EXAM REVIEWER

Question 1

They are the resources needed to make a product or operate a business

Answer 1

Manpower, method, machines, materials

Question 2

Any business operates using what is called the blank

Answer 2

Four m’s of production or operation

Question 3

You cannot run a shop without the blank who will help you move things in order

Answer 3

People or manpower

Question 4

Blank are those whose primary jobs are and functions are directly related to the production and operation of the business

Answer 4

Direct workers

Question 5

Give three examples of direct workers

Answer 5

Production workers, assemblers, barbers

Question 6

These are those whose primary jobs and functions are not directly related to the production and operation of the business

Answer 6

Indirect workers

Question 7

Give three examples of indirect workers

Answer 7

Janitor, security guard, manager

Question 8

You need to determine the process or blank that will be involved in the manufacture of your products

Answer 8

Method

Question 9

Give an example of method

Answer 9

For a bakeshop:
kneading, baking, cutting, decorating

Question 10

A flowchart can be used in these four m

Answer 10

Method

Question 11

Blank are any of the equipment, tools, instruments, or devices that you will use to make your product or provide services to your customers

Answer 11

Machines

Question 12

Blank are all the things needed for running your shop

Answer 12

Materials

Question 13

Blank are those directly related to the production of your product or to the performance of the service you are offering

Answer 13

Direct materials

Question 14

Blank are those that are not directly related to the production of your product or to the performance of the service you are offering

Answer 14

Indirect Materials

Question 15

It is primary important that you as a future entrepreneur to actually like the business you would want to enter into

Answer 15

Your personal preference

Question 16

No matter how much you like your own business if your customers do not agree with you you will basically have no business with them

Answer 16

Customer requirements

Question 17

We should remember to keep ourselves grounded to the fact that our products and services should also be realistic. Ask yourself if the product or services actually feasible considering the resources available to us.

Answer 17

Viability

Question 18

One of the benefits of being an entrepreneur is the opportunity of gainful money making.

Answer 18

Profitability

Question 19

This will help you find out ways of distinguishing your product or service from those already in the market and give you the market position you aim for

Answer 19

Innovation or differentiation

Question 20

What are the five screening business opportunities

Answer 20

Your personal preference, customer requirements, viability, profitability, innovation or differentiation

Question 21

What is a popular tool for business analysis

Answer 21

Swot analysis

Question 22

What does swot stands for

Answer 22

Strength, weaknesses, opportunities, threats

Question 23

Blank are advantages of your products or services over similar offerings in the market these are internal to you and your business

Answer 23

Strengths

Question 24

Blank are the perceived limitations of your products and services these are your weak points. These are internal to you and your business

Answer 24

Weaknesses

Question 25

Blank are things that happened outside of your business that can potentially be advantage of your products or services

Answer 25

Opportunities

Question 26

Blank are harmful things that may potentially negatively affect your products or services. These are external factors

Answer 26

Threats