Entrepreneurship Insights Quiz
Entrepreneurship Insights Quiz
Discover your understanding of entrepreneurship with our engaging quiz designed to assess your knowledge of business principles and practices. Dive into various aspects of entrepreneurship, from risk management to the impact on the economy.
By participating, you will:
- Evaluate your knowledge of entrepreneurial concepts
- Learn about the importance of entrepreneurship in the community
- Gain insights into business strategies and competition
A/An _____ starts a business venture with a primary goal of making it as a source of his/her livelihood.
Entrepreneur
Business man
An owner of a small ordinary small business reacts positively to the changes in the environment.
TRUE
FALSE
How is competition a sign of a healthy economic environment?
When entrepreneurial firms compete with each other, consumers get the best possible prices, quantity and quality of goods and services.
When businessmen compete with each other, they will tend to pull each other down by all means and see who reaches the bottom part of the game.
An entrepreneur relies upon chance or luck whether his/her business is going to take off or not.
TRUE
FALSE
Owner of an ordinary small business believes that risk is deterrent in the operations of a certain business thus must be avoided, why do you think so?
Because risk means that a company's or an organization's plans may not turn out as originally planned or that it may not meet its target or achieve its goals.
Because by facing the business risks squarely, you will have the opportunity to minimize its effects.
What is the difference between a manufacturing and merchandising business?
A merchandising company resells goods that it purchases from its suppliers. A manufacturing company produces goods from raw materials, which is later sold as a finished product.
A manufacturing company resells goods that it purchases from its suppliers. A merchandising company produces goods from raw materials, which is later sold as a finished product.
The following are examples of merchandising companies except for one:
Retail clothing
Grocery stores
Bookstores
Ship builders
What is the main difference of entrepreneur and intrapreneur?
The main difference between Entrepreneur and Intrapreneur is that Intrapreneur is an employee , and Entrepreneur is free and the leader of the operation.
Intrapreneur is the one who owns and runs the business alone, while entrepreneur is the one who runs the business along with his/ her trusted people.
There is no significant difference between the two, both are running a business on their own strength and knowledge.
The following are some of the misconceptions on entrepreneurship except for one:
Entrepreneurship applies only to manufacturing businesses.
Entrepreneurship only applies to big businesses.
Entrepreneurship applies mostly to persons with good educational background in business courses.
Entrepreneurship can only be applied to a good economy.
Entrepreneurship does not start and end with opening a small business since it is a long and continuing process.
TRUE
FALSE
In entrepreneurship, which of the following BEST describes "chain of progressive results"?
It is when the life of the entrepreneur or any individual Filipino is benefitted, the local economy benefits as well.
It is when the Philippine economy gets its benefit directly form the Filipino people.
It is when the benefits received by the Filipino are transferred to the local community then transferred to the Philippine economy or flowed back to the Filipino people.
Entrepreneurship facilitates the smooth flow of money in the local market.
Importance to the Philippine economy
Importance to the Filipino people
Importance to the local community
Entrepreneurship provides employment in the community.
Importance to the local community
Importance to the Philippine economy
Importance to the Filipino people
Entrepreneurship increases constructive competition.
Importance to the local community
Importance to the Filipino people
Importance to the Philippine economy
Entrepreneurship improves people's financial and social life.
Importance to the Filipino people
Importance to the local community
Importance to the Philippine economy
Which of the following is the correct process of creating a new venture in business?
Creation of entrepreneurial idea - identification of entrepreneurial opportunities - opening of entrepreneurial venture
Identification of entrepreneurial opportunities - creation of entrepreneurial idea - opening of entrepreneurial venture
Opening of entrepreneurial venture - creation of entrepreneurial idea - identification of entrepreneurial opportunities
How do past experiences be a source of an entrepreneurial idea?
It is when a person's relevant job experience in the past can lead to an entrepreneurial venture.
It is when you start an entrepreneurial idea based on what you are interested about, no matter if your skilled or not.
The expertise and skills developed by a person who has worked in a particular field may lead to the opening of a different business enterprise.
The interests, hobbies and preferences of people are a rich source of entrepreneurial ideas however ______________.
An entrepreneur must be keen in identifying the cycle of interests and trends since these tend to constantly change
You should pay the least attention to a certain specific target market since they are constantly changing.
How does the government affects entrepreneurship?
Policy makers' will tend to stimulate economic growth as well as the necessary economic activity to reduce unemployment and to increase welfare.
Whenever there are changes in the policies and programs of the government, the new entrepreneurial ideas are likely to be suppressed.
Changes in Government's policies may put an end to a number of entrepreneurial venture.
A person with entrepreneurial interest looks at the possibility of business opportunities in any new discovery or advancement in technology
TRUE
FALSE
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