Multiple Choice: Read and answer each statement carefully then write the letter of the best answer

1. Who acts as a coordinating agent in a capitalist economy?

A. Manager B. Finance Officer C. Entrepreneur D. Broker
2. 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. It refers to a person who sets up a business with the aim of making a profit.
D. The act of creating a business or businesses while building and scaling it to generate a
profit.
3. Which of the following has relevance of Entrepreneurship to SHS Grade 12 students?
A. It generates new wealth in an economy.
B. It aids students from all socio-economic backgrounds to think outside the box.
C. It creates opportunities and ensures social justice.
D. It creates job.
4. 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. 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.
5. Which of the following words is not associated with entrepreneur?
A. Innovative B. Impulsive C. Collaborative D. Creative
6. What is the most common reason given to people who choose to become entrepreneurs?
A. To make a lot of money. B. To escape the long hours associated with
corporate jobs.
C. To be their own boss. D. To be able to retire early.
7. All of the following are characteristics shared by successful entrepreneur EXCEPT:
A. Passion B. Product/customer focus. C. Risk averse D. Tenacity
despite failures
8. Which of the following is NOT a common myth about entrepreneurs?
A. Everyone has the potential to be an entrepreneur. B. Entrepreneurs are born, not
made.
C. Entrepreneurs are gamblers. D. Entrepreneurs love the
spotlight.
9. Influence on innovation and job creation best typifies entrepreneurial firms _________.
A. Impact on society B. Impact on larger business C. Economic impact D. Impact
on the Government
10. Entrepreneur and inventor mean essentially the same thing.
A. True B. False C. Sometimes D. Maybe
11. Entrepreneurial businesses include retailing, such as clothing and furniture stores, but do
not include service
businesses.
 A. True B. False C. Sometimes D. Maybe
12. Entrepreneurship only pertains to starting new business, not existing firms.
A. True B. False C. Sometimes D. Maybe
13. The average entrepreneur does NOT make more money than someone with a similar
amount of responsibility in a
traditional job.
A. True B. False C. Sometimes D. Maybe
14. The number one characteristic shared by successful entrepreneurs is creativity.
A. True B. False C. Sometimes D. Maybe
15. After winning a medal for diving in Olympics, Cheryl starts a diving instruction school. This
is an example of a lifestyle
firm.
A. True B. False C. Sometimes D. Maybe
16. It is a company’s marketing goals and objectives combined into a single comprehensive
plan.
A. Marketing Strategies B. Demographic design C. Market D. Potential Market
17. It refers to a person or organization that uses a commodity or service.
A. Marketing Strategies B. Demographic design C. Market D. Potential Market
18. This is an area or arena in which commercial dealings are conducted.
A. Marketing Strategies B. Demographic design C. Market D. Potential Market
19. This is used to give a general idea of the size of a company in relation to its market and its
competitors.
A. Marketing Strategies B. Demographic design C. Market D. Potential Market
20. This is one part of the total market for a good or service.
A. Market share B. Target market C. Consumer D. Need
21. It is also called Total Addressable Market (TAM).
A. Market share B. Target market C. Consumer D. Need
22. A person or business that purchases a commodity or service.
A. Market share B. Target market C. Consumer D. Need
23. Circumstances in which something is necessary, or that require some course of action;
necessity.
A. Market share B. Target market C. Consumer D. Need
24. The study of the characteristics of human populations, such as size, growth, density,
distribution, and vital statistics.
A. Customers growth & development B. Market size C. Consumer
D. Need
25. The number of buyers and sellers in a particular market.
A. Customers growth & development B. Market size C. Consumer
D. Need
26. The customers you would most like to attract are referred to as your
A. Competition B. Target market C. Market segments D. Market
27. The process of creating something new that makes life better is called...
A. Technology B. Innovation C. Brand recognition D. Opportunity
cost
28. Which of the following is the BEST definition of knowing your products and services?
A. When an employee knows which product is better than the others.
B. When an employee can explain the basic aspects of the services the company offers
C. When an employee can explain specific details of their products and express the value it
has over others.
 D. When an employee is able to discuss what type of product or services they sell and to
whom.
29. Which of the following is the BEST explanation of why knowing your products and services
creates value?
A. It helps the customer to see why the product or service stands out and how it is
beneficial to them.
B. It helps manipulate the customer into thinking the product or service is of good value.
C. It identifies all the characteristics about the product or service so customers can fully
evaluate it.
D. It shows passion, which means that it must be a good product or service.
30. What are the typical characteristics of services?
A. Services confer benefits; are tangible; are time- and place-dependent; are consistent;
cannot be owned; and providers
and consumers form part of the service.
B. Services confer no benefits; are intangible; are time- and place dependent; are
inconsistent; cannot be owned.
C. Services are intangible; are time- and place-dependent; are inconsistent; cannot be
branded; and providers and
consumers form part of the service.
D. Services confer ownership; are intangible; can be consumed at any time or place; are
inconsistent; and providers form
part of the service.
E. Services confer benefits; are intangible; are time- and place-dependent; are inconsistent;
cannot be owned; and
providers and consumers form part of the service.
31. Which is an example of a goods?
A. Candy bar B. Hair cut C. Dental visit D. Having the car oil
changed
32. Which is an example of a service?
A. Candy bar B. Having your hair cut C. Hamburgers D. Computers
33. A goods is something you buy and consume. Tell which is a goods.
A. You buy cookies from Mrs. Jenny in the cafeteria. B. Mrs. Priester asks you to
wash the tables.
C. You hire someone to braid your hair. D. You ask a friend to shampoo
your living carpet.
34. When someone sales a goods or provides a service they _____________ money.
A. Earn B. Spend C. Consume D. Produce
35. Anything made or grown to be sold is a ___________.
A. Service B. Goods C. Consumer D. Producer
36. What are the typical characteristics of services?
A. Services confer benefits; are tangible; are time- and place-dependent; are consistent;
cannot be owned; and providers and consumers
form part of the service.
B. Services confer no benefits; are intangible; are time- and place dependent; are
inconsistent; cannot be owned.
C. Services are intangible; are time- and place-dependent; are inconsistent; cannot be
branded; and providers and consumers form part of
the service.
D. Services confer ownership; are intangible; can be consumed at any time or place; are
inconsistent; and providers form part of the service.
 E. Services confer benefits; are intangible; are time- and place dependent; are inconsistent;
cannot be owned; and providers and consumers
form part of the service.
37. There are 7Ps in the services marketing mix. What are the additional 3Ps?
A. people, physical evidence and process B. peripheral products, packaging and
people
C. people, physical evidence and presentation D. physical evidence, presentation
and process
E. process, pricing and packaging
38. A business wishes to meet the needs and wants of customers better by delivering a higher
quality service. Which element of the marketing
mix will the business focus on to achieve this?
A. Product B. Price C. Place D. Promotion E.
Positioning
39. What is a „service encounter‟?
A. a bad service experience B. the actual handing over of payment for
the service
C. an argument between customer and service provider D. the time during which a
customer receives a service
E. the customer‟s reaction to the service
40. It refers to the processes involved in delivering your products and services to the
customer. It is also about being 'easy to do business with.
A. Process B. Management C. Marketing D. Movement E. Positioning
41. A concert ticket is primarily an example of which element of the marketing mix?
A. process B. physical evidence C. packaging D. price E. place
42. Some fast food chains have detailed instructions about how staff should prepare the food.
There are timers to tell them when the chips are
cooked and even painted footprints on the floor to show where they should stand. Which
element of the marketing mix are they trying to
control?
A. process B. physical evidence C. packaging D. price E. place
43. What does the overall marketing mix of a firm determine?
A. Marketing strategy B. Marketing objective C. Profit from marketing D.
Marketing interest E. Marketing firm
44. Why is it generally harder for service industry managers to cope with peaks and troughs in
demand for their products?
A. Services are inconsistent and strong competitions.
B. There are no salespeople to help with forecasting.
C. Payment is usually made after the service has been provided.
D. Most service customers are not brand loyal.
E. Service products cannot usually be stored.
45. People who work with information rather than in manufacturing or in more traditional
service industries called?
A. knowledge workers B. technologists C. info techs D. IT users
E. project managers
46. Broadband provision/ internet provision is an example of a service industry.
A. True B. False C. Sometimes D. Maybe
47. Car insurance and IT consultancy are products.
A. True B. False C. Sometimes D. Maybe
48. Services do not contribute to a country‟s economy as they do not result in any net
increase in wealth.
A. True B. False C. Sometimes D. Maybe
49. Increase in leisure time is one of the reasons behind the growth of service industries.
A. True B. False C. Sometimes D. Maybe
50. Products can be categorized as either goods or services. Very few have significant elements
of both.
A. True B. False C. Sometimes D. Maybe