ENTREPRENEURSHIP

Final Exam

Name : _______________________________________ Score: ______________

Instructions: Read the following questions comprehensively. Choose the letter of your best answer among the
choices provided.

1. Which statement describes the concept of cold calls?

a. The seller calls a random person who has no relationship with the business yet but is
considered as a potential customer.
b. A dialogue process between the buyer and the seller as to how the buyer’s problems or pain points
can be addressed by the product or service of the seller.
c. It is where an independent direct seller goes directly to the customer’s house or office and presents
his products for selling.
d. This often associated with being pushy, and it is selling with subtlety.
2. Which statement describes the concept of persuasive selling?
a. The seller calls a random person who has no relationship with the business yet but is considered as
a potential customer.
b. A dialogue process between the buyer and the seller as to how the buyer’s problems or pain points
can be addressed by the product or service of the seller.
c. It is where an independent direct seller goes directly to the customer’s house or office and presents
his products for selling.
d. This often associated with being pushy, and it is selling with subtlety.
3. Which statement describes the concept of consultative selling?
a. The seller calls a random person who has no relationship with the business yet but is considered as
a potential customer.
b. A dialogue process between the buyer and the seller as to how the buyer’s problems or pain
points can be addressed by the product or service of the seller.
c. It is where an independent direct seller goes directly to the customer’s house or office and presents
his products for selling.
d. This often associated with being pushy, and it is selling with subtlety.
4. Which statement describes the concept of direct selling?
a. The seller calls a random person who has no relationship with the business yet but is considered as
a potential customer.
b. A dialogue process between the buyer and the seller as to how the buyer’s problems or pain points
can be addressed by the product or service of the seller.
c. It is where an independent direct seller goes directly to the customer’s house or office and
presents his products for selling.
d. This often associated with being pushy, and it is selling with subtlety.
5. __________ : research based and very technical ; Implementing a marketing plan : strategy and tactics
based
a. Operations plan c. Financial plan
b. Marketing plan d. Waste segregation plan
6. The following are steps in actual selling of a product or service. What is the proper sequence?
I. Find prospects
II. Close the sale
III. Manage customers, inquiries and objections
IV. Develop a long-lasting relationship with customers
V. Sell credibly to your primary target market
a. I, II, III, IV, and V c. I, III, IV, V, and II
b. I, V, III, II, and IV d. I, IV, III, V, and II
7. What do you mean by the mantra “Customer is always right”?
a. Customers should be taken care of.
b. Customers are always correct.
c. Customers are right-handed.
d. Customers’ feelings and thoughts should be heard.
8. If you establish an eatery and computer shop business in your place because it is near a school, what
micro market source did you used in seeking opportunity?
a. Competitors c. Consumer preferences, interests, and perception
b. Talents, hobbies, skills, and expertise d. Location
9. It requires a combination of debit and credit for every accounting entry and to adhere to the balance
sheet and income statement equations.
a. Separate entity c. T-account
b. Double entry bookkeeping d. Maker-checker
10. A basic accounting concept that the business is a separate and distinct personality from the business
owner.
a. Separate entity c. T-account
b. Double entry bookkeeping d. Maker-checker
11. A summary of the debits and credits for each balance sheet or income statement account that will be
offset from each other to come up with the ending balance.
a. Separate entity c. T-account
 b. Double entry bookkeeping d. Maker-checker
12. It is where the initial entries are recorded and is considered as books of original accounting entries.
a. Business records c. General ledger
b. Maker-checker d. General journal
13. It is where the original accounting entries are transferred to appropriate accounts.
a. Business records c. General ledger
b. Maker-checker d. General journal
14. Which statement describes the concept of cash flow?
a. It is the gauge of the business performance.
b. It is the gauge of financial condition.
c. It is the gauge of liquidity.
d. It is computed by dividing the net income by the marketing investment.
15. Which statement describes the concept of income statement?
a. It is the gauge of the business performance.
b. It is the gauge of financial condition.
c. It is the gauge of liquidity.
d. It is computed by dividing the net income by the marketing investment.
16. Which statement describes the concept of balance sheet?
a. It is the gauge of the business performance.
b. It is the gauge of financial condition.
c. It is the gauge of liquidity.
d. It is computed by dividing the net income by the marketing investment.
17. What is the ultimate objective of a marketing campaign?
a. Provide awareness to the customers about the product or service.
b. To identify the loopholes of the product or service.
c. To hire the most fit and qualified employees.
d. To increase sales or profit.
18. Which of the following statements is true?
a. Professional advice is only needed before starting the business.
b. Professional advice is needed all throughout the life of the business.
c. Professional advice is made only by consultant.
d. Professional advice is only a waste of time.
19. Income : Credit ; __________ : Credit
a. Liabilities c. Expenses
b. Current asset d. Non-current asset
20. Current asset : exchanged to cash within one year ; ______________ : business owes to another
person or creditor.
a. Non-current asset c. Liability
b. Owner’s equity d. Balance sheet
21. Which office will you go to register your owned business?
a. SEC c. BIR
b. DTI d. Mayor’s Office
22. Which office do you visit to register partnership or corporation business?
a. SEC c. BIR
b. DTI d. Mayor’s Office
23. To secure Tax Identification Number (TIN), which office will you go?
a. SEC c. BIR
b. DTI d. Mayor’s Office
24. SSS, Philhealth and Pag-ibig fund contributions is made by _________.
a. Employees only c. Both Employees and Employers
b. Employers only d. Non of the choices
25. The sources of documents are called?
a. Income statement c. Record
b. Balance sheet d. Record keeping