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WorksheetsEntrepreneurship 12-HTA
Total questions: 50
Worksheet time: 19mins
What is entrepreneurship?
Entrepreneurship is the process of designing, launching, and running a new business.
Entrepreneurship is the process of following traditional business practices.
Entrepreneurship is the process of avoiding risks in business ventures.
Entrepreneurship is the process of investing in existing businesses.
Explain the difference between a product-based and service-based business.
Service-based businesses are more scalable than product-based businesses.
In a product-based business, the focus is on providing intangible services, whereas in a service-based business, the emphasis is on selling tangible items.
Product-based businesses are more profitable than service-based businesses.
In a product-based business, the focus is on manufacturing and selling tangible items, whereas in a service-based business, the emphasis is on providing services or expertise.
What are the key characteristics of a successful entrepreneur?
Inflexibility
Avoiding risks at all costs
Resilience, creativity, adaptability, passion, strong work ethic, willingness to take risks, ability to learn from failures, effective communication skills
Lack of passion
Discuss the role of social media in promoting buy & sell businesses.
Social media helps businesses reach a wider audience, engage with customers, showcase products/services, run targeted ads, and build brand awareness.
Social media is only useful for personal connections, not business promotion
Social media has no impact on buy & sell businesses
Businesses should rely solely on traditional marketing methods
What is a want?
a person
purple
something you would like to have but dont need to live
sometjing you need to live
What is a Need?
Ipad
something you have to have to live
something you would like to have
nothing
Which of these is NOT a skill of an entrepreneur?
Creativity
Interpersonal Skills
Organisation
Sleeping
What company did this famous entrepreneur start?
Snapchat
What is the key characteristic of innovative entrepreneurship?
Being resistant to change
Avoiding any kind of risk
Strictly following traditional methods
Ability to identify and pursue new opportunities
Which type of entrepreneurship is often associated with startups and new ventures?
Social entrepreneurship
Innovative entrepreneurship
Traditional entrepreneurship
Corporate entrepreneurship
Which is NOT a common characteristic of an entrepreneur?
risk-taker
organized
creative
irresponsible
The key concept of entrepreneurship, the outcome of creativity resulted to a new and different way of doing things.
creativity
innovation
discipline
risk taker
5) Which of the following is NOT one of the five common myths about entrepreneurs?
A) Entrepreneurs are tenacious.
B) Entrepreneurs are moderate risk takers.
C) Entrepreneurs should be young and energetic.
D) Entrepreneurs love the spotlight.
E) Entrepreneurs are born not made.
13) ________ is the process of creating something new, which is central to the entrepreneurial process.
A) Creative destruction
B) Modernism
C) Execution
D) Creativity
E) Innovation
A situation involving exposure to danger.
problem
accident
risk
plan
Moral principles that govern a person's behavior or the conducting of an activity.
ethics
beliefs
knowledge
references
Name my Company
Goldilocks
Starbucks
Dunkin Donut
Pizza Hut
Which of the statements below is true?
Entrepreneur has limited career opportunities
Entrepreneurs are prone to constant high income
Entrepreneurs are contributor to the development of the society
Entrepreneurs are the reasons for unemployment problem
Which of the statement is NOT true?
An entrepreneur will patiently wait for his efforts to bear fruit.
The profit of the entrepreneur is immediate
All entrepreneurs are successful
Entrepreneurs are researchers
Which of the following is NOT a function of an entrepreneur?
Skills management
Risk taking
Conduct research
Make no changes with his product
a person who buys and uses up goods of any kind
consumer
retailer
merchandiser
businessman
The goods being sold are called
capital
profit
products
earnings
The process of selling goods in small amounts directly to the consumer
needs
Retail merchandising
wants
consumer
The gain or income a retailer makes from selling the goods after subtracting all the expenses
products
merchandise
earnings
profit
The basic and important reasons why a consumer buys a product or pays for services
needs
wants
consumer
merchandise
Which of the following is a skill to develop in buying and selling?
Be stubborn
Be rude when speaking to others.
Expose yourself to buying and selling activities.
Observe other customers
Which of the following not a way to buy and sell products?
Go directly to your customers
Sell goods using pushcarts, bicycles, tricycles, or vans
Sell in public markets in a makeshift stall at a busy corner
No need to set up a fixed store
Which word describes the picture ?
a. seller
b. product
c. buyer
d. service
Which word describes the picture?
a. service
b. buyer
c. seller
d. product
Which word describes the picture ?
a. product
b. service
c. buyer
d. seller
In selling process, the first thing you must do is to .________
a. conduct an opening party
b. invite all people in the community
c. conduct a survey of prospective and qualified buyers of the product
d. request the services of an advertising agent
The basic needs of a person are the following, except for .______
a. food
b. jewelry
c. clothing
d. shelter
A ________________ is a group of workers who provide goods or services.
customer
business
school
hospital
What do you call a plan for using money?
idea
supply
resource
budget
Having a limited amount of something is ______________.
goods
services
supply
scarcity
How much money a person pays for a good or service is the __________.
customer
producer
price
scarcity
It is the price at which the commodity is sold per unit
A.) Selling Price
B.) Cost Price
C.) Operating Cost
D.) Profit
The cost of expenses relative to the production and sale of a commodity.
A.) Selling Price
B.) Cost Price
C.) Operating Cost
D.) Profit
The amount that a company or store has to pay for the goods it is going to sell.
A.) Selling Price
B.) Cost Price
C.) Operating Cost
D.) Profit
Mark wants to develop a new product, what are the things he need to consider in creating one?
A.) Study the cost of materials and possible profit
B.) Check if the product is applicable on the location where he wants to sell it
C.) Consider the availability of his raw materials
D.) All of the statement mentioned above
When opening a business, what is the most important decision that you must make?
A.) Determine the price of the raw materials
B.) Check if the product is on peak
C.) Decide on how you want to price your product
D.) Consider the customers preference
This pertains to what remains of the selling price (sales) after all the costs and expenses have been deducted.
profit
cost
expenses
loss
You bought a bag for P800.00. You spent P50.00 for transportation in going to the store to buy it. For the following independent cases, determine whether you earn a profit or incurred a loss. Determine how much your profit or loss was. You sold the bag to your friend for P1 000.00
P50
P100
P150
P200
Abigail purchased a suitcase for P1 200.00. She paid P120.00 for delivery of the suitcase from the seller to her place. She asked the help of Bernadette to sell the suitcase. She promised to give Bernadette P150.00 if Bernadette can sell the suitcase for P2 000.00. Bernadette was able to sell the suitcase for P1 900.00, to which Abigail agreed. How much profit did Abigail get?
P400.00
P430.00
P500.00
P640.00
What is the purpose of a business plan? (hint: choose 2 correct answers)
To document your financial activity during one year
States the purpose and vision of your company
Legal document to be filed with the SEC
States the amount of capital you need to run the company
A target market is
a group of investors willing to put capital into a business
a group of consumers at which a product/service is aimed
a generational group of individuals
an industry willing to sell and market your product
What is the study of how new businesses are created, as well as the actual process of starting a new business?
(a)
