ENTREPRENEURSHIP

Question 1

For the entrepreneurs, as well as to the organization to reach their goal, a business plan serves as their:

Answer 1

Guide

Question 2

Your product and services section should include the following EXCEPT for:

Answer 2

Workforce and Support Personnel

Question 3

What is the “vision statement”?

Answer 3

Describe the desired future position of the company

Question 4

The following are examples of sales literature EXCEPT for:

Answer 4

Technology

Question 5

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:

Answer 5

Final Projections

Question 6

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.

Answer 6

Market Plan

Question 7

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

Answer 7

Business Plan

Question 8

This is the part of the business plan where you will describe the specific product or services you’re going to offer.

Answer 8

Product/Service Plan

Question 9

Describes the “mission statement” of the company?

Answer 9

Defines the company’s business , its objectives, and its approach to reach those objectives.

Question 10

Calculating or predicting future events that usually comes from the result of a study and analysis of available pertinent data.

Answer 10

Forecasting

Question 11

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.

Answer 11

Once your business fails, better stop.

Question 12

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

Answer 12

Sales Projection

Question 13

Which is an example of a variable cost?

Delivery Costs, Packaging Cost, Raw Materials, All of the above

Answer 13

All of the above

Question 14

T or F. Sales projections may be calculated on a monthly, quarterly, or annual basis.

Answer 14

True

Question 15

Which is an example of a fixed cost?

Egg, Rent, Packaging, Vegetable

Answer 15

Rent

Question 16

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.

Answer 16

Costing gives businesses additional profit.

Question 17

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.

Answer 17

Forecasting will surely make business owners gain full profit.

Question 18

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?

Answer 18

Php 6,000.00

Question 19

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?

Answer 19

Get the sum of the fixed and variable cost.

Question 20

Refer to Question #19. How much would be Jean’s product cost?

Answer 20

Php 1,000.00

Question 21

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?

Answer 21

30%

Question 22

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?

Answer 22

Php 315.00

Question 23

Which should be divided by the number of units produced to get the unit cost?

Direct Costs
Variable Costs
Fixed Costs
Product Costs

Answer 23

Product Costs

Question 24

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

Answer 24

Variable Costs

Question 25

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

Answer 25

Fixed Costs

Question 26

The following are components of Business Model Canva EXCEPT for: Key Money Key Resources Key Partners Key Activities

Answer 26

Key Money

Question 27

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

Answer 27

Value Propositions

Question 28

It creates strategic relationships with other companies.

Answer 28

Key Partners

Question 29

Which of the following refers to the business sources of cash flow? Key Money Business Flow Key Resources Revenue Streams

Answer 29

Revenue Streams

Question 30

It is strategic management and a startup template for the development of new business models or for documentation.

Answer 30

Business Model Canvas

Question 31

What process of recruitment is called for finding the best candidate?

Answer 31

Evaluation and Offer

Question 32

It refers to identifying the vacancies that exist in the company.

Answer 32

Recruitment Plant

Question 33

Which of the following is NOT included in preparing a Job Description? Title Compensation Duties and Responsibilities Family Background

Answer 33

Family Background

Question 34

Which stage of the recruitment process involves job posting and running job fairs? Planning Talent Search Interviewing Evaluation and Offer

Answer 34

Talent Search

Question 35

Which of the following is NOT a part of the Recruitment Process? Talent Search Interviewing Salary Negotiation Recruitment Planning

Answer 35

Salary Negotiation

Question 36

Which of the following is NOT the correct sequence? Product Request - Supply Chain - Customer Customer Request - Value Chain - Product Supplier Request - Value Chain - Product

Answer 36

Supplier Request - Value Chain - Product

Question 37

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.

Answer 37

In value chain, the business owner is seen as the source of value.

Question 38

In this chain, the main objective is gaining competitive advantage.

Answer 38

Value Chain

Question 39

The major objective of this chain is to gain complete customer satisfaction.

Answer 39

Supply Chain

Question 40

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.

Answer 40

Value Chain is a connection of all the parties, resources, businesses, and activities involved in the marketing or distribution through which a product.

Question 41

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.

Answer 41

Statement A and B are True.

Question 42

What do you call the process in which the buyers try to establish favorable terms on the part of the supplier?

Answer 42

Negotiation Process

Question 43

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.

Answer 43

Finding a new supplier to boost competition and achieve other market goals.

Question 44

It is part of supplier selection process where it sets out what the supplier should do and how the purchaser will pay for them.

Answer 44

Contract Terms

Question 45

It is one of the processes in selecting supplier in which keeping track of their progress and making sure to meet their agreement.

Answer 45

Monitor the supplier performance.

Question 46

Which of the following is NOT part of the Supplier selection process? Identifying potential suppliers Work Scheduling Contract Terms

Answer 46

Work Scheduling

Question 47

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

Answer 47

Create a technology roadmap

Question 48

Which of the following pertains to anything used as inputs to production or manufacturing?

Answer 48

Materials

Question 49

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?

Answer 49

Will this equipment make you more successful in the marketplace?

Question 50

What term refers to the process by which firms identify, evaluate, and contract suppliers?

Answer 50

Supplier Selection

Question 51

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.

Answer 51

Description

Question 52

Which of the following helps the managers with the information required to make good human resources decisions? Industrial relations Performance Appraisal Recruitment Selection

Answer 52

Performance Appraisal

Question 53

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

Answer 53

Prototype

Question 54

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.

Answer 54

Manpower

Question 55

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.

Answer 55

Machine

Question 56

The process of eliminating unsuitable candidates is called

Answer 56

Selection

Question 57

It is the process of searching for prospective employees and stimulating them to apply for obs in the organization.

Answer 57

Recruitment

Question 58

It is raw materials needed in the production of the product or service.

Answer 58

Materials

Question 59

The cycles to be followed inadequately fabricating or conveying a product or service.

Answer 59

Method

Question 60

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

Answer 60

Application form, test and/or interview, reference check and physical examination