WorksheetsEntrepreneurial Mind Second Final Quiz [Reviewer]
Total questions: 20
Worksheet time: 20mins
Which statement is true about failure in entrepreneurship?
Failure is avoidable with proper planning.
Failure and success are unrelated.
Failure is a natural part of the entrepreneurial journey.
Failure always leads to giving up.
Which of the following is not a benefit of planning?
Focusing on goals
Guaranteed financial success
Keeping track of progress
Identifying risks beforehand
What does TRIM from TRIM framework stands for?
Team, Resources, Idea, Market
Team, Resources, Initiative, Market
Team, Resources, Idea, Management
Team, Resources, Initiative, Market
What is the main purpose of a business brief?
To develop a product design
To persuade stakeholders to take action
To finalize budgets
To evaluate competitors
Why is a business plan important for new entrepreneurs?
It guarantees funding.
It organizes ideas and anticipates challenges.
It eliminates the need for marketing.
It secures immediate investor approval.
Which of these is a common reason for business failure?
Overplanning
Lack of appropriate planning
Expanding too slowly
Hiring too many employees
Which of the following is the first communication instrument that provides an overview of the business in order to raise funds?
Pitch deck
Business brief
Feasibility study
Business model canvas
Which of the following is NOT a reason for failure?
Proper selection of a business.
Expanding too soon.
Having inadequate capital.
Helps anticipate possible problems.
What does the Income Statement primarily reflect?
Assets, Liabilities, and Equity
Cash Inflows and Outflows
Revenues, Expenses, and Profit/Loss
Pricing Strategies and Cost Allocation
Why might a business choose a subscription revenue model over a usage-based model?
Subscriptions generate variable income that adapts to customer usage.
Subscriptions provide consistent and predictable revenue streams.
Subscriptions encourage one-time payments for access.
Subscriptions are better suited for products with minimal recurring costs.
In evaluating whether to adopt Activity-Based Costing (ABC) for a company, which of the following should be considered?
The simplicity of tracking cash flow versus the complexity of cost drivers.
Whether the company already uses a traditional costing method.
The accuracy of cost distribution across various activities and products.
The company’s need for frequent cash flow reports.
Which revenue model charges customers periodically for continuous access to services?
Transaction revenue
Subscription model
Advertising revenue
Licensing model
Which revenue model allows a blogger to make money online and promotes links to relevant products?
Brokerage
Affiliate
Transaction enablers
Creating a platform
Which of the following refers tp raising money for an individual or company by collecting donations from a large number of individuals to fund a startup business?
Crowdsourcing
Crowdfunding
Equity financing
Bootstrapping
If an employer fails to comply with the requirement of registering employees with the Social Security System (SSS), what potential consequence should be evaluated for the business?
The business may face charges for not comply with labor regulations.
The business will lose its tax-exempt status.
The employees will not be eligible for government services.
The employer will be required to pay higher contribution rates.
In evaluating the business environment for investors in the Philippines, how should the implementation of government incentives be assessed?
Government incentives are a minor factor and do not influence the business climate.
Government incentives have helped create a favorable business climate, encouraging various investment.
Government incentives are limited to specific industries and may not affect all investors.
Government incentives make the country less attractive to investors.
When evaluating the fairness of the SSS contribution system, which of the following factors should be considered?
The employee pays 50% of the total contribution amount.
Employers contribute 70% of the required amount, while employees contribute 30%.
The employer contributes only for employees above a certain salary threshold.
Contributions are voluntary and not based on salary.
Which of the following is NOT a key benefit of doing business in the Philippines?
Comfort of travel
Domestic and international market opportunities
Favorable economic conditions
Business conducted in English
Which of the following document is NOT a requirement for getting Mayor's Permit in the Philippines for getting a business license?
Certificate of Occupancy
Community Tax Certificate (cedula)
Sketch or Pictures of the business location
Transcript of Records
Which of the following government-related requirement offers private employees and their families protection in terms of disabilities, sickness, diseases, death and the like that could make then enable of continuing their employment?
Social Security System (SSS)
Government Service Insurance System (GSIS)
Home Development Mutual Fund (PAG-IBIG Fund)
PhilHealth
