lOMoARcPSD|42032270
1ST Quarter EXAM Entrepreneurship
Industrial Education (Mindanao State University - Iligan Institute of Technology)
Scan to open on Studocu
Studocu is not sponsored or endorsed by any college or university
Downloaded by cindy caunte (batanhs1967@gmail.com)
lOMoARcPSD|42032270
ENTREPRENEURSHIP
1ST QUARTER EXAM
S.Y. 2022-2023
NAME: _____________________________
GRADE & SECTION: __________________
SCORE:_________
DATE: __________
A.MULTIPLE CHOICE
Directions: Choose the correct answer to the questions or statements below.
ENCIRCLE the letter that corresponds to your answer.
1. Which of the following is not a definition of Entrepreneurship?
A. It creates opportunities, ensures social justice, instills confidence and stimulates the economy.
B. It is an important part of the economic growth strategies of many local and national
governments around the world.
C. Refers to a person who sets up a business with the aim to make a profit.
D. The act of creating a business or businesses while building and scaling it to generate a profit.
2. Which of the following is a relevance of Entrepreneurship to SHS Students?
A. It generates new wealth in an economy.
B. It aids students from all socioeconomic backgrounds to think outside the box.
C. It creates opportunities and ensures social justice.
D. It creates job.
3. Which of the following words is not associated with entrepreneur?
A. innovative
C. collaborative
B. impulsive
D. Creative
4. Ronald is graduating SHS. After his graduation, he is planning to put up a computer shop. What
core competency he needs to develop?
A. Arts and design
B. Systems and application
C. repairs and maintenance
D. machine and equipment
5. Leticia is an employee of a fast-food chain. What common competency she needs to develop?
A. Time management
C. Leadership
B. Managing Conflict
D. Critical thinking
6. Mang Tomas is the owner of the Tomas Welding Shop. What common competency he needs to
develop?
A. Change management
C. Time management
B. Human Relations
D. A, B, & C
7. If Promotions and Advertising are core competency in Entrepreneurship; _______ is a common
competency in Entrepreneurship.
A. managing sales
B. listening to the sentiments of workers
C. coordinating with partners
D. Conducting research
8. If good human relation is to Interpersonal Competency; Visioning is to ________.
A. Personal competency
C. Common Competency
B. Core Competency
D. None of the above
Downloaded by cindy caunte (batanhs1967@gmail.com)
lOMoARcPSD|42032270
9. All are core competencies in Entrepreneurship, except:
A. basic bookkeeping/ accounting skills
B. communication skills
C. building relations with customer
D. building competitive advantage
10. Ronald is graduating SHS. After his graduation, he is planning to put up a computer shop. What
core competency he needs to develop?
A. Arts and design
C. repairs and maintenance
B. Systems and application
D. machine and equipment
11. Leticia is an employee of a fast-food chain. What common competency she needs to develop?
A. Time management
C. Leadership
B. Managing Conflict
D. Critical thinking
12. Mang Tomas is the owner of the Tomas Welding Shop. What common competency he needs to
develop?
A. Change management
C. Time management
B. Human Relations
D. A, B, & C
13. If Promotions and Advertising are core competency in Entrepreneurship;_______ is a common
competency in Entrepreneurship.
A. managing sales
B. listening to the sentiments of workers
C. coordinating with partners
D. Conducting research
14. The following are business opportunity elements except one. Which is the exception?
A. Is a potential cash cow
B. Solves a compelling problem
C. Has superior value to customers
D. Matches with the customers’ skills, resources, and risk appetite
15. Which of the following statements about Opportunity Attractiveness Test (OAT) is NOT correct?
A. This test is designed to detail each entrepreneurial aspect into small chunks to come up with a
sound entrepreneurial decision.
B. The customer must answer this test realistically and avoid overestimation or underestimation.
C. The answers in this test will be guiding principles of the entrepreneur in writing the business
plan.
D. The entrepreneur should be able to at least decipher the relative attractiveness of the business
opportunity.
16. This is a stage of the product or service planning and development process where the
entrepreneur conducts a consumer panel where the actual product samples or actual service
samples are given to the panel of potential customers. What is this stage?
A. Idea stage
C. Product development stage
B. Concept stage
D. Test marketing stage
17. It is the grouping of customers according to socioeconomic variables. What is this?
A. Demographic
C. Geographic
B. Psychographic
D. Behavioral
18. It is the grouping of customers according to perceptions, way of life, motivations and inclinations.
What is this?
A. Demographic
C. Geographic
B. Psychographic
D. Behavioral
Downloaded by cindy caunte (batanhs1967@gmail.com)
lOMoARcPSD|42032270
19. What is the most reliable and credible ways of getÝng relevant information from the target
customers because the researcher captures not just verbal but also nonverbal answers?
A. Interview
C. Observation
B. Focus Group Discussion
D. Survey
20. What is the main difference between a focus group discussion and a group interview?
A. Group interviews involve fewer participants.
B. Focus groups are used to study the ways people discuss a specific topic.
C. There is no moderator present in a focus group.
D. Focus groups save more time and money.
21. How have focus groups been used in market research studies?
A. To distribute questionnaires.
B. To discuss research methodology.
C. To test new product and advertising concepts.
D. To calculate market shares of the biggest brands.
22. When might it be useful to conduct a relatively large number of focus groups?
A. When there are plenty of willing volunteers who meet the relevant criteria.
B. When you want to capture as much diversity in perspectives as possible.
C. When participants' views are likely to be affected by socio-demographic factors.
D. All of the above.
23. What is the role of the moderator in a focus group discussion?
A. To stimulate discussion and keep the conversation on track.
B. To ask leading questions and dominate the discussion.
C. To sit away from the group and observe their behavior.
D. To evaluate the group's performance on a particular task.
24. What is a key advantage of a focus group discussion?
A. It is nice for people to get together for a chat.
B. It might reunite participants who haven't seen each other for a while.
C. It appropriate as it brings feminists together.
D. It allows multiple participants' perspectives
25. An interior design company could choose to market to homeowners between the ages of 35 and
65 with incomes of $150,000-plus in Baton Rouge, Louisiana. To define the market even further,
the company could choose to target only those interested in kitchen and bath remodelling and
traditional styles. This market could be broken down into two niches: parents on the go and
retiring baby boomers. The scenario emphasizes?
A. Competition
C. Segmentation
B. Market needs
D. Target market
26. What do we call the description and characteristics of the person or company that is likely to
purchase a product or service?
A. Business plan
C. Customer profile
B. Understanding competition
D. Market segment
27. What should we do to determine the problems that an entrepreneur might face because they
have the same product? This will also help you define your target market.
A. Business plan
C. Customer profile
B. Understanding competition
D. Market segment
28. Groups of customers within a large market who share common characteristics are known as?
A. Business plan
C. Customer profile
B. Understanding competition
D. Market segment
Downloaded by cindy caunte (batanhs1967@gmail.com)
lOMoARcPSD|42032270
29. This method is reliable because it allows the researcher to see the real and actualbehavior of
customers rather than hearing what they need to say. What is this method?
A. Interview
C. Observation
B. Focus Group Discussion
D. Survey
30. Any physical good, service, or idea that is created by an entrepreneur or an innovator in serving
the needs of the customers and addressing their existing problems. What is this?
A. product
C. place
B. price
D. people
31. This is a pricing strategy which refers to setÝng low prices to increase marketshare, but the
entrepreneur will eventually increase the price once the desiredmarket share is achieved. What is
this?
A. Penetration Pricing
C. Product Line Pricing
B. Skimming
D. Psychological Pricing
32. This is a pricing strategy which considers the psychology and positioning ofprice in the market
(P199.95, 999.50). What is this?
A. Penetration Pricing
C. Product Line Pricing
B. Skimming
D. Psychological Pricing
33. This is a pricing strategy which refers to adding an extra product or service ontop of the original to
generate more revenue (meals on airfare). What is this?
A. Premium Pricing
C. Cost Plus Pricing
B. Optional Pricing
D. Cost-Based Pricing
34. This is a pricing strategy which refers to setÝng a very high price to reflectelitism and superiority.
What is this?
A. Premium Pricing
C. Competitive Pricing
B. Psychological Pricing
D. Cost-Based Pricing
35. Which of the following statements below is NOT true?
A. Do not price the product or service below its cost.
B. Monitor the competitors’ prices, and ensure that your prices are at par withThem
C. Align prices with the costs
D. Implement price strategies that are relevant to your market segment.
36. Statement I: Promotion involves presenting the products or services to the public and how these
can address the public’s needs, wants, problems, or desires.
Statement II: The main goal of promotion is to gain attention.
Which of the statements below is true?
A. Only statement i is true
B. Only statement ii is true
C. Both statements i and ii are true
D. Both statements i and ii are false
37. Statement I: People play a vital role in servicing customers even though theentrepreneur sells only
physical goods.
Statement II: It is not just about the quality of products anymore, but howemployees serve the
customers.
Which of the statements below is true?
A. Only statement iis true
B. Only statement ii is true
C. Both statements i and ii are true
D. Both statements i and ii are false
Downloaded by cindy caunte (batanhs1967@gmail.com)
lOMoARcPSD|42032270
38. Statement I: Packaging is very important in selling physical products or goodsas it establishes the
brand’s identity, as well as its unique selling proposition.
Statement II: Packaging is the first element that customers see because they don’tknow what’s
inside yet.
Which of the statements below is true?
A. Only statement i is true
B. Only statement ii is true
C. Both statements i and ii are true
D. Both statements i and ii are false
39. Lisa an owner of a salon is very strict to her employees and does not consider excuses and any
form of alibis and emergency during work. One of her employee Linda got absent for 4 consecutive
days and she immediately fired Linda without prior notice. Lisa lacks one of the 7 P’s of marketing
mix. What is this?
A. People
C. Product
B. Price
D. Promotion
40. Hareico is one of the youngest billionaire in the world because he knows how to encourage people
to buy and use their product. He would always see to it that the products are updated in social
media and even in radios, television and billboards. Hareico is using one of the 7P’s of marketing.
What is it?
A. People
C. Product
B. Price
D. Promotion
41. Jhen is an online seller who sells replica items or those what we call class A or almost the same
with authentic brand but she is not informing her customers that the product is not authentic and
sold it for the same amount with that of original bag. The customer who paid the amount is
expecting that the bag she purchased is as good as the original bag because they have the same
amount. The scenario is an example of what kind of 7P’s of marketing mix?
A. People
C. Product
B. Price
D. Promotion
42. Statement I: Process is defined as a step-a-step procedure or activity workflowthat the
entrepreneur or employees follow to effectively and efÏciently servecustomers.
Statement II: In selling services, the term servicescape was used to refer to theoverall ambiance of
the place where the service is performed.
Which of the statements below is true?
A. Only statement i is true
B. Only statement ii is true
C. Both statements i and ii are true
D. Both statements i and ii are false
43. Which of the following refers to the identity of a company, of a product, of aservice, or of an
entrepreneur himself or herself?
A. Symbol
C. Brand
B. Name
D. Company
44. The following are goals of branding except one. Which is the exception?
A. Establishing to target customers that the business is reliable and trustworthy
B. Differentiating with competitors
C. Driving customer loyalty and retention
D. Focusing customer satisfaction
Downloaded by cindy caunte (batanhs1967@gmail.com)
lOMoARcPSD|42032270
45. Which of the following simply describes how a product/service works and howit benefits the
customers? It serves as blueprint of all business operations.
A. Product/service description
C. Branding
B. Brand management
D. Creation of a prototype
46. Which of the following is a preliminary model or sample of a new product orservice that is created
to test a product concept or service process?
A. Product
C. Prototype
B. Sample
D. Trial product
47. Heart Cera operates a travel service that specializes in arranging trips for women, giving special
attention to their needs and preference from security and comfort to activities and events
designed to appeal to her target customers. Cera is pursuing a _____ strategy
A. Customer need
c. Positioning
B. Price
d. Promotion
48. One of the 7 P’s of the marketing mix that deals with the physical appearance of the product.
A. Packaging
C. Promotion
B. Product
D. Price
49. A marketing mix that focuses on encouraging buyers to purchase a product through
entertainments, social media, advertisements and work of words.
A. Packaging
C. Promotion
B. Product
D. Price
50. Practice of dividing consumers into groups according to any of the following attributes: usage,
loyalties, awareness, occasions, knowledge, liking, and purchase patterns.
A. Behavioural
C. Psychographic
B. Demographic
D. Segmentation
Downloaded by cindy caunte (batanhs1967@gmail.com)