WRITTEN WORK #2 in ENTREPRENEURSHIP

Quarter 1
NAME: _____________________________________DATE:__________________PARENT’S SIGNATURE:______
Direction: Read carefully and understand each question then choose your answer from the given choices. Write the letter
of your answer on the space provided before each number.
___1. Which of these is the part of the market you can capture in the future.?
A. Market B. Market demand C. Potential market D. Target market
___2. Which of the following refers to the total demand of all potential customers for a specific product/service over a specific
period in a specific market area?
A. Market B. Market demand C. Potential market D. Target market\
___3. Which of the choices refers to any good, service, or idea that can be offered to a market to satisfy a want or need?
A. experiences B. products C. services D. values
___4. Which of these refers to the intangible goods wherein you will be paid according to your profession, skills, and talents?
A. experiences B. products C. services D. values
___5. Which of the following leads to the identification of entrepreneurial opportunities, which in turn results in the opening of an
entrepreneurial venture?
A. Entrepreneurial ideas B. Entrepreneurial goals C. Opportunity seeking D. Opportunity seizing
___6. Which of these is NOT one of the essentials in entrepreneur’s opportunity seeking? Entrepreneurial _________________.
A. mind frame B. mind game C. heart flame. D. gut game
___7. Which of these refers to a state or situation in which people or groups are competing with each other?
A. competition B. new entrants C. rivalry D. substitute
___8. Which of these is the act or process of trying to get or win something?
A. competition B. new entrants C. rivalry D. substitute
___9. Why do entrepreneurs need to balance product or service’s quality and price? Entrepreneurs must do this to ___________.
A. promote their products online C. attract the customers to buy their products
B. provide the products with the best quality D. ensure the maximum customer value and satisfaction
___10. Why do non-durable products have stronger repeat purchases than the durables?
A. They are consumables. B. They last longer. C. There are more supplies. D. They are cheaper
___11. Which of the following is TRUE about Entrepreneurial Ideas? Entrepreneurial Ideas _____________________.
A. refers to the ability of the entrepreneur of being intuitive
B. arises when changes happen in the external environment
C. allows the entrepreneur to see things in a very positive and optimistic way in the midst of difficult situation
D. provides possibility of business opportunities in any new discovery or because of the use of latest technology
___12. Why is it important for an entrepreneur to have entrepreneurial mind frame?
A. This allows the entreprener to be intuitive.
B. It provides great desire of an entrepreneur to achieve his/her goals.
C. This allows the entrepreneur to find solutions in the midst of difficult situation.
D. It gives confidence in one’s self and the firm beliefs that everything you aspire can be reached.
___13. Which of the following is NOT TRUE about opportunity seeking in different sources of opportunity?
A. The interest, hobbies, and preferences of people are rich source of entrepreneurial ideas.
B. The priorities, projects, programs, and policies of the government are good sources of ideas.
C. Existing business of the big firms or compsnies gives entrepreneurs new ideas for new products.
D. A person with entrepreneurial interest sees possibility of business opportunities in any new discovery or because of the
use of latest technology.
___14. Which of the following is the BEST way to grow your business?
A. Put up business barnches in different locations.
B. Identify your potential market that you can begin to target.
C. Recruit people with the same goals as you to work with you.
D. Propose products or services that will be offered to the market.
___15. Which of the following sets of products are you going to offer to the market if your planning to sell convenience products?
A. floor tiles, toilet bowls, and sinks C. refrigerators, televions and other appliances
B. cars, signature bags and designers clothes D. instant noodles, canned goods, and detegent soaps
___16. Which of the following sets of products are you going to offer to the market if your planning to sell specialty products?
A. appliances B. construction supplies C. funiture D. designer’s bags
___17. How can past experiences become a source of entrepreneurial ideas or opoortunity?
A. The past experiences of the person will give him an idea about the business routine.
B. The person can invest in the business where he or she rendered services in the past.
C. The priorities, projects, programs, and policies of the government will support a persons business through investments.
D. The expertise and skills developed by a person who has worked in a particular field may lead to the opening of related
business enterprise.
___18. Which of the following marketing strategy can an entrepreneur do to compete with the rival firm?
A. Give freebies and special offers. C. Offer the products at a higher price than the rival firm.
B. Give the same offer or promos as the rival firm. D. Advertise the bad effects of the products offered by the rival firm.
___19. Entrepreneurs take a deep study on how they will know better on their potential market. Thinking of what goods and
services has to be given to the customers and how to deliver the products to the customers in a safest way not to harm
them because customers are the (VIP),the very important person of all the entrepreneurs. What process of starting a
business venture is being presented in the situation?
A. thinking of ways on how to satisfy the customers
B. knowing customers wants and needs including the demands
C. providing the highest possible customer care service to the potential market
D. giving values to the customers as well as to the products or services to be offered
___20. An entrepreneur must give the good brand and quality of the product to their customer, the product that suits their different
needs that gives full satisfaction in using and consuming it especially the consumer goods. If the entrepreneur is doing this
act, what does he do for the customers? The entrepreneur is ___________________________________________.
A. knowing them properly C. valuing them
B. giving them satisfaction D. providing them quality goods and services
___21. Which of the following factors listed below will lessen the bargaining threat of a buyer if these are noticed?
I. There is difficulty in accessing distribution channels.
II. There are several suppliers available in the market.
III Preferences and tastes of the customers easily change.
VI. The product represents a high percentage of the buyer’s cost.
A. I and II B. I and III C. II and III D. II and IV
___22. Anyone can start a small business unit. He may be an existing entrepreneur or a new one, having a business background
or not educated or uneducated from rural area or urban area. It is said that one of the best ways to develop a business is to
identify your potential market. Do you agree? Explain your answer.
A. Yes, because potential market will attract new investors to your business venture.
B. No, because it will only waste your time doing the survey on people’s preferences and needs.
C. Yes, because potential market will allow you to identify new customers to patronize your products and services.
D. No, because one doesn’t need to identify potential market. Buyers will just automatically patronize your products if they
are of good quality.
___23. Maxine has just graduated from college, but she doesn’t want to apply for a job because she wants to start her own
business. Through she has only a little experience in doing a business, she is still very confident that she can learn it little
by little and eventually can become a successful entrepreneur in the future. What basic foundation in opportunity seeking
does she possess? Explain shortly your answer. She has ___________________________________.
A. entrepreneurial mind frame, because she is taking a risk in starting a new business
B. entrepreneurial gut game because her actions show a positive and optimistic view of the future
C. entrepreneurial heart flame, because she is sure to find solutions to problems that might come in her ways
D. entrepreneurial gut game, because she has the confidence to start a business and the intuition to become successful
___24. You are an entrepreneur who is selling cell phone products. Cell phones are becoming more and more popular, and the
competition in the market is becoming tough. As such, you need to think of a way to modify your product to compete with
rival company. How will you modify your cell phone products to compete other rival firms?
A. Focus to the improvement of product's usefulness, effectiveness, safety and convenience as well.
B. Change the packaging into a more colorful and attractive one to invite new customers to patronize your product.
C. Increase the quality of the cell phone to build brand loyalty and to have an opportunity to raise its price if needed.
D. Reduce the quality of the cell phone to decrease price and to reach new group of people who are not able to buy an
expensive cell phone.
___25. A substitute product can give a big threat in the industry environment. For instance, the consumers decide to use margarine
as a substitute for butter. In case the price of butter increases, preferably the consumer will gradually switch to margarine.
As an entrepreneur, what possible solution can you propose to lessen this threat?
A. We must understand the characteristics of the products or services so that we can offer them in their utmost quality.
B. We must learn that there is a difficulty in accessing distribution channels that is why we need to look for a distributor
that will last long in the industry.
C. We must recognize that the rate of industry growth is really fast that’s why we need to be vigilant of the new entrants
that will offer a better substitute product.
D. We must understand that preferences and tastes of the customers easily change that’s why we need to understand
these things better as for us to offer products that will gain their loyalty.

Prepared by:
Checked by:
NOELEEN N. SIBAYAN
MA CRESTITA G. DANDOY
Subject Teacher
Principal II