Latest TLE Reviewer 13

1. Which of the following is the correct definition of the term “entrepreneur”?

A person who _____ .

A. pursues opportunity without regard to resources

B. starts a new business with the aim of making profit

C. seeks to create value for local communities, people or customers by starting new ventures which exploit new products, processes or markets

D. seeks to generate value through creation or expansion of economic activity, by identifying and exploiting new products, processes or markets

ANS: C

2. Which of the following skills are NOT needed by an entrepreneur?

A. Technical skills

B. Personal entrepreneurial skills

C. Working skills

D. Business management skills

ANS: C

3. Which of the following statement is INAPPROPRIATE in starting a  business?

A. study the concepts and principles of entrepreneurial skills

B. Cope with failures of the business

C. Undergo training on entrepreneurial skills

D. know what characteristics are needed to become an entrepreneur

ANS: B

4. Which of the following is NOT a source of fund for Ms. Burgos future business?

A. seek assistance from central bank of the Philippines

B. borrow money from friends and relatives

C. Avail of the government program on financing micro-macro business

D. Use part of her retirement benefit.

ANS: A

5. If her business idea is a boutique, what quality of a future entrepreneur is INAPPROPRAIATE?

A. relaxed

B. hardworker

C. Risk-taker

D. Innovative

ANS: A

6. Which of the following is NOT a characteristics of an entrepreneur?

A. coping with failure

B. Irritated

C. Opportunity Seeker

D. Persistent

ANS: B

7. Which among these characteristic of an entrepreneur?

A. Coping with failure

B. Goal setter

C. Futuristic

D. Impassive

ANS: D

8. Which of the following is a primary cause of failure in small businesses?

A. Poor financial control

B. Poor location

C. Management mistakes

D. Improper inventory control

ANS:B

9. Which these traits gets an entrepreneur off of his/her feet and puts him/her into action turning daydreams into reality?

A. Perseverance

B. Ambition

C. Creativity

D. Enthusiasm

ANS: D

10. Which entrepreneurial traits gives an entrepreneur a positive outlook in life which gives the energy to pursue his/her endeavors?

A. Perseverance

B. Ambition

C. Creativity

D. Enthusiasm

ANS: E

11. With which trait is an entrepreneur able to withstand the troubles that come with a starting business?

A. Perseverance

B. Ambition

C. Creativity

D. Enthusiasm

AN: A

12. Which general function or market involves the physical meeting point for buyers and seller at the point of production or via some other means of m communication?

A. Specific functions

B. Exchange functions

C. Physical functions

D. Facilitating functions

ANS: B

13. Which types of marketing functions enables the actual flow of commodities through space and time producers to consumer and their transformation to desirable to the consumer?

A. Specific functions

B. Exchange functions

C. Physical functions

D. Facilitating functions

ANS: C

14. From a societal view point, which of the  following statements about marketing objective is NOT true?

A. Assist in the efficient allocation of resources

B. create wealth and promote economic growth

C. improve income distribution among different sectors of the economy

D. Maintain instability of supply and demand for marketed goods

ANS: D

15. Which is considered a vehicle for information target market about the enterprise  and the products or services?

A. Product

B. Price

C. Place

D. Promotion

ANS: C

16. At the stage of marketing effort does  an entrepreneur concentrate on targeting a new market of buyer and talking market share from competitions by price cutting or relaunching the product?

A. introduction

B. growth

C. place

D. Decline

ANS: C

17. Which of the following is NOT appropriate in running a small-scale business?

A. keeping clear records

B. verifying profit and loss

C. Managing cash flow

D. Distribution channel

ANS: C

18. Which marketing channel operates with capital owned directly by the operators and their partners. Or in some cases by shareholders?

A. Co-operatives

B. Independent, locally-based private enterprise

C. Marketing board and other state enterprises

D. Transitional companies

ANS: B

19. At which stage of product life cycle must an entrepreneur decide whether s/he wants to try to rejuvenate the product by inventing in development and aggressive marketing or to quietly admit and exit the market?

A. introduction

B. growth

C. place

D. Decline

ANS: D

20. A marketing mix that can have both tangible and intangible aspects and is the thing you offer to satisfy you customer wants  and needs is _______ .

A. product

B. packaging

C. price

D. promotion

ANS: A

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