Which of the following is one way that freedom in a private enterprise system is limited by laws:

Entrepreneurship Development

MCQ’s Question of Entrepreneurship Development

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Unit 01

Q1. Which of the following shows the process of creating something new:

1. Business model
2. Modeling
3. Creative flexibility
4. Innovation

Answer: d

Q2. The entrepreneur was distinguished from capital provider in:

a)  Middle ages

b) 17th century

c) 18th century

d) 19th and 20th century

Answer: c

Q3. A corporate manager who starts a new initiative for their company which entails setting up a new distinct business unit and board of directors can be regarded as:

a) Ecopreneur

b) Technopreneur

c) Intrapreneur

d) Social Entrepreneur

Answer: c

Q4. Family business always interested to handover the change of his business to:

a) Indian Administration Officers

b) Professional Managers

c) Next generation

d) None of the above

Answer: c

Q5. EDP (Entrepreneurship Development Programmes) is required to help:

a) Existing entrepreneurs

b) First generation entrepreneurs

c) Future generation entrepreneurs

d) None of the above

Answer: b

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Q6. A Micro Enterprise is an enterprise where investment in plant and machinery does not exceed (According to MSMED Act, 2006):

a) Rs. 25 Lakh

b) Rs. 20 Lakh

c) Rs. 15 Lakh

d) Rs. 30 Lakh

Answer: a

Q7. Why should an entrepreneur do a feasibility study for starting a new venture:

a) To identify possible sources of funds

b) To see if there are possible barriers to success

c) To estimate the expected sales

d) To explore potential customers

Answer: b

Q8. Which one of the following is the next stage to the Concept Stage of Product Planning and Development Process:

a) Idea Stage

b) Product Planning Stage

c) Product Development Stage

d) Test Marketing Stage

Answer: c

Q9. What is the process by which individuals pursue opportunities without regard to resources they currently control:

1. Startup management
2. Entrepreneurship
3. Financial analysis
4. Feasibility planning

Answer: b

Q10. An individual who initiates, creates and manages a new business can be called _____________.

1. A leader
2. A manager
3. A professional
4. An entrepreneur

Answer: d

Q11. Which could provide an individual with the motivation to start a new business venture?

1. The financial rewards.
2. A desire to be independent.
3. Risk taking
4. All the above.

Answer: d

Q12. Why are small businesses important to a country’s economy?

1. They give an outlet for entrepreneurs.
2. They can provide specialist support to larger companies.
3. They can be innovators of new products.
4. All the above.

Answer: d

Q13. ________ is the first development bank of the country.

1. ICICI.
2. IDBI.
3. SFC.
4. IFCI.

Answer: d

Q14. IFCI stands for_____________.

1. Industrial finance corporation of India.
2. Institutional finance corporation of India.
3. Industrial funding corporation of India.
4. Indian finance corporation and institution.

Answer: a

Q15. Large investment is made in fixed assets, the project will be termed as __________.

1. Capital Intensive.
2. Labour Intensive.
3. Product Intensive.
4. Market Intensive.

Answer: a

Q16. New Small Scale industries are exempted from the payment of income tax under section 80J is called __________.

1. Development Rebate
2. Investment Allowance
3. Rehabilitation Allowance
4. Tax Holiday

Answer: b

Q17. An individual who initiates, creates and manages a new business can be called _____________.

1. A leader
2. A manager
3. A professional
4. An entrepreneur

Answer: d

Q18. Why are small businesses important to a country’s economy?

1. They give an outlet for entrepreneurs.
2. They can provide specialist support to larger companies.
3. They can be innovators of new products.
4. All the above.

Answer: d

Q19.As a business grows, time management continues to be an issue, but the entrepreneur’s major concern usually becomes:            

a)   Setting goals                       

b)   Finding, retaining, and motivating qualified employees                       

c)   Measuring performance.                        

d)   All of the above.   

Answer: b

Q20. An entrepreneur who owns more than one business at a time is called ________.

1. An intrapreneur
2. A corporate entrepreneur.
3. A portfolio entrepreneur.
4. None of the above.

Answer: c

Q21. Idea of new product is tested in potential consumers to determine consumer acceptance at _________ stage.

1. Concept.
2. Product development.
3. Test marketing.
4. Commercialization.    

Answer: c

Q22. Which one of the following describes unemployment?

1.  The number of people who voluntarily choose not to work.
2. The number of people who are jobless and are actively seeking work.
3. The number of people who are not actively seeking work.
4. The number of people actively seeking work who find work.

Answer: b

Q23. Which one of the following is not considered as one of the building blocks of the model entrepreneur?

1. Technical skills.
2. Management competencies.
3. Business awareness.
4. Personal attributes.

Answer: c

Q24. The purpose of soft loan scheme is to encourage units to undertake ___________.

1. Modernization of plant and machinery.
2. Replacement of plant and machinery.
3. Renovation of plant and machinery.
4. All the above

Answer: d

Q25. Seed capital assistance is ___________.

1. A long-term assistance.
2.  Initial assistance
3. A help for the purchase of seeds.
4. A short-term assistance.

Answer: b

Unit: 02

Q1. ____________ is primarily concerned with the identification of the project demand potential and the selection of the optimal technology.

1. Techno-economic analysis
2. Feasibility analysis
3. Input analysis
4. Financial analysis

Answer: a

Q2. Promoter is a person who ________.

1. Takes part in the incorporation of a company.
2. Is a director.
3. Is a relative of the managing director.
4. Works to publicity to the company.

Answer: a

Q3. Which of the following is not an aspect of appraisal of term loans by commercial banks?

1. Financial
2. Technical feasibility.
3. c) Economic feasibility.
4. Societal feasibility.

Answer: d

Q4. The application for registration of a small scale unit should be submitted to the _______.

1. General Manager, DIC.
2. Director, DIC.
3. General Manager. NSIC.
4. Director, NSIC.

Answer: a

Q5. A decision which is non-repetitive and novel nature and required to solve unstructured problem is called as ___________.

1. Programmed decisions.
2. Non -programmed decisions.
3. Routine decisions.
4. Strategic decisions.

Answer: b

Q6. _____________ is primarily concerned with the identification, qualification and evaluation of the project resources.

1. Techno-economic analysis.
2. Feasibility analysis.
3. Input analysis.
4. Financial analysis.

Answer: b

Q7. Industries producing complete articles for direct consumption & also processing industries are called as_______________.

1. Manufacturing industries.
2. Feeder Industries.
3. Service Industries.
4. Mining or Quarrying.

Answer: a

Q8. _________________ implies the availability or otherwise of plant and machinery and technical know how to produce the product.

1. Economic viability.
2. Financial feasibility.
3. Technical feasibility.
4. Managerial competence

Answer: c

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Q9. Decisions taken by an entrepreneur on behalf of his enterprise are known as _________.

1. Organizational decisions.
2. Personal decisions.
3. Routine decisions.
4. Strategic decisions

Answer: a

Q10. Decisions which are concerned with policy matters and exercise fundamental influence on the objectives of the organization are called as____________.

1. Organizational decisions.
2. Personal decisions.
3. Routine decisions
4. Strategic decisions.

Answer: d

Q11. ______________ may be defined as the excess of present value of project cash inflows over that of out flows.

1. Net present value technique.
2. Average rate of return.
3. Benefit-Cost ratio.
4. Internal rate of return

Answer: a

Q12. _______________ is the analysis of costs and benefits of a proposed project with the goal of assuming a rational allocation of limited funds.

1. Project formulation.
2. Project evaluation.
3. Project appraisal.
4. Project Design.

Answer: c

Q13. _____________ is a graphical representation of the various activity and event relating to a project.

1. Network
2. Scheduling technique.
3. Logical Model.
4. Network Diagram

Answer: d

Q14. ____________ is primarily concerned with the identification of the project demand potential and the selection of the optimal technology.

1. Techno-economic analysis.
2. Feasibility analysis.
3. Input analysis.
4. Financial analysis.

Answer: a

Q15. New Small Scale industries are exempted from the payment of income tax under section 80J is called __________.

1. Development Rebate.
2. Investment Allowance.
3. Rehabilitation Allowance
4. Tax Holiday

Answer: b

Q16. Large investment is made in fixed assets; the project will be termed as __________.

1. Capital Intensive
2. Labour Intensive.
3. Product Intensive.
4. Market Intensive.

Answer: a

Q17. _____________ can be defined as a specifically evolved work plan densed to achieve a specific objective within a specific period of time.

1. Idea generation.
2. Opportunity Scanning.
3. Project.
4. Strategy.

Answer: c

Q18. EDPs course contents contain ___________.

1. General introduction to entrepreneurs.
2. Motivation training.
3. Managerial skills.
4. All the above

Answer: d

Q19. A commercial banker would prefer a ____________ debt-equity ratio over the years as it indicates financial strength of a unit.

1. Declining.
2. Increasing.
3. Stable.
4. Fluctuating.

Answer: a

Q20. Goods or services reach the market place through ________.

1. Marketing channels.
2. Multilevel pyramids.
3. Monopolies.
4. Multiplication.

Answer: a

Q21. Someone legally appointed to resolve the financial difficulties of an insolvent firm is called____________.

1. An administrator.
2. A predator.
3. An auditor.
4. A turnaround consultant

Answer: a

Q22. Why should an entrepreneur do a feasibility study for starting a new venture?

1. To identify possible sources of funds
2. To see if there are possible barriers to success
3. To estimate the expected sales
4. To explore potential customers

Answer: c

Q23. To provide financial assistance to entrepreneurs the government has set up a number of___________.

1. Financial advisors.
2. Financial intermediaries.
3. Industrial estates.
4. Financial institutions.

Answer: d

Q24. LOB stands for____________.

1. Line of Business.
2. Line of Balance
3. Loss of Business.
4. Loss of Balance

Answer: b

Q25. District Industries Centers are located ____________.

1. In each district.
2. In each state.
3. Only in selected districts.
4. Only in selected states.

      Answer: a

Unit: 03

Q1. Which of the following is not an inventory?

1. Machines
2. Raw material
3. Finished products
4. Consumable tools

       Answer: a

Q2. The time period between placing an order its receipt in stock is known as:

1. Lead time
2. Carrying time
3. Shortage time
4. Over time

        Answer: a

Q3. The accounts payable, accruals and notes payables are listed on balance sheet as

1. Accrued liabilities
2. Current liabilities
3. Accumulated liabilities
4. Non-current liabilities

Answer: b

Q4. The cash and equivalents, inventories and accounts receivables are classified as

1. Assets on balance sheet
2. Liabilities on balance sheet
3. Earnings on income statement
4. Payments on income statement

Answer: a

Q5. In the situation of bankruptcy, the stock which is recorded above common stock and below debt account is:

1. debt liabilities
2. preferred stock
3. hybrid stock
4. common liabilities

Answer: b

Q6. According to accounting equation assets are equal to?

1. Liabilities
2. Liabilities and equities
3. Equities
4. None of these

Answer: b

Q7. The results of business activities are reflected in

1. profit and loss account
2. profit and loss appropriation account
3. balance sheet
4. none of these

Answer: c

Q8. Balance sheet is a statement which discloses an organization’s

1. assets
2. liabilities
3. owner’s equity
4. all of these

Answer: d

Q9. Current liabilities need to be paid

1. within one accounting cycle
2. beyond one accounting cycle
3. within 3 years
4. within 6 months

Answer: a

Q10. Which of the following is a financial asset?

1. Inventories
2. Equipment
3. Loan to an associate
4. Accounts receivable

Answer: d

Q11. The cash flow statement consists of which of the following sections?

1. Operating and non-operating
2. current and non-current
3. operating, investing and financing
4. trading and financial

Answer: c

Q12. When does an accountant record a transaction?

1. If it is materialized by a concrete document
2. if it has a tax implication
3. on Manager’s demand
4. None of these

Answer: a

Q13. Which of the following describes a record of the transactions?

1. General ledger
2. Income statement
3. Balance sheet
4. Journal

Answer: d

Q14. Earnings are the result of the difference between

1. revenue and assets
2. revenue and liabilities
3. liabilities and expenses
4. revenue and expenses

Answer: d

Q15. Which of the following equations represents the balance sheet?

1. Assets + Liabilities = Shareholders’ equity
2. Assets = Liabilities = shareholders’ equity
3. Assets = Liabilities – Shareholders’ equity
4. Assets = Liabilities + Shareholders’ equity

Answer: d

Q16. Financially, shareholders are rewarded by

1. interest
2. profits
3. dividends
4. none of these

Answer: c

Q17. Process control is carried out:

1. Before production
2. During production
3. After production control
4. All of the above

Answer: b

Q18. Low cost, higher volume items requires:

1. No inspection
2. Little inspection
3. Intensive inspection
4. 100% inspection

Answer: b

Q19. High cost, low volume items requires:

1. No inspection
2. Little inspection
3. Intensive inspection
4. 100% inspection

Answer: c

Q20. A six sigma process has defect level below ______ defects per million opportunities.

1. 3.4
2. 4.5
3. 5.6
4. 6.7

Answer: a

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Q21. The objective of ISO-9000 family of Quality management is:

1. Customer satisfaction
2. Employee satisfaction
3. Skill enhancement
4. Environmental issues

Answer: a

Q21. The following is (are) the machine down time.

1. Waste
2. No material
3. Breakdown
4. All of the above

Answer: d

Q22. _______ helps organization reduce employee turnover and absenteeism.

1. Job design
2. Training & development
3. Wage revision
4. All of the above

Answer: b

Q23. Inspection assures that:

1. The process is in control
   1. Workers are motivated
   1. Product meets specification
   1. Quality problems are solved
   1. Supplier quality is acceptable

Answer: c

Q24. Procurement cycle time is time consumed for

1. Receiving of raw material
2. Inspection of various raw materials
3. Inspection of purchased components parts
4. All of the above

Answer: d

Q25. Centralized and decentralized are the types of:

1. Routing
2. Dispatching
3. Scheduling
4. Follow up

Answer: b

UNIT-4

1. A ____ is a set of activities which are networked in an order and aimed towards achieving the goals of a project.

(A) Project

(B) Process

(C) Project management

(D) Project cycle

Ans – (A)

2. Resources refers to

(A) Manpower

(B) Machinery

(C) Materials

(D) All of the above

Ans – (D)

3. Developing a technology is an example of

(A) Process

(B) Project

(C) Scope

(D) All of the above

Ans – (B)

4. The project life cycle consists of

(A) Understanding the scope of the project

(B) Objectives of the project

(C) Formulation and planning various activities

(D) All of the above

Ans – (D)

5. Following is(are) the responsibility(ies) of the project manager.

(A) Budgeting and cost control

(B) Allocating resources

(C) Tracking project expenditure

(D) All of the above

Ans – (D)

6. Following are the phases of Project Management Life Cycle. Arrange them in correct order

Design, 2. Marketing, 3. Analysis and evaluation, 4. Inspection, testing and delivery

(A) 3-2-1-4

(B) 1-2-3-4

(C) 2-3-1-4

(D) 4-3-2-1

Ans – (A)

7. Design phase consist of

(A) Input received

(B) Output received

(C) Both (A) and (B)

(D) None of the above

Ans – (C)

8. Project performance consists of

(A) Time

(B) Cost

(C) Quality

(D) All of the above

Ans – (D)

9. Five dimensions that must be managed on a project

(A) Constraint, Quality, Cost, Schedule, Staff

(B) Features, Quality, Cost, Schedule, Staff

(C) Features, priority, Cost, Schedule, Staff

(D) Features, Quality, Cost, Schedule, customer

 Ans – (B)

10. Resorce requirement in project becomes constant while the project is in its _____ progress stage.

(A) 40 to 55%

(B) 55 to 70%

(C) 70 to 80%

(D) 80 to 95%

Ans – (D)

11. One of the initial project documents, issued by senior management, which outlines the authority of the project manager, is

called Project charter. As a seller, what other document can be used in this place:

1. Work breakdown structure

2. Project scope

3. Contract

4. Internal memo

Answer:C

12 During the planning development process, at times it is necessary to make certain assumptions to enhance the project plan, when the data is not available. In regard to making those assumptions, which one of the following is most true for project

planning purposes?

1. The assumptions will be considered as true, real, or certain.
2. By making the assumption, it tends to reduce the project risk.
3. Project assumptions are based upon historical data used for the project.
4. Senior management predefines the budget constraints.

Answer:A

13. A project planning methodology is any structured approach used to guide the project team during development of the project

plan. What is an example of this methodology?

1. Standard forms or templates.
2. Upper management involvement
3. Functional work authorizations
4. Stakeholders skills

Answer: A

14. The engineer of the project in the planning phase and makes a significant contribution to the technical scope. This is an

example of what type of skill and knowledge?

1. Inherent
2.  Stakeholder
3. Technical evaluation
4. Convergent thinking
   

Answer: B

15. In a program or project plan, there are always revisions to account for new or missing data. Which one of the following

provides the best reason for performing a revision of the plan?

1.  A supplier has changed the way their product is delivered to your supplier
2. Project tasks are crashed to meet their end dates
3. Human resources will remain constant through out the project
4. Historical data on a similar project suggests that risk events are not included in the current plan.

Answer: B

16. The project closing process is essential to overall project planning. What is considered one of the most important steps in closing the project?

1. 1. Insuring that plans are produced to implement the project by phases.
2. 2. Issuing work orders so that financial data can be collected.
3. 3. Transition the lease of equipment to the owner
4. 4. Satisfying the contractual obligations

Answer: D

17. Each project phase is marked by completion of one or more:

1. Tasks.
2. Milestones
3. Deliverables
4. Life cycles

Answer: C

18. The Scope Statement should contain which of the following?

1. Project schedule
2. Project budget constraints
3. Summary of project tasks , deliverables and resources required
4. Project objectives

Answer:D

19. The Scope Management Plan is included in which of the following documents.

1. Project Plan
2. The Work Breakdown Structure
3. The Scope Statement
4. Project Specifications

Answer: C

20. Milestones established by the customer must be adhered to by:

1. Project manager
2. Functional managers
3. The customer
4. Both a and b

Answer:D

21.  The decision to request an increase the resources for a project is the responsibility of the:

1. Functional manager
2. Project manager
3. Director of project management
4. Customer

Answer: B

22. The decision to request an increase the resources for a project is the responsibility of the:

(A) Functional manager

(B)  Project manager

(C) Director of project management

(D)  Customer

Answer: B

23. In which of the following project phases is the project schedule developed?

(A) Conceptual

(B) Planning

(C) Implementation

(D) Design

Answer: B

24. To crash a schedule you should:

(A) Increase the time allowed on those tasks that have float.

(B) Try to increase expenditures of time only those tasks that are behind schedule.

(C) Replace those worker that are not performing up to par with the busy.

(D) Increase work efforts on those tasks that are on the critical path.

Answer:D

25. Which of the following is NOT one of the primary needs for good project scheduling?

(A) Cutting costs and reducing time

(B) Decreasing the time required for decision making

(C) Eliminating idle time

(D) Developing better trouble shooting procedures.

Answer: D

26. The time necessary to complete a project is referred to as:

(A) Implementation time

(B) Life cycle

(C) Operations cycle

(D) Production cycle

Answer: B

27. The successful project managers spend most of their time:

(A) Planning with their personnel

(B) Planning with the top management

(C) Communication with the project team

(D) Studying project results

Answer: C

28. A prerequisite of effective time management is:

(A) Knowing the dictated project completion date

(B) Having the most advanced software package for project planning, scheduling and control

(C) Having a good project WBS which identifies the major project deliverables and tasks, and the person responsible for each of them

(D) Having a well staffed scheduling department

Answer: A

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29. Which type of project cost estimate is the most accurate?

(A) Preliminary

(B) Definitive

(C) Order of magnitude

(D) Conceptual

Answer:B

30. Cost budgeting can be best described by which of the following?

(A) The process of developing the future trends along with the assessment of probabilities, uncertainties, and inflation that could occur during the project

(B) The process of assembling and predicting costs of a project over its life cycle

(C) The process of establishing budgets, standards, and a monitoring system by which the investment cost of the project can be measured and managed

(D) The process of gathering, accumulating, analyzing, reporting, and managing the costs on an on-going basis

Answer:C

31. Which of the following is a direct project cost?

(A) Lighting and heating for the corporate office

(B) Workers Compensation insurance

(C) Piping for an irrigation project

(D) A and B

Answer: C

32. Life Cycle Costing is a term that is:

1. used when making decisions between alternatives

2. employed principally by the government

3. typically used in the construction industry

4. not used within the government

5. A and B

Answer: E

33. Measured quality of a manufactured product is :

(A) Always constant

(B) Continually decreasing

(C) Subject to a certain amount of variation

(D) Continually increasing

Answer:C

34. Which of the following is the most efficient means of product quality inspection?

(A) Acceptance sampling

(B) 100% inspection

(C) Variable sampling

(D) a and c

Answer:C

35. The primary components of the quality management function are :

(A) quality planning

(B) quality control and assurance

(C) quantitative measurement

(D) quantitative assessment of the project

(E) a and b

Answer:E

36.  Which of the following has the greatest effect on product’s reliability and maintenance characteristic?

(A) conceptualization

(B) product design

(C) fabrication

(D) a and b

Answer: D

UNIT-5

1. Role of various national and state agencies which render assistance to small scale The Office of the Development Commissioner (Small Scale Industries) is also known as the………………..

Answer :  Small Industry Development Organization (SIDO)

2. ………………..continues to implement its various programmes and projects throughout the country to assist the SSI units.

Answer. – NSIC

3. The ……………….. is a statutory body created by an Act of Parliament in April 1957.

Answer- Khadi and Village Industries Commission (KVIC)

4. ……………….. is done mainly to facilitate SMEs to expand their capacities or diversify and/or upgrade their technology according to the needs of the market.

Answer – Equipment Leasing

5. The ……………….. have been identified on the basis of market needs to ensure maximum employment.

Answer – Skills

6. Which of the following is a type of intangible business property that is protected by law:

A. Acreage

B. Inventory

C. Trademark

D. Equipment

Answer: C

7. Limited liability, indefinite length of life, ease of expansion, legal entity, and transfer of ownership are

considered advantages of a

A. sole proprietorship.

B. partnership.

C. trade union.

D. corporation. 

Answer: D

8. Which of the following is one way that freedom in a private enterprise system is limited by laws:

A. Certain occupations must be licensed.

B. All workers must take ability tests.

C. Specific pay scales are regulated.

D. Employees must register with the state.

Answer: A

9. Non-corporations are taxed as pass-through entities, meaning that

A. profits and losses are claimed on owners’ personal tax returns.

B. they do not have to pay payroll taxes.

C. their income tax rates are lower than those of corporations.

D. they pay only state and local taxes. 

Answer: A

10. Which of the following activities is an example of preparing before attempting to sell an idea:

A. Explaining solutions to audience needs

B. Determining the details of your idea

C. Overcoming objections from the audience

D. Affirming the audience’s decision to “buy” 

Answer: B

11. Which of the following statements is true about business startup requirements:

A. New business owners usually need to register for patent protection.

B. The financial needs to start a new business depend on the nature of the venture.

C. Purchasing a franchise is usually easy and inexpensive for startup business owners. 

D. Equipment is the least expensive requirement for a startup business. 

Answer: B

12. If an entrepreneur obtains a commercial bank loan to finance a new venture, s/he is often required to 

A. provide collateral. 

B. close savings accounts.

C. relinquish contracts.

D. charge the prime-interest rate. 

Answer: A

13. The type of capital resources that a startup business needs to begin operating usually depends on the

A. vendors’ lead time.

B. location.

C. owner’s preferences.

D. industry. 

Answer: D

14. Small-business owners develop and use operating procedures so that everyday tasks are performed in

a(n) __________ way.

A. innovative

B. imprecise

C. diverse

D. standard

Answer: D

15. Which of the following is an example of an intangible asset:

A. Equipment

B. Inventory

C. Office building

D. Accounts receivable 

Answer: D

16. Ethan is developing common-size financial statements so that he can compare financial performance

across several different companies. Ethan is conducting __________ analysis.

A. horizontal

B. vertical

C. ratio

D. trend 

Answer: B

17. What is the relationship between shareholders and the board of directors?

A. The shareholders pay dividends to the board of directors.

B. The board of directors represents the shareholders.

C. The shareholders make decisions for the board of directors.

D. The board of directors holds the shareholders accountable.

Answer: B

18. Who typically reviews and approves the guidelines for running a corporation, which are also known as corporate governance policies?

A. The investors

B. The shareholders

C. The management team

D. The board of directors

Answer: D

19. A manufacturing company is required by the local government to dispose of its waste in an environmentally safe way. This is an example of how process design can be affected by __________ factors.

 A. human

B. regulatory

C. technological

D. natural

Answer: B

20. Which of the following is a situation in which a business could use the budget information to make operating changes:

A. Total revenues exceed projected costs.

B. Estimated sales exceed actual sales.

C. Expected profits are increasing.

D. Accounts receivable are on target.

Answer: B