WorksheetsEntrepreneurship Module 1 - Assessment
Total questions: 22
Worksheet time: 26mins
PART I – IDENTIFICATION. Instructions: Read and understand each statement. Identify the concept being asked.
What theory of entrepreneurship emphasizes the entrepreneur's role as an innovator who brings about economic change through new combinations of resources?
(a)
PART I – IDENTIFICATION. Instructions: Read and understand each statement. Identify the concept being asked.
What theory focuses on technological progress and innovation?
(a)
PART I – IDENTIFICATION. Instructions: Read and understand each statement. Identify the concept being asked.
Pedro opened a pet café offering special pet food, grooming services, and pet photoshoots. Which source of entrepreneurial idea does this refer to?
(a)
PART I – IDENTIFICATION. Instructions: Read and understand each statement. Identify the concept being asked.
Which theory emphasizes the key role of entrepreneurs in combining land, labor, and capital efficiently to produce goods?
(a)
PART I – IDENTIFICATION. Instructions: Read and understand each statement. Identify the concept being asked. Which theory emphasizes the important role of the government in entrepreneurial and economic development?
(a)
PART I – IDENTIFICATION. Instructions: Read and understand each statement. Identify the concept being asked.
Refers to another person managing the venture for the benefit of the owner.
(a)
PART I – IDENTIFICATION. Instructions: Read and understand each statement. Identify the concept being asked.
David comes from a family that highly values hard work, discipline, and a strong sense of responsibility. Inspired by these values, he started his own business, believing that success comes from dedication and a strong work ethic. Which theory best describes David’s entrepreneurial spirit?
(a)
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. According to the Risk-Uncertainty Bearing Theory, which of the following best describes the primary responsibility of entrepreneurs?
Managing routine business tasks to maintain stability.
Bearing the risks and uncertainties associated with starting and running a business.
Providing financial capital without involvement in decision-making.
Avoiding risks by following established market trends.
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Which of the following best describes the primary role of entrepreneurs according to Leibenstein’s Gap-Filling Theory?
Taking financial risks to start new ventures.
Organizing and managing existing resources efficiently.
Identifying and filling gaps in the market or production process.
Focusing solely on profit maximization.
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. According to Risk-Uncertainty Theory, entrepreneurs are rewarded for what?
Technical innovations
Social contributions
Bearing uncertainty
Market coordination
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Which theory suggests that entrepreneurs are primarily opportunity spotters?
Schumpeter's Theory
Marshall's Theory
Kirzner's Theory
Weber's Theory
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Which stage of the entrepreneurial process involves identifying and evaluating potential business opportunities?
Organizing resources
Discovery
Market analysis
Development of concept
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Emma chose to start her own fashion line even though she had a stable job, accepting the possibility of initial losses. This demonstrates which salient feature of entrepreneurship?
Risk-taking
Risk reduction
Risk ignoring
Risk postponement
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Tom’s innovative startup not only earned profits but also created jobs and boosted the local economy. This highlights which salient feature of entrepreneurship?
Wealth creation
Risk ignoring
Cost reduction
Passive management
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Carlos developed a mobile app that simplifies personal finance for users, making budgeting easier. This illustrates which salient feature of entrepreneurship?
Providing valuable goods and services
Passive income
Risk-taking
Routine operation
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. An entrepreneur uses profits to support local charities and community projects. What does this demonstrate about the broader importance of entrepreneurship?
Entrepreneurship only benefits the entrepreneur
Entrepreneurship can drive social change and community development
Entrepreneurship provides social responsibilities
Entrepreneurship is unrelated to societal impact.
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Which of the following scenarios best illustrates innovation in the form of a new market?
Liam develops a unique eco-friendly packaging material that no one else offers.
Liam adopts a new automated production method to reduce costs and increase efficiency.
Liam starts selling his existing products in a different country where there is a growing demand.
Liam partners with a new supplier to get raw materials at a lower price.
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Mark’s bakery was facing delays in getting fresh ingredients. To solve this, he partners with a local organic farm that can supply higher-quality ingredients faster. Which form of innovation does Mark’s decision best demonstrate?
New product
New production method
New supplier
New market
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Jessica, an aspiring entrepreneur, spends time researching customer needs and notices many people struggle to find affordable, healthy snacks nearby. She decides to start a business offering nutritious snack options. Which stage of the entrepreneurial process does Jessica’s best represent?
Discovery of a business opportunity
Managing daily operations
Organizing resources for production
Marketing and sales
PART II – MULTIPLE CHOICE. Instructions: Read and understand each statement. Select the correct answer from the given choices. Maria decides to invest her savings in a new tech startup despite uncertainty about market acceptance and potential losses. She carefully evaluates risks but is willing to face them for possible rewards. Which salient feature of entrepreneurship does Maria’s action best demonstrate?
Wealth-creating venture capital
Provides valuable goods/services
Risk-taking venture
Art of correct practice
PART III - ESSAY: Explain briefly and concisely. 5 points
A local bakery owner is expanding her business after noticing customer demand for gluten-free products. How does this entrepreneurial decision benefit the community?
PART III - ESSAY: Explain briefly and concisely. 5 points
Explain the difference between ordinary small business and small entrepreneurial venture in terms of source of fund?
