Entrep SANDS M1-M4

1. Which of the following is a lawful economic activity undertaken with the objective of earning profit through the production, buying, and selling of goods or services?
A. Entrepreneurship
B. Business
C. Commerce Law
D. Industry

b

2. Which is essential for national economic development, creating employment, facilitating innovation, and contributing to societal welfare?
A. Business
B. Scarcity
C. Capital
D. Labor

a

3. Business involves continuous transactions aimed at satisfying ______ needs.
A. Financial
B. Industrial
C. Human
D. Government

c

4. Businesses can only be for-profit.
A. True
B. False

b

5. What are the inputs or factors of production used to produce the services that people want?
A. Resources
B. Profits
C. Markets
D. Taxes

a

6. What refers to the limited availability of resources such as supplies, raw materials, or labor, which impacts production and pricing?
A. Capital
B. Profit
C. Innovation
D. Scarcity

d

7. What are the inputs or factors of production used to produce the services that people want?
A. Resources
B. Consumers
C. Entrepreneurs
D. Markets

a

8. How many categories of resources are there?
A. 2
B. 3
C. 4
D. 5

c

9. What refers to human effort, both physical and mental, used to produce goods and services?
A. Capital
B. Labor
C. Resources
D. Entrepreneurship

b

10. Labor comes with a more fundamental resource such as ______.
A. Money
B. Capital
C. Time
D. Land

c

11. What refers to the buildings and human skills used to produce goods and services?
A. Capital
B. Labor
C. Scarcity
D. Entrepreneurship

a

12. Factories, tools, equipment, buildings, highways, and other human creations used to produce goods and services are examples of ______.
A. Human Resources
B. Natural Resources
C. Physical Capital
D. Entrepreneurial Ability

c

13. Drivers, surgeons, and teachers, including the knowledge and skills people acquire to increase productivity, are examples of ______.
A. Physical Capital
B. Natural Resources
C. Financial Capital
D. Human Capital

d

14. What refers to gifts of nature used to produce goods and services?
A. Human Resources
B. Capital
C. Natural Resources
D. Labor

c

15. Talent, new ideas, and dreams of new products are examples of ______.
A. Entrepreneurial Ability
B. Physical Capital
C. Labor
D. Scarcity

a

16. What is a profit-seeking decision maker who starts with an idea, organizes an enterprise to bring that idea to life, and assumes the risk of operation?
A. Consumer
B. Entrepreneur
C. Manager
D. Shareholder

b

17. Economic Decision Makers use what model to explain the relationship between households and firms?
A. Business Cycle Model
B. Circular Flow Model of Household and Firm
C. Supply Model
D. Market Structure Model

b

18. Whose interaction determines how an economy's resources are allocated?
A. Governments and banks
B. Consumers and suppliers
C. Economic Decision Makers
D. Managers and employees

c

19. What is the primary goal of a business for sustainability and growth?
A. Social Welfare
B. Profit Motive
C. Scarcity
D. Innovation

b

20. A man starts a laundry shop and earns more income than his total costs after paying expenses. What is the main goal of opening the laundry shop?
A. Employment
B. Profit
C. Innovation
D. Sustainability

b

21. The more customers a laundry shop serves efficiently, the ______ the profit it can potentially earn.
A. lower
B. slower
C. higher
D. smaller

c

22. Success depends on effectively satisfying customer needs. Which key characteristic of business does this describe?
A. Profit Motive
B. Risk & Uncertainty
C. Customer Focus
D. Legal Structure

c

23. Which characteristic means that business is not a one-time activity and that transactions are regular and ongoing?
A. Continuity in Dealings
B. Customer Focus
C. Profit Motive
D. Risk & Uncertainty

a

24. Which characteristic of business involves producing and distributing goods or services to meet customer needs?
A. Customer Focus
B. Legal Structure
C. Profit Motive
D. Continuity in Dealings

a

25. Businesses operate within defined legal frameworks and must comply with laws and regulations, such as pharmaceutical companies adhering to FDA guidelines. What characteristic is this?
A. Customer Focus
B. Legal Structure
C. Risk & Uncertainty
D. Profit Motive

b

26. What are the Key Characteristics of Business?
A. Profit Motive, Risk & Uncertainty, Continuity in Dealings, Customer Focus, and Legal Structure
B. Labor, Capital, Scarcity, Innovation, and Profit
C. Production, Marketing, Finance, Management, and Sales
D. Ownership, Taxation, Employment, Capital, and Technology

a

27. Which stakeholder supports achievement of organizational goals, vision, and mission; ensures efficient use of resources to maximize profit; and builds brand image?
A. Consumer
B. Society
C. Firm
D. Government

c

28. Which stakeholder satisfies needs, improves standard of living, offers variety and affordability, and promotes consumer awareness?
A. Firm
B. Consumer
C. Society
D. Government

b

29. Which stakeholder boosts regional development and infrastructure, supports social welfare, contributes to economic growth and job creation, and enhances global presence?
A. Firm
B. Consumer
C. Entrepreneur
D. Society

d

30. What is an unincorporated business with only one owner who pays personal income tax on profits earned?
A. Partnership
B. Corporation
C. Sole Proprietorship
D. Cooperative

c

31. Sole Proprietorship is the easiest type to establish and a popular choice for small businesses, individual contractors, and consultants.
A. True
B. False

a

32. Most small businesses start as partnerships and may transition to a limited liability entity or corporation as the company grows.
A. True
B. False

b

33. What is an arrangement between two or more people to oversee business operations and share its profits and liabilities?
A. Corporation
B. Partnership
C. Sole Proprietorship
D. Cooperative

b

34. In all partnership companies, all members share both profits and liabilities.
A. True
B. False

b

35. Professionals like doctors and lawyers often form a ______ partnership.
A. General
B. Sole
C. Corporate
D. Limited Liability

d

36. What corporate structure protects its owners from being personally pursued for repayment of the company's debts or liabilities?
A. Sole Proprietorship
B. Partnership
C. Limited Liability Company (LLC)
D. Cooperative

c

37. LLCs do not pay taxes on their profits directly.
A. True
B. False

a

38. An LLC is a ______ entity.
A. Corporate
B. Pass-through
C. Government
D. Nonprofit

b

39. What kind of problem does an LLC generally avoid through pass-through taxation?
A. Scarcity
B. Double Taxation
C. Unemployment
D. Inflation

b

40. What is a legal entity that is separate and distinct from its owners and is established to conduct business or trade?
A. Corporation
B. Partnership
C. Sole Proprietorship
D. Cooperative

a

41. A corporation can only be created by a group of people.
A. True
B. False

b

42. A corporation's managers and shareholders are personally responsible for the company's legal or financial liabilities.
A. True
B. False

b

43. Which type of business converts raw materials into finished goods, such as Ford manufacturing vehicles?
A. Trading
B. Manufacturing
C. Service
D. Extractive

b

44. Which type of business involves buying and selling goods without changing their form, such as a clothing retailer?
A. Manufacturing
B. Agricultural
C. Service
D. Trading

d

45. Which type of business provides intangible goods like expertise or support, such as IT consulting?
A. Service
B. Trading
C. Manufacturing
D. Extractive

a

46. Which type of business is engaged in cultivation and farming activities, such as a tea estate?
A. Agricultural
B. Trading
C. Service
D. Manufacturing

a

47. Which type of business involves the extraction of natural resources, such as a mining company?
A. Agricultural
B. Manufacturing
C. Extractive
D. Service

c

48. Which business role aims to earn financial returns, enabling growth and sustainability?
A. Customer Satisfaction
B. Profit Generation
C. Social Welfare Contribution
D. Innovation

b

49. Which business role encourages new ideas, products, and technologies, such as Tesla developing sustainable automotive technology?
A. Employment Creation
B. Customer Satisfaction
C. Innovation
D. Profit Generation

c

50. Which business role generates job opportunities, both directly and indirectly?
A. Employment Creation
B. Social Welfare Contribution
C. Profit Generation
D. Innovation

a

51. Which business role supports societal needs through CSR and ethical practices, such as TOMS donating shoes for every pair sold?
A. Customer Satisfaction
B. Social Welfare Contribution
C. Employment Creation
D. Profit Generation

b

52. Which business role focuses on delivering value, quality, and reliability?
A. Innovation
B. Employment Creation
C. Social Welfare Contribution
D. Customer Satisfaction

d

53. What refers to a way of thinking that empowers individuals to create value, solve problems, and pursue opportunities with initiative and innovation?
A. Entrepreneurial Mind
B. Business Structure
C. Market Economy
D. Profit Motive

a

54. Entrepreneurial Mind is limited to starting a business; rather, it involves a mindset that embraces change, seeks continuous improvement, and demonstrates resilience.
A. True
B. False

b

55. Which is a legal entity separate from its owners that offers limited liability but is more complex to manage?
A. Sole Proprietorship
B. Corporation
C. Partnership
D. Cooperative

b

56. Which business structure is owned and operated by a group for mutual benefit, such as farmers' cooperatives and credit unions?
A. Corporation
B. Sole Proprietorship
C. Cooperative
D. LLC

c

57. By what industry sector does a business extract natural resources such as through farming, fishing, or mining?
A. Primary
B. Secondary
C. Tertiary
D. Quaternary

a

58. By what industry sector does a business process raw materials into products, such as factories?
A. Primary
B. Secondary
C. Tertiary
D. Quaternary

b

59. By what industry sector does a business provide services, such as tourism and healthcare?
A. Primary
B. Secondary
C. Tertiary
D. Quaternary

c

60. By what industry sector are knowledge-based services such as IT, education, and R&D classified?
A. Primary
B. Secondary
C. Tertiary
D. Quaternary

d

61. What does CSR stand for?
A. Corporate Sales Regulation
B. Corporate Social Responsibility
C. Consumer Service Relations
D. Corporate Security Requirement

b

62. What does R&D stand for?
A. Research and Development
B. Resources and Distribution
C. Revenue and Development
D. Research and Design

a

63. What type of economy is based on customs, traditions, and beliefs, with economic decisions usually made by elders or community leaders?
A. Market Economy
B. Mixed Economy
C. Traditional Economy
D. Command Economy

c

64. In which economy are businesses small and family-based, bartering is common, and there is little use of money or technology?
A. Traditional Economy
B. Market Economy
C. Command Economy
D. Mixed Economy

a

65. What type of economy has the government controlling all economic decisions, including what to produce, how much, and at what price?
A. Market Economy
B. Mixed Economy
C. Traditional Economy
D. Command Economy (Planned Economy)

d

66. In which economy are most businesses owned and managed by the state, while private enterprise is limited or not allowed?
A. Command Economy (Planned Economy)
B. Market Economy
C. Traditional Economy
D. Mixed Economy

a

67. What type of economy is driven by supply and demand with minimal government interference?
A. Command Economy
B. Market Economy (Capitalist Economy)
C. Traditional Economy
D. Mixed Economy

b

68. In which economy are businesses privately owned and individuals are free to start and operate businesses for profit?
A. Traditional Economy
B. Command Economy
C. Market Economy (Capitalist Economy)
D. Mixed Economy

c

69. What type of economy combines market and command economies, with both the private sector and government playing significant roles?
A. Mixed Economy
B. Traditional Economy
C. Market Economy
D. Command Economy

a

70. In which economy are businesses free to operate, but the government regulates certain industries such as healthcare, utilities, or education to protect public interest?
A. Traditional Economy
B. Mixed Economy
C. Command Economy
D. Market Economy

b

71. What is the process of identifying, developing, and bringing a vision to life, whether an innovative product, new service, or better way of doing business?
A. Entrepreneurship
B. Marketing
C. Production
D. Trading

a

72. Entrepreneurs take ______ to launch and operate ventures for profit and/or impact.
A. Taxes
B. Risks
C. Salaries
D. Loans

b

73. What is the process of developing new ideas, products, services, or methods that improve existing ones or create something entirely new?
A. Innovation
B. Scarcity
C. Trading
D. Capital

a

74. What is the willingness to commit time, money, and resources to a business idea despite uncertainty and the possibility of failure?
A. Opportunity Recognition
B. Risk-taking
C. Value Creation
D. Resource Mobilization

b

75. What is the ability to identify a market gap, customer need, or emerging trend that can become a viable business venture?
A. Opportunity Recognition
B. Risk-taking
C. Innovation
D. Resource Mobilization

a

76. What is the act of providing products or services that offer benefits to customers, communities, or businesses, generating monetary or non-monetary worth?
A. Risk-taking
B. Opportunity Recognition
C. Resource Mobilization
D. Value Creation

d

77. What is the process of gathering and utilizing the necessary human, financial, and material resources to start and grow a business?
A. Innovation
B. Resource Mobilization
C. Value Creation
D. Risk-taking

b

78. Creativity, resilience, and adaptability are key, with a focus on solving real-world problems, not just starting businesses. What concept does this describe?
A. Entrepreneurship as a Career Path
B. Tech Entrepreneurship
C. Entrepreneurship as a Mindset
D. Social Entrepreneurship

c

79. Entrepreneurship is seen as a viable alternative to traditional employment and is encouraged in schools, governments, and incubators. What concept does this describe?
A. Entrepreneurship as a Mindset
B. Green Entrepreneurship
C. Inclusive Entrepreneurship
D. Entrepreneurship as a Career Path

d

80. What type of entrepreneurship prioritizes social impact and environmental sustainability?
A. Tech Entrepreneurship
B. Social and Green Entrepreneurship
C. Digital Entrepreneurship
D. Corporate Entrepreneurship

b

81. Startups in AI, apps, and fintech that disrupt industries are examples of ______.
A. Social Entrepreneurship
B. Tech Entrepreneurship
C. Lifestyle Entrepreneurship
D. Green Entrepreneurship

b

82. Promoting entrepreneurial opportunities for underrepresented groups is known as ______.
A. Inclusive Entrepreneurship
B. Corporate Entrepreneurship
C. Digital Entrepreneurship
D. Social Entrepreneurship

a

83. Which statement is the REALITY according to the module?
A. Entrepreneurs are born, not made.
B. Entrepreneurial skills can be learned and developed.
C. Entrepreneurs must have natural business talent.
D. Entrepreneurship cannot be taught.

b

84. Which of the following is a reward of entrepreneurship?
A. Risk of Failure
B. Financial Potential
C. Legal Challenges
D. Financial Instability

b

85. Which of the following lists the rewards of entrepreneurship?
A. Independence, Financial Potential, Personal Fulfillment, Flexibility, and Impact
B. Risk of Failure, Stress, Taxes, Debt, and Competition
C. Scarcity, Labor, Capital, Land, and Time
D. Production, Trading, Manufacturing, Service, and Agriculture

a

86. Which of the following is a drawback of entrepreneurship?
A. Independence
B. Personal Fulfillment
C. Risk of Failure
D. Impact

c

87. Which of the following lists the drawbacks of entrepreneurship?
A. Independence, Flexibility, Impact, Profit, and Innovation
B. Customer Focus, Profit Motive, Innovation, Capital, and Labor
C. Employment, Social Welfare, Sustainability, Technology, and Growth

D. Risk of Failure, Financial Instability, Work-Life Balance, Stress and Responsibility, and Legal/Regulatory Challenges

d

88. What type of entrepreneur operates local or family-run businesses?
A. Small Business Entrepreneur
B. Social Entrepreneur
C. Green Entrepreneur
D. Digital Entrepreneur

a

89. A bakery or retail shop is an example of what type of entrepreneurship?
A. Scalable Startup Entrepreneur
B. Small Business Entrepreneur
C. Corporate Entrepreneur
D. Lifestyle Entrepreneur

b

90. What type of entrepreneur aims to grow rapidly and dominate a market?
A. Social Entrepreneur
B. Lifestyle Entrepreneur
C. Scalable Startup Entrepreneur
D. Small Business Entrepreneur

c

91. Tech startups are commonly examples of which type of entrepreneur?
A. Scalable Startup Entrepreneur
B. Green Entrepreneur
C. Social Entrepreneur
D. Small Business Entrepreneur

a

92. What type of entrepreneur focuses on solving social issues?
A. Digital Entrepreneur
B. Social Entrepreneur
C. Corporate Entrepreneur
D. Lifestyle Entrepreneur

b

93. TOMS Shoes and Grameen Bank are examples associated with which type of entrepreneur?
A. Green Entrepreneur
B. Digital Entrepreneur
C. Social Entrepreneur
D. Scalable Startup Entrepreneur

c

94. What type of entrepreneur innovates within an established organization?
A. Social Entrepreneur
B. Digital Entrepreneur
C. Small Business Entrepreneur
D. Corporate Entrepreneur (Intrapreneur)

d

95. Google X projects are examples of which type of entrepreneurship?
A. Green Entrepreneurship
B. Corporate Entrepreneur (Intrapreneur)
C. Lifestyle Entrepreneurship
D. Social Entrepreneurship

b

96. What type of entrepreneur focuses on environmental sustainability?
A. Green Entrepreneur
B. Digital Entrepreneur
C. Corporate Entrepreneur
D. Social Entrepreneur

a

97. Renewable energy firms are examples of which type of entrepreneur?
A. Lifestyle Entrepreneur
B. Green Entrepreneur
C. Small Business Entrepreneur
D. Scalable Startup Entrepreneur

b

98. What type of entrepreneur operates mainly online?
A. Social Entrepreneur
B. Green Entrepreneur
C. Corporate Entrepreneur
D. Digital Entrepreneur

d

99. E-commerce stores and YouTubers are examples of which type of entrepreneur?
A. Digital Entrepreneur
B. Social Entrepreneur
C. Green Entrepreneur
D. Small Business Entrepreneur

a

100. What type of entrepreneur seeks freedom and flexibility over profits?
A. Scalable Startup Entrepreneur
B. Corporate Entrepreneur
C. Lifestyle Entrepreneur
D. Social Entrepreneur

c