January Monthly Examination (TLE 10)

What is the key ingredient of successful entrepreneurial activity?

• a. Careful planning

• b. Amount of capital

• c. Patience

• d. Relevance of the business

The key ingredient to entrepreneurship is placed on:

• a. Products Sold

• b. Services Offered

• c. Innovation

• d. Discoveries made

At what stage of marketing effort does an entrepreneur concentrate on targeting a new market of buyers and taking market share from competitors by price or relaunching the product?

• a. Introduction

• b. Growth

• c. Maturity

• d. Decline

A marketing mix that can have both tangible and intangible aspects and is the thing you offer to satisfy your customer’s wants and needs is ______________.

• a. Product

• b. Packaging

• c. Price

• d. Promotion

Maria wants to engage in a business. On what should Maria base the type of business she wants to engage in:

• a. Availability of resources and time for business

• b. Type of business and timing

• c. Interest, talent, profitability and training experience

• d. Educational preparedness and market of the products

Which general function of marketing involves the physical meeting point for buyers and sellers at the point of production or via some other means of communication?

• a. Specific functions

• b. Exchange functions

• c. Physical functions

• d. Facilitating functions

Which of these traits gets an entrepreneur off his/ her feet and puts him/her into action, turning daydreams into reality?

• a. Perseverance

• b. Ambition

• c. Creativity

• d. Enthusiasm

A carefully thought structured formal commercial report that is extraordinarily well documented and clearly written to safeguard any wastage of further investment project is called ________________.

• a. Portfolio

• b. Business Plan

• c. Resume

• d. Feasibility Study

Which of the following is the correct definition of the term “entrepreneur”? A person who______.

• a. pursues opportunity without regard to resources

• b. starts a new business with the aim of making a profit

• c. seeks to create value for local communities, people or customers by starting new ventures which exploit new products, processes or markets.

• d. seeks to generate value through creation or expansion of economic activity, by identifying and exploiting new products, processes or markets.

Which of the following is a primary cause of failure in small business?

• a. Poor financial control

• b. Poor location

• c. Management mistakes

• d. Improper inventory control