Small Business Test

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Small Business Test - 11

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is /are included in 'traditional small industries'?
(I) Khadi and handloom
(II) Village industries
Select the correct answer from the option given below.

A
(I) only

B
(II) only

C
Both(I) and (II)

D
Niether (I) nor (II)

Solution

Traditional small industries include both Khadi and Handloom and Village Industries.
Examples of traditional small industries are khadi and handloom, village industries, handicrafts, sericulture, etc.
The traditional industries of India include handloom, handicrafts, coir, cashew, beedi, tiles and bricks, and other household industrial activities carried out in the rural parts of the country. They are labor-intensive and rely on skills passed on from one generation to another generation. However, they are mostly non-viable as they have not modernized themselves to cater to the changing demand conditions and their marketing strategies are often not well planned or executed. As a result, many of these industries depend on subsidies for survival and lack a commercial orientation.
Hence, option (C) is the correct answer.
Question 2
1 / -0

Entrepreneurship should always ready to accept the ________.

A
Diversification

B
Expansion

C
Modernization

D
All of the above

Solution

Entrepreneurship to be able to convert itself into large corporations should always be ready to accept some changes in the form of diversification, expansion, and modernization.
Without accepting the changes in the operating environment no business can grow further.
Hence, option (D) is the correct answer.
Question 3
1 / -0

Which statement is not true for entrepreneurs?

A
They change the way business convert inputs into outputs.

B
They are agents of adjustment.

C
They apply innovative ideas.

D
They generally stick to the processes already in use.

Solution

To be an Entrepreneur is a challenge in itself. It needs to have some important characteristics to be a successful entrepreneur. The traits are:-
1. Risk Taker
2. Innovator.
3. Motivator.
4. Capital provider
5. profit maker
6.Challenge Taker.
These are the common characteristic a person needs to have to be an entrepreneur.
Hence, option (D) will be your answer.
Question 4
1 / -0

According to Peter Drucker, entrepreneurship is a _______.

A
Science

B
Art

C
Practice

D
All of the above

Solution

According to Peter Drucker, entrepreneurship is neither a science nor an art. It is a practice. It is knowledge-based. Knowledge in entrepreneurship is a means to an end,i.e, By the practice
Hence, option (C) is the correct answer.
Question 5
1 / -0

According to whom "The entrepreneurship is essentially a creative activity or it is an innovative function"?

A
Schumpeter

B
Joseph Schumpeter

C
Peter Drucker

D
Dr. Marshal

Solution

In the 20th Century, economist Joseph Schumpeter focused on how the entrepreneur's drive for innovation and improvement creates upheaval and change.
Established ways of doing business have been transformed by the creation of new and better ideas. According to him" Entrepreneurship is essentially a creative activity or it is an innovative function"
Hence, option (B) is the correct answer.
Question 6
1 / -0

Which of the following can be treated as trait of entrepreneur?
(I) He is a moderate risk taker.
(II) He possesses divine powers.
(III) He is equivalent to supervisor.
(IV) He is innovative.
(V) He is involved in charitable activities.
(VI) He peruses the deviant pursuits.
Select the correct answer from the option given below.

A
(I), (II), (III) & (VI)

B
(V), (II), (I), (III) & (VI)

C
(IV), (VI) & (I)

D
All of the above

Solution

To be an Entrepreneur is a challenge in itself. It needs to have some important characteristics to be a successful entrepreneur. The traits are:-
1. Risk Taker
2. Innovator.
3. Motivator.
4. Capital provider
5. profit maker
6.Challenge Taker.
These are the common characteristic a person needs to have to be an entrepreneur.
Question 7
1 / -0

Entrepreneurship may be classified as ___________.

A
Opportunity - based entrepreneurship

B
Necessity - based entrepreneurship

C
(A) or (B)

D
None of the above

Solution

Entrepreneurship may be classified as one opportunity based which refers to the existence of a business opportunity and creation of business on the basis of that opportunity.
Necessity based entrepreneurship refers to that business that comes into existence because of necessity. Individuals who are initially unemployed take an initiative for a start-up which hence drives entrepreneurship by necessity.
Hence, option (C) is the correct answer.
Question 8
1 / -0

Who claims that the abilities of entrepreneur are " so great and so numerous that very few people can exhibit them in all in a very high degree"?

A
Adam Smith

B
John Stuart Mill

C
Marshall

D
David Ricardo

Solution

Marshall claims that the traits associated with entrepreneurship is rare and limited in supply. He claims that the abilities of entrepreneur are "so great and so numerous that very few people can exhibit them in all in a very high degree. But on the same line, he suggests that these qualities can be taught. Although some entrepreneur poses some common qualities, but their success depends on the economic situation surrounding them.
Question 9
1 / -0

The small-scale industries sector contributes almost_______of the gross industrial value added in the indian economy.

A
20%

B
40%

C
60%

D
80%

Solution

Small Scale Industries are labor-intensive industries that require more of labour rather than machines. Small scale industries occupy a special place in India, as there is a scarcity of capital and abundance of labour, and such industries work with the capital saving techniques. The small-scale industries sector plays a very important and major role in the growth of India as It contributes almost 40% of the gross industrial value added in the Indian economy. Gross industrial value is the value that is added by the industrial sector in the economy.
Question 10
1 / -0

Research indicates that most successful entrepreneurs share certain personal attributes, including _______.

A
Creativity

B
Dedication

C
Determination

D
All of the above

Solution

An entrepreneur in order to be successful should posses some personal characteristics apart from the business idea he poses or the amount of capital he has to invest.
5 important personal traits are identified that an entrepreneur needs to poses. They are:-
Passion to do something.
Motivation/ determination to excel
Creativity to think differently.
Dedication to what they do.
Risk taker

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Re-Attempt Weekly Quiz Competition

Small Business Test - 11

Result

Small Business Test - 11

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Rank

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SHARING IS CARING

Question 1

(I) only

(II) only

Both(I) and (II)

Niether (I) nor (II)

Solution

Question 2

Diversification

Expansion

Modernization

All of the above

Solution

Question 3

They change the way business convert inputs into outputs.

They are agents of adjustment.

They apply innovative ideas.

They generally stick to the processes already in use.

Solution

Question 4

Science

Art

Practice

All of the above

Solution

Question 5

Schumpeter

Joseph Schumpeter

Peter Drucker

Dr. Marshal

Solution

Question 6

(I), (II), (III) & (VI)

(V), (II), (I), (III) & (VI)

(IV), (VI) & (I)

All of the above

Solution

Question 7

Opportunity - based entrepreneurship

Necessity - based entrepreneurship

(A) or (B)

None of the above

Solution

Question 8

Adam Smith

John Stuart Mill

Marshall

David Ricardo

Solution

Question 9

20%

40%

60%

80%

Solution

Question 10

Creativity

Dedication

Determination

All of the above

Solution

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