MINDANAO MISSION ACADEMY Entrepreneurship
Accountancy, Business and Management
Semi-Final Examination
September 6-7, 2018
Name: ______________________________________________ Score:________________
I. Identification: Write your answers on the space provided.
______________1. A tangible good or the intangible service that the enterprise offers to its customers in order
to satisfy their needs and to produce their expected results.
______________2. Products with lower reach, lower visibility, lower prices, and lower top of mind.
______________3. Provides capital to entrepreneurs. It may come in the form of Senior relatives , close friends,
and many more
______________4. People who contribute their expertise, experience, technology, contacts, good character that
will enable the enterprise to succeed.
______________5. Two or more person bind themselves into a contract to contribute money, property, and
expertise in a common venture with the intention of dividing profits among them.
______________6. Encompasses all the direct communication efforts of the enterprise, such as advertising,
public relation campaigns, etc.
______________7. product meets the quality and delivery specifications of the customer
______________8. A type of product where it tries to claim a new space in the mind of the customer different
from the spaces occupied by existing products.
______________9. A type of corporation where it tries to claim a new space in the mind of the customer
different from the spaces occupied by existing products
______________10. Owner or entrepreneur has the sole control over the enterprise. He/she reaps all the profits
and, also, all the losses. Incur all the risk.
II. True or False: Write T if the statement is correct and F if wrong.
_______1.The enterprise must state its mission statement clearly for the investors who need to know what are
they getting into.
_______2. Assets of the enterprise are financed by either liability or Investment.
_______3. Character and competence must be the two major criteria for hiring people.
_______4. Marketing is about creating and accumulating customers
_______5. Once a corporation is established, investors should be limited only up to 5 to 15 natural persons.
_______6. The entrepreneur must present a winning business concept that manifests tremendous future
possibilities.
_______7. Packaging lengthens the lifespan, physically protects, and extends the usefulness of the product.
_______8. The partnership should only obtain a mayor’s permit to acquire a legal personality.
_______9. A good name communicates what the company is all about and what its products are all about.
_______10. A limited partnership consists of partners who are liable individually and collectively to all its
creditors.
“Honesty does not guarantee success, but it is an honorable and respected way to achieve honestly earned
success “
III. Enumeration
1. What are the purposes why an entrepreneur should have a good business plan?
a)
b)
c)
2. Four general types of products that are marketed by an enterprise.
a) c)
b) d)
3. What are the 7 P’s in marketing strategy?
a) e)
b) f)
c) g)
d)
IV. Essay:
1. What is the difference between sole proprietorship, partnership, and corporation?
4. Successful new products spring from the convergence of Creative mind, Technical mind, and Business mind. What
do these three minds mean?
“Honesty does not guarantee success, but it is an honorable and respected way to achieve honestly earned
success “
