IDENTIFYING THE BUYERS AND THE SELLERS

Question 1

Displays hard work and perseverance in the face of challenges; utilizes skills to diligently carry out tasks or make goods.

Answer 1

Industrious

Question 2

Has the ability to envision future needs or demands and create new opportunities,
products, and services to meet these demands.

Answer 2

Innovative

Question 3

Does not engage in deceptive or fraudulent acts; displays sincerity at all times.

Answer 3

Honest

Question 4

Does not easily give up or let go.

Answer 4

Persistent

Question 5

Understands the feelings, concerns, and needs not only of his or her customers but also
his or her workers.

Answer 5

Caring

Question 6

Is always available to provide assistance.

Answer 6

Helpful

Question 7

Conducts business fairly and cultivates a culture of righteousness

Answer 7

Faith in goodness and righteousness

Question 8

Is able to adapt to any change yet remain logical and organized

Answer 8

Organized yet flexible

Question 9

Feels or shows certainty, as of success.

Answer 9

Confident

Question 10

Is a careful planner; sets long term goals and plans and executes a well thought of
strategy in order to achieve them.

Answer 10

Strategist

Question 11

Is never wasteful and always ensures that all resources are used wisely and every bit of
raw material does not go to waste

Answer 11

Prudent

Question 12

Is a go-getter and an achiever; acting on a dream, vision, and plan, no matter how hard
it may seem at first

Answer 12

Determined

Question 13

Is well-trained and possess information and understanding of concepts necessary to run a business venture

Answer 13

Knowledgeable

Question 14

Strives for excellence and perfection to exceed customer satisfaction

Answer 14

High quality philosophy

Question 15

Takes calculated risks and knows how to match opportunities with market realities; takes on risks anticipating business profitability and chances of success.

Answer 15

Risk-taker

Question 16

This type of entrepreneur offers products and services with the overall intention of
creating social good.

Answer 16

THE SOCIAL ENTREPRENEUR

Question 17

This type of entrepreneur sets up business and brings them to a stage of development
from where they can move on to the next project

Answer 17

THE SERIAL ENTREPRENEUR

Question 18

This type would choose a business that would reflect their passion. Focus is on doing
something one loves rather than pursuing profit.

Answer 18

THE LIFESTYLE ENTREPRENEUR

Question 19

This type operates alone and manages all aspects of the business.

Answer 19

THE SOLOPRENEUR

Question 20

WHAT ARE BUYERS?

Answer 20

PURCHASE

Question 21

Persons who offer things to buyers in return of something

Answer 21

SELLER

Question 22

Vendors creditors, dealers, merchants and suppliers

Answer 22

SELLER

Question 23

Persons or group of persons who transfer goods

Answer 23

SELLER

Question 24

WHAT ARE THE DUTIES OF THE SELLER?

Answer 24

1. Make business fairly with buyers
2. Deliver on time, with proper care and place of delivery
3. Provide warranty for the product sold to the buyer.

Question 25

TRUE OR FALSE

Buyers are persons who purchase products or services while sellers are persons
who transfer products or services,

Answer 25

TRUE

Question 26

TRUE OR FALSE

An entrepreneur must have not just the knowledge and skill but also the proper
values and attitude.

Answer 26

TRUE

Question 27

is something that is manufactured following a process, or grown and nurtured
in order to be sold for a profit.

Answer 27

PRODUCT

Question 28

Hints to help one decide what type of business to get into:

Answer 28

Start with a hobby or interest.
 Produce something that you can offer or sell to your friends and school mates.
 Products that are always in demand are food items.
 Start small before you think of producing bigger quantities.
 Do some research and investigation.
 Observe people and their food preferences.
 Check existing products in the local market.

Question 29

Things to remember when putting up a business:

Answer 29

 Keep your cost down while maintaining the quality of your product.
 Make sure to canvass and find out where you can get your materials and supplies in the
best price available.
 Purchase ingredients in a store or market that sells fresh produce.
 Packaging must be of good quality to affect its saleability.

Question 30

TRUE OR FALSE

Needs are basic necessities of people such as food, clothing, and shelter.

Answer 30

TRUE

Question 31

TRUE OR FALSE

Wants are goods that people desire or wish to have

Answer 31

TRUE

Question 32

Are goods that people desire or wish to have

Answer 32

WANTS

Question 33

are basic necessities of people such as food, clothing, and shelter.

Answer 33

NEEDS

Question 34

WHO INVENTED HIERARCHY OF NEEDS?

Answer 34

Abraham Maslow

Question 35

is a well-known American psychologist. He proposed the different levels of
needs and human beings.

Answer 35

Abraham Maslow

Question 36

true or false

The knowledge of the needs of people does not help entrepreneurs market their products and services.

Answer 36

false

Question 37

what are the Maslow’s Hierarchy of needs.

Answer 37

Physiological needs = basic needs

Security needs or safety needs

Social needs include the need for belonging, love, affection

Esteem needs include personal worth

Self-actualization or
self-fulfilment needs

Question 38

true or false

Bottled water is one of the most in-demand products in school and community that can
provide a solution to the need.

Answer 38

true

Question 39

TRUE OR FALSE

Among the products that are always in demand are non-food items.

Answer 39

FALSE

FOOD ARE THE MOST IN DEMAND ITEMS