. Hard-working
2. What is a disadvantage of being an entrepreneur?
A. You have more control over your work
B. You have a more flexible schedule
C. You do not always receive a regular paycheck
D. Your work schedule is always predictable
3. Elon Musk is one of the greatest innovators in the last 30 years.
A. Co-founded Google B. Co-founded Paypal C. Founded the company SpaceX
B. D. Founded the company Tesla
4. What is the purpose of a business plan?
A. To document your financial activity during one year
B. Legal document to be filed with the SEC
C. States the purpose and vision of your company
D. States the amount of capital you need to run the company
5. Why do you need a business plan?
A. To raise capital
B. Gets everyone involved to focus on the same goals
C. Gives an objective look at what you are doing and why
D. It is required by law
6. A target market is
A. group of investors willing to put capital into a business
B. generational group of individuals
C. group of consumers at which a product/service is aimed
D. an industry willing to sell and market your product
7. What information should NOT be included in a business plan?
A. Your financing needs
B. Your basic business concept
C. Your marketing plan
D. Your assets and liabilities
8. Reid Hoffman is one of the greatest innovators in the last 30 years. He was the founder of
A. Snapchat B. Twitter C. Groupon D. LinkedIn
9. Roasted is a community-driven coffee shop that opened locally. They have 10 employees. They are.
A. an example of a startup
B. an example of a small business
C. Self-funding a business or project
D. Starting a business with very few assets
10. Which is a way to advertise your business or product?
A. Support Media
B. Product Placement
C. Broadcast Media
D. The Internet
11. This famous innovator & entrepreneur was a scientist, printer, inventor, author, & businessman.
A. John D. Rockefeller
B. Benjamin Franklin
C. Thomas Edison
D. Henry Ford
12. The process of creating something new that makes life better is called…
A. Technology B. Innovation C. Brand recognition D. Opportunity cost
13. A venture capitalist is
A. The co-founder of a successful startup
B. The net worth of a company
C. A manager of a business's investment, aligning with goals
D. An investor in a business providing capital for startup
14. Which is NOT part of the procedure of developing an advertising campaign?
A. Define your market
B. Prototype your product
C. Establish your budget
D. Create an advertising strategy
15. What is the difference between a startup and a small business?
A. Startups intend to grow larger compared to a small business
B. Startups have been in business longer
C. Small businesses have multiple locations, startups do not
D. A small business has more employees than a startup
16. A person who works for someone else:
A. Aptitude B. Employee C. Employee D. Entrepreneurship
17. What is evaluation of your strengths and weaknesses?
B. Self Assessment B. Employee C. Employee D. Entrepreneurship
18. People who own, operate, and take risk of a business venture:
A. Aptitude B. Employee C. Employee D. Entrepreneurs
19. The ability to learn a particular job:
A. Aptitude B. Employee C. Employee D. Entrepreneurship
20. Which is NOT a disadvantage of Entrepreneurship?
A. Risky B. Uncertain Income C. You are the boss D. Work long hours
21. What type of entrepreneurial business actually produce the products they sell?
A. Manufacturing B. Wholesaling C. Retailing D. Service
22. This economy is about personal choice. Individuals decide what, how, and for whom products and services
are produced.
A. Market B. Command C. None d. Sale
23. An entrepreneur has the following personal characteristics except:
A. Self- confident B. Goal-oriented C. Creative D. Overambitious
24. Entrepreneurship contributes to:
A. Economic growth
B. Employment opportunities
C. Career alternatives for women and minorities
D. All of the above
25. All are the process of entrepreneurship except:
A. Planning B. Raising Start-up capital C. Growth D. Education
26. What is a business plan?
A. A gallery of photos that explains the location and construction of the business
B. A written plan that is a description of all the aspects of the business and includes the business's goals
C. A collection of plans that are combined from different business and then analyzed and compared to your
business
D. none of the above are correct; a business plan is simply a list of guidelines that tell successful business's how
to run their company in order to make a profit
27. What should the aspect of the cover sheet or table of contents NOT include?
A. owners name, company name, and the business's address
B. website, email address
C. the business logo
D. the competitors of that business
28. What should the aspect of the company description include?
A. diagrams, photographs
B. vision and mission statement
C. back up description of the target market, why your idea will be successful and capture the market and why
the opportunity is present
D. all of the above
29. What is the most important part of your business plan?
A. Executive Summary
B. Table of Contents
C. Background
D. Financial Plan
30. Which of the following parts of a business plan include the cash flow projection and the repayment plan?
A. Background and History
B. Executive Summary
C. Market Research
D. Financial Plan
31. What is the difference between the Start Up plan and the Occupational Plan? Which statement is correct
A. The Occupational Plan tells where you want and plan to start the busines
B. Occupational Plan describes in detail how your business will operate
C. Start Up Plan- explains why you chose the business frame and location
D. Start Up Plan- Includes diagrams of production or areas of service
32. What are the advantages of creating a business plan?
A. It allows the entrepreneur to focus on what they want to accomplish
B. Allows the process they will take to do it become simple and easy
C. Allows them to accomplish their desired task
D. All of the above
33. True or False: If your executive summary is more than three pages it will most likely not be read
A. True: too much is not needed when writing an executive summary the readers will be bored
B. False: More is always needed when writing an executive summary
C. both of the above
D. none of the above
34. Which of the following is NOT a part of the business plan?
A. Index Venture
B. Funds
C. Creation Process
D. all of the above
35. What are the disadvantages of creating a business plan?
A. It will be more complicated to identity the companies competition
B. distracts entrepreneur's from allowing their business to grow
C. Leads away from the desired task that was the goal to be accomplished
D. none of the above

II. TRUE OR FALSE: Read each question carefully. Write TRUE if the statement is true and correct and
FALSE if it is not. Write your answer on the spaces provided. (2 points)
________1. A critical issue for most entrepreneurs is the ability to raise start-up capital.
________2. Career pathways are subgroups within the career clusters.
________3. There are many ways to research your career interests, including searching the Internet and
attending career fairs.
________4. An ability that a person has learned over time and can do well is an aptitude.
________5. A goal does not have to be achieved during a specified time period.
________6. person who starts a new business is referred to as an entrepreneur.
________7. Entrepreneurship involves taking on the responsibilities and risks of starting a new business.
________8. Few successful entrepreneurs are natural leaders.
________9. The behavioral and emotional characteristics that make each person unique are skills that can be
learned.
________10. An effective leader is both a good speaker and a good listener.
________11. High unemployment and forced early retirements among small business owners are risks
associated with going into business for yourself.
________12. A(n) Intrapreneur is a person who works for a company and uses company resources to develop
ideas that benefit the company.
________13. Your attitude impacts your work ethic.
________14. In a market economy. consumers and producers together determine the prices and quantities of
goods and services produced.
________15. production and consumption of a service business happens at the same time.
________16. According Adam Smith, an entrepreneur is a person who acts as an agent in transforming demand
into supply.
________17. Many people view entrepreneurship as a less attractive career path
________18. Firm with an entrepreneurial spirit are proactive, innovative and risk taking.
________19. Entrepreneur perceives and exploits profit opportunities by introducinginnovative, new and unique
products and services.
________20. The success of an entrepreneur depends heavily on the tendency to wait andsee existing
opportunities.
________21. In general, businesses with 100-500 employees are considered "medium-sized businesses"
________22. Entrepreneurship can be learned by anyone, it’s not something that can simply learn in a
classroom.
________23. Habits of character may not strictly be related to business but are to do with the kind of person the
entrepreneur is and what he/she does.
________24. An entrepreneur has to have certain cultivated and inherent qualities in order to make a success of
his or her venture.
_______25. Hard work and determination to win have made many successful business people to reach their
aspired goal.
_______26. An Entrepreneur must hesitate for personal or other reasons.
_______27. New ideas help make a business venture successful.
_______28. The only way to acquire the habits essential for entrepreneurs is by acting in a way inconsistent
with them.
_______ 29. the four marketing elements are product, position, price, and promotion
_______30. production and consumption of a service business happens at the same time.
III. ESSAY. Read and understand the questions carefully. (5 points each)

1. What is Entrepreneurship?

2. What products or services will you sell?

3. What type of opportunity is it (new, part time, expansion)?

4. Why does it promise to succeed?

“Trust yourself, you know more than you think you do”
― Benjamin Spock, paediatrician and author

Subject Teacher:
Lovely Yoro Mejasco
ANSWER KEY (2 points each)
1. B 1. T 26. F
2. C 2. T 27. T
3. A 3. T 28. F
4. A/B 4. F 29. F
5. D 5. F 30. T
6. C 6. T
7. D 7. T
8. D 8. F
9. B 9. F
10. A/B 10. T
11. B 11. F
12. B 12. T
13. D 13. T
14. B 14. T
15. A 15. T
16. B 16. T
17. A 17. F
18. D 18. T
19. D 19. T
20. C 20. F
21. A 21. T
22. B 22. T
23. D 23. T
24. D 24. T
25. D 25. T
26. D
27. D
28. D
29. A
30. D
31. C
32. B
33. A
34. D
35. D