1 A person who
organizes, manages and assumes the risks of starting and operating a business
to make a profit is called a(n):
a. entrepreneur.
b. investor.
c. speculator.
d. small business person.
Ans: Entrepreneur
2 According to the
text, which of the following qualities will increase your chance of succeeding
as an entrepreneur ?
a. vision.
b. risk orientation.
c. determination.
d. all of the above.
Ans: All
of the above
3 Which of the
following was not cited as a reason for starting a new business?
a. independence.
b. challenge.
c. profit.
d. increase of leisure time.
Ans:
Increase of leisure time
4 Which of the
following is not a characteristic of a small business?
a. independently
owned and operated.
b. dominant in its field.
c. meets certain standards in terms of size.
d. all of the above.
Ans:
Dominant in its field
5 All but which of
the following was cited in the text as a reason for female entrepreneurship?
a. financial need.
b. lack of promotion opportunities.
c. feminism
d. recognition and prestige.
Ans:
Recognition and prestige
6 Mr. X is employed
in a corporation to launch new products. He is a(n):
a. entrepreneur.
b. intrapreneur.
c. innovator.
d. franchisor.
Ans:
Intrapreneur
7 Statistics show
that most new businesses fail within:
a. 6 months.
b. 5 years.
c. 10 years.
d. 3 months.
Ans: 5
Years
8 Which of the
following is not a common reason for small-business failure?
a. lack of
interest.
b. lack of necessary personnel.
c. lack of experience.
d. poor allocation of time.
Ans: Lack
of Interest
9 The EDC was
established to:
a. lend money to
companies.
b. assist businesses in the task of exporting.
c. to invest in exporting companies.
d. none of the above.
Ans:
Assist businesses in the task of exporting
10 Which of the
following would be included in the business plan?
a. capital
required.
b. marketing plan.
c. management team.
d. all of the above.
Ans: All
of the above
11 Which
characteristic would likely be found in an industry dominated by small business
firms?
a. little capital
required.
b. capital intensive.
c. labour intensive.
d. none of the above.
Ans:
Little capital required
12 Which of the
following is suggested by the text as a way of learning how to run a small
business?
a. learn from
others.
b. get some experience.
c. consult with an accountant.
d. all of the above.
Ans: All
of the above
13 Women are
playing an ever increasing role in new business start-ups.
a)
True
b)
False
Ans: True
14 Downsizing has
contributed to entrepreneurship.
c)
True
d) False
Ans: True
15 Women starting
their own business have generally been concentrated in the manufacturing
sector.
a)
True
b)
False
Ans: False
16 Peter Drucker
stated that in the future, people with college training will be at a
disadvantage as entrepreneurs.
a)
True
b)
False
Ans: False
17 Highly
innovative, fast moving entrepreneurial units operating at the fringes of a
corporation are called skunkwork.
a)
True
b)
False
Ans: True
18 According to the
text, a small business employs fewer than 20 employees.
a)
True
b)
False
Ans: False
19 Nearly all small
businesses are foreign owned and managed.
a)
True
b)
False
Ans: False
20 Small businesses
are found in few sectors or industries.
a)
True
b)
False
Ans: False
21 Lack of finances
is an important cause of small business failure.
a)
True
b)
False
Ans: True
22 Venture
capitalists are the most common source of commercial financing.
a)
True
b)
False
Ans: False
23 Personal savings
are an important source of financing for SMES.
a)
True
b)
False
Ans: True
24 A business plan
is a detailed written statement that describes the nature of the business, the
target market, the resources, and much more.
a)
True
b)
False
Ans: True
25 How is an intrapreneur different
from an entrepreneur?
a)
Intrapreneurs start nonprofit
organizations while entrepreneurs start profit-seeking businesses
b)
Intrapreneurs are practical while
entrepreneurs are creative
c)
Intrapreneurs work within
existing corporations while entrepreneurs assume the risks of starting their
own business
d)
Intrapreneurs limit their
efforts to financial investments, while entrepreneurs are involved in all areas
of business activity
Ans:
Intrapreneurs work within existing corporations while entrepreneurs assume the
risks of starting their own business
26
In India, the Village and Small Industries? Sector consists of both traditional
and modern small industries. This sector has ___________subgroups.
a)
Eleven
b)
Five
c)
Ten
d) Eight
Ans: Eight
27
A tiny unit is defined as an industrial or business enterprise whose investment
in plant and machinery is not more than ___________
a)
Rs. 25 Lakhs
b)
Rs.30 Lakhs
c)
Rs.35 Lakhs
d) Rs.50 Lakhs
Ans: Rs 25 Lakhs
28
Which of the following is part of ?Village and Small Industries Sector?
a)
Handicrafts
b)
Sericulture
c)
Handlooms
d) All of these
Ans: All of these
29
Which of the following comes under the Modern Small Industries?
- Coir
- Handicrafts
- Khadi
- Powerlooms
Ans: Power looms
30
_____ is defined as one in which the investment in fixed assets of plant and
machinery does not exceed rupees one crore.
a)
Limited Companies
b)
None of these
c)
Small Scale Industry
d) Large Scale industry
Ans: Small scale Industry
31
The small scale industry can enjoy the status of ________ if it supplies not
less than 50% of its production to another industry, referred to as the parent
unit.
a)
Village industries
b)
Micro Business industry
c)
Export oriented unit
d) Ancillary small industry
Ans: Ancillary small industry
32 The small scale industry can enjoy the status of
_______ unit if it exports more than 50% of its production.
a)
Domestic unit
b)
Export Oriented units
c)
Small scale unit
d) Import oriented units
Ans: Export
oriented units
33 Small scale industries owned and managed by women
entrepreneurs have share capital of not less than __________
a)
25 percent
b)
50 percent
c)
51 percent
d) 20 percent
Ans: 51
percent
34 A small scale serivce and business enterprise is
one whose investment in fixed assets of plant and machinery excluding land and
building does not exceed ______
a)
Rs.25 Lakhs
b)
Rs.30 Lakhs
c)
Rs.10 Lakhs
d) Rs.15 Lakhs
Ans: Rs. 10 Lakhs
35 Micro enterprises are those whose investment in
plant and machinery does not exceed rupees___
a)
5 Lakh
b)
3 Lakh
c)
1 Lakh
d) 2 Lakh
Ans: 1 Lakh
36 Any industry located in a rural area which
produces any goods, renders any service with or without the use of power is
known as ________
a)
City Industry
b)
Town Industry
c)
Village Industry
d) District Industry
Ans: Village Industry
37 ________ are also known as Rural industries or
Traditional industries
a)
Food industry
b)
Cottage Industries
c)
None of these
d) Agricultural industry
Ans: Cottage Industries
38 Which of the following is organised by
individuals?
a)
Cottage Industries
b)
Railway industry
c)
None of these
d) Chemical industry
Ans: Cottage Industries
39 Limit of investment in small scale industry is
_________
a)
one crore
b)
two crore
c)
five crore
d) Ten crore
Ans: one Crore
40 Expand EOUs
a)
Essential Operating units
b)
Export Order Units
c)
Export Oriented units
d) Essential order units
Ans: Export Oriented Units
41 Why
are small businesses important to a country's economy?
a)
They give an outlet for entrepreneurs.
b)
They can provide specialist
support to larger companies.
c)
They can be innovators of new
products.
d)
All the above.
Ans: They can can be innovators of new
products
42
Which of the following shows the process of creating something new?
a)
Business model
b)
Modelling
c)
Creative flexibility
d)
Innovation
Ans: Innovation
43
Which one of the following gives suggestions for new product and also help to
market new products?
a)
Existing products and services
b)
Federal government
c)
Distribution Channels
d)
Consumers
Ans: Distribution Channels
44
Which of the following is used by entrepreneurs to acquire experience in an
international mar-ket before making a major commitment?
a)
Merger
b)
Minority Interest
c)
Joint venture
d)
Majority interest
Ans: Minority Interest
45
What is the process by which individuals pursue opportunities without regard to
resources they currently control?
a)
Startup management
b)
Entrepreneurship
c)
Financial analysis
d)
Feasibility planning
Ans: Entrepreneurship
46
Venture capital is concerned with:
a)
New project having potential
for higher profit
b)
New project of high technology
c)
New project having high risk
d)
All the above
Ans: All the above
47 A
corporate manager who starts a new initiative for their company which entails
setting up a new distinct business unit and board of directors can be regarded
as?
a)
Ecopreneur
b)
Technopreneur
c)
Intrapreneur
d)
Social Entrepreneur
Ans: Intrapreneur
48
Family business always interested to handover the change of his business to:
a)
Indian Administration Officers
b)
Professional Managers
c)
Next generation
d)
None of the above
Ans: Next generation
49
Individuals influencing an entrepreneur’s career choice and style are known as
which of the following?
a)
Moral-support network
b)
Role model
c)
Professional support network
d)
Support system
Ans: Role model
50 The
use of informal networks by entrepreneurs to gather information is known as
_______.
a)
Secondary research.
b)
Entrepreneurial networking.
c)
Informal parameters.
d)
Marketing
Ans: Entrepreneurial Networking
51
Innovation can best be defined as_______.
a)
the generation of new ideas.
b)
the evolution of new ideas.
c)
the opposite of creativity.
d)
the successful exploitation of
new ideas.
Ans: The Successful exploitation of new ideas
52
_____________ is used to accomplish the project economically in the minimum
available time with limited resources.
a)
Project Scheduling.
b)
Network Analysis.
c)
Budget Analysis.
d)
Critical Planning
Ans: Project Scheduling
53
Entrepreneurial behaviours include:
a)
Solving problems
b)
Taking initiatives
c)
Taking responsibility
d)
All of above
Ans: All of above
54
Entrepreneurs attributes includes:
a)
Perseverance
b)
Hard working
c)
Determination
d)
All of above
Ans: All of above
55
Entrepreneurs skills includes:
a)Creative problem solving
b)
Persuading
c)Negotiation
d)
All of above
Ans: All of above
56 The
term “entrepreneurs” was applied to business initially by the French economist
in the 18th century:
a.
Cantillon
b.
Jan Tinbergen
c.
J. S. Mill
d.
None of above
Ans: Cantillon
57
Which of the following is not something that can be invested?
a)
Energy
b)
Expertise
c)
Money
d)
Time
Ans: Expertise
58
From the following which one is factor affecting entrepreneurial growth:
a.
Social
b.
Economic
c.
Psychological
d.
All of above
Ans: All of above
59
What is the need of entrepreneurship?
a.
For new innovation
b.
To fill gap in growth
c.
For healthy competition
d.
All of above
Ans: To fill gap in growth
60
Which one of the following is the process of entrepreneur developing new
products that over time make current products obsolete?
a.
New business model
b.
Anatomization
c.
Creative Destruction
d.
None of above
Ans: Creative Destruction
61 The
level at which an individual is viewed by society is called:
a.
Financial status
b.
Qualification
c.
Social Status
d.
Achievement
Ans: Social Status
62
From the following which one is not classification of entrepreneurs according
to the types of business:
- Rural entrepreneur
- Retail trade
- Exporter
- Wholesale trade
Ans: Rural entrepreneur
63
Basic problems of women entrepreneurs in India:
- Lack of education skill
- Male dominating society
- Absence of listen bearing capacity
- All of the above
Ans: All of the above
64
Investment in equipments service sector in Micro scale industry should be
- Up to 10 Lacs
- 10 Lacs – 2 Crores
- 2 Crores – 5 Crores
- None of the above
Ans: Up to 10 Lacs
65
Investment in equipments service sector in small scale industry should be
a. Up to 10 Lacs
b. 10 Lacs – 2 Crores
c. 2 Crores – 5 Crores
d. None of the above
Ans: 10 Lacks – 2 crores
66
Investment in equipments service sector in Medium scale industry should be
a. Up to 10 Lacs
b. 10 Lacs – 2 Crores
c. 2 Crores – 5 Crores
d. None of the above
Ans: 2 Crores – 5 crores
67
Which of the following cannot be covered under the copyright protection?
a. Computer Software
b. Computer Hardware
c. Poems & Songs
d. Models and sculpture
Ans: Computer Hardware
68
Which two work environments should be good for spawning the new enterprises?
a. Finance and marketing
b. Finance and R&D
c. Marketing and R&D
d. Marketing and IT
Ans: Finance and R & D
69
MSMED stands to ___________
a. Micro, Small & Medium Enterprises Development
b. Mini, Small & Medium Enterprises Development
c. Micro, Small & Medium Entrepreneurship Development
d. Micro, Small & Medium Enterprises Department
Ans: Micro, small & Medium Enterprises Development
70 Developing a new
idea through inquiry and testing is called
a)
Heuristics
b)
Forced
relationship
c)
Scientific
method
d)
Value
analysis
71 The entrepreneur
utilizes the resources through
a) Identifying and evaluating the opportunity
b)
Developing
a business plan
C)
Implementing the business plan
c)
Manage the
enterprise
Ans: Identifying and evaluating the opportunity
72 Which is the objects of Entrepreneurial
Development Programmes?
a)
Promotion
of self-employment
b)
Promotion of cottage and small
scale industries
c)
Promotion of first generation
businessmen
d)
All of the above
Ans: all of the above
73 Which is the
organisation supporting entrepreneurs?
a)
National Entrepreneurship
Development Board
b)
Export Promotion Council
c)
Small Industry Service
Institute
d)
All of the above
Ans: All of the above
74 The activity
which occurs when the new venture is started is called
a)
Motivation
b)
Business
skills
c)
Departure
point
d)
Goal orientation
Ans: Departure point
75 The entrepreneur in an advanced economic
is an individual who _______ something new into the economy - a method of
production not yet tested by experience in the branch of manufacture concerned,
a product with which consumers are not yet familiar, a new source of raw
material, new markets and the like.
a)
Introduces
b)
Produced
c)
Increased
d)
Reduced
Ans: Introduces
76 "The entrepreneur is more than a manager. He or
(she) is an innovator and promoter as well." Who said it?
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George Gilder |
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Forrest H.
Frantz |
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Joseph A.
Schumpeter |
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Peter F.
Drucker Ans: Forrest H.
Frantz 77 In terms of
chronological age most entrepreneurs initiate their entrepreneurial carrier
between ages of
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Ans:22 and 45 |
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78 Entrepreneurial success has been
significant because of the culture and the political and economic system in _______
|
European
countries |
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Asian countries |
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Transition
economies |
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Middle east Ans:
Transition economies
93 Most
businesses do this: a)
Start big,
stay big b)
Start
small, become big c)
Start
small, stay small d)
Start
big, become small Ans: Start small, stay small 94 Most business
ventures that fail are: a)
More than
five years old. b)
Less than
ten years old. c)
Less than
one year old. d)
More than
ten years old. Ans: Less than ten
years old 95 Most companies
fail because of: a)
having
too much money b)
focusing
on a bad idea c)
confronting
complex management decisions without experience d)
not
having enough employees Ans: Confronting
complex management decision without experience 96 A spirit of
entrepreneurs must be: a)
Ethically
influenced b)
Managerial c)
Voluntary d)
None of
the given option Ans: Voluntary 97 ______________
is an entity formed between two or more parties to undertake economic
activity together. entity formed
between two or more parties to undertake economic activity together a)
Indirect Exporting b)
Joint
Venture c)
Licensing d)
Entrepreneurship Ans: Joint Venture 98 The companies
use the technology to make itself: a)
Faster
and Flexible b)
Faster
and Stiff c)
Inflexible
and rigid d)
All of
the given options Ans: Faster
and Flexible 99 Venture
capital is external equity funding provided by
professionally managed pools of investor money. a)
True b)
False Ans: True 100 the belief that
entrepreneurship is found only in small businesses is a
misconception about entrepreneurship. a)
True b)
False Ans: True SET 4
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