BCD Entrep Pretest

SECTION 1

Instruction for questions 1 to 5:

For each of the following select the most suitable response. One (1) mark will be awarded for each correct answer.

1.      The creation of new firms is important because they contribute to economic development by providing all of the following benefits EXCEPT:

a.       Product-process innovation

b.      Increased tax revenues

c.       Unemployment

d.        Social betterment

2.      Entrepreneurs need to be creative for all the following reasons EXCEPT:

a.       generating new business ideas

b.      recognizing new needs of customers

c.       finding new ways to avoid paying debts

d.      finding new solutions to problems they encounter

3.              Play-Doh, a modeling compound used by children for art and craft projects, was first manufactured as wallpaper cleaner in the 1930’s. What aspect of the S.C.A.M.P.E.R model is this scenario describing?

a.       Put to other use

b.      Reverse

c.       Amplification

d.      Combination

4.      The total value of goods and services produced in a country within any given period is called its:

a.       Gross Domestic Product

b.      Market

c.       Environmental Scanning

d.      Import

5.      Risk can be best defined as:

a.       Making a guess involving all the management and workers of the company

b.      A judgment call to all customers who are engaged in risk taking

c.       Degree of probability that the possible result of a particular course of action will occur

d.      Being full of anxiety and having a gut feeling

SECTION 2

Instruction for questions 6 to 10:

For each of the following statements, place T for True and F for False in the space provided. One (1) mark will be awarded for each correct answer.

6.                     ___ Exchange Rates and Inflation Rates are economic variables.

7.                     ___ The Marketing Mix entails product, price, package, promotion.

8.                      ___ The SCAMPER model is used for generating ideas for products.

9.                     ___ Self Concept is a mental picture of how a person sees him/herself while Self Esteem is the degree to which a person likes or dislikes him/herself.

10.                 ___ Entrepreneurship covers all types of businesses whether illegal or not.

SECTION 3

Instruction for questions 11 to 15:

For each of the following statements, place EV if they describe entrepreneurship venture and WE if they describe wage employment. One (1) mark will be awarded for each correct answer.

11.                                    Can always determine the work hours                      __________

12.                                    Is self-employed                                                        __________   

13.                                    Pursues further education at employer's expense      __________

14.                                    Earns money from the business as “Drawings”       __________

15.                 Never uses personal assets to finance the business    __________

SECTION 4

Instruction for questions 16 to 19:

From your knowledge of the Johari Window Model, state which quadrant is represented by each scenario. One (1) mark will be awarded for each correct answer.

16.     Everyone, including you, knowing that you received a professional certificate in your trade/vocation represent this quadrant of the Johari Window. _____________________	17.     Everyone in your family knowing that you have the potential to be a skilled tradesman even though you constantly believe that you do not would represent this quadrant of the Johari window. ________________________
18.     Keeping your ability as an accountant a secret from everybody you know would be an example of this quadrant of the Johari window. _____________________	19.     No one, including you, knowing how you will respond if the country enters a state of emergency would represent this quadrant of the Johari Window ___________________

SECTION 5

Instruction for questions 20 to 26:

For each of the following questions provide suitable short responses on the writing paper provided by the assessor.

20.    Define the following terms

a.       Nuisance Risks.                                                                                   (2 marks)

b.      Niche Market.                                                                                     (2 marks)

21.    State the meaning of each letter in the acronym SWOT.                                    (4 marks)

22.    List two benefits of entrepreneurship to Jamaica.                                               (2 marks)

23.    State the name and business of TWO (2) prominent Jamaican entrepreneurs.    (4 marks)

24.    Explain TWO (2) personal entrepreneurial characteristics.                                 (6 marks)

25.    Mr. Walters owns a restaurant in Portmore. He notices that since 2011 the number of repeat customers has steadily declined. One of his employees has recommended that they place a suggestion box in the restaurant and provide cards that the customers can use to provide feedback on the goods and services offered. Explain how feedback can benefit Mr. Johnson’s entrepreneurial venture.                                                                     (4 marks)

26.    Paul, who operates a building drafting business, offers an option to print blueprints for repeat customers at a 50% discount. However, the plotter has stopped working due to poor maintenance. Paul then placed a notice in the front window, informing clients that they will now have to print the blueprints themselves. Since then, there has been a decrease in the number of clients.

a.       Which part of the SWOT analysis would this scenario represent to Paul?  (2 marks)

b.      Describe what Paul could have done differently to mitigate a decrease in the number of clients.                                                                                                 (5 marks)

TOTAL MARKS: 50