Small Business Test

Result

Small Business Test - 22

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Weekly Quiz Competition

Question 1
1 / -0

To _______, an entrepreneur is one who brings resources, labour, materials, and other assets together to make value greater than before.

A
a psychologist

B
an economist

C
a businessman

D
a customer

Solution

An economist Alferd Marshall was the one who brought in the concept of entrepreneurship for the first time in 1890s. To An economist, an entrepreneur is one who brings resources,labour,materials and other assets together to make value greater than before.
Question 2
1 / -0

Identify the personality factor(s) that affect entrepreneurship.

A
Irrational monetary and fiscal policies

B
Lack of Persuasion

C
Unfair trade practices

D
Sophisticated technology

Solution

Lack of persuasion is the personality factor that affects entrepreneurship. Lack of persuasion leads to lack of communication and creates hindrance in influencing others.
Question 3
1 / -0

Which of the following is not a personal characteristic often found in an entrepreneur?

A
Self confident

B
Independent minded

C
Perceptive

D
Follower

Solution

characteristic are:
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, follower is not a characteristic of entrepreneur
Question 4
1 / -0

After the idea generation, the next process in entrepreneurship that follows is _____.

A
improving standards of living

B
development of managerial capabilities

C
feasibility study

D
creation of organisations

Solution

Before starting any work, a preliminary study must be carried on. Before starting any business, the feasibility of the idea must be carried out. To start with there should be market study done to know the customers for the product.
To identify the possible sources of funding. To estimate the sales that can be achieved.
To check out the competitors for the products or services.
To analyse the risks that may be faced.
Question 5
1 / -0

For the goods having artistic features __________ size of enterprise is preferred.

A
Small scale

B
Corporation

C
Very large

D
Large scale

Solution

For the goods having artistic features, small-scale size of the enterprise is preferred.
The reason behind this is small scale consists is a labor-intensive industry consisting of more artistic skilled labourers who are experts in their work. This may consist of cottage industries or micro industries. Handmade artistic work is generally preferred over machine work.
Hence, option (A) is the correct answer.
Question 6
1 / -0

At what percent above the cost price must a shopkeeper mark his goods so that he gains 20% even after giving a discount of 10 % on the marked price ?

A
25%

B
30%

C
$$33\frac{1}{3}\% $$

D
$$37\frac{1}{2}\% $$

Solution

Let cost price$$=$$Rs. $$100$$
Then since he gains $$20\%$$
$$\therefore$$ selling price$$=120$$
We have to final marked price, even after the discount of $$10\%$$
Now $$90\%$$ of $$x=120$$
$$\Rightarrow x=\left(\dfrac{120\times 1000}{90}\right)=33\dfrac{1}{3}$$
$$\therefore$$ Marked price$$=33\dfrac{1}{3}\%$$.
Question 7
1 / -0

______________ provides an integrated administrative framework for small-scale industries at the district level.

A
District Industries Centre (DIC)

B
Chamber of Commerce

C
National Small Industries Corporation (NSIC)

D
None of the above

Solution

The DIC was established on May 1, 1978, to provide assistance to small-scale industries at the district level. These centers provide promotional assistance to entrepreneurs such as identification of suitable schemes, preparation of feasibility reports, arranging for credit, etc.
Question 8
1 / -0

The Startup India scheme was announced on _________.

A
26th Jan 2015

B
15th Aug 2015

C
8th Nov. 2016

D
None of the above

Solution

Startup India is an initiative of the Government of India. The campaign was first announced by the Prime Minister in his speech on 15th August 2015. Startup India is an action plan to develop an eco-system to promote and nurture entrepreneurship across the country.
Question 9
1 / -0

____________ institute helps SSI to process imported raw materials.

A
NSIC

B
DIC

C
Both

D
None of the above
Solution
National Small Industries Corporation (NSIC): It was established in 1955 to promote and foster the growth of SSI in the country. Its main focus was:
1. to supply indigenous and imported machines in easy installments,
2. to procure and supply imported raw materials,
3. to export products of SSI,
4. to provide advisory and mentoring services,
5. to provide technical assistance,
6. to develop software technology part and technology transfer.
Question 10
1 / -0

How is maintaining quality the weakest point for small businesses?

A
They concentrate on cutting the cost and keeping the prices low

B
They do not have adequate resources to invest in quality research and maintain the standards of the industry

C
They do not have the expertise to upgrade technology

D
All of the above

Solution

Products and services are sold based on the quality and price at which they are offered to the consumers in the market. Small business usually is not able to maintain the quality of product due to many reasons such as they always making efforts to cut the cost that is involved in the process of production of the product by using low quality of raw material that is cheap because of which they keep the price of the product low. They don’t have adequate funds that are required to maintain the industrial standards and quality of the product and usually, these small businesses are operated by the people who are not much educated and versatile due to which they are also not able to upgrade the technology that is required to run the business that will help in meeting the present demand of the market. Thus, all of the above options are correct.

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Re-Attempt Weekly Quiz Competition

Small Business Test - 22

Result

Small Business Test - 22

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Rank

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SHARING IS CARING

Question 1

a psychologist

an economist

a businessman

a customer

Solution

Question 2

Irrational monetary and fiscal policies

Lack of Persuasion

Unfair trade practices

Sophisticated technology

Solution

Question 3

Self confident

Independent minded

Perceptive

Follower

Solution

Question 4

improving standards of living

development of managerial capabilities

feasibility study

creation of organisations

Solution

Question 5

Small scale

Corporation

Very large

Large scale

Solution

Question 6

25%

30%

$$33\frac{1}{3}\% $$

$$37\frac{1}{2}\% $$

Solution

Question 7

District Industries Centre (DIC)

Chamber of Commerce

National Small Industries Corporation (NSIC)

None of the above

Solution

Question 8

26th Jan 2015

15th Aug 2015

8th Nov. 2016

None of the above

Solution

Question 9

NSIC

DIC

Both

None of the above

Solution

Question 10

They concentrate on cutting the cost and keeping the prices low

They do not have adequate resources to invest in quality research and maintain the standards of the industry

They do not have the expertise to upgrade technology

All of the above

Solution

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