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Small Business Test - 9

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Small Business Test - 9
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Weekly Quiz Competition
  • Question 1
    1 / -0
    'Smarts' in itself accommodate _________.
    Solution
    Smarts refer to entrepreneurs who are growing and upcoming businessmen, they accommodate education and knowledge about the business environment, also attain life experiences of various business activities.
    Hence, option (D) is the correct answer.
  • Question 2
    1 / -0
    The basic skills required for an intrapreneur are _________.
    Solution
    Key characteristics of Intrapreneur:
    -Intrapreneurship is a novel way of making organizations more profitable where imaginative employees entertain entrepreneurial thoughts
    -An intrapreneur thinks like an entrepreneur looking out for opportunities, which profit the organization.
    -It is in the interest of an organization to encourage intrapreneurs.
    -Intrapreneurship is a significant method for companies to reinvent themselves and improve performance.
    -In entrepreneurship, there is backing from the headquarters so there are fewer chances of failure.
    -Intrapreneurs create wealth for Company
    -Intrapreneurs are responsible for keeping companies current.
    -Intrapreneur is thus a combination of entrepreneurship and management skills.
    Hence, option C is correct.
  • Question 3
    1 / -0
    For the economic and industrial development Micro, Small and Medium Enterprises play an important role such as _____________.
    (1) They have the capacity to absorb skilled and unskilled labor 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 correct option.
    Solution
    According to the MSMED Act, 2006, the definition of Micro, Small and Medium Enterprises are defined based on their investment in fixed assets. The Act mentions their role as follows:
    1. They have the capacity to absorb skilled and unskilled labour available in the country.
    2. They help in the eradication of the poverty by providing self-employment opportunities.
  • Question 4
    1 / -0
    The word entrepreneur is derived from the french word _________.
    Solution
    Entrepreneur is actually a French word. It is derived from the French word entreprendre which means to undertake'.

  • Question 5
    1 / -0
    Which among the following is incorrect regarding entrepreneurship _______.
  • Question 6
    1 / -0
    Who among the following realizes his dreams?
    Solution
    The entrepreneur is the one who realises his dream and undertakes to organize, manage and assume the risks of a business.

  • Question 7
    1 / -0
    Which of the following statement is not true?
    Solution
    An intrapreneur is someone with entrepreneurial ability who utilizes his or her creative streak within a bigger company. Intrapreneurs take existing businesses and transform them. Whereas an entrepreneur would take an idea and build a business around it. Thus, not every business needs an entrepreneur but every business needs an intrapreneur.

  • Question 8
    1 / -0
    Which of the following is one of the key elements of entrepreneurship?
    Solution
    Innovation is one of the most key elements of entrepreneurship as innovation helps in creating a new idea or invention of product or service which has a value in the market and which consumer would buy to make profit in the business held.
    Hence, option C is correct.
  • Question 9
    1 / -0
    Who among the following propounded the concept of 'creative destruction's' ?
    Solution
    According to Joseph Schumpeter, the "gale of creative destruction" describes the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one"


  • Question 10
    1 / -0
    Micro enterprises depend more on micro credit because ________.
    Solution
    Micro enterprises depend more on micro credit because they do not have access to commercial banking system.
    An important problem faced by micro and small enterprises in the country is that of finance. The problem of finance in micro and small sector is mainly due to two reasons. Firstly, it is partly due to scarcity of capital in the country as a whole.

    Secondly, it is partly due to weak credit worthiness of micro and small enterprises in the country. Due to their weak economic base, they find it difficult to take financial assistance from the commercial banks and financial institutions.

    As such, they are bound to obtain credit from the money lenders on a very high rate of interest and are, thus, exploitative in character. It is a happy augury that ever since the nationalisation of banks in 1969, the credit situation has improved still further.
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