1) It is the key driver for change that contributes to the magnitude of business today. a) Age b) Gender c) Status d) Population 2) It is the physical or virtual setup where transactions are initiated and consummated between the seller and the buyer. a) Business environment b) Market c) Monopoly d) Factors 3) It is the environment of business that is integral to human existence and continuity, operation survival, and flourishing within its surrounding a) Business environment b) Market c) Monopoly d) Factors 4) This refers to a business enterprise that is the only company selling or offering a particular good or service. a) Business environment b) Market c) Monopoly d) Factors 5) It is the most fundamental function concept in business economics. It is a symbiotic and mutually beneficial relationship between the supplier and the consumer a) Law of Business and Market b) Law of Demand and Supply c) Law of Economy and Factors d) Law of Supplier and Consumer 6) A particular entrepreneur assesses the worth or cost of a product being sold. He/she can do it through the process of _________. a) USP b) Products & services c) Cost d) Product value 7) Marish identifies the sum total of the cost of product development, administrative, production, and marketing of the product in her business. She is pertaining to? a) USP b) Products & services c) Cost d) Product value 8) How would you generalize products and services? a) It is the priority of all customers b) It is the lifeblood of all businesses. c) It is the economy’s major wealth d) It is an unending cycle of wants and needs. 9) Which of the following describes “product development”? a) It is a process of improving a new product/existing product in the market. b) It is a process of screening all possible product ideas for the target market. c) It is a process of helping the entrepreneur get feedback from the customers. d) It is a process of requiring a marketing plan to penetrate your target market. 10) What is the main idea of Unique Selling Proposition (USP)? a) It is a concept where an entrepreneur describes the advantages of a product or services. b) It is a concept where a particular product or service executes its sole purpose in the economy. c) It is a concept where you are not just a seller but a biggest advocate of your product and services. d) It is a concept where you are not just selling a product, but it goes beyond what your product can do. 11) Shanni is researching different information about business. She gathered data from these following great sources of information EXCEPT one. a) Government b) Family c) Self d) Society 12) Zennaj is a successful entrepreneur, he has a way of thinking that inspires, challenges, and helps people to find innovative solutions and create opportunities out of problems. He possessed the characteristic of? a) Creativity b) Humility c) Trustworthy d) Faithful 13) Which of the following portrays entrepreneurs as a resourceful, aggressive, innovative, and creative person to survive in a competitive environment. a) Knowledgeable b) Innovative c) Risk-taker d) Competitive 14) A good business idea does not depend solely on intuition or suggestion from others, it also depends on _______? a) Creating and selling new ideas or a new demand for the product/services. b) Generally developed from known facts, by searching and studying concepts. c) Aware that there is an inter-industry relationship happening in the environment d) Good business analysis that can give you a measure of confidence for its success. 15) After generating an idea, Denver filter/screen and conceptualize the product idea for his product development, which of the following he should do next? a) Commercialization and launching. b) Pitch the idea to his family, friend, and colleagues. c) Investigate competition and identify risks and obstacles. d) Prototyping, Business Analysis, and Marketing Strategy. 16) A good, competitive, strategic advantage in branding is to narrow down your "consumers’ focus" by giving them what they want to see, here, and attain.The process of creating a set of instructions or programs is known as "programming". a) TRUE b) FALSE 17) A "logo" is the foundation of the overall brand development. a) TRUE b) FALSE 18) "Advertisement" is the time when you finally unveil your complete brand to the public. a) TRUE b) FALSE 19) "Brand" is the totality of what the product or the business stands for.is the totality of what the product or the business stands for. a) TRUE b) FALSE 20) Identifying the "target audience" for your product and service is key in the brand building process. a) TRUE b) FALSE 21) "Research" is a critical process in brand development, as you must know everything that is happening in the market in terms of brand name. a) TRUE b) FALSE 22) Take full responsibility for your own brand because you are your brand’s biggest "associate". a) TRUE b) FALSE 23) Your brand is your "responsibility" so there is no room for error. You have to take care of your brand. a) TRUE b) FALSE 24) The "brand definition" describes what your product or service is all about. a) TRUE b) FALSE 25) You must first determine what you are branding: Is it a product, a service, a company, or an "individual"? a) TRUE b) FALSE

TLE 8 - RECITATION

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