ENTREP Chapter Test 1

What is entrepreneurship?

• Managing people in an organization
• A proactive process of developing a business to earn profit
• Working under an employer
• Passive income strategy

Which of the following best illustrates risks and rewards in entrepreneurship?

• Earning fixed salary every 15th and 30th
• Selling homemade cakes online despite fear of no orders but gaining ₱10,000 profit after one week
• Working overtime for promotion
• Being assigned as team leader by your supervisor

Who is an entrepreneur?

• Anyone managing people
• A person who invests in stocks
• A unique individual with dedication to establish and manage business, acknowledging risks and rewards
• Someone who buys products in Shopee

An entrepreneur is successful when

• He/she earns above minimum wage
• The envisioned business thrives with regular customers and financial gain
• He/she has a lot of debts
• He/she works in a government agency

A young graduate opened a milk tea shop in their barangay, providing jobs to locals. What importance of entrepreneurship is shown?

• Controls local wealth
• Produces more jobs and increases national income
• Elicits economic independence
• Amplifies economic activities

A businessman funded a farmer’s cooperative, resulting in increased harvest sales. What importance is illustrated?

• Introduces new products
• Amplifies economic activities of different sectors
• Improves living standards
• Controls local wealth

A startup created a mobile app for blind people to navigate. What importance is shown?

• Balances regional development
• Introduces new and innovative products
• Increases national income
• Controls local wealth

A new bakery offers affordable nutritious bread in a poor community. What importance is seen here?

• Improves people’s living standards
• Controls local wealth
• Amplifies economic activities
• Elicits economic independence

An entrepreneur built a processing plant in Mindanao to support local farmers instead of exporting raw crops. What importance is shown?

• Balances regional development
• Increases national income
• Introduces new products
• Amplifies economic activities

A woman entrepreneur invested her income in real estate and stocks. What importance is evident?

• Controls local wealth
• Introduces innovation
• Elicits economic independence and capital formation
• Improves living standards