Entrepreneurship Mock Test (Midterms) BSIT 107

38 questions • 2 y ago

Question list

Entrepreneurial Habits: Multiple Choice Ordinary people stop working when they run out of creative energy, while highly effective entrepreneurs never stop generating new ideas.

Curious being

Entrepreneurial Habits: Multiple Choice The best entrepreneurs believe and act as if everything is a gift. It is a good way of looking at the challenges in any endeavor, such as getting a new venture off the ground or launching a new product line.

Turn obstacles into assets

Entrepreneurial Habits: Multiple Choice It makes entrepreneurs less likely to get anxious in novel situations or when faced with uncertainty. They can think quickly on their feet and see things from different angles. The unfamiliar is simply an opportunity to adapt.

Having a high tolerance for ambiguity

Entrepreneurial Habits: Multiple Choice Wood Brooks has found that trying to calm down during an anxiety attack can only worsen performance. Instead, the anxiety must be reframed as excitement. That’s one reason professional athletes and successful entrepreneurs frame their anxieties as feeling “pumped up,” harnessing those normal jitters to work in their favor.

Using anxieties and fears as fuel

Entrepreneurial Habits: Multiple Choice Successful entrepreneurs have the presence of mind to resist that shift in focus. Their behavior is remarkably consistent regardless of whatever success or defeats they experience. They know that the confidence they feel and any achievements they make are the products of a constant, internal drive to improve their craft.

Focus on the causes, not effects, of confidence and success.

Entrepreneurial Habits: Multiple Choice It means more than merely taking the initiative. It means that as human beings, people are responsible for their lives.

Be proactive

Which statement is TRUE about the entrepreneurial habit, "Think win-win"

It makes all parties feel good about the decision and committed to the action plan.

This principle involves envisioning the future. It states that all things are created twice, but not all first creations are by conscious design. There is a mental (first) creation, and a physical (second) creation.

Begin with the end in mind

It is both urgent and important. It deals with significant results that require immediate attention.

Quadrant I

It is the heart of effective personal management. It deals with things that are not urgent but are important.

Quadrant II

Which statement is FALSE about the habit, Be proactive.

This principle involves envisioning the future.

Some entrepreneurs spend a great deal of time in this Quadrant which are urgent but unimportant activities

Quadrant III

This Quadrant contains not important and not urgent activities

Quadrant IV

What statement is FALSE about the entrepreneurial habit, "Seek first to understand, then to be understood"

It means having a balanced program in four (4) areas of life (physical, social/emotional, mental, and spiritual).

It means that the relationship of departments within an organization is catalytic, empowering, unifying, and exciting

Synergize

It means having a balanced program in four (4) areas of life (physical, social/emotional, mental, and spiritual).

Sharpen the saw

Some innovations succeed because they enable sharing of costly assets.

Asset sharing

This business model consideration involves establishing relationships with supply chain partners.

Collaborative ecosystem

This business model consideration is contrary to a linear consumption process.

A closed-loop process

This business model consideration involves offering products tailored to customers’ specific and immediate needs.

Personalized product or service

Innovators sometimes use technology to move away from traditional hierarchical decision-making models to make decisions that better reflect market needs and allow real-time adaptation to those needs.

An agile and adaptive organization.

Some models charge customers when they use the product or service rather than requiring them to buy something outright.

Usage-based pricing.

It is the practice of catering to other’s welfare.

Loka Sangraha

This Dharma principle states that change and continuity coexist.

Jigyasa

This Dharma principle pertains to innovation.

Vividhta

It involves sensible use of resources for future generations.

Kausalam

It asserts that people should focus on their thoughts and actions rather than the outcomes.

Karma Capitalism

This model argues that the ancient wisdom of Hindu scriptures can be appropriated to business practices.

Parikh's Model

Which statements is FALSE about Naert's model

Profit should be best viewed as a means to serve customers and employees. Therefore, the pursuit of profit is necessary for business but is not the purpose of business.

Which statement is TRUE about Van Duzer's model

It suggests that profit should be best viewed as a means to serve customers and employees. Therefore, the pursuit of profit is necessary for business but is not the purpose of business.

Which statement is FALSE about a business model

A business model does not describe how a company creates and captures value.

This sheet shows the financial position of a business on a certain date (usually the end of the month or year). It is also called the statement of financial position (or SFP)

Balance Sheet/Statement of Financial Position

Which statement is TRUE about the Income statement?

It summarizes the revenues earned and expenses incurred by a business over an accounting period. It is also called the profit-and-loss (P&L) statement.

This statement focuses on liquidity (or balancing the cash inflows and outflows to enable firms to operate and pay their bills when they are due).

Cash flow Statement

This ratio generally means the return on the owner's equity; hence it is sometimes referred to as return on equity (ROE).

Return on Investments (ROI)

Also known as return on sales, is the income to net sales ratio. On a basic level, a low-profit margin can be interpreted as indicating that a company's profitability is not secure.

Profit Margin/Return on Sales (ROS)

This profitability measure shows how effectively the company has utilized its assets.

Return on Assets (ROA)

This ratio compares a company's total debt to its total assets.

Debt Ratio

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