Summative Entrep Q3

Republic of the Philippines
Department Of Education
Regional Office No. VIII
Division of Northern Samar
BASILIO B. CHAN MEMORIAL AGRICULTURAL AND INDUSTRIAL SCHOOL
Lavezares, Northern Samar
NAME: ______________________________ GRADE/STRAND: ________________ DATE: ________________ SCORE:______
I. Instruction: Multiple Choice: Read the questions and write the letter of the correct
answer.
1. What is that written document describing the nature of the business, the sales and marketing
strategy, financial background and its projected profit and loss statement?
a. blue print b. term paper
c. lesson plan d. business plan
2. What is a business concept?
a. business data b. financial result
c. business resources d. a business idea that included basic information
3. What do you do after developing the business concept?
a. hire employees b. start your business
c. provide the market need d. incorporate it into a business plan
4. What exist when there is a gap between what is currently on the market and the possibility
for new or significantly improved products that result from emerging trends?
a. business plan b. market source
c. marketing plan d. product opportunity
5. How do we start finding business opportunity?
a. propose solution b. identify market need
c. create a business plan d. know the market problem
6. Which of the statement is having a correct idea?
a. Anybody can spot a business opportunity.
b. Only those people with problems can spot opportunity.
c. Spotting business opportunity are only for the wealthy people.
d. Professional entrepreneurs only knows how to spot opportunities.
7. Which of the following target customer have not yet purchased your product but are
considering it?
a. prospects b. end users
c. existing customers d. target market users
8. Which step should be taken in order to solve a market problem?
a. Concentrate on competition
b. Create solution to compete other industries.
c. Make a solution to solve the problem of the target market.
d. Build innovative solutions that does not directly connect to the problem.
9. Which of the needs in the market that are explicit?
a. wants b. silent needs
c. stated needs d. opportunity needs
10. What refers to a cognitive process through which an individual conclude that they have
identified the potential business?
a. business need b. business opportunity
c. business development d. opportunity recognition
11. What space in the design thinking process that identifies the problem or opportunity that
motivates the search for solutions?
a. ideation b. inspiration
c. implementation d. transformation
12. What space in the design thinking process that leads the project stage into people’s lives?
a. ideation b. inspiration
c. implementation d.transformation
For items 13-15.
Mang Tomi is a farmer who plants vegetables and spices. He planted more tomatoes
due to the demand of the market. Tomatoes are highly perishable and other neighboring
regions also grow their own tomatoes. Unexpectedly, a down shift on the demand due to
competition of different tomato growers came before the harvest. Market price of the tomatoes
decreases due to overproduction of the farmers and consumers in their community only uses
tomatoes for food consumption.
13.What is the problem of the community?

a. low demand c. many competition
b. overproduction d. bad quality of tomatoes
14.What is the solution to the problem?
a. sell at breakeven price c. give the tomatoes for free
b. throw the excess tomatoes d. make other products out of tomatoes
15.What is the market need?
a. exportation c. tomatoes for consumption
b. retailing of tomatoes d. wholesale for tomatoes
16. Joey’s home is situated a nearby public cemetery which is far from the city and where there
are also a number of households that pops-up the area and the materials bought for building the
house is at the city. He wanted to put up a store but there are a lot of sari-sari stores around the
area and a small market. What is the market need?
a. wet goods c. building materials
b. grocery items d. electrical materials
17. What strategy is necessary before launching your product to the market and make a better
business decision?
a. market research c. financial advising
b. business planning d. product development
18.Which component considers the tradition and practices of the target group?
a. cultural c. interest and needs
b. competition d. personal similarities
19.What refers to the group of people who are likely to buy your product or services?
a. people c. market price
b. market size d. customer profile
20. What is the ultimate purpose of market research?
a. get the target market c. predict changes in the market
b. identify the market need d. predict pitfalls and reduce risk
II. Instruction: Read each statement carefully and if you think it is True write the
word TRUE and if you think its False, write FALSE.
_______1. Entrepreneurs who come up with an idea for a business, have a good business
plan, have the needed capital are most likely to succeed.
_______2. A new product would need customer viewpoint after its launched in the market.
_______3. Venturing into business, an entrepreneur must look into how it should be
funded.
_______4. Savings and wise investments are characteristics of successful
entrepreneurship.
_______5. A viable business is profitable.
_______6. Customer requirements is the specified product feature the customer wants.
_______7. Capital can be acquired by making loans.
_______8. Understanding the need of the customers include guessing what they want.
_______9. Identifying what you can offer the market must be recognized before identifying
market needs.
_______10. A business shows viability if it does not gain profit.
_______11. The ability to select and offer the right products or services in a competitive
market will determine success in business.
_______12. Profitability means not losing nor gaining in business.
_______13. Viability is the ability of the business to earn a profit.
_______14. Revenue refers to the total collections from customer payments.
_______15. New products need customer evaluation.
_______16. In order to determine the size of the market is to understand who your ideal customer
is.
_______17. Culture of an area makes a differentiation of the market need.
_______18. An entrepreneur should also look into the personal lives of the customers like marital
status, their career, etc… ________19. Religion is not a barrier to any products developed.
_______20. Market research delays the launching of the product.
_______21. It is unprofessional to know the competitors of your product/service.
_______22. To think of what to sell is a delay in marketing strategy or else other people would take
your idea ahead of you.
_______23. The market is the judge of your business idea.
_______24. Retention of customers for repeat business should be taken in consideration for
business idea.
_______25. Product test is the best strategy to learn what you don’t know about your market and
buyer.
Goodluck!

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Republic of the Philippines

13.What is the problem of the community?

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