Entrepreneurship

________are the basic part of human make-up such as food, clothing, shelter or safety.

• Needs

• Wants

• Demands

• Tastes

________are objects or intangibles that are desired and not essential for living.

• Needs

• Wants

• Demands

• Tastes

________occur when there is buying power; wants will become demands.

• Needs

• Wants

• Demands

• Tastes

Marketing is one of business function that has to be well plan by the entrepreneur. Which of the following are the function of marketing

• Guides communication

• Identifies opportunities in the marketplace

• Minimizes risk

• Uncovers and identifies potential problems

• Creates benchmarks

Fixes Assets also called as non current assets. Which of the following is the example of fixed assets?

• land, buildings, office equipment,

• cash in-hand, .

• machinery and motor vehicles.

• deposits in the bank

• stocks and debtor

Current Assets include items that are expected to be converted into cash within one year. Which of the following is the example of current assets?

• land, buildings, office equipment,

• cash in-hand, .

• machinery and motor vehicles.

• deposits in the bank

• stocks and debtor

Management accounting and financial are similar because both ______

• gather information by applying basic accounting process

• report deliver information which is expected to occur in the future such as forecasted sales

• reporting must follow GAAP and FRS and conform with legal requirement

• aim to deliver relevant information to the interested users of the organization in assisting them to make decisions.

• processes are used for the purpose of controlling and performance evaluation

Management accounting and financial are similar on following characteristics EXCEPT_______

• Legal requirement

• GAAP (Generally accepted accounting principles)and FRS( Financial Reporting Standards

• Use basic accounting process

• Controlling and performance evaluation purposes

• Timeframe

Entrepreneurs need financial assistance for start-up, which of the following are the sources of capital for them

• Personal Funds/ Personal Savings

• Bank and Financial Institution

• Stock Market

• Government Loan

Networking is the process of starting a mutually beneficial relationship with other people in an environment where they have the opportunity to ____________

• exchange information

• develop professional

• social contacts

• new resources

• create competitive advantages