Mastery Test in
Entrepreneurship
1. Which of the following competencies is
described as the combination of knowledge,
skills, and attitude required to perform
entrepreneurial functions?
A) Core competency
B) Common competency
C) Entrepreneurial competency
D) Managerial competency
2. Which of the following is a common type of
business under franchising in the Philippines?
A) Web design services
B) Fast food establishments
C) Buy-and-sell businesses
D) Tutorial services
3. What should entrepreneurs do to ensure
customer satisfaction?
A) Ignore customer preferences
B) Focus on promoting a product to the wrong
customer group
C) Identify the right customers for their product or
service
D) Limit their product offerings
4. What is the definition of a market?
A) A place where only goods are exchanged
B) A location where buyers and sellers come together
C) A location where only services are exchanged
D) A location where only transactions are done digitally
5. Why is it important to know the shopping and
buying habits of customers?
A) To predict when customers will stop buying
B) To set unrealistic product prices
C) To create the same products as competitors
D) To understand what influences their purchasing
decisions
6. Which of the following is NOT an example of an
online platform for environmental scanning?
A) Interviews via video call
B) Reading news articles on the internet
C) In-person observation of community behavior
D) Conducting online surveys
7. What is a prototype in the context of business
screening?
A) A fully finished product
B) A market research study
C) A representation of the actual product or service
D) A marketing advertisement for the product
8. What is the first step in creating an effective
value proposition?
A) Identify competitors
B) Prepare a situational analysis detailing the
customer’s problems
C) Make the product available online
D) Set a price point for the product
9. What is the main purpose of marketing?
A) To create a product
B) To advertise through social media only
C) To set high prices for products
D) To convince customers to buy products and
maintain their value
10. What is the definition of "People" in the
marketing mix?
A) The physical store where products are sold
B) The target market, or specific group of customers,
for the product
C) The workers who make the product
D) The product packaging
11. What is an emerging way to promote a
brand that is cheaper and effective?
A) Television advertising
B) Social media
C) In-store promotions
D) Billboards
12. Which of the following is NOT part of a
market analysis?
A) Who are my potential customers?
B) What are my competitors' favorite products?
C) How much are potential customers willing to
pay?
D) Who is my competition?
13. What does the "Seeking" step in Opportunity
Spotting and Assessment refer to?
A) Searching for potential business partners
B) Checking the competition and customers
C) Searching for the right chance in business
D) Evaluating the cost of production
14. What is an example of a physical market?
A) Online shopping website
B) A shopping mall
C) Virtual marketplace
D) social media
15. Why is it important for an entrepreneur to study
buyers before investing in a product?
A) To limit the product range
B) To reduce marketing efforts
C) To avoid competing with other businesses
D) To ensure there is a high demand for the product or
service
16. What is the purpose of conducting a market
analysis?
A) To find new employees
B) To make decisions without any customer feedback
C) To create new products without research
D) To learn about potential customers, competitors,
and market size
17. What does the term "systematic planning" refer
to for entrepreneurs?
A) Randomly deciding on business decisions
B) Creating and monitoring plans to achieve goals
C) Avoiding planning
D) Relying only on gut feelings
18. What are the key factors to consider when
screening a proposed business solution?
A) Availability of resources, competitors' actions, and
market trends
B) Location, team size, and funding
C) Government regulations, market share, and pricing
D) Viability, profitability, and customer requirements
19. What is marketing, according to BPI Shape?
A) Advertising and pricing only
B) A way to promote products through social media
C) Only the process of sales
D) A strategy involving identifying and appealing to
consumer groups through activities like advertising,
branding, pricing, and sales
20. Who is responsible for creating and managing
a business, taking on financial risks in the hope of
profit?
A) Investor
B) Manager
C) Entrepreneur
D) Employee