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CBSE Questions for Class 11 Commerce Business Studies Small Business And Entrepreneurship Quiz 3 - MCQExams.com
CBSE
Class 11 Commerce Business Studies
Small Business And Entrepreneurship
Quiz 3
Which of the following traditional village industries prossess the highest labour productivity?
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Handicrafts
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Sericulture
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Coir
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All of the above
Explanation
Indian handicrafts is an art of making crafts by hand in India is called Indian handicrafts, in ancient India people lived in colonies called tribals and they were used to make utility items for their daily needs, that art of making the crafts called handicrafts, and the items called handicrafts goods.
Handicrafts are hugely important in terms of economic development. They provide ample opportunities for employment even with low capital investments and thus become a prominent medium for foreign earnings. From transforming the traditional Indian arts, and crafts to the customized version of an overseas art form.
Hence, option (A) is the correct answer.
All innovation begins with creative ideas.
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True
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False
Explanation
Creative ideas are the result of prolonged thinking. When a different idea is established than the usual way, it marks the innovation. Innovation always begins with creative ideas.
Hence, the following statement is true.
Creativity is the ____________ for innovation.
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End point
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Middle point
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Starting point
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All of the above
Explanation
Creative work results in innovation. So, creativity is the starting point for innovation. The extent of creativity marks the existence of innovation.
Hence, option (C) is the correct answer.
Which of the following is characteristic(s) of an entrepreneur?
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Entrepreneur must have creative thinking of art.
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He should guard his family secrets from his competitors
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He must have clear objectives as to the exact nature of goods
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All of above
Which of the following is characteristic(s) of an entrepreneur?
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He must maintain good relations with his customers, employees etc.
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He should have good communication skills
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He should guard his business secrets from his competitors.
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All of above
Explanation
Some characteristics that an entrepreneur needs to have are:-
1. Mental ability:- to have creative thinking and must be able to analyze situations and problems.
2. Business Secrecy:- he should protect his business secrets from his competitors.
3. Clear objectives:- must have a clear objective of what to be pursued in the future.
4,. Communication ability:- should poses good communication ability and skills.
5. Human Relation:- he must maintain good relations with suppliers, customers, employees, etc.
Hence, option (D) is the correct answer.
Research indicates that most successful entrepreneurs share certain personal attributes, including ________.
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Leadership
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Passion
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Self-confident
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All of the above
Explanation
An entrepreneur possess some personal traits. Some traits are as follows:-
1. He is a person who develops and owns his own enterprise.
2.He is innovative.
3. He is a moderate risk-taker.
4. Poses leadership quality.
5. Reflects a strong urge to be independent.
6. Dissatisfied with routine activities.
7. Passionate.
8. oriented towards the future.
9. convert a situation into opportunities.
Which of the following is not considered a common characteristic of an entrepreneur?
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Internal locus of control
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High need for achievement
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Self-confident
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External locus of control
Explanation
Following are the characteristics often found in an entrepreneur:-
1. Disciplined
2. Confidence
3. open-minded
4. Self-starter
5. Competitive
6. Creativity
7. Determination
8. Strong people skills
9. Strong work ethic
10. Passion
Thus, External Locus of control is not a characteristic of an entrepreneur
Innovation is the tool of _________.
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Managership
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Entrepreneurship
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Ownership
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Intrepreneurship
Explanation
Innovation is the tool of entrepreneurship. How innovative a person determines his ability to be a successful entrepreneur. Innovation drives entrepreneurship. It is the stepping stone for a start-up.
Hence, option (B) is the correct answer.
Creativity is the ability to make or otherwise bring into existences something new, whether a ___________.
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New solution to a problem
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New method or device
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New artistic object or form
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All of the above
Explanation
Creativity can be anything. Maybe a product, service, device, solution to a problem, or form of doing something. It relates to working or applying skills and the ability to bring into existence something new.
Hence, option (D) is the correct answer.
Which of the following is not a personal characteristic often found in an entrepreneur?
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Self- confident
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Independent-minded
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Perceptive
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Follower
Explanation
Following are the characteristics often found in an entrepreneur:-
1. Disciplined
2. Confidence
3. open-minded
4. Self-starter
5. Competitive
6. Creativity
7. Determination
8. Strong people skills
9. Strong work ethic
10. Passion
thus, the follower is not a characteristic of an entrepreneur.
Which of the following are risks for entrepreneurs in small business?
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Interference with personal lives
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Psychological stress
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Social and family pressure
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All of the above
Explanation
Following are the risk for entrepreneurs in small business-
Abandoning the steady paycheck.
Sacrificing personal capital.
Relying on cash flow.
Estimating popular interest.
Trusting a key employee.
Betting on a crucial deadline.
Donating personal time
Psychological stress
Social and family pressure
Conducting a market assessment helps to ________
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Prepare to enter a new market
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Launch a new product/service
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Start a new business
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All of above
Explanation
Market assesssment helps in examining the market completely. It helps to prepare to enter in to a new market, launch a new product or service and even to start a new business. It helps in analyzing the pros and cons of launching the idea in to a market.
Steve Jobs 1st principle of innovation is _________.
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sell dreams, not products
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kick start your brain
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put a dent in the universe
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do what you love
Explanation
In his travelling lecture about
Steve Jobs, a
uthor Carmine Gallo's states the "Steve Jobs' 7 Principles of Innovation".
The first of Jobs' principles, according to Gallo is: Do what you love. It reads as follows "Steve Jobs taught us that you cannot come up with new, innovative and exciting products unless you’re inspired yourself and passionate about moving society forward."
_________ like entrepreneurs are the people with great willingness and efficient leadership. He inspires others. He has an incredible will and ability to lead the world and the business through any challenge. He is the essence of entrepreneurship and can assemble great companies.
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Hero
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Healer
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Superstar
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Juggler
Explanation
As the name suggests hero is a person who is appreciated for their courage, achievements and good qualities. A Hero like entrepreneurs are the people with great willingness and efficient leadership. He inspires other. He has an incredible will and ability to lead the world and the business through any challenge.He is the essence of entrepreneurship and can assemble great companies.
Steve Jobs 2nd principle of innovation is __________.
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Sell dreams, not products
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Kick start your brain
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Put a dent in the universe
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Do what you love
Explanation
Put a dent in the Universe:- In 1976, when Jobs and Steve Wozniak co-founded Apple, Job's vision was to put a computer in the hands of everyday people. Two people can see the exactly same thing , but perceive it differently based on their vision.
____________ as the name suggests, nurtures the business by bringing harmony with a surprising ability to survive with an inner calm. Healer is closely related to calmness which lets him avoid the outside harsh realities of business.
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Hero
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Healer
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Superstar
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Juggler
Explanation
Healer is the person who can mend or repair things. Healer as the name suggests, nurtures the business by bringing harmony with a surprising ability to survive with an inner calm. Healer is closely related to calmness which lets him avoid the outside harsh realities of business.
___________ encompasses everything that a person knows and can do in the broad domain of his or her work knowledge and technical ability.
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Expertise
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Creative thinking skills
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Motivation
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Organization
Explanation
Some characteristics that an entrepreneur needs to have are:-
1. Mental ability:- to have creative thinking and must be able to analyse situations and problems.
2. Business Secrecy:- he should protect his business secrets from his competitors.
3. Clear objectives:- must have a clear objectives of what to be pursued in the future.
4,. Communication ability:- should poses a good communication ability and skills.
5. Human Relation:- he must maintain good relation with suppliers,customers,employees etc.
An entrepreneur and a manager differ in their standing, an entrepreneur is the ___________ of the organization and he bears all the risk and uncertainties involved in running an organization where as a manager is an _______ and does not undertake responsibilities for any risk.
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owner, owner
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owner, employee
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employee, employee
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employee, owner
Explanation
An entrepreneur is the owner of the business who assumes risk and invest capital. whereas a manager is an employee who manages the work but does not take any risk.
How many principles which are responsible for success through innovation are given by Steve Jobs?
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5 principles
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7 principles
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8 principles
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6 principles
Explanation
Steve jobs recommended 7 principles that are responsible for success through innovation. They are:-
1. Do what you love.
2. Put a Dent in the universe.
3. Kick Start your Brain.
4. Sell Dreams, not products.
5. Say no to 1000 things.
6. Create insanely great experiences.
7. Master the message
Hence, option (B) is the correct answer.
____________ refers to how you approach problems and solutions the capacity to put existing ideas together in new combinations.
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Expertise
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Creative thinking skills
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Motivation
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Planning
Explanation
Creative Thinking Skills refers to how you approach problems and solutions. The capacity to put the existing ideas or combining the existing ways together to bring in to existence something new or different than usual way.
Creativity requires __________.
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Passion
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Commitment
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Both (A) & (B)
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Neither (A) nor (B)
Explanation
Creativity cannot be achieved in a day. It requires continuous commitment and passion to do something different
The Start-up scheme provides loans to entrepreneurs of
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The Scheduled Caste
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The Scheduled Caste and Scheduled Tribes
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The Scheduled Caste and Scheduled Tribes as well as women.
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The Scheduled Caste, Scheduled Tribes as well as women & men.
Explanation
The Start up India scheme facilitates bank loans between 10 lakh and 1 crore to at least one schedule caste or schedule tribe borrower and at least one woman borrower per bank branch for setting up a green field enterprise. This enterise may be manufacturing,trading or service.
____________ is the "inside entrepreneur".
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Shareholder
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Part time director
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Intrapreneur
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All of above
Explanation
Intrapreneurship is like acting as an entrepreneur within the organization. Intrapreneurship is a step towards entrepreneurship. It focuses on self motivation and resolving a specific issues which ultimately helps in achieving the major goals. It focuses on minor goals and hence helps to achieve the entrepreneurship goals in long run. It is a combination of entrepreneurship and management skills.
A new scheme of __________ of small businesses is implemented through NSIC.
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Project financing
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Performance and credit rating
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Management and technical support
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All of the above
Explanation
A new scheme of performance and credit rating of small businesses is implemented through NSIC.
NSIC in consultation with Credit Rating Agencies and Indian Banks’ Association has formulated a Performance and Credit Rating Scheme for Micro & Small Enterprises.
The National Small Industries Corporation (NSIC) has been appointed as a nodal agency by the Ministry of Micro, Small & Medium Enterprises to implement the scheme.
Which of the following is a modern industry?
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Coir
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Powerloom
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Small scale industry
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Both B and C
Explanation
Powerloom and Small Scale Industry.
A power loom is a type of loom that is powered mechanically instead of using human power to weave patterns or thread into cloth. The power loom is an invention that combined threads to make cloth. Power looms were assembled in the weaving shed of a mill and driven by a steam engine by belts from overhead shafting. Power looms were a major advance over the hand looms used before.
Small scale industries (SSIs) also known as MSMEs are defined & categorized by the Micro, Small & Medium Enterprises Development Act, 2006. The act categorizes different scale of industries on the basis of investment in plant & machinery in case of manufacturing industries and on the basis of investment in equipment in case of service sector industries.
Which of the following falls under the traditional industry?
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Powerlooms
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Handicrafts
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Small scale industries
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Both B and C
Explanation
Handicrafts.
A handicraft, sometimes more precisely expressed as artisanal handicraft or handmade, is any of a wide variety of types of work where useful and decorative objects are made completely by hand or by using only simple tools. It is a traditional main sector of craft, and applies to a wide range of creative and design activities that are related to making things with one's hands and skill, including work with textiles, moldable and rigid materials, paper, plant fibers, etc.
To simplify the regulatory framework the Government introduced the Ease of Doing Business wherein an MSME unit has to fill in a one
page self-declaration online form called _______.
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Aadhaar Form
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MSME Application Form
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Udyog Aadhaar
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Aadhaar Udyog
Explanation
Udyog Aadhaar:-
The idea behind introducing Udyog Aadhar was to simplify the procedural format that business owners had to go through in order to register their business under Micro Small Medium Enterprise or MSME.
Udyog Aadhar is nothing but a government registration that is provided along with a recognition certificate and a unique number in order to certify small/medium businesses or enterprises.
The central motive behind the launch of this facility was to offer a way to the government to provide the maximum benefits to medium or small-scale businesses or industries in India, who are registered via MSME through their Aadhar Card Number.
Social entrepreneurship is a revolution occurring around the world, where people from all walk of life are ---
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developing and implementing innovative, effective and sustainable solutions in response to government role.
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developing and implementing innovative, effective and sustainable solutions in response to social and charitable challenges.
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developing and implementing innovative, effective and sustainable solutions in response social and environmental challenges.
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developing and implementing innovative, effective and sustainable solutions in response to taxation environment challenges.
Explanation
A social entrepreneur is a person who develops or establishes an enterprise with the aim of solving social problems. Social entrepreneurship is a revolution occurring around the world, where people from all walk of life are developing and implementing innovative,effective and sustainable solutions in response to social and environmental challenges.
Who among the following has given definition of social entrepreneurship?
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Greg dugouts
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Greg dee
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Dee maria
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Susan B. Anthony
Explanation
Greg dee has given the definition of social entrepreneurship. The idea of "social entrepreneurship" has struck a responsive chord. It combines the passion of a social mission with an image of the business.A social entrepreneur is a person who develops or establishes an enterprise with the aim of solving social problems.
Who is faced with more income uncertainties?
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Purchaser
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Buyer
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An entrepreneur
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None of above
Explanation
An entrepreneur takes much risk to establish a business. He invest in his business with an uncertainty of returns . An entrepreneur faces income uncertainties as he is the owner not the employee.
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