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Small Business Test - 21

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Small Business Test - 21
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Small scale industrial undertaking is an industrial undertaking in which the investment in fixed assets in plant and machinery, whether held on ownership terms or on lease or on hire purchase, does not exceed _______.
    Solution
    Small scale industrial undertaking is an industrial undertaking in which the investment in fixed assets in plant and machinery, whether held on ownership terms or on lease or hire purchase, does not exceed rupees 1 crore.
    Hence, option (D) is the correct answer.
  • Question 2
    1 / -0
    The problem faced by small Business is/are ____________.
    Solution
    Lack of adequate finance.
    Finance is one of the most important problem confronting small scale industries Finance is the lifeblood of an organization and no organization can function proper у in the absence of adequate funds. The scarcity of capital and inadequate availability of credit facilities are the major causes of this problem.
    Firstly, adequate funds are not available and secondly, entrepreneurs, due to weak economic base, have lower credit worthiness. Neither they are having their own resources nor others prepared to lend them. Entrepreneurs are forced to borrow money from moneylenders at exorbitant rate of interest, and this upsets all their calculations.
  • Question 3
    1 / -0
    Which of the following statement is incorrect?
    (I) The small-scale industries sector plays a vital role in the growth of the country.
    (II) SSI Sector in India creates very low employment opportunities for the Indian population.
    (III) SSI Sector plays important role in India's present export performance.
    Select the correct answer from the options given.
    Solution

    SSI are those industries that require and promote more manpower rather than machines. These industries play a vital and most important role in the development of the country as a whole. In a country like India where the major part of the country’s population resides in the rural area, these industries create employment opportunities for people living in that area which helps to grow the rural sector. These industries also contribute towards the exports by making such products and services that are exported outside the country. SSI contributes around 45%-50% to Indian exports. Thus, SSI is working to create equal employment opportunities, economic growth, and the promotion of exports in the country. 

    Hence, option (A) is the correct answer.

  • Question 4
    1 / -0
    Which of the following is/are included in 'traditional small industries'?
    (I) Khadi and handloom
    (II) Village industries
    Solution
    Traditional small industries is a type of small scale industry which is highly labour intensive and the output is low. They typically include Khadi and handloom and village industries.
  • Question 5
    1 / -0
    The industries which are organized on a small scale and produce goods with the help of small machines, hired labour and power are called as ___________.
    Solution
    Small scale industries are the industries which are organised on a small scale and produce goods with the help of machines, hired labour and power. The capital invested in such industries is small and they are usually labour intensive industries. The machines used by these industries are not advances and primitive.  
  • Question 6
    1 / -0
    40% of the Indian economy gross value is given by _________.
    Solution
    The small-scale industries sector plays a vital role in the growth of the country. It contributes almost 40% of the gross industrial value added in the Indian economy. 

    It has been estimated that a million Rs. of investment in fixed assets in the small scale sector produces 4.62 million worth of goods or services with an approximate value addition of ten percentage points. 
  • Question 7
    1 / -0
    Which of the following is not the characteristic of entrepreneurship?
    Solution
    1.Innovation:
    Entrepreneurship involves a continuous search for new ideas. Entrepreneurship compels an individual to continuously evaluate the existing modes of business operations so that more efficient and effective systems can be evolved and adopted. In other words, entrepreneurship is a continuous effort for synergy (optimization of performance) in organizations.

    2.Organizing skills:
    Entrepreneurship is an economic activity because it involves the creation and operation of an enterprise with a view to creating value or wealth by ensuring optimum utilisation of scarce resources. Since this value creation activity is performed continuously in the midst of uncertain business environment, therefore, entrepreneurship is regarded as a dynamic force and organzing skills are essential.

    3. Risk bearing:
    The essence of entrepreneurship is the ‘willingness to assume risk’ arising out of the creation and implementation of new ideas. New ideas are always tentative and their results may not be instantaneous and positive.An entrepreneur has to have patience to see his efforts bear fruit. In the intervening period (time gap between the conception and implementation of an idea and its results), an entrepreneur has to assume risk. If an entrepreneur does not have the willingness to assume risk, entrepreneurship would never succeed.
  • Question 8
    1 / -0
    A small scale industrial unit is one which has investment upto:
    Solution
    The Government of India has enacted the Micro, Small and Medium Enterprises Development (MSMED) Act, 2006 in terms of which the definition of micro, small and medium enterprises is as under:
    1.  A small scale industrial enterprise should have investment of more than 25 lakhs and less than 10 crore in plant and machinery in the case of manufacturing unit.
    2. In the case of service sector the minimum amount of investment is 10 lakhs and maximum of 5 crore in plant and machinery.
  • Question 9
    1 / -0
    Which of the following is NOT included in large scale industries?
    Solution
    Handicrafts industry is not included in large scale industries as it is a part of traditional small scale industry. Large scale industry are industries which are less labour intensive, the production is on a large scale, the capital invested is large. Large scale industries include petroleum, mining and banking.
  • Question 10
    1 / -0
    Which of the following describes the Entrepreneurship development?
    Solution
    Entrepreneurship development refers to the enhancement of being an entrepreneur skills or potentials inside an individual. This is done through various processes like classroom training, other programmes etc. Now, even the school curriculum insludes chapter for entrepreneurship developments.
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