Final Examination in Entrepreneurship 12

Which government office is responsible for issuing a business permit?

• DTI

• SEC

• Mayor's Office

• BIR

To secure Tax Identification Number (TIN), which office will you go?

• SEC

• BIR

• DTI

• Mayor's Office

Which office do you visit to register partnership or corporation business?

• SEC

• BIR

• DTI

• Mayor's Office

Why is it important for an entrepreneur to have a business plan?

• To impress investors with a long document

• To have a clear roadmap for business operations

• To avoid paying taxes

• To ensure quick profits within a week

How does consulting a professional help in business implementation?

• They provide guidance on legal, financial, and operational matters

• They can predict the exact profit of the business

• They manage the business for the owner

• They guarantee success without effort

A new business owner wants to open a small café. What should they do first?

• Start selling coffee immediately

• Hire employees before deciding on a business plan

• Register the business with DTI or SEC

• Create a website before securing legal permits

Which of the following best describes the role of marketing in business implementation?

• It focuses only on selling expensive products

• It ensures product awareness and customer engagement

• It eliminates the need for customer service

• It replaces the need for financial planning

A business is struggling to meet its financial targets. What should the entrepreneur analyze first?

• The color of their business logo

• The efficiency of their business records and expenses

• The popularity of their business name

• The number of competitors in their industry

If an entrepreneur fails to allocate time properly for tasks, what could be a possible consequence?

• Smooth business operations

• Higher profit margins

• Increased customer trust

• Delayed progress and missed deadlines

A business owner reviews their financial records and finds an unexpected drop in profit. What is the best course of action?

• Ignore it and wait for profits to recover

• Blame employees for the loss

• Increase product prices without market research

• Evaluate expenses and identify cost-cutting strategies