MIDTERM EXAMINATION
BTVTED 3B
(THE ENTREPRENEURIAL MIND)
1st BATCH
GENERAL INSTRUCTION: Read and follow the instructions carefully and answer all the items the best as you can.
I. TRUE OR FALSE: Write your answers on the space provided.
a. If the first and second statements are TRUE, write (A).
b. If the first and second statements are FALSE, write (B).
c. If the first statement is TRUE and the second statement is FALSE, write (C), and
d. If the first statement is FALSE and the second statement is TRUE, write (D).
1.
A. Entrepreneurs need to think about other people’s needs and feelings and keeping these in mind when solving
a problem.
B. Entrepreneurial Mindset is a way of thinking than can’t be learned and practiced.
2.
A. Entrepreneurs should not announce what he/she can’t do.
B. Entrepreneurs need to develop a strategy before setting goals.
3.
A. Innovation is the same as invention.
B. SMART stands for Specific, Measurable, Attainable, Result-oriented, or Realistic, and Timebound.
4.
A. Inertia means lack of activity, interest, or reluctance to do anything.
B. Limiting belief can make ordinary people do great things.
5.
A. Persistence is a sense of hope for the future or for success.
B. Grit means bravery and character strength.
6.
A. Entrepreneurial opportunities are situations where new products, services, raw materials, and methods of
organization can be introduced and sold more than their production costs.
B. Entrepreneur must adopt a passive attitude.
7.
A. To succeed, entrepreneurs must first have a broad goal.
B. The marketing plan is a written document prepared by the entrepreneur that outlines all applicable external
and internal elements involved in the start-up of a new business.
8.
A. HUGEs are goals that are set a lot higher than your current level.
B. Angel Investors are individuals who invest their own money in an entrepreneurial company.
9.
A. Entrepreneur Skills include various skill sets such as leadership, business management, time
management, creative thinking and problem solving.
B. Experienced mentors can help you develop the skills that you are lacking.
10.
A. Entrepreneurs develop creative solutions to the issues proactively.
B. An entrepreneur dares leave his comfort zone to do great things.
II. MULTIPLE CHOICE: Select the best answer to the question or statement. Shade the box that correspond to your
answer.
1. Which of the following can limit the opportunity for entrepreneurship?
New technological development
Economic expansion
Growth of cities
Fear of failure
2. What behavior is exhibited when an individual recognizes the possibility of an undesirable outcome and continues to
work toward a goal?
Self-discipline
Risk-taking
Flexibility
Creativity
3. Successful entrepreneurs enjoy their work and often start their businesses so that they can share their interests and
enthusiasm with others. In other words, successful entrepreneurs have which characteristic for what they do?
Apathy
Reservation
Concern
Passion
4. Which of the following does not belong to the group?
People cannot be trusted.
I cannot expand my business.
No one will trust my new idea.
My business has reached its growth limit.
5. This is the Entrepreneurial Skill that lead by examples and can takes a leadership role and work as a part of the team.
Leadership Skills.
Time Management Skills.
Customer Service Skills.
Financial Skills.
6. The Simplest and most common form of business organization.
Sole Proprietorship.
Corporation.
Limited Liability Company.
Cooperative.
7. The business organization owned and operated by a group of individual.
Sole Proprietorship.
Corporation.
Limited Liability Company.
Cooperative.
8. The business organization which combines the limited liability of a corporation with the tax advantages and flexibility of
a partnership..
Sole Proprietorship.
Corporation.
Limited Liability Company.
Cooperative.
9. It focuses on social impact rather than just profit..
Social Entrepreneurship.
Digital Entrepreneurship.
Sustainable Entrepreneurship.
Corporate Entrepreneurship.
10. It emphasizes the role of technologyand online platforms..
Social Entrepreneurship.
Digital Entrepreneurship.
Sustainable Entrepreneurship.
Corporate Entrepreneurship.
11. On contemporary views on entrepreneurship. According to Lloyd Shefsky entrepreneurship can be dissected into three
parts; entre, pre and neur. Which of the corresponding meanings are correct
Entre: enter, Pre: after, Neur: new
Entre: enter, Pre: Before, Neur:Nerve Center
Entre: before, Pre: after, Neur: new
Entre: enter, Pre: after, Neur: nerve center
12. An Inventor and developer of ideas, change agent, creative persistent and a class of his own, having his own value
system
Entrepreneurship
Businesperson
Entrepreneur
Business Manager
13. The word entrepreneur is of French origin from the word entreprende, which simply means?
To undertake
To Take
To Create
To Begin
14. This refer to the economic activity of a person who starts, manages and assumes the risk of business enterprise.
Entrepreneurship
Business Management
Entrepreneur
Manager
15. Entrepreneurship also brings the following socio-economic benefits; except.
Promotes self help and unemployment
Mobilizes Capital
Increases unemployment
Enhances equitable distribution of income and wealth
16. The following are tasks of an entrepreneur;except.
Providing product and services for customers and producers
Providing capital and resources for future entrepreneurs
Providing demand for suppliers product and services
Providing training facilities for future entrepreneurs
17. This refers to the idea for new product and processes.
Innovation
Invention
Development
Creation
18. This refers to the process by which the ideas and principles generated from the stage of invention are embodied in
concrete products and techniques.
Innovation
Invention
Development
Creation
19. It directs one’s attention to a specific target and encourages one to exert effort toward achieving something specific. It
is a very useful motivational tool, especially those related to accomplishing the objectives of entrepreneurs.
Goal-setter
Self-Confident
Risk Taker
Accountable
20. The following are economic importance of a small business, except.
Supporters of government
Providers of unemployment
Providers of economic opportunities for entrepreneurs
Independent Management
III. Identification: Provide the appropriate answers to the following definitions.
Entrepreneurship Serial Entrepreneur
Entrepereneur Social Entrepreneur
Product Concept Market
Societal Concept Capital
Marketing Concept Selling Concept
_____________ 1.An individual who creates a new business, venture, or enterprise taking on the risk and
rewards.
______________ 2.Is the process of designing, luanching, and running a new business which typically involves
identifying a market opportunity, developing a business plan, securing funding, and building a team. It’s a dynamic
and complex process that requires creativity, resilience, and a strong work ethic.
_______________ 3.Focus on solving social problems and creating positive social impact.
_______________ 4. Start multiple businesses throughout their careers.
______________ _5. This refer to the number of prospective buyers, competitors, the price, and the quality of
goods and services that have to be analyzed.
_______________ 6. This serves as the fuel that keeps the business operating.
_______________ 7. This is a business philosophy that challenges the above three Business orientation
________________8. It holds that consumers and business if left alone will ordinary not by enough of the selling
company products
________________9. companies should deliver Customer Satisfaction in a way that Improves the cutomers and
society's Wellbeing
________________10.Consumers will favor those products that offer most quality performance or innovative
features
IV. Enumeration: Give what is being ask. Write your answer in the blank
Give the 5 Types of Organization: (5points)
Give atleast 5 characteristics of an Entrepreneur. (5points)
