What is the primary goal of an entrepreneur?, Job security, Wealth creation, social recognition, Leisure time, Which of the following is NOT a key characteristic of an entrepreneur?, Fear of failure, Risk-taking, Innovation, Perseverance, What is the process of creating something new and valuable?, Investment, Imitation, Innovation, Incrementalism, What is the ability to identify and capitalize on opportunities?, Business acumen, financial literacy, Entrepreneurial mindset, Market research, What is the financial reward for taking on risk and starting a business?, Salary, Dividend, Profit, Interest, What is the primary goal of a venture?, To maximize profits, To create social impact, Sociological Theory, Psychological Theory, Which of the following is the best example of an asset?, A credit card bill, A personal loan, A house you own, Monthly rent payment, What is a liability?, Something that puts money in your pocket, Something you own that has value, Something you owe to someone else, Monthly rent payment, Which of the following is a common example of a liability?, Stocks, Bonds, Jewelry, fare, Why is it important to understand the difference between assets and liabilities?, To impress your friends with financial jargon, To accurately calculate your net worth and make informed financial decisions, To get better deals when buying groceries, To avoid paying taxes altogether, Which of the following is an example of a depreciating asset?, Gold, Stocks in a stable company, A computer, Fine art, What is the formula for calculating net worth?, Income - Expenses, Assets + Liabilities, Assets - Liabilities, Income + Savings, According to Schumpeter, what is the primary role of the entrepreneur?, Risk-taking, Innovation, Profit maximization, Market research, What are the wealth creation strategies for a company? Select all that apply., Employees, Building, Land, Inventory, Its main objective behind the arms is to earn profits, by way of search of new raw materials, new sources, new machinery, and production of new products, new methods of production, new workers and providing consumer satisfaction., Behavior Theory, Innovation Theory, Theory of Need of Achievement, Entrepreneurial Group Theory, This theory was propounded by John Kunkel. He assumes that the entrepreneurial development of any society depends upon its past and exiting economic social aspirations., Behavior Theory, Innovation Theory, Theory of Need of Achievement, Entrepreneurial Group Theory, Which one refers to a relatively stable income stream for owners based on a workable business model and a maintenance approach to management?, Managed Growth Ventures, Survival Ventures, Aggressive growth Ventures, Lifestyle Ventures, This venture has a workable business model and seeks stable growth over time, as reflected in occasional new product launches, periodic entry into new markets, and steady expansion of facilities, locations and staff, and development of a strong local and regional brand., Managed Growth Ventures, Survival Ventures, Aggressive growth Ventures, Lifestyle Ventures, Tony Tan Caktiong is best known as the founder of which highly successful fast-food chain?, McDonald's, KFC, Jollibee, Burger King, What was Tony Tan Caktiong's initial business before he ventured into the fast-food industry?, A bookstore, An ice cream parlor, A clothing shop, A hardware store, Tony Tan Caktiong is often praised for his leadership style, which emphasizes:, Centralized decision-making, Strong focus on innovation and customer satisfaction, Aggressive cost-cutting, Limiting expansion to the domestic market, What was a key innovation introduced by Mercury Drug that revolutionized pharmaceutical retail in the Philippines?, Drive-thru pharmacies, Selling medicines 24/7, Online delivery services, Discounted generic medicines, Mariano Que is the visionary founder of which major pharmaceutical retail chain in the Philippines?, Mercury Drug, Watson's, Generika Drugstore, Southstar Drug, What was one of the early challenges Mariano Que faced when starting his business after WWII?, Too much competition, Lack of demand for medicines, Scarcity of goods and capital, Government regulations, a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so., Business man, Entrepreneur, Entrepreneurship, seller, refers to building wealth through a variety of methods using financial products., Land, Money, Wealth, Wealth Creation, An ____ is anything, tangible or intangible, that has economic value to its owner or could have economic value in the future., Asset, Liabilities, Wealth, Money, Which of the following is often cited as a primary cause of failure in family businesses across generations?, Lack of external funding, Poor succession planning, Too much innovation, Excessive family harmony, Disagreements among family members regarding the vision, strategy, or values of the business can lead to:, Unified direction, Productive brainstorming, Internal conflicts and paralysis, External partnerships, Which competency involves identifying new market needs or developing unique solutions to existing problems?, Financial Management, Networking, Innovation and Creativity, Operational Efficiency, The capacity to influence and motivate others towards a common entrepreneurial vision is a key aspect of:, Technical Skills, Leadership, Data Analysis, Legal Compliance, Which characteristic refers to an entrepreneur's belief in their own ability to succeed and control their destiny?, External Locus of Control, Self-Confidence, Dependency, Pessimism, An entrepreneur's ability to effectively communicate their ideas, vision, and plans to various stakeholders is a part of:, Technical Expertise, Communication Skills, Solitary Work Ethic, Product Development, An entrepreneur's proactive stance in seeking out new information, opportunities, and resources reflects:, Initiative, Complacency, Which competency is crucial for building and maintaining relationships with mentors, investors, customers, and partners?, Financial Accounting, Networking, The ability to make sound decisions quickly, often under pressure and with incomplete information, is a sign of strong:, Impulsive Behavior, Decision-Making Skills, An entrepreneur's continuous drive to improve products, processes, and services is linked to which characteristic?, Disregard for detail, Drive for Excellence, Which competency is crucial for an entrepreneur to understand market trends, customer needs, and competitive landscapes?, Marketing and Sales, Strategic Planning, An entrepreneur's capacity to manage budgets, secure funding, and interpret financial statements is part of what core competency?, Human Resources, Financial Literacy, Which of the following describes the competency of an entrepreneur to anticipate potential problems and devise strategies to mitigate them?, Networking, Problem-Solving, Which of the following is often cited as a primary reason for startup failure?, Too much funding., Lack of market need for the product or service., Which of these statements about entrepreneurial failure is most accurate?, Failure can be a valuable learning experience, providing insights for future ventures., Failure is a rare occurrence in the startup world., Sarah launched a bakery selling unique artisanal breads. Her breads were popular, but she consistently struggled to cover her operating costs, often running out of ingredients because she miscalculated demand. Which area is she most likely failing in?, Financial planning and inventory management., Product innovation., What is a key defining characteristic of a family business in the context of entrepreneurship?, A business where two or more family members are involved, and the family has control over the strategic direction., A business that only serves family members., What is a common challenge faced by family businesses, particularly during succession?, Blurring lines between family relationships and business roles., Difficulty finding qualified family members., The Reyes family bakery has been operating for three generations. While they have a strong brand and loyal customers, they struggle to attract professional, non-family talent for management positions. What might be a primary reason for this struggle?, They operate in a declining industry., Potential non-family employees perceive limited career progression opportunities due to family dominance., a commercial entity where a significant portion of ownership and management is held by family members, typically related by blood, marriage, or adoption., Friendship business, Family business, the action or process of investing money for profit or material result., business partner, Investment, In the context of entrepreneurship, ____ refers to the process of creating and implementing new ideas, processes, or products that add value and drive business growth., Innovation, Developing new products, In entrepreneurship, a ___ is the individual or entity that takes on the responsibility and potential losses associated with a new venture., risk bearer, consumer

MIDTERM EXAM

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