Prelim Quizzes- ENTREPRENEURSHIP

Part 1
Instruction: Read the statements carefully then write True if the statement is correct & write False if you think the
statement is not correct.
_______ 1. Entrepreneur means “to undertake.”
_______ 2. Entrepreneurship is a process of actions of an entrepreneur who is always in search of opportunities.
_______ 3. The greatest significance of entrepreneurship is to help identify and develop the managerial capabilities of
entrepreneurs.
_______ 4. Entrepreneurship will lead to the creation of organizations.
_______ 5. Entrepreneurship can improve the life of the entrepreneur only.
_______ 6. Coward people will become successful entrepreneurs.
_______ 7. An entrepreneur is a “Risk Taker”.
_______ 8. Entrepreneurship is not an economic activity.
_______ 9. Entrepreneurs are innovative.
_______ 10. Profit potential is the compensation of the entrepreneur.
_______ 11. An entrepreneur can become a business consultant.
_______ 12. An entrepreneur can also be a researcher.
_______ 13. An entrepreneur can also become a salesman.
_______ 14. Entrepreneurship graduates can become business reporters.
_______ 15. The entrepreneur could easily see the results of his efforts
_______ 16. Entrepreneur enter a business because of its profitability.
_______ 17. New business ideas provide business opportunities.
_______ 18. Entrepreneurial process starts with identification of entrepreneurial opportunities.
_______ 19. Not all changes in the external environment provides business opportunities.
_______ 20. Discovery and advancement in the use of technology are additional good source of
business opportunities.
_______ 21. Interest and hobbies of the people are possible good source of entrepreneurial ideas.
_______ 22. Industry environment of business is under technological discovery and advancement
sources of opportunities.
_______ 23. The variables in the physical environment include the economic forces.
_______ 24. Entrepreneurial heart flame refers to the ability of the entrepreneur to sense
without using the five senses.
______ 25. Entrepreneurial mind frame permits the entrepreneur to see things in a very positive
and optimistic light.
______ 26. The business operates in the industry environment.
______ 27. Opening a Halo – halo business during summer seasons.
______ 28. Environmental scanning is conducted only when a new business is opened.
______ 29. When the barriers to the competitive forces are high, the effect to the growth of the
business is likewise high.
______ 30. Entrepreneurs need not observe and evaluate the priorities of the government.
_______31. SWOT is the acronym for Strengths, Weaknesses, Opportunities, Threats.
_______ 32. Identifying where products or services are in their lifecycles is central to Opportunity. _______ 33. Strengths
refer to the positive aspects a business has over business competitor.
_______34. Introduction expenses for the product development is heavy.
________ 35. The growth stage in product or service life cycle brings good profit margin.
________ 36. Concept testing is a review of market factors, revenues, cost and trends.
________ 37. Threats are probable events that may affect the business negatively.
________ 38. Product development is converting ideas into visible form.
________ 39. In the development of a product, it starts with idea screening.
________ 40. A product that reached maturity can experience slow growth.
________ 41. In turning business into income-generating activity, the entrepreneur should choose the product he/she want
to sell.
________ 42. Typewriters are products that has reached the stage of decline.
________ 43. Introducing minor innovations can extend the life of a declining product.
________ 44. Maturity is the stage of a product’s life when a product’s sales falls as new competitors enter the market.
________45. Commercialization involves actual marketing of the product in the target market.

Part 2
A. FIX ME
Direction: Arrange the scrambled letters to form a correct word.
1. UPSIERSPL _____________________
6. UTSBETIUST _____________________
2. NISSUBES _____________________
7. ICEVERS _____________________
3. KERTAM _____________________
8. PECITIONMTO ______________________
4. EDICRRSTO ______________________
9. IMCLTEA _____________________
5. SUTEMOSRC _____________________
10. NTERTSAN _____________________

B. WORD HUNT
Think of words or terms related to the topic and find the words in the grid horizontally, vertically, or diagonally.
Write the words or terms on the space provided below.

1._________________________________ 6. _______________________________
2. ________________________________ 7. _______________________________
3. ________________________________ 8. _______________________________
4. ________________________________ 9. _______________________________
5. ________________________________ 10. ______________________________

C. COMPLETE ME
Complete the table below by supplying it with products that you consider similar. Write the product and not the brand
in their respective columns. Then describe and differentiate its characteristics and uses.

NO. Primary Product (Product Name) Substitute Product ( Product Name)

Example Butter – expensive price used as bread spread Margarine – lesser price also used as bread
spread

5
D. Classify the macro environment of the following elements and forces by putting a check marking the
appropriate column.

Elements/Forces Physical Societal Industry

Technological Forces
Climate
Wildlife
Social Forces
Competitors
Economic Forces
Physical resources
Legal Forces
Suppliers

E. Right Steps
Directions: Read well the story and get encouraged to reach your dreams even from small but right steps! For you
to remember relevant points, write the appropriate words to complete the sentences on the spaces provided.

Josephine Rectin of Legazpi City, Albay is a typical Filipino micro entrepreneur who started with a small capital.
Back in 1995, she sold vegetables on foot. She had Five Hundred Pesos (PhP500) in capital. Twenty years later—
and this is where her story deviates from most micro entrepreneur’ stories, she heads a multi-million family
business that encompasses a mini grocery store, rice farming and trading, livestock raising, hardware store with
gravel and sand, hollow blocks and nipa shingles making, trucking and hauling service, and a computer printing
shop. ―We grew the business gradually in response to customer demands. Together with my husband, Robert,
and our children, we pursued one new business after the other in tune with the market conditions,‖ says Josephine.
She turned to what she knew —selling, to help Robert provide for the needs of the family. ―I started as an
ambulant vegetable seller. When customers asked for other goods like dried fish, I would promptly supply them
and then add these to my basket of products. From a portion of my earnings saved up over a period of time, I
raised enough money to establish a sari-sari (variety goods) store. My store allows me to sell more and earn more.
It also keeps me informed of what customers need and want. As I listen, I get ideas for new businesses. The
hardware business, for example, came about when there was a house construction boom in the community. It
helped a lot that my husband is keen to run it,‖ adds Josephine. Good customer relations is key to a successful
business. Josephine makes times for small talk to make her customers feel welcome. ―I support the saying that
the customer is always right. And if they are wrong, I make them feel alright by being patient when resolving
issues that matter. A good entrepreneur should avoid being short-tempered and impatient with customers‖.
Josephine shares, ―the possibilities are endless especially if you are your own boss. As an entrepreneur, you have
the flexibility to manage your time and resources. If you want to accomplish more, work harder and longer.
Success does not come easy, but if you are willing to work for it, it is yours for the taking.

Start here:
1. Josephine Rectine’s objective why she became a micro entrepreneur in 1995 was to
___________________________________________________________________________________________
___________________________________________________________________________________________
 ___________________________________________________________________________________________
___________________________________________________________________________________________.

2. She used her skill in ________________________ and started being an ________________________.

3. Her customers told her what they ____________________ and she promptly ____________________ them.

4. She was able to___________________________________________________ over a period of time.

5. She used it for financing her next venture, a

___________________________________________________________________________________________
___________________________________________________________________________________________
___________________________________________________________________________________________
___________________________________________________________________________________________.

6. From that sari sari store how did Josephine get business ideas that eventually put her husband and children into
doing business as well?
___________________________________________________________________________________________
___________________________________________________________________________________________
___________________________________________________________________________________________
___________________________________________________________________________________________.

F. Know Me Better!
One method people often use to decide which is the most suitable business idea is the SWOT Analysis. It helps
you focus on possible problem areas and potential advantages of each idea.
Directions: Identify whether the following phrases are Strengths, Weaknesses, Opportunities and Threats of a
business venture as they have an impact in choosing the best business idea in meeting a market need.
1. Management Competence ______________________________
2. Growing Demand ______________________________
3. Excellent Product Quality ______________________________
4. Shortage of fund ______________________________
5. Favorable Government Assistance ______________________________
6. Poor accommodation of customers ______________________________
7. Stability and Profitability ______________________________
8. Few Competitors ______________________________
9. Lack of Technical Know-how ______________________________
10. Natural Disaster ______________________________