Small Business Test

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Small Business Test - 10

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Weekly Quiz Competition

Question 1
1 / -0

Coir industry is a __________.

A
Medium scale industry

B
Medium small scale industry

C
Traditional small scale industry

D
Large industry

Solution

The coir industry is operated through the traditional practices of the people to manufacture coir. It involves less capital to be invested. Hence, it is a traditional small-scale industry.
Hence, option C is correct.
Question 2
1 / -0

Leadership & managerial skill are _______.

A
Interwoven to entrepreneurship

B
Complimentary to entrepreneurship

C
Substitute to entrepreneurship

D
Opposite to entrepreneurship

Solution

Entrepreneurship is a core area of expertise in today's dynamic economy; particularly managing innovation, risk, uncertainty, and growth. Leadership and managerial skills are interwoven in entrepreneurship right from the infant stage of an enterprise.
Hence, option (A) is the correct answer.
Question 3
1 / -0

The problem faced by small Business is/are __________.

A
Lack of adequate finance

B
Outdated technology

C
Shortage of raw materials

D
All of the above

Solution

Small scale industries are those which require less capital, less-skilled workers, less technology, fewer equipment etc.
Hence, they suffer from the problems of lack of adequate finance, outdated technology, and shortage of raw materials due to less availability of money.
Hence, option D is correct.
Question 4
1 / -0

Invariably a drawback of traditional small scale industry is ____________.

A
they can not provide employment for whole year

B
they require high labor employment

C
they can earn only foreign exchange

D
none of the above

Solution

Small scale industries refer to those industries which have limited capital, limited man force, limited equipments etc. Some of them work only till a project gets accomplished. Hence, they cannot provide employment for the whole year.
Question 5
1 / -0

40% of the Indian economy's gross value is given by ____________.

A
small scale industry

B
micro scale industry

C
micro industry

D
public enterprises

Solution

Small scale industry refers to that industry which has limited capital, limited equipments, limited capital.etc. They include artisans, craftsmen.etc. Mostly they operate in village area. Hence, 40% of the Indian economy gross value is given by small scale industry.
Question 6
1 / -0

The definition of Micro, Small and Medium Enterprises (MSMEs) in India is based on ____________.

A
total sales of the unit

B
investment in machines and equipment

C
market coverage

D
export turnover

Solution

Enterprises have been classified under the Micro, Small and Medium Enterprises Development Act, 2006. According to this Act enterprises are classified into micro, small and medium based on investment in plant and machinery and in equipments respectively. Hence, the definition of Micro, Small and Medium Enterprises in India is based on investment in machines and equipments.
Question 7
1 / -0

Glass industry is a ___________.

A
small scale industry

B
cottage industry

C
traditional small scale industry

D
mega industry

Solution

The glass industry is a small-scale industry.
Small scale industries (SSIs) also known as MSMEs are defined & categorized by the Micro, Small & Medium Enterprises Development Act, 2006. The act categorizes different scales of industries on the basis of investment in plant & machinery in the case of manufacturing industries and on the basis of investment in equipment in the case of service sector industries.
Hence, option A is correct.
Question 8
1 / -0

What is the result of modernisation?

A
Additional burden on employees

B
Increase in wasteful expenses

C
Expansion of business

D
Expansion of profit
Question 9
1 / -0

The Act formed for the development of Micro, Small and Medium Enterprises is __________.

A
Micro, Small and Medium Enterprises Development Act, 2005

B
Micro, Small and Medium Enterprises Development Act, 2006

C
Micro, Small and Medium Enterprises Development Act, 2004

D
Micro, Small and Medium Enterprises Development Act, 2003

Solution

Micro, Small and Medium Enterprises Act, 2005 defines the Micro, Small and Medium Enterprises on the basis of the investment in the fixed assets.
Question 10
1 / -0

Micro, Small and Medium Enterprises play an important role in a country's economic and industrial development that is ____________.
(1)they have the capacity to absorb skilled and unskilled labour available in the country.
(2)such institutions provide lots of employment and allow income to get concentrated in few hands or in few areas.
(3)they help in eradication of poverty by providing self-employment opportunities.
Select the most appropriate:

A
Only (1)

B
Only (2)

C
Only (3)

D
Only (1) and (3)

Solution

Micro, Small and Medium enterprises are defined by the investment done in the fixed assets. They are settled basically in rural areas of the country. They help to reduce regional imbalance. Hence, they have the capacity to absorb skilled and unskilled labour available in the country and also help in the eradication of poverty by providing self-employment opportunities.

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Re-Attempt Weekly Quiz Competition

Small Business Test - 10

Result

Small Business Test - 10

Score

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Rank

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SHARING IS CARING

Question 1

Medium scale industry

Medium small scale industry

Traditional small scale industry

Large industry

Solution

Question 2

Interwoven to entrepreneurship

Complimentary to entrepreneurship

Substitute to entrepreneurship

Opposite to entrepreneurship

Solution

Question 3

Lack of adequate finance

Outdated technology

Shortage of raw materials

All of the above

Solution

Question 4

they can not provide employment for whole year

they require high labor employment

they can earn only foreign exchange

none of the above

Solution

Question 5

small scale industry

micro scale industry

micro industry

public enterprises

Solution

Question 6

total sales of the unit

investment in machines and equipment

market coverage

export turnover

Solution

Question 7

small scale industry

cottage industry

traditional small scale industry

mega industry

Solution

Question 8

Additional burden on employees

Increase in wasteful expenses

Expansion of business

Expansion of profit

Question 9

Micro, Small and Medium Enterprises Development Act, 2005

Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises Development Act, 2004

Micro, Small and Medium Enterprises Development Act, 2003

Solution

Question 10

Only (1)

Only (2)

Only (3)

Only (1) and (3)

Solution

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