Summative Test in Entrepreneurship

Name: _________________________________ Date: ________________ Score: ____________

I. Choose your answer from the box. Write the letter of your answer in the box provided.

_______1. It allows the entrepreneur to see things in a very positive and optimistic light in
A. Assets
the midst of crisis or difficult situations.
B. Balance Sheet _______ 2. They are innovative opportunity seekers.
C. consumer dislikes _______ 3. If there is one commonality between an inventor and an entrepreneur, it is
their surging passion. Driven by passion, they are drawn to find fulfillment in the act and
D. consumer preferences
process of discovery.
E. Ecological environment _______ 4. It is the great desire to attain a vision or fulfill a mission.
F. Entrepreneur _______ 5. It is the final ingredient which refers to the ability of the entrepreneur to sense
without using the five senses.
G. Entrepreneurial gut game _______ 6. This refers to the “big or macro forces” that affect the area, the industry and
H. Entrepreneurial heart flame the market, which the enterprise belongs to.
I. Entrepreneurial mind frame _______ 7. The socio – cultural environment that includes the demographic and cultural
dimensions that govern the relevant entrepreneurial endeavor.
J. Equity _______ 8. It includes all-natural resources and the ecosystem, habitat of men, animals,
K. Income Statement plants and minerals.
_______ 9. An environment that refers to the new scientific and technological discoveries.
L. Liabilities
_______ 10. It refers to the specific target market segment of a particular enterprise.
M. Macro environment _______ 11. This refers to the tastes of particular groups of people.
N. Micromarket _______ 12. It refers to the things that irritate customers.
_______ 13. The second process that comes after opportunity seeking where possible
O. Opportunity screening
opportunities are scrutinized in detail to come up with a short list of a few very promising
P. Opportunity Seizing opportunities.
Q. Passion
For 14 – 20.. Answer are from the 12 R’s of Opportunity Screening.
R. Payback period
_______ 14. One of the 12 R’s, which is defined as the opportunity must match to the
S. Pre-operating cost values and desired virtues that you have or wish to impart.
T. Production Facilities _______ 15. In an entrepreneurial endeavor, there will always be risks. However, some
opportunities carry more risks than others, such as those with high technological, market,
Investment financial and people risks.
U. Reach _______ 16. It is a fact that products with low costs of production and operations but are
sold at higher prices will definitely yield the highest return of investments.
V. Relevance
_______ 17. Opportunities requiring fewer resources from the entrepreneur may be more
W. Resonance favored.
X. Resources _______ 18. Opportunities that have a good chance of expanding through branches.
_______ 19. The opportunity must be aligned with what you have as your personal vision,
Y. Responsiveness
mission and objectives for the enterprise you want to set up.
Z. Returns _______ 20. It is defined as the responsiveness to customer needs and wants.
AA. Risks _______ 21. These are the costs related to the preparation for the launch of the business.
_______ 22. Refers to the long-term investment for the actual business establishment,
BB. Socio - cultural environment
including land, buildings, machineries, vehicles and etc.
CC. Technological environment _______ 23. This includes all investments needed to operationalize the business,
DD. Working Capital investments composed of cash, accounts receivable, and inventories.
_______ 24. It is a financial statement that measures and enterprise’s performance int
terms of revenue and expenses over a period of time.
_______ 25. It represents the entrepreneur’s debts to suppliers, to banks, to government,
to employees, and other financiers.
_______ 26. It represents all the investments in the enterprise including the initial
investments that your considered in the pre-feasibility study.
_______ 27. It is knowing on how long it will take for an entrepreneur to get back what
he/she has invested in the enterprise.
_______ 28. It is now the last part of the business process of the entrepreneur.
_______ 29. A financial statement that shows the Assets, Liabilities and Equities of an
enterprise.
_______ 30. It represents the investors’ investments in the stock or share of the business.