Entrepreneurship (Semi-Final- Summative Test)

What is the primary factor in hiring manpower?

• Age
• Experience and skill
• Location
• Personal background

What is the most important consideration when selecting raw materials?

• Cost
• Availability
• Quality
• Supplier credibility

A company must consider ________ when choosing machines for production.

• availability of spare parts
• color of the machine
• number of employees
• office location

What does "Method" refer to in the 4 M’s of Production?

• The process of turning raw materials into finished products
• The number of employees hired
• The amount of capital invested
• The color scheme of the company’s branding

Why is quality control important in material selection?

• It helps lower production costs
• It ensures customers receive high-quality products
• It speeds up production
• It makes hiring employees easier

Which of the following is an example of the "Manpower" aspect of a business?

• Using high-quality steel in construction
• Training employees to improve efficiency
• Purchasing new production machines
• Selecting a new production method

Why should a company evaluate the cost of machines before purchasing?

• To ensure they do not overspend on unnecessary equipment
• To make the factory look more modern
• To increase the number of employees
• To attract more customers

A food production company wants to improve its production efficiency. Which "M" should they focus on first?

• Manpower
• Material
• Machine
• Method

A business model includes:

• The cost of raw materials only
• How a business creates and delivers value
• The total number of employees in a company
• The physical location of a business

What is an advantage of a strong business model?

• It helps a company plan for long-term success
• It ensures there are no financial risks
• It guarantees instant profit
• It eliminates the need for skilled employees