- 1. What is the difference between a business idea and a business opportunity?
A) A business idea is a creative concept, while a business opportunity is a specific plan for implementation.
B) A business idea is a new product or service, while a business opportunity is an existing market need.
C) A business idea is a plan for starting a business, while a business opportunity is an existing opportunity to start a business.
D) A business idea a new or service, while a business opportunity is an existing market need.
- 2. Why is Joseph Schumpeter considered the "Father of Innovation and Modern Entrepreneurship"?
A) He advocated for government control over businesses.
B) He emphasized the role of innovation and entrepreneurs in economic growth.
C) He developed the classical theory of supply and demand.
D) He introduced the concept of profit maximization.
- 3. What is the first step in the information-seeking process?
A) Searching online databases
B) Compiling data
C) Identifying the information need
D) Reviewing past research
- 4. Challenges and opportunities for Filipino entrepreneurs.
A) All of these
B) Education System
C) Trading Liberazation (export-Import Trading)
D) Globalization (border less economic system)
- 5. It is a process which refers to the progressive process of improving human conditions by reducing or eliminating poverty, disease, injustice, illiteracy, and exploitation.
A) Economic Rate Output
B) Economic Growth
C) Development Economic
D) Economic Development
E) Economic Process
- 6. How does an entrepreneur with an Entrepreneurial Mind Frame respond to difficult situations?
A) Sees the difficulty as an opportunity for
B) Waits for someone else to solve the problem
C) Gives up easily and looks for a safer option
D) Becomes discouraged and stops trying
- 7. TODAY, Filipino entrepreneurs are being characterized by globalized trading system wherein the real challenges of entrepreneuristic persons and organizations in the so-called ____?
A) Border less Trading
B) Global Trading
C) Border less World
- 8. It is a product of economic development.
A) Economic Growth
B) Economic Development
C) Economic Rate Output
- 9. What is Jean-Baptiste Say best known for in economics?
A) Being the founder of Keynesian economics.
B) Advocating for government control over markets.
C) Introducing the "The Law of Market", the idea that supply creates its own demand.
D) Developing the concept of "Creative Destruction.
- 10. Explains that the government should play the key role in economic Development.
A) Ricardian Theory
B) Harrod-Domar Theory
C) Laissez-Faire Theory
D) Keynesian Theory
- 11. Which of the following best describes an entrepreneur?
A. Entrepreneurs are innovative opportunity seekers, driven by curiosity to explore new or different ideas and test their viability in the marketplace.
B. Entrepreneurs create value by introducing new products or services or improving existing ones to enhance efficiency and effectiveness.
C. Entrepreneurs aim to generate profits by producing, buying, and selling goods.
D. An entrepreneur is a risk-taker who undertakes the challenge of starting and managing a new business venture.
A) C only
B) A, B and C
C) A, B, C and D
D) A only
- 12. Key characteristic of successful entrepreneurs in opportunity seeking.
A) Creativity and innovation
B) Inflexibility
C) Preference for routine tasks
D) Rist aversion
- 13. Free Enterprise/Free Market system.
A) Socialism
B) Command Economy
C) Mixed Economy
D) Capitalism
- 14. What is the primary goal of information seeking?
A) Entertainment
B) Problem-solving
C) Social interaction
D) Discovery
- 15. Mission defines your purpose and actions-what you aim to accomplish/ to achieve your goals.
A) TRUE
B) FALSE
- 16. The true indicator of economic well-being among citizens is often measured by the amount of financial resources each individual is able to accumulate.
A) Inpower individuals
B) promote self-help and unemployment
C) Provides taxes to the economy
D) mobilizes capital
- 17. What is the significance of failure in the entrepreneurial mindset?
A) Failure is only acceptable in certain industries, such as technology and innovation
B) Failure is unacceptable and should be avoided at all costs
C) Failure is a desirable quality of someone striving for success
D) Failure is a necessary part of the learning and growth process
- 18. who explained that Entrepreneurship also includes the "ability to build an entrepreneurial or venture team to complement your own skills and talents"?
A) Lloyd Shefsky
B) Joseph Schumpeter
C) Professor ROBERT NELSON
D) Jeffrey Timmons et al
- 19. He defined entrepreneurs as someone who enters a business-any business in time to form or change substantially that business nerve center.
A) Joseph Alois Schumpeter
B) Karl Vesper
C) Professor ROBERT NELSON-
D) Lloyd Shefsky
- 20. Entrepreneurs are creative.
A) Discoverer
B) Innovative
C) Information-seeker
D) Opportunity-seeker
- 21. For businessmen and entrepreneurs, an Entrepreneurial Mindset refers to:
A) A person's positive attitude
B) The work etiquette of a person
C) The positive interests of a person
D) A person's key qualities and traits
- 22. Which of the following is The Role of Entrepreneurship in Economic Development?
A) Entrepreneurship is capable of generating more jobs, income, goods and services.
B) Provides taxes to the economy
C) mobilizes capital
- 23. Entrepreneurs are known for being risk-takers.
A) Self-motivation
B) Innovativeness
C) Risk-taking
D) Opportunity seeking
- 24. Vision means your future-who you will become and what you will achieve.
A) TRUE
B) FALSE
- 25. This theory suggests Focusing on Agriculture production which plays the major role in economic development.
A) Ricardian Theory
B) Laissez-Faire Theory
C) Keynesian Theory
D) Harrod-Domar Theory
- 26. Maria is launching her first business. She spends time reflecting on her strengths and weaknesses to better understand her leadership style. What trait is she demonstrating?
A) Confidence
B) Self-awareness
C) Risk-taking
D) Drive
- 27. Despite several failed attempts, Joel continues to refine his product and pitch or propose (offer) it to investors. What trait does Joel show?
A) Knowledge
B) Patience
C) Perseverance
D) Decisiveness
- 28. Anna wakes up early every day to work on her business plan, even without external pressure. What trait is most evident?
A) Innovative
B) Courage
C) Self-motivated
D) Experience
- 29. Carlo invests in a new tech startup despite uncertainty in the market. What entrepreneurial trait is he shawing?
A) Patience
B) Systematic Planning
C) Risk-taking
D) Confidence
- 30. Liza remains optimistic about her business despite economic downturns. What trait does this reflect?
A) Positive Thinking
B) Experience
C) Knowledge
D) Drive
- 31. After receiving customer complaints, Ben redesigns his product to meet higher standards. What trait is this?
A) Courage
B) Patience
C) Demand for Efficiency and Quality
D) Self-awareness
- 32. When faced with two potential suppliers, Marco quickly chooses the one with better long-term value. What trait is he using?
A) Drive
B) Decisiveness
C) Confidence
D) Risk-taking
- 33. Tina attends seminars and reads industry reports to stay updated. What trait is she demonstrating?
A) Information-seeking
B) Patience
C) Courage
D) Experience
- 34. Despite limited funds, Ron finds a way to launch his business by partnering with others. What trait is most evident?
A) Opportunity-seeking
B) Drive
C) Innovative
D) Confidence
- 35. Ella creates a detailed timeline and budget before launching her product. What trait is she applying?
A) Systematic Planning and Monitoring
B) Patience
C) Self-awareness
D) Risk-taking
- 36. James convinces a skeptical investor to fund his startup through a compelling pitch. What trait is this?
A) Knowledge
B) Persuasion and Networking
C) Drive
D) Confidence
- 37. After years of working in the food industry, Carla uses her insights to open a successful restaurant. What trait is she leveraging?
A) Patience
B) Innovative
C) Experience
D) Courage
- 38. Leo believes in his product and confidently presents it to a panel of judges. What trait is most evident?
A) Risk-taking
B) Confidence
C) Knowledge
D) Decisiveness
- 39. Nina develops a mobile app that solves a unique problem for small businesses. What trait is she showing?
A) Self-awareness
B) Patience
C) Innovative
D) Drive
- 40. Despite delays and setbacks (failures/challenges), Arvin remains calm and continues working toward his goals. What trait is this?
A) Courage
B) Risk-talking
C) Knowledge
D) Patience
- 41. Kim sets ambitious goals and works tirelessly to achieve them. What trait is she demonstrating?
A) Drive
B) Decisiveness
C) Experience
D) Confidence
- 42. Paolo uses his knowledge of market trends to adjust his business strategy. What trait is he applying?
A) Risk-talking
B) Self-awareness
C) Knowledge
D) Positive Thinking
- 43. Bea leaves her stable job to pursue a startup idea she believes in. What trait does this reflect?
A) Innovative
B) Systematic Planning
C) Patience
D) Courage
- 44. After launching her business, Joy joins local entrepreneur groups to build connections. What trait is she showing?
A) Experience
B) Drive
C) Confidence
D) Persuasion and Networking
- 45. Miguel constantly looks for ways to improve his product and reduce waste. What trait is most evident?
A) Patience
B) Innovative
C) Demand for Efficiency and Quality
D) Knowledge
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