Entre 1 - Midterm Exam

30 Questions | By Khattmanilag | Updated: May 6, 2020 | Attempts: 52

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1.

[Blank] refers to the economic activity of a person who starts, manages, and assumes the risk of a business enterprise.
2.

[Blank] refers to the person who undertakes entrepreneurial activities.
3.

THE MAGNA CARTA FOR SMALL ENTERPRISES (R.A. 6977) indicates that the firm must have total assets valued at above P1.5 million to P15 million to be considered [Blank] business.
4.

P1.5 million and below (total assets value) will be classified as [Blank].
5.

An entrepreneur creates an idea and turns it into a [Blank].
6.

IDENTIFY WHAT ENTREPRENEURIAL TASK IS THIS: An entrepreneur finds a way in order to finance his business venture.
- A.
  
  To supply the necessary capital
- B.
  
  To organize production by buying and combining inputs like materials and labor
- C.
  
  To bear the risk inherent to the venture
- D.
  
  To decide on the rate of output, in the light of his expectation about demand
7.

IDENTIFY WHAT ENTREPRENEURIAL TASK IS THIS: Getting resources to create the product and initiate production are roles taken seriously by an entrepreneur.
- A.
  
  To supply the necessary capital
- B.
  
  To organize production by buying and combining inputs like materials and labor
- C.
  
  To decide on the rate of output, in the light of his expectation about demand
- D.
  
  To bear the risk inherent to the venture
8.

IDENTIFY WHAT ENTREPRENEURIAL TASK IS THIS: An entrepreneur calls the shot on the number of products that must be produced according to his predictions and forecast.
- A.
  
  To decide on the rate of output, in the light of his expectation about demand
- B.
  
  To supply the necessary capital
- C.
  
  To bear the risk inherent to the venture
- D.
  
  To organize production by buying and combining inputs like materials and labor
9.

IDENTIFY WHAT TYPE OF ENTREPRENEURIAL TYPE IS THIS: Entrepreneurs usually innovate products and do everything to make them sellable even when it costs much. He may incur losses in doing this but giving up is not an option.
- A.
  
  To supply the necessary capital
- B.
  
  To bear the risk inherent to the venture
- C.
  
  To organize production by buying and combining inputs like materials and labor
- D.
  
  To decide on the rate of output, in the light of his expectation about demand
10.

Who is John Gokongwei Jr.?
- A.
  
  The owner of SM
- B.
  
  The owner of Ayala malls
- C.
  
  The owner of Robinsons Malls
11.

There is a big difference between an entrepreneur and a business man.
- A.
  
  True
- B.
  
  False
12.

An entrepreneur only responds to an opportunity at hand in order to make money.
- A.
  
  True
- B.
  
  False
13.

One of the Consumer Rights is the "Right to Redress".
- A.
  
  True
- B.
  
  False
14.

The "Right to Information" is the consumers’ right to obtain the necessary knowledge and skills to be an informed customer.
- A.
  
  True
- B.
  
  False
15.

The "Right to Representation" provides the consumer with the right to input consumer interest or concern in governmental policies.
- A.
  
  True
- B.
  
  False
16.

Which of the following is not an ethical ethical issue facing entrepreneurs?
- A.
  
  Between the company and the customers
- B.
  
  Between the company and its business associates
- C.
  
  Between the company and its personnel and employees
- D.
  
  Between the company and the government
17.

IDENTIFY WHAT FACTOR THAT INFLUENCE ETHICAL BEHAVIOR: An expectation of high rewards for committing unethical behavior motivates a person to do it. For instance, a person who is considering adulterating his products to increase his profits will be more inclined to do it especially if the community does not strongly condemn such acts.
- A.
  
  Situation
- B.
  
  Reward system
- C.
  
  Individual differences
18.

IDENTIFY WHAT FACTOR THAT INFLUENCE ETHICAL BEHAVIOR: A firm that behaves ethically during prosperous times may act unethically in times of financial hardships. Example: During CoViD-19, businesses were forced to stop their operation. To cope with the financial crisis, some businesses ventured into smuggling over-priced alcohols.
- A.
  
  Individual differences
- B.
  
  Situation
- C.
  
  Reward system
19.

IDENTIFY WHAT FACTOR THAT INFLUENCE ETHICAL BEHAVIOR: People are different from one another and that includes differences in reacting to specific situations. For instance, a trader may think that selling food products which had already expired is not bad. Another person would think differently and would not want to operate in such activity.
- A.
  
  Situation
- B.
  
  Reward system
- C.
  
  Individual differences
20.

IDENTIFY WHAT CONSUMER RIGHT IS APPLIED IN THIS EXAMPLE: The food you ordered at a restaurant has a foul odor and seemed to be spoiled. You went to the counter and asked for a replacement.
- A.
  
  Right to a healthy environment
- B.
  
  Right to choose
- C.
  
  Right to safety
- D.
  
  Right to redress
21.

IDENTIFY WHAT CONSUMER RIGHT IS APPLIED: Medicines are to pass the standards set by the Bureau of Food & Drug Administration (BFAD) to ensure that it is safe to consume before being sold to consumers.
- A.
  
  Right to a healthy environment
- B.
  
  Right to safety
- C.
  
  Right to choose
- D.
  
  Right to information
22.

IDENTIFY WHAT CONSUMER RIGHT IS APPLIED: Labeling products with manufacturing & expiry dates.
- A.
  
  Right to information
- B.
  
  Right to safety
- C.
  
  Right to a healthy environment
- D.
  
  Right to consumer education
23.

Consumers are given the right to communicate their concerns to the management where they patronize.
- A.
  
  The right to representation
- B.
  
  The right to redress
- C.
  
  The right to a healthy environment
- D.
  
  The right to information
24.

This guarantees survival, adequate food, clothing, shelter, health care, education, and sanitation to everyone.
- A.
  
  The right to basic needs
- B.
  
  The right to choose
- C.
  
  The right to safety
- D.
  
  The right to a healthy environment
25.

Retail drugstores, fast-food shops and appliance stores are considered as:
- A.
  
  Wholesaling business
- B.
  
  Retailing business
- C.
  
  None of the above