Periodical Exam

Question 1

are “the final product to be sold to target customers.”

Answer 1

Output

Question 2

can be described as the “best friend” of manpower in producing goods and offering service

Answer 2

Machines

Question 3

the process of finding out if the intended primary target market will be buying the product or availing the service

Answer 3

Validation of the Market acceptability

Question 4

“Developing a Great Business Model” on the Entrepreneur website, the entrepreneur must adapt the dynamics of
traffic lights in developing the business model.

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Answer 4

According to Don Daebelak

Question 5

refers to a high value asset that is submitted by the business tothebank when applying for a loan and will be subject for repossession if the
business defaults.

Answer 5

Collateral

Question 6

the materials or ingredients to be used in creating the product.

Answer 6

Inputs

Question 7

the output of sale wherein the sale price exceeds the cost to produce the product.

Answer 7

Profit

Question 8

refer to the day-to-day activities, including manufacturing, services, logistics, and inventory management

Answer 8

Methods

Question 9

the process of bringing products or services to customers.

Answer 9

Distribution

Question 10

is composed of three elements: (1) assets, (2) liabilities, and(3)
owner’s equity or capital. Assets represent the business that are expected to have future economic value

Answer 10

Balance sheet

Question 11

to be used in creating a product or performing a service, which include supply chain management.

Answer 11

Materials

Question 12

generally summarizes the terms and conditions of the candidate’s employment with the business.

Answer 12

Job offer

Question 13

refers to the value reduction of the noncurrent asset primarily
due to natural wear and tear and other value-reducing factors.

Answer 13

Depreciation

Question 14

the funds allocated by the entrepreneur to run business.

Answer 14

Capital

Question 15

a separate entity and should not be mixed with the personal
finances of the entrepreneur.

Answer 15

Business

Question 16

One of the most difficult parts of the business plan

Answer 16

financial plan

Question 17

a crucial concept in business management. It provides a structured approach for analyzing and optimizing various aspects of a business.

Answer 17

4M’s Framework

Question 18

efers to the human resources within a business. It involves
understanding the skills, knowledge, and capabilities of your workforce. A successful business ensures that it has the right people in the right roles, with adequate training and development opportunities.

Answer 18

Manpower

Question 19

encompass the processes and procedures used to carry out
business operations. Efficient and effective methods are essential for productivity and quality. Evaluate your business processes regularly, identify bottlenecks, and seek ways to streamline operations.

Answer 19

Methods

Question 20

involve the resources needed for production or service delivery. This includes raw materials, supplies, and equipment.

Answer 20

Materials

Question 21

vital for business success. Analyze your target
audience, competition, and industry trends. Develop a comprehensive marketing strategy to reach your audience effectively. Regularly assess and adapt your approach based on market changes. Customer feedback and market research are valuable tools for staying relevant in a dynamic business environment.

Answer 21

Market

Question 22

Integration of the 4M’s:

Answer 22

The strength of the 4M’s Framework lies in the interconnectedness of its elements. For example, a well-trained workforce (Manpower) might leadtoimproved production processes (Methods), resulting in high-quality products. This, coupled with strategic marketing (Market), enhances the overall
business performance.

Question 23

Case Study: Applying the 4M’s Framework:

Answer 23

Consider a manufacturing company that identifies a decline in product quality. By using the 4M’s Framework, the company might discover that the issuestems from outdated machinery (Materials) and lack of employee training(Manpower). Updating equipment and providing training can lead to improvedproduction processes (Methods), ultimately enhancing the product’s qualityand market competitiveness.

Question 24

a powerful tool for analyzing and optimizing various facets of a business.

Answer 24

4M’s Framework