ENTREPRENEURIAL MIND

1. It is a process of creating, launching and 6. These are the types of Social Enterprises except
managing a business operation.(1 Point) for:(1 Point)
Entrepreneurial Mind eco - opportunity innovation
Entrepreneurship Leverage non-profit
Enterprise Hybrid non- profit
Entrepreneur Social business venture

2. The following are the factors of production 7. True or False: DOLE is a government agency
except for:(1 Point) that champion the cause of work safety and
Labor health in the Philippines(1 Point)
Capital True
Entrepreneur False
Land
Government 8. It is an individual who develops an idea, creates
risk to set-up a business to satisfy the needs of
3. The following are the roles of entrepreneurship the customers.(1 Point)
in economic development, except for:(1 Point) Entrepreneurship
Promotes country's export trade Entrepreneurial Mind
creates large-scale employment opportunities Enterprise
Depletion of raw materials and natural resources Entrepreneur
reduces concentration of economic power
9. The emergence of this category of
4. Identify which of the following statements are entrepreneurship occurs when there is a
true: presence of a lot of favorable climate of
Statement A: Once an enterprise is established, encouragement as well as a motivation among
the process of industrialization is set in full stop. the common masses(1 Point)
Statement B: Entrepreneurs play a key role in Mass Entrepreneurship
increasing the standard of living of the people by Imitative Entrepreneurship
adopting the latest innovations in the production Social Entrepreneurship
of a wide variety of goods and services in a Public Entrepreneurship
large scale that too at a lower cost.
Statement C: Industrial development normally 10. It is associated with the third class of gender
leads to a concentration of economic power in where people are not only beggars or sex
the hands of few individuals which results in the workers, but they get their bread and butter from
growth of monopsonies. doing any small scale business.(1 Point)
Statement D: When an enterprise is established Incubative Entrepreneurship
in accordance with the changing technology, it E- Entrepreneurship
induces backward and forwards linkages that Transpreneurship
stimulate the process of economic development Trading Entrepreneurship
in the country.(1 Point)
Statements B and D 11. The following are the the Theories of
Statement A and C Entrepreneurship except for:(1 Point)
Statement B and C The Economic Theory
Statement A and B Kakinada Theory
The Psychological Theory
5. Comes from the word entreprendre(1 Point) Entrepreneurship Innovation Theory
Entrepreneurship The Sociological Theory
Entrepreneur
Enterprise
Entrepreneurial Mind
12. Dr. Maria Montessori is a premier example of:(1 18. According to this theory: Entrepreneurship and
Point) economic growth takes place when economic
Social Entrepreneurship conditions are favorable.(1 Point)
Technopreneurship The Sociological Theory
Ecopreneurship The Innovation Theory
Commercial Entrepreneurship The Economic Theory

13. True or False: MEATSHOPS is a shop or factory 19. Identify which statement is false:
in which workers are employed for long hours at Statement A: The entrepreneur merely performs
low wages and under unhealthy conditions.(1 a role as per the expectations of the society.
Point) Statement B: Entrepreneurship resulted in new
False (sweatshop) industries, even though it entailed combining the
True existing inputs, in a new way.
Statement C: traditional beliefs do not inhibit an
14. It is entrepreneurship that is managed and entrepreneur.
executed by an individual or a member of a Statement D: High Achievement Orientation
family with some personal motives as well as (Need to Succeed) are more less likely to
initiatives, thus it is called as individual become entrepreneurs.
Entrepreneurship.(1 Point) Statement E: None of the above(1 Point)
None of the above Statement A
Individual Entrepreneurship Statement D
Public Entrepreneurship Statement C
Administrative Entrepreneurship Statement B

15. Economic incentives are the main motivators in 20. According to him: Entrepreneur is one who
entrepreneurship. The following are economic combines the land of one, the labor of another
incentives except for:(1 Point) and the capital of yet another to produce a
Market Conditions product.(1 Point)
Culture and Tradition Richard Cantillon
Raw Material Joseph Schumpeter
Taxation Policy Carl Menger
Jean Baptiste Say
16. This type of entrepreneurship maximize the
efficiency of an organization both the general 21. Entrepreneurship gets a boost when society has
management and scientific-technical personnel sufficient supply of individuals with necessary
to identify areas for research and development psychological characteristics. The following are
of new products, techniques, or the psychological characteristics except for:(1 Point)
improvement of the existing ones. It nukes the Financial capability
achievements of the firm and sustain in the Ability to face opposition
competitive marketplace.(1 Point) A Vision or Foresight
Incubative Entrepreneurship Need for Achievement
Administrative Entrepreneurship
Imitative Entrepreneurship 22. True or False: The Anti -Age Discrimination Act,
Acquisitive Entrepreneurship prohibits an employer from require the
declaration of age or birth date during
17. True or False: Republic Act. 7277. No disabled application process.(1 Point)
person/s may be denied access to opportunities False
for suitable employment.(1 Point) True
False
True
23. It is the fourth factor of production.(1 Point) 27. True or False: Code of Employment is a set of
Entrepreneur guidelines for maintaining ethics in the
Entrepreneurship workplace.(1 Point)
Entrepreneurial Mind True
Enterprise False

24. Identify which of the following statements are 28. Identify which statement is false:(1 Point)
true: Entrepreneurship gets a boost when society has
Statement A: A longer average life expectancy, sufficient supply of individuals with necessary
for example, is one of the results of economic psychological characteristics
development. Entrepreneurship Innovation Theory
Statement B: Entrepreneurship and economic presupposes the earlier claims of entrepreneur
development does not directly correlate. as a risk taker and organizer.
Statement C: Economic development is all about Richard Cantillon gave the first distinction
improving living standards between the capitalist as the financer and the
Statement D: Cantillon opines, that the entrepreneur as the organizer
entrepreneurial process is a major factor in An entrepreneur innovates when he Introduces
economic development(1 Point) a new production
Statements B and D
Statements C and D 29. It is the keenness and quickness in
Statements A and C understanding and dealing with a "business
Statements B and C situation" in a manner that is likely to lead to a
good outcome.(1 Point)
25. Identify which of the following statements are Entrepreneurship
true: Enterprise
Statement A: People are not influenced by Business acumen
money or external incentives Entrepreneurial Mind
Statement B: The Need for Achievement was
found highest among Entrepreneurs through an 30. According to him: An entrepreneur is a person
experiment. who is willing and able to convert a new idea or
Statement C:, Entrepreneurship Innovation invention into a successful innovation.(1 Point)
Theory was propounded by David McClelland Richard Cantillon
Statement D: Joseph Schumpeter identified two Jean Baptiste Say
characteristics of entrepreneurship: doing things Joseph Schumpeter
in a new and better way and decision making Carl Menger
under uncertainty.(1 Point)
Statements A and B 31. Identify which of the following statements are
Statements A and C false.
Statements B and D Statement A: When a business firm is managed and
Statements B and C operated wholly by the state or the government of the
state, then it is defined as “State Entrepreneurship”.
Statement B: Joint Entrepreneurship is a collaboration
26. True or False: To become a successful
of private and public entrepreneurship.
entrepreneur they must be highly adaptable and
Statement C: Example of E-Entrepreneurship are
always ready to welcome new trends, newer major shopping malls like Ayala, SM, Robinsons.
methods.(1 Point) Statement D: There are three elements of
False Intrapreneurship: suitable manpower, collaboration for
True a bright future and reward.(1 Point)
Statements C and D
Statements A and B
Statements B and C
Statements B and D
32. True or False: Personality comes from the Latin Cultural Entrepreneurship
word, persona. (1 Point) Ecopreneurship
False Technopreneurship
True
36. “Hit the iron when it is hot” this proverb
33. Identify which statements is false: describes this kind of entrepreneurship .(1 Point)
Statement A: Incubative Entrepreneurship Administrative Entrepreneurship
generates and nurses new ideas within the Social Entrepreneurship
organization. Opportunistic Entrepreneurship
Statement B: Incubative Entrepreneurship Scalable Startup Entrepreneurship
pursue and help to get differentiated
technologies to promote creations and 37. True or False: Persuasive and possess good
innovations Microsoft, Nokia, etc. always people skill is the number 1 skill for
incubates new varieties types of products and entrepreneurs to be successful. (1 Point)
creates product differentiation in the market. False
Statement C: LG, Tata, Microsoft, are examples True.
of Mass Entrepreneurship
Statement D: grocery stores, plumbers, 38. The following statements are true except for:(1
confectionary stores, electricians, house Point)
cleaners, consultants, and hair dressers, among Profits are only a measure of success and
other examples for Scalable Start-up competency
Entrepreneurship.(1 Point) None of the above
Statements B and C people with High Achievement Orientation
Statements B and D (Need to Succeed) are more likely to become
Statements A and C entrepreneurs.
statements C and D traditional beliefs do not inhibit an entrepreneur
Entrepreneurship gets a boost when society has
34. Identify which statements are false: sufficient supply of individuals with necessary
Statement A: Entrepreneurs act as catalytic psychological characteristics like low father
agents for change which results in a chain dominance
reaction.
Statement B: Business acumen refers to a 39. True or False: Equal Pay Act- Labor Code is
person who stimulates an emotional reaction legal provision which states that it is unlawful for
from fellow participants. an employee to discriminate against any woman
Statement C: Import substitution and export employee with respect to terms and conditions
promotion ensure economic independence and of employment solely on account of her sex.(1
development. Point)
Statement D: Entrepreneurs helps create True
regional disparities through setting up of False
industries in less developed and backward
areas.(1 Point) 40. Identify which statements are false:
Statements B and D Statement A: Small Business and Scalable
Statements A and B Startup Entrepreneurship are the same.
Statements B and C Statement B: Gawad Kalinga is an example of
Statements A and D International Entrepreneurship.
Statement C: cultural entrepreneurs lie on media
35. It is like a simple business and includes all the tools like Twitter and Kickstarter to change the
operations of a business firm such as ideas, belief and behavior of the people through
manufacturing, production and distribution of communication and influence.
farm supplies.(1 Point) Statement D: Commercial Entrepreneurship is
Agripreneurship viewed as profit-based entrepreneurship as all
 the operations held by taking profit as a major Public entrepreneurs are not social
motive.(1 Point) entrepreneurs because they are bound to
Statements C and D governments rules and regulations.
Statements A and B All developed and underdeveloped nations take
Statements B and C initiative to venture ideas for public
Statements A and D entrepreneurship to meet the preliminary
shortage of private Entrepreneurs.
41. According to the Sociological Theory: economic Public Entrepreneurship referred to as the
growth takes place when economic conditions entrepreneurship that is come under the
are favorable(1 Point) government through the various development
True agencies.
False
47. Identify which statements are false:
42. Identify which statement is false:(1 Point) Statement A: Entrepreneur is an employee who
none of the above is tasked with developing an innovative idea
Setting up more industries lead to more within a company and can draw on its resources
development of backward regions and thereby to do so.
promotes balanced regional development. Statement B: An intrapreneur shares decision
Entrepreneurs explore and exploit opportunities, -making power.
encourage effective resource mobilization of Statement C: An Intrapreneur assumes some
capital and skill, bringing in new products and risk related to their project
services and develop markets for growth of the Statement D: Entrepreneurship is the act of
economy. behaving like an intrapreneur while working
entrepreneur is the key to economic growth. within a large organization(1 Point)
Entrepreneurial activities also generate more Statements A and B
activities and give a multiplier effect in the Statements B and C
economy. Statements A and D
Statements B and D
43. True or False: A Traditional businessman
mindset are risk takers and they start the 48. Identify which of the following statements are
market.(1 Point) false:
True Statement A:Entrepreneurs promote capital
False formation by mobilizing the idle savings of the
public.
44. There are how many theories of Statement B:Initiate entrepreneurship under the
Entrepreneurship was discussed?(1 Point) private sector is named as Public
4 Entrepreneurship.
5 Statement C: Social Entrepreneurship involves
3 the perspectives that signify corporation with the
6 environment by working on their goals as well as
profitability.
45. True or False: Ethics is a moral principle by Statement D:entrepreneurs play an effective role
which people conduct themselves personally, in reducing the problem of unemployment in the
socially or professionally.(1 Point) country(1 Point)
True Statements A and B
False Statements A and C
Statements A and D
46. Identify which statements is false:(1 Point) Statements B and C
Tesla and Disney are examples of Public
entrepreneurship
49. It is a collaboration of private and public 53. True or False: Persona is a set of distinctive
entrepreneurship.(1 Point) traits and characteristics that forms an individual
State Entrepreneurship character.(1 Point)
International Entrepreneurship True
Joint Entrepreneurship False
Domestic Entrepreneurship
54. Identify which of the following statements is
50. According to: An entrepreneur is an individual false:(1 Point)
who organizes, manages and assumes the risks E-Entrepreneurship is also known as
of a business(1 Point) Cyberpreneurship.
Alfred Marshall Commercial Entrepreneurship is viewed as
Kuratko & Hodgetts profit-based entrepreneurship as all the
Adam Smith operations held by taking profit and helping the
John Stuart Mill community as a major motive
Green entrepreneurship gained popularity in the
51. Identify which of the following statements are year 1990s and termed as “Environmental
false: entrepreneurship”.
Statement A: Entrepreneurship gets a boost Trading Entrepreneurship serves as middlemen
when society has sufficient supply of individuals for dealers, wholesalers, manufacturers and the
with necessary psychological characteristics customers.
Statement B: Entrepreneurship does not
correlate to the individual's upbringing. 55. The following are definitions and examples of
Statement C: McClelland stressed that people innovations, except for:(1 Point)
with High Achievement Orientation are more introduction of a new production method
likely to become entrepreneurs a process that involves multiple activities to
Statement D: Entrepreneurship can be uncover new ways to do things.
developed and the traditional beliefs inhibit Innovation is only represented by introducing or
entrepreneurs.(1 Point) implementing new ideas or methods
Statements B and C introduces a new organization in any industry
Statements C and D
Statements B and D 56. True or False: Unethical business practices
Statements A and B include lying and offering substandard(1 Point)
True
52. Identify which statements are false: False
Statement A: Technopreneurship is a blend of
two words, technology and entrepreneurship. 57. Identify which statement is false:
Statement B: the social entrepreneur looks at his Statement A: Entrepreneurs are formed during
community, sees the challenges, and commits to the individual’s upbringing
their improvement. Statement B: Entrepreneurship gets a boost
Statement C: Disruptive innovation is an when society has sufficient supply of individuals
innovation that creates a new market etc. and with necessary psychological characteristics
eventually disrupts an existing market. Statement C: An entrepreneur innovates when
Statement D: Ecopreneurship is also named as he opens up a new market
Green entrepreneurship(1 Point) Statement D: An entrepreneur is a person who
Statements B and D is willing and able to convert a new idea or
Statements A and C invention into a successful innovation
None of the above Statement E: None of the above(1 Point)
Statements C and D Statement D
Statement A
Statement E
Statement B
58. Richard Cantillon conducted the Kakinada
experiment in the following countries except
for:(1 Point)
America
None of the above
Mexico
India

59. He illustrated farmers, as an entrepreneur, who

pays out contractual incomes to the landlords
and laborers, which are certain, while sells their
crops at a price, which is uncertain.(1 Point)
Carl Menger
Joseph Schumpeter
Jean Baptiste Say
Richard Cantillon

60. Identify which statements are false:

Statement A: entrepreneurship is indispensable
for economic development. True
Statement B: The process of entrepreneurship
or business development is incremental or
evolutionary true
Statement C: The entrepreneurial behavior of
individuals in a society does not affect
Entrepreneurship. False
Statement D: Carl Menger emphasized the
importance of achievement motivation through
which, entrepreneur fulfills: Economic and Social
Development(1 Point) false
Statements A and B
Statements A and D
Statements B and C
Statements C and D

GOODLUCK!!! =D