ENTREPRENEURSHIP Flashcards
For the entrepreneurs, as well as to the organization to reach their goal, a business plan serves as their:
Guide
Your product and services section should include the following EXCEPT for:
Workforce and Support Personnel
What is the “vision statement”?
Describe the desired future position of the company
The following are examples of sales literature EXCEPT for:
Technology
The marketing portion of the business plan addresses how you will get people to buy your product or service in sufficient quantities to make your business profitable. It consists of the following EXCEPT for:
Final Projections
The marketing portion of the business plan addresses how you will get people to buy your product or service in sufficient quantities to make your business profitable.
Market Plan
A format document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved
Business Plan
This is the part of the business plan where you will describe the specific product or services you’re going to offer.
Product/Service Plan
Describes the “mission statement” of the company?
Defines the company’s business , its objectives, and its approach to reach those objectives.
Calculating or predicting future events that usually comes from the result of a study and analysis of available pertinent data.
Forecasting
Which of the following is false?
Businesses should forecast the possible sales and expenses.
Mark up must be reasonable for the product.
Once your business fails, better stop.
Learn how your competitors’ price their products.
Once your business fails, better stop.
Which of the following refers to the amount of revenue a company expects to earn at some point in the future?
Sales, Sales Projection, Pricing Strategy, Financial Result
Sales Projection
Which is an example of a variable cost?
Delivery Costs, Packaging Cost, Raw Materials, All of the above
All of the above
T or F. Sales projections may be calculated on a monthly, quarterly, or annual basis.
True
Which is an example of a fixed cost?
Egg, Rent, Packaging, Vegetable
Rent
Which of the following is NOT true?
Costing helps in identifying how much cost is incurred on each product.
Costing is needed to be able to set the price of the product fairly and competitively.
Costing gives businesses additional profit.
Costing helps businesses understand the way their competitors’ price their product against an industry benchmark.
Costing gives businesses additional profit.
Which of the following is NOT true?
Forecasting helps businesses plan their contingency plans.
Forecasting allows businesses to create accurate budgets.
Forecasting will surely make business owners gain full profit.
Forecasting allows businesses to control their cash flows.
Forecasting will surely make business owners gain full profit.
Dennis made 12 small sculpture at a price of Php 3000 per piece and sold them at Php 3500. How much is his total markup price for the cakes?
Php 6,000.00
Jean’s business has incurred Php 750.00 on fixed costs and Php 250.00 on variable costs. What does he need to do to get the product cost?
Get the sum of the fixed and variable cost.
Refer to Question #19. How much would be Jean’s product cost?
Php 1,000.00
Jay sold 50 shirts with a price of Php 260.00 each. If the unit cost of each shirt is Php 200.00, what is his
desired rate of return?
30%
Vinz plans to sell his Magic cards. The unit cost of each is Php 210.00. If he plans to have a 50% increase on each photocard, what would be his selling price?
Php 315.00
Which should be divided by the number of units produced to get the unit cost?
Direct Costs
Variable Costs
Fixed Costs
Product Costs
Product Costs
Which of the following refers to the kind of cost considered as relative or proportional to the output produced by the business?
Direct Costs
Variable Costs
Fixed Costs
Product Costs
Variable Costs
Which of the following refers to the kind of cost considered as unchanging no matter how much a business increases or decreases its sales?
Direct Costs
Variable Costs
Fixed Costs
Product Costs
Fixed Costs
The following are components of Business Model Canva EXCEPT for:
Key Money
Key Resources
Key Partners
Key Activities
Key Money
Which of the following describes the essential need that your business is trying to fulfill for its customers?
Customer Segments
Value Propositions
Channels
Key Activities
Value Propositions
It creates strategic relationships with other companies.
Key Partners
Which of the following refers to the business sources of cash flow?
Key Money
Business Flow
Key Resources
Revenue Streams
Revenue Streams
It is strategic management and a startup template for the development of new business models or for documentation.
Business Model Canvas
What process of recruitment is called for finding the best candidate?
Evaluation and Offer
It refers to identifying the vacancies that exist in the company.
Recruitment Plant
Which of the following is NOT included in preparing a Job Description?
Title
Compensation
Duties and Responsibilities
Family Background
Family Background
Which stage of the recruitment process involves job posting and running job fairs?
Planning
Talent Search
Interviewing
Evaluation and Offer
Talent Search
Which of the following is NOT a part of the Recruitment Process?
Talent Search
Interviewing
Salary Negotiation
Recruitment Planning
Salary Negotiation
Which of the following is NOT the correct sequence?
Product Request - Supply Chain - Customer
Customer Request - Value Chain - Product
Supplier Request - Value Chain - Product
Supplier Request - Value Chain - Product
Which of the following is FALSE?
In a supply chain, all that is being done is conveyance.
A value chain is the set of input activities.
There is no value added in supply chain.
In value chain, the business owner is seen as the source of value.
In value chain, the business owner is seen as the source of value.
In this chain, the main objective is gaining competitive advantage.
Value Chain
The major objective of this chain is to gain complete customer satisfaction.
Supply Chain
Which of the following is NOT a definition of Value Chain?
Value Chain adds value to the product.
A value chain is the set of input activities that a company carries out to create value for its valued customers.
The Value Chain often involves finding the raw material for manufacturers or just simply packaging and marketing for retailers.
Value Chain is a connection of all the parties, resources, businesses, and activities involved in the marketing or distribution through which a product.
Value Chain is a connection of all the parties, resources, businesses, and activities involved in the marketing or distribution through which a product.
Statement A: Supply Chain activities include the transfer of material from one place to another. Statement B: On the other hand, Value Chain is primarily concerned with providing value for price product or service.
Statement A and B are True.
What do you call the process in which the buyers try to establish favorable terms on the part of the supplier?
Negotiation Process
Which of the following is TRUE?
Finding a new supplier will affect the rent of your store.
Finding a new supplier measures the success of business.
Finding a new supplier to gain for promotion.
Finding a new supplier to boost competition and achieve other market goals.
Finding a new supplier to boost competition and achieve other market goals.
It is part of supplier selection process where it sets out what the supplier should do and how the purchaser will pay for them.
Contract Terms
It is one of the processes in selecting supplier in which keeping track of their progress and making sure to meet their agreement.
Monitor the supplier performance.
Which of the following is NOT part of the Supplier selection process?
Identifying potential suppliers
Work Scheduling
Contract Terms
Work Scheduling
Which of the following is NOT part of the supplier qualification screening process?
Reference checks
Surge capacity availability
Ability to meet specifications
Create a technology roadmap
Create a technology roadmap
Which of the following pertains to anything used as inputs to production or manufacturing?
Materials
Which question statement, does not apply in selecting a supplier?
Is the quality of materials good?
Can the vendor supply the needed quantity of materials in a reasonable price?
Will this equipment make you more successful in the marketplace?
Does the company have a favorable reputation to deliver on time?
Will this equipment make you more successful in the marketplace?
What term refers to the process by which firms identify, evaluate, and contract suppliers?
Supplier Selection
A job is a summary of the objectives of the job, the type of work to be done, the responsibilities and duties, the working conditions, and the relationships of the job to other functions.
Description
Which of the following helps the managers with the information required to make good human resources decisions?
Industrial relations
Performance Appraisal
Recruitment
Selection
Performance Appraisal
Which term refers to primer model or sample of another product or service that is made to test a product idea or service measure
Inventory
Prototype
Job Description
Job Specification
Prototype
It considered to be the most vital factor in production. A business entrepreneur must determine, acquire, and match qualified employees with the jobs at the most appropriate period.
Manpower
It relates to innovations that help business tasks become normalized and consistent. Therefore, without its business activities will be lumbering, expensive, and with poor quality.
Machine
The process of eliminating unsuitable candidates is called
Selection
It is the process of searching for prospective employees and stimulating them to apply for obs in the organization.
Recruitment
It is raw materials needed in the production of the product or service.
Materials
The cycles to be followed inadequately fabricating or conveying a product or service.
Method
Which of the following orders is followed in a typical selection process?
Application form, test and/or interview, reference check and physical examination
Physical examination, test and/or interview, application form and reference check
Reference check, application form, test and/or interview and physical examination
Test and/or interview, application form, reference check and physical examination
Application form, test and/or interview, reference check and physical examination
