Fisheries Entrepreneurship Course Quiz

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Questions and Answers

What is a primary role of an entrepreneur regarding uncertainty?

To manage the investment of owners effectively.

To secure owners against changes in profit.

To insure against all types of risks.

To direct the work of others responsibly. (correct)

Which of the following statements accurately distinguishes between risk and uncertainty?

Both risk and uncertainty can be insured.

Uncertainty is a predictable factor.

Risk is insurable while uncertainty is not. (correct)

Risk is less significant than uncertainty.

What is NOT a benefit of entrepreneurship as mentioned?

Dispersal of economic activities.

Speeding up industrial use of factors of production.

Creation of employment opportunities.

Reduction of social inequality. (correct)

How does entrepreneurship contribute to economic growth?

By creating value and new industries. Signup and view all the answers

What is a characteristic of an entrepreneurial community?

Significant economic and social entrepreneurial activity. Signup and view all the answers

What is a core focus of the Fisheries Entrepreneurship course?

Managing small and medium scale business fisheries enterprises Signup and view all the answers

Which requirement contributes the least to the overall course assessment?

Class Participation Signup and view all the answers

What type of management does the course address for business fisheries enterprises?

Organization and management in both individual and group settings Signup and view all the answers

Which of the following is NOT a chapter covered in the course?

Advanced Aquaculture Techniques Signup and view all the answers

What percentage of the course assessment is attributed to performance tasks?

60% Signup and view all the answers

What is required from students for them to not incur an absence due to uniform policy?

Present a valid reason for not wearing the uniform Signup and view all the answers

What is included in the performance tasks component of the assessment?

Quizzes and business plan proposals Signup and view all the answers

Which policy strictly limits student conduct during class?

Mobile phones and gadgets are prohibited unless permitted Signup and view all the answers

What could lead to the identification of new business opportunities?

Technological change Signup and view all the answers

What is the primary purpose of a business plan?

To provide a comprehensive overview of the business Signup and view all the answers

What characterizes a lifestyle venture?

Provides independence and flexibility to the owner Signup and view all the answers

Which type of venture focuses on making a decent living rather than significant growth?

Smaller Profit Venture Signup and view all the answers

What is a key consideration when deciding to start or buy a business?

Starting a business can be cheaper yet requires more planning Signup and view all the answers

In which type of venture is the focus primarily on innovation and rapid growth?

High Growth Venture Signup and view all the answers

What is a potential downside of buying a business compared to starting one?

Buying can be more expensive and may be out of reach Signup and view all the answers

What is a franchise in the context of starting a business?

A business run by the owner but following a franchiser's guidelines Signup and view all the answers

What is a key advantage of a corporation compared to other business structures?

Centralized management Signup and view all the answers

What disadvantage is commonly associated with incorporating a business?

Double taxation Signup and view all the answers

What is one feature that distinguishes voting in a stockholder corporation from a member organization?

One vote per person regardless of shares Signup and view all the answers

Which of the following is NOT a requirement in the Certificate of Incorporation?

Employee salaries Signup and view all the answers

How does the term of service for officers typically differ between corporations and member organizations?

Officers are appointed for a limited term in corporations Signup and view all the answers

What common procedure is involved in registering a corporation with the SEC?

Paying required filing fees Signup and view all the answers

What is a limitation of shareholder control in a corporation?

Limited voting rights correlating to share ownership Signup and view all the answers

Which of the following describes a common characteristic of a member organization compared to a corporation?

One vote per member Signup and view all the answers

What is one of the primary reasons ethical entrepreneurs are important for sustainable development?

They operate based on high ethical standards. Signup and view all the answers

Which of the following is NOT a non-financial barrier faced by entrepreneurs in rural areas?

Limited access to venture capital Signup and view all the answers

What is a significant advantage of a sole proprietorship?

Lower costs of formation and operation Signup and view all the answers

Which characteristic is unique to a sole proprietorship compared to other business forms?

Unlimited personal liability Signup and view all the answers

Which of the following is a consequence of a country not adhering to ethical entrepreneurial practices?

Decreased socio-economic growth Signup and view all the answers

What is a potential source of funding for a sole proprietorship?

Savings Signup and view all the answers

Which of the following would most likely hinder an entrepreneur in a rural area from starting a business?

Inadequate digital connections Signup and view all the answers

What is one of the advantages of a sole proprietorship related to decision-making?

Freedom and promptness in action Signup and view all the answers

Study Notes

Introduction to Fisheries Entrepreneurship

This course covers the principles and practices of forming and managing small and medium-scale business fisheries enterprises.
The course emphasizes individual, cooperative, and people organization management.

Course Objectives

Students will gain knowledge on the formation and development of small and medium-scale fisheries businesses.
They will understand registration, approval, and permission requirements for doing business.
Students will learn organization and management of entrepreneurship in individual and group organizations (Cooperatives/POs).
They will acquire knowledge of financial accounting for small/medium-scale fisheries enterprises.

Course Requirements

Midterm and Final Examinations comprise 40% of the grade.
Performance Tasks make up 60% of the grade.
Quizzes contribute 30% of the Performance Task grade.
Learning Activities/Business Plan Proposals and Assignments/Projects contribute 20% of the Performance Task grade.
Class Participation contributes 10% of the Performance Task grade.

Chapters

Introduction to Fisheries Entrepreneurship
Entrepreneurs
Entrepreneurship, Economic Development and Business Environment
Forms of Business Enterprises
Managing the Enterprise
Business Plan vs. Feasibility Study
Presentation of the Business Plan

Classroom Policies

Attendance is taken 15 minutes after the scheduled class time.
Quizzes can be announced or unannounced.
Proper uniform is required in all meetings.
Mobile phones and other gadgets are not allowed in the classroom unless permitted by the teacher.
Excused absences include participation in school competitions, seminars, workshops, training, SBO activities, illnesses, and mourning of dead relatives.

Entrepreneurs and Uncertainty

Entrepreneurs have a two-fold function:
- Exercising responsible control (directing the work of others)
- Securing owners of productive services against uncertainty and income fluctuations.
Entrepreneurs distinguish between risk (insurable) and uncertainty (not insurable).
Uncertainty includes factors like changes affecting consumer product marketing, such as fashion trends.
Profit compensates entrepreneurs for bearing uncertainty.

Entrepreneurial Community

This is a community where significant economic and social entrepreneurial activity exists within a system of public and private support.

Entrepreneurship Development

Refers to policies and practices (public and private) that foster entrepreneurship.

Importance of Entrepreneurship

Entrepreneurship contributes to a higher rate of economic growth through value creation.
It accelerates the industrial use of production factors.
It generates employment opportunities.
It disperses economic activities across various sectors and identifies new avenues for growth.
It leads to better social changes.
It improves the standard of living for different sections of society.
It develops technical know-how.
It improves the culture of business and expands commercial activities.
It identifies and evaluates business opportunities.

Process of Entrepreneurship

Identifying Business Opportunities
- New opportunities can arise from technological change, market shifts, government regulations, or computation.
- This is a critical element of the entrepreneurial process, assessing whether a product or service has the necessary return on investment for the resources required.
Developing a Business Plan
- This is a document that outlines the business, marketing, financial, organizational, and operational plans for a new venture.
- Planning is crucial for success.
- A business plan is a step-by-step guide for turning ideas into reality.

Types of Businesses According to Motivation

Lifestyle Ventures:
- Small companies providing independence, autonomy, and control for the owner, often run out of a household.
- Offer flexibility (hours, meeting places, attire).
- Align personal interests and hobbies with a desire to make a profit.
Smaller Profit Ventures:
- Small companies that are not focused on excessive growth.
- Aim to make a decent living, not necessarily millions of dollars.
- Examples include mom-and-pop stores.
High-Growth Ventures:
- The goal is maximum profit and growth.
- Focus on pushing the envelope and scaling to the largest possible size.
- Emphasize innovation.

Start or Buy a Business: Considerations

Start:
- Cheapest option, but very difficult and requires extensive planning and research.
Buy:
- Expensive, may be out of reach, but requires less planning and research.
Franchise (middle ground):
- A business run by an individual (franchisee) who is granted the right to market a good or service by a franchiser.

Barriers to Entrepreneurship Development

Non-Financial Barriers:
- Difficulty finding information on local regulations, taxation, and environmental laws.
- Inadequate infrastructure facilities.
- Lack of support from local and national government.
- Issues of graft and corruption.
- Resistance to technological advancement.
- Inadequate digital connections and Internet facilities.

Ethic Entrepreneurship

A country's development should be sustainable and ethical.
Entrepreneurs should operate their businesses with high ethical standards.
Ethical business practices build consumer loyalty, retain good employees, and create a stable environment, minimizing unexpected problems.
A country with a base of ethical job-generating entrepreneurs is more likely to sustain its socio-economic growth because it maximizes prosperity, harmony, productivity, and natural resources.

Forms of Business

Sole Proprietorship:
- Owned by an individual with full control and authority over the business.
- The owner exclusively owns all assets and profits.
- It is the most basic type of business structure.
- The owner is personally liable for all debts and losses incurred.
Partnership:
- Owned by two or more individuals who agree to share profits and losses.
- Partnerships can be general (all partners share liability) or limited (some partners have limited liability and are not involved in day-to-day operations).
Corporation:
- A legal entity separate from its owners.
- It has its own legal rights and responsibilities.
- Owners, known as shareholders, have limited liability.
- Corporations are subject to double taxation (at the corporate level and again at the individual shareholder level).
Cooperative:
- Owned and controlled by its members.
- Members share profits and losses.
- Democratic governance with one member, one vote.

Sole Proprietorship

Advantages:
- Ease and low cost of formation.
- Direct motivation and personal care.
- Freedom and prompt action.
- Business secrecy.
- Profit distribution directly to the owner.
Disadvantages:
- Unlimited liability.
- Limited access to capital.
- Difficult to attract and retain skilled employees.
- Business continuity risk.
Sources of Funds:
- Savings
- Personal loans

Corporation

Advantages:
- Separate legal entity.
- Limited liability for investors.
- Easy transfer of ownership.
- Indefinite existence.
- Centralized management.
Disadvantages:
- Complex and costly to form.
- Double taxation.
- Potential for diminished incentives.
- Subject to regulations.
- Potential loss of control.
- High capital requirement.

Certificate of Incorporation

A document that specifies the following:
- Name of the corporation
- Statement of purpose
- Time horizon
- Names and addresses of incorporators
- Place of business
- Capital stock authorization
- Capital required for incorporation
- Preemptive rights provisions
- Restrictions on transferring shares
- Names and addresses of officers
- Bylaws

General Procedures for Registration with SEC

Verify and reserve the proposed name.
Draft the Articles of Incorporation and Bylaws following the Corporation Code.
Obtain endorsements from other government agencies (if applicable).
Deposit paid-up capital/contribution (for foundations only) in a bank.
Pay filing fees.
Claim the Certificate of Incorporation/License.

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Description

This quiz assesses your understanding of the principles and practices of managing small and medium-scale fisheries enterprises. You will be tested on topics including business formation, registration requirements, and management in cooperatives. Prepare to demonstrate your knowledge of financial accounting within the fisheries sector.