Entrepreneurship Long Quiz

The WORKFORCE, whom will help a business to produce more products.

Refers to the devices and equipment used to perform specific type of work and usually uses energy (electricity) to perform a task.

Refers to the ways of producing a particular product from a raw material.

Pertains anything used as input to production or manufacturing.

One of the 4M’s of business operations is method and it pertains to anything used as input to production or manufacturing.

• TRUE

• FALSE

Product refers to the economic process of converting raw materials into products suitable for exchange.

• TRUE

• FALSE

As an entrepreneur you need to hire good and competent people to produce quality products and this refers to manpower.

• TRUE

• FALSE

It is an early sample, model, or release of a product built to test a concept or process.

• model

• product

• prototype

• testing

It means that the entrepreneur must render the concept and translate it into its very physical and very real dimension.

• creating

• customizing

• designing

• evaluating

The first step toward turning your idea into reality is jotting it down on paper.

• Build a physical prototype

• Develop a virtual prototype

• Create a concept sketch

• Locate a manufacturer