LAGUNA COLLEGE

SENIOR HIGH SCHOOL DEPARTMENT

MIDTERM EXAMINATION
ENTREPRENEURSHIP

NAME: ________________________ SCORE: _____________

GRADE&SECTION: _______________ DATE: _______________

I-INSTRUCTION: IDENTIFY WHAT IS BEING ASKED IN THE QUESTION. WRITE YOUR ANSWER BEFORE EACH
NUMBER. NO ERASURES (2POINTS EACH)

________________1. This stage involves the evaluation on whether the idea can be realized or not.
________________2. This is the gestation phase in which entrepreneurial intentions and ideas are generated using logic,
creative thinking or both.
________________3. It is a situation or occasion that makes it possible to do something that you want to do.
________________4. It is usually applicable for business ideas that require substantial initial investments.
________________5. It uses systematic procedures in proceeding with the implementation of a business opportunity.
________________6. This is a preparatory stage in which individuals assesses his knowledge of the market.
________________7. This stage provides individual a hunch that can serve as an opportunity for business.
________________8. This is the stage when the mental construct or idea is now felt in its tangible form.
________________9. Refers to personal exposure to the market and its components including customers and suppliers.
________________10. Business opportunity recognition is heightened when the individual has a diversity of networks.
________________11. Refers to a variety of features of an individual to start a business venture.
________________12. This refers to the formation of business ideas. It starts with an entrepreneurial intent and proceeds
with the development of a business idea using logic and creativity.
________________13. After visualization of the idea, the business idea is concretized with the production of prototype.
________________14. The refinement of the ideas and visualization of an idea that can serve as business opportunity.
________________15. At this phase, the product or service is introduced to the market after a series of evaluation and
feedback from potential customers.

II-MODIFIED TRUE OR FALSE. WRITE TRUE IF THE STATEMENT IS CORRECT AND IF IT IS NOT, CHANGE THE
UNDERLINE WORD TO MAKE IT RIGHT. NO ERASURES (2 POINTS EACH)

________________1. At maturity stage, the product is widely accepted with the emergence of brand loyalty and patronage
from its target market.
________________2. With a successful marketing campaign, the product is recognized by the market is at the
introduction stage.
________________3. In growth stage, the market for the product has been saturated and innovation possibilities for it
have been fully explored, the product might start to lose its market power.
________________4. In decline stage, when a positive feedback after a series of market testing, the product is formally
introduced.
________________5. Course plan is a document that describes the various external and internal elements involved in
starting a business or in expanding an existing venture, amidst a dynamic business environment.
________________6. Market information is a critical piece of information for any aspiring entrepreneur is the potential
market for his product or service.
________________7. Market opportunity, this element in the assessment process refers to the appraisal of the
characteristics of the market.
________________8. Profitability, in any ventures you will need inputs in the production process.
________________9. Resource requirement is a business opportunity that is primarily the potential of introducing a new
product or service to the market.
________________10. Product or Service, a product which may be considered by consumers may not be affordable.
________________11. Business assessment refers to the process of evaluating the likelihood that the opportunity can be
realized.
________________12. Financial Information refers to the financial section of the business plan that will require the
entrepreneur to include a list of all sources of venue and a list of all possible expenditures for the first year of operations.
________________13. Executive summary refers to the cover page that provides a brief summary of the business plan’s
content.
________________14. Introductory page which is prepared after the total plan has been written, must stimulate the
interest of its reader, especially if he or she is a potential investor.
________________15. Information about operations is about whether the business venture will be viable also depends
largely on the cost of sourcing and manufacturing the product or of providing the service.
III- MATCHING TYPE: MATCH COLUMN A TO COLUMN B. WRITE THE LETTER OF THE CORRECT ANSWER
BEFORE EACH NUMBER. (NO ERASURES)
A B

__________1. Worth including in this section is the venture’s mission a. Production plan
statement which could serve as a guide in decision-making. b. Financial Plan
__________2. If the new venture is a manufacturing concern, the c. Operations Plan
entrepreneur must prepare a production plan that describes the d. Organizational Plan
complete manufacturing process. e. Appendices
__________3. Must be included whether the business is concerned f. Environmental and industry analysis
with manufacturing or service. g. Assessment
__________4. This section describes the target market for the h. Assessment risk
new product or service. i. Description of a business
__________5. Made up of several separate hierarchies and catalogs j. Timetable
that are related to one another.
__________6. This section determines the investment that must
be poured in to business and indicates whether the business is
an economically viable undertaking.
__________7. Effective business plans must contain a section that
discusses the risks that might prevent the business from achieving
its objectives.
__________8. For both entrepreneur and potential investor,
knowing when major activities will happen.
__________9. To ensure that the main body of the business plan is
concise enough to include only the most essential information.
__________10. It includes Sociocultural and technological conditions.

IV- ENUMERATIONS

1. Give 5 reasons why business plans fail? (5 points)

1.
2.
3.
4.
5.
2. What are the five market information needs for the sections of a business plan? (5 points)
1.
2.
3.
4.
5.
3. Give at least three operations information needs for the sections of a business plan? (3 points)
1.
2.
4. Give at least two financial information needs for the sections of a business plan. (2 points)
1.
2.

VI- ESSAY (5 POINTS)

1. Given the uncertainty and dynamic nature of the business environment, is a business plan necessary? Cite the
reasons for your answer.
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