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THC 10 - ENTREPRENEURSHIP IN HOSPITALITY Midterm Examination

Total questions: 50

Worksheet time: 50mins

Name
Class
Date
1.

In every phase of the process, it is necessary that company must invest into this.

a)

building

b)

capital

c)

training

d)

labor

2.

This is considered as the main element of marketing mix.

a)

price

b)

product

c)

place

d)

promotion

3.

This may be described as a statement of the financial position of a concern at a given date.

a)

ledger

b)

balance sheet

c)

portfolio

d)

journal

4.

This is the monetary value that you charge to cover the cost of the product plus the other costs associated with the product.

a)

price

b)

place

c)

promotion

d)

product

5.

This involve the implementation of resources, materials, equipment, and technology.

a)

hospitality management operations

b)

human resource management

c)

financial management

d)

marketing management

6.

This includes multiple areas of focus as part of a comprehensive marketing plan and composed of the four P's.

a)

SWOT analysis

b)

markeing mix

c)

PESTLE analysis

d)

Financial management

7.

To increase the effectiveness of new business ideas, you need to have efficient business implementation of:

a)

vision

b)

mission

c)

strategies

d)

plan

8.

This is a list of all the balances standing on the ledger accounts and cash Book of a concern at any given data.

a)

balance sheet

b)

trial balance

c)

journal

d)

book keeping

9.

This is the sum total of all external and internal factors that influence a business.

a)

government

b)

business patrons

c)

business planning

d)

business environment

10.

This refers to a person who undertakes and operates a new enterprise or venture, and assumes accountability for the inherent risks.

a)

entrepreneur

b)

businessman

c)

managers

d)

leader

11.

The following are part of communication mix for promotion, EXCEPT:

a)

personnel selling

b)

advertising

c)

public relataions

d)

promotional discount

12.

This is the impersonal ledger, on the other hand, contains all real and nominal accounts.

a)

ledger

b)

debtors ledger

c)

sub-division ledger

d)

credit ledger

13.

This is basically sociological factors related to general society and social relations that affect your business.

a)

social factors

b)

economic factors

c)

political factors

d)

environmental factors

14.

This is the process of seeking businesses opportunities under conditions of risk.

a)

business planning

b)

business opportunities

c)

entrepreneurship

d)

investors

15.

Hospitality and tourism industry offers majority of:

a)

tangible aspects

b)

intangible aspects

16.

This contains all accounts other than debtors and creditors.

a)

private ledger

b)

credit ledger

c)

sub-division ledger

d)

general ledger

17.

This are innovations that can either benefit or destroy your business.

a)

technological factors

b)

political factors

c)

environmental factors

d)

social factors

18.

This is someone who is starting or running a business in cyberspace and the internet.

a)

entrepreneur

b)

cyberpreneur

c)

investor

d)

creditor

19.

One among the factors that is included in this 4P's of marketing which includes supporting infrastructure.

a)

price

b)

promotion

c)

place

d)

prodcut

20.

These are the obligations or debts payable by the enterprise in future in the form of money or goods.

a)

assets

b)

liabilities

c)

capital

d)

accounts

21.

These are governmental activities and political conditions that may affect your business.

a)

social factors

b)

environmental factors

c)

technological factors

d)

political factors

22.

The main desire of this person is to grow his business.

a)

entrepreneur

b)

cyberpreneur

c)

politician

d)

businessman

23.

This is not based on production costs, but by the demand in the market

a)

price

b)

promotion

c)

product

d)

place

24.

This is the valuable things owned by the business.

a)

liabilities

b)

capital

c)

assets

d)

equipment

25.

These factors overview the legal elements in a business.

a)

social

b)

political

c)

legal

d)

environmental

26.

The entrepreneur is a French term derived from the word "entreprendre" that means:

a)

to undertake

b)

to mislead

c)

to evaluate

d)

to master

27.

Taking a vacation trip to Prague is an example of:

a)

price

b)

product

c)

place

d)

promotion

28.

This is a type of assets, which do not have physical form.

a)

wasting assets

b)

fictitious assets

c)

fixed assets

d)

intangible assets

29.

This refer to the tastes of particular groups of people.

a)

consumer preferences

b)

niche market

c)

guests

d)

demographics

30.

This refers to key characteristics possessed by successful entrepreneurs in performing entrepreneurial function effectively.

a)

entrepreneurial qualification

b)

entrepreneurial competencies

c)

entrepreneurial skills

d)

entrepreneurial abilities

31.

Eating in a fine dining restaurant and experiencing the ambiance is an example of:

a)

place

b)

price

c)

product

d)

promotion

32.

These are assets which are consumed through being worked or used. Mines are the examples of wasting assets.

a)

wasting assets

b)

fictitious assets

c)

fixed assets

d)

intangible assets

33.

This is an idealized abstraction of the product or service to be offered to the preferred market of the entrepreneur.

a)

idea

b)

plan

c)

business

d)

concept

34.

Online marketing communication includes the following, EXCEPT:

a)

public relations

b)

direct email marketing

c)

telephone calls

d)

online catalogue

35.

These are liabilities payable with in a year.

a)

contingent liabilities

b)

current liabilities

c)

transactions

d)

fixed liabilities

36.

This refers to the ability of the entrepreneur to sense without using the five senses.

a)

believe

b)

facts

c)

intuition

d)

gifted

37.

This is a process that creates and manages a business to achieve the entrepreneur’s desired goals.

a)

entrepreneurship

b)

business

c)

invest

d)

marketing

38.

These contains all accounts other than debtors and creditors.

a)

private ledger

b)

general ledger

c)

trial balance

d)

nomical accounts

39.

This include both the Macroeconomic and Microeconomic factors.

a)

economic factors

b)

political factors

c)

social factors

d)

technological factors

40.

This is the part of capital available with the firm for day-to-day working of the business.

a)

liabilities

b)

working capital

c)

assets

d)

fixed capital

41.

These assets also known as circulating, fluctuating or current assets.

a)

liquid assets

b)

wasting assets

c)

intangible assets

d)

fictitious assets

42.

This is consider as things such as fair trade, slavery acts and child labor, as well as corporate social responsibility (CSR), where a business contributes to local or societal goals such as volunteering or taking part in philanthropic, activist, or charitable activities.

a)

ethical factors

b)

social factors

c)

political factors

d)

economic factors

43.

These are accounts relating to expenses, losses and incomes and gains.

a)

personal accounts

b)

real accounts

c)

capital

d)

nominal accounts

44.

The the first step in the preparation of final accounts is the preparation of the:

a)

loss account

b)

trading account

c)

profit account

d)

capital

45.

This refers to the target market segment of a particular enterprise.

a)

macro environment

b)

micro environment

c)

global environment

d)

niche environment

46.

All accounts of credits will be found in this book and it is also called suppliers ledger.

a)

credit ledger

b)

general ledger

c)

sub-division ledger

d)

debtors ledger

47.

This is used by the organizations to have a more organized and exhaustive manner of analyzing the external factors that affect their businesses, including the determination of their impacts as well as inherent risk involved.

a)

SWOT

b)

PESTLE

c)

FIFO

d)

RA

48.

These are serveral knowledge required as an entrepreneurs, EXCEPT:

a)

culture

b)

creativity

c)

values

d)

economics

49.

This refer to the disliking factors that irritate customers.

a)

consumer preferences

b)

consumer piques

c)

consumer perception

d)

consumer behavior

50.

Those who are interested in buying the shares of a company which are naturally interested in the financial statements to know how safe the investment already made is and how safe the proposed investment will be.

a)

capitalists

b)

creditors

c)

investors

d)

workers