ENTREP
Entrepreneurship Knowledge Quiz
Test your understanding of entrepreneurship and business concepts with our comprehensive quiz. Whether you are a student, teacher, or simply someone interested in the world of business, this quiz will challenge your knowledge and help you learn more about the essential elements of entrepreneurship.
What to expect:
- 52 carefully crafted questions
- Various topics related to business and marketing
- Instant feedback on your answers
He was a founding member of the neoclassical school of thought where his research is the topics distinction between the term’s capitalist, entrepreneur, and manager.
ADOLPH REIDEL (1809-1872)
ALFRED MARSHALL (1842-1924)
Entrepreneurs are rewarded in exchange for anticipating the effects of uncertainty and selling their products at a price that exceeds their input costs.
ADOLPH REIDEL (1809-1872)
ALFRED MARSHALL (1842-1924)
Supermarkets and department stores have a customer service counter which attend to the needs and complaints of customers.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
All goods are being sold must have a blank. It is a label to the price of an item being sold in a store.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
Will my product’s name be remembered? When a name is different or unusual, it may attract attention and perhaps arouse curiosity. It is something that is interesting, such as one that is part of a rhyme or evokes humor. A good example is Jollibee. Consider a name that create a mental picture of image and easy to remember.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
Knowing what competitors marketing is includes: the competitor’s product or services, how much they cost, how they are distributed and how they are made known to target market.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
The best way to be very certain and confident about estimates for potential market demand is to look for facts about the industry where the entrepreneur intends to enter.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
Products/Services of the firm need to be advertised to generate sales.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
All business establishments are required to issue official receipts. However, there are some which does not issue receipts unless the customer asks for it. Other do not issue receipts at all. The official receipts are one of the ways by which government determine how much sales have been made by a business establishment and how much taxes need to be paid.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
A product can have great features and benefits, but the price of the product can have a greater influence on how it will sell in the marketplace. Set your price, after considering all cost at affordable amount for your target market.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
Loading goods inside the paper bag like breakable items, wet items, toxic items like insect spray & other poisonous household items should be done properly.
ATTEND TO THE COMPLAINTS OF CUSTOMERS
PUT PRICE TAG
ADOPT A GOOD PRODUCT NAME FOR BRANDING
ANALYZE THE COMPETITORS
ESTIMATE POTENTIAL MARKET DEMAND
PROMOTE THE PRODUCTS/SERVICES IN VARIOUS WAYS TO INCREASE SALES -
ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
PRICE THE PRODUCTS/SERVICES REASONABLY
PACK THE GOODS BOUGHT BY CUSTOMERS PROPERLY
Type of business operations engaged in the rendering of services.
SERVICE
MANUFACTURING
MERCHANDISING
Purchasing and converting raw materials to finished goods.
SERVICE
MANUFACTURING
MERCHANDISING
Organizations that are exempted from paying income tax.
SOLE PROPRIETORSHIP
CORPORATION
NONPROFIT ORGANIZATIONS
PARTNERSHIP
COOPERATIVE
Business owned and managed by one person.
SOLE PROPRIETORSHIP
CORPORATION
NONPROFIT ORGANIZATIONS
PARTNERSHIP
COOPERATIVE
Form of business organization managed by an elected board of directors.
SOLE PROPRIETORSHIP
CORPORATION
NONPROFIT ORGANIZATIONS
PARTNERSHIP
COOPERATIVE
Type of business that is engaged in conflicts of interest
SOLE PROPRIETORSHIP
CORPORATION
NONPROFIT ORGANIZATIONS
PARTNERSHIP
COOPERATIVE
Essential quality of opportunity, which impart being in demand or occurring at a favorable or useful time
PRICING
ATTRACTIVE
DURABLE
BRANDING
TIMELY
Most important element of marketing mix as it generates a turnover for the organization.
PRICING
ATTRACTIVE
DURABLE
BRANDING
TIMELY
Appealing product
PRICING
ATTRACTIVE
DURABLE
BRANDING
TIMELY
Ability of a physical product to remain functional, without requiring excessive maintenance or repair, when faced with the challenges of normal operation over its design lifetime.
PRICING
ATTRACTIVE
DURABLE
BRANDING
TIMELY
"Use" of a name, term, symbol, design, or combination.
PRICING
ATTRACTIVE
DURABLE
BRANDING
TIMELY
Process of discovering new ways of combining resources.
ENTREPRENEUR
ENTREPRENEURSHIP
Someone who creates a new business in the face of risk and uncertainty for the purpose of achieving profit and growth.
ENTREPRENEUR
ENTREPRENEURSHIP
Entrepreneurial source of stimulation
EXTERNAL
INTERNAL
BOTH
What is the government agency that the sole proprietorship needs to be registered with?
DTI
DOT
BIR
According to the Department of trade & industry (DTI), what is the number of employees for small enterprises?
10-49
49-100
10
Characterized as doing something new as an idea, product, service, market, or technology in a new or established organization.
MARKETING
INNOVATION
Process of planning and executing the conception, pricing, promotion, and distribution of goods and services to create exchanges that satisfy individual and organizational objectives.
MARKETING
INNOVATION
Organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
MARKETING
INNOVATION
Concept of entrepreneur describes the entrepreneur as a person who wants to escape the authority of others.
SCIENTIST
PSYCHOLOGIST
ECONOMIST
The following are field expert that gives four concepts of entrepreneurship except one.
SCIENTIST
PSYCHOLOGIST
ECONOMIST
Entrepreneur looks at defeat as an opportunity for success.
PERSEVERANCE
THE UNEXPECTED
DETERMINATION
Opportunities can be found when situations and events are unanticipated, might be unexpected success/good news or unexpected failure/bad news.
PERSEVERANCE
THE UNEXPECTED
DETERMINATION
Determination to succeed by overcoming obstacles and setbacks.
PERSEVERANCE
THE UNEXPECTED
DETERMINATION
Should have strong research and development be undertaken on the creation of new technology-based ventures.
RESEARCH AND DEVELOPMENT
LEGAL REQUIREMENTS
AVAILABILITY OF RESOURCES
BUYING AN EXISTING BUSINESS
FOCUS AND DIRECTION
GOOD NETWORK
START-UP ENTERPRISE
Should know the laws and regulations that govern the type of business that wil be opened to avoid major problems that can arise if legal requirements are overlooked.
RESEARCH AND DEVELOPMENT
LEGAL REQUIREMENTS
AVAILABILITY OF RESOURCES
BUYING AN EXISTING BUSINESS
FOCUS AND DIRECTION
GOOD NETWORK
START-UP ENTERPRISE
Resources like raw materials, human resources, and machinery/equipment should be at an adequate level from the get-go of your business.
RESEARCH AND DEVELOPMENT
LEGAL REQUIREMENTS
AVAILABILITY OF RESOURCES
BUYING AN EXISTING BUSINESS
FOCUS AND DIRECTION
GOOD NETWORK
START-UP ENTERPRISE
Acquiring either the shares or the shares of the existing company or all of the assets of an existing enterprise.
RESEARCH AND DEVELOPMENT
LEGAL REQUIREMENTS
AVAILABILITY OF RESOURCES
BUYING AN EXISTING BUSINESS
FOCUS AND DIRECTION
GOOD NETWORK
START-UP ENTERPRISE
Should have a clear and documented vision, mission, and strategies to begin with.
RESEARCH AND DEVELOPMENT
LEGAL REQUIREMENTS
AVAILABILITY OF RESOURCES
BUYING AN EXISTING BUSINESS
FOCUS AND DIRECTION
GOOD NETWORK
START-UP ENTERPRISE
Building good relationships and working well with other people.
RESEARCH AND DEVELOPMENT
LEGAL REQUIREMENTS
AVAILABILITY OF RESOURCES
BUYING AN EXISTING BUSINESS
FOCUS AND DIRECTION
GOOD NETWORK
START-UP ENTERPRISE
Newly formed company in which the founder establishes a completely new business from the ground up.
RESEARCH AND DEVELOPMENT
LEGAL REQUIREMENTS
AVAILABILITY OF RESOURCES
BUYING AN EXISTING BUSINESS
FOCUS AND DIRECTION
GOOD NETWORK
START-UP ENTERPRISE
It is someone who brings resources, labor, materials, and other assets into combinations that make their value greater than before; also, one who introduces changes, innovations, and a new order.” Concept of entrepreneurship today, according to economists.
True
False
Production of products can be standardized, customized, personalized, and can involve steps or procedures.
True
False
The entrepreneur was distinguished from the capitalist, who simply provides money for the creation of products to be sold.
True
False
Manufacturers should borrow less and downsize their workforces if demand falls and do the opposite when demand is high.
True
False
Techniques are employed to promote and make a brand popular amongst the masses.
True
False
The level of comfort and attractiveness of a service location may make a lot of difference to the user experience.
True
False
Provision of good customer service where customers are more likely loyal to the organizations that serve them well.
True
False
All of the following are entrepreneur dimensions based on Edralin’s book entrepreneurship except one.
MARITAL STATUS
EDUCATIONAL ATTAINMENT
AGE
GENDER
The size of personnel is important when putting up a business. What is the type of business that needs ten employees to operate?
COTTAGE ENTERPRISE
MICRO ENTERPRISE
SMALL ENTERPRISE
Knowing what competitors are in marketing includes ISSUE OFFICIAL RECEIPTS TO CUSTOMERS
TRUE
FALSE
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