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This set of Entrepreneurship Development (ED) Multiple Choice Questions & Answers (MCQs) focuses on Entrepreneurship Development Set 14

Q1 | Each of the following are ways to identify an opportunity EXCEPT:
  • observing trends.
  • solving a problem.
  • trying out alternative uses of existing products.
  • finding gaps in the marketplace.
Q2 | Entrepreneurs can recognize problems and find ways to solve them through each of the following EXCEPT:
  • recognizing problems in emerging trends.
  • identifying a currently available product or service and then building a business around a better version.
  • framing a problem differently than it's been thought of before, and then proposing an appropriate solution.
  • experiencing a problem in one's own life, and then realizing the solution represents a business opportunity.
Q3 | All of the following are characteristics shared by those who excel at recognizingopportunities EXCEPT:
  • brainstorming.
  • prior experience.
  • entrepreneurial alertness.
  • social contacts and ties with others.
Q4 | All of the following are suitable questions to ascertain Product/Service DesirabilityEXCEPT:
  • Does it make sense?
  • Is the product or service financially feasible?
  • Is this a good time to introduce the product or service in the market?
  • Are there any fatal flaws in the product or service's basic design or concept?
Q5 | All of the following are characteristics of attractive industries EXCEPT:
  • the industry is young.
  • the industry is fragmented.
  • the industry is crowd
Q6 | _____ is conducted to determine whether a proposed business has sufficient management expertise, organizational competence, and resources to successfully launch its business.
  • A marketing plan
  • Financial feasibility analysis
  • Industry/market feasibility analysis
  • Organizational feasibility analysis
Q7 | Why is the executive summary perhaps the most important section of the business plan?
  • This section of the plan provides in-depth discussion of the major trends in the industry in which the firm intends to compete.
  • This section of the plan summarizes the firm's key executives.
  • If this section of the plan fails to attract an investor's interest, he or she is unlikely to read the remainder of the plan.
  • This section of the plan deals with the day-to-day operations of the company.
Q8 | Which of the following might be termed a disadvantage faced by the small business?
  • Greater flexibility
  • Greater ability to serve specialized markets
  • Extreme personal commitment of the owner
  • More personal service
Q9 | The financial assistance to small business provided by the Small Business Administration takes the form of:
  • direct loans
  • guidance in locating lenders
  • loan guarantees
  • assistance in filling out paperwork
Q10 | Key features of a well written business plan would include all of the following except:
  • financial plan
  • qualifications of the owner
  • an analysis of the market
  • a review of the advertising firms analyzed
Q11 | EDPs course contents contain ___________.
  • General introduction to entrepreneurs.
  • Motivation training.
  • Managerial skills.
  • All the above
Q12 | MSME is defined under which act?
  • MSMED Act 2006
  • MSMED Act 2001
  • MSMED Act 1999
  • MSMED Act 2004
Q13 | MSMEs are important for the Nation's Economy because they significantly contribute to
  • Industrial Production
  • Exports
  • Employment
  • All of the above
Q14 | Investment Limit of a Micro Enterprise under manufacturing sector does not exceed_____lakhs.
  • 10
  • 20
  • 25
  • 50
Q15 | The manufacturing enterprises are defined in terms of investment in ___________.
  • Furniture
  • Stock
  • Plant & machinery
  • None of these
Q16 | Which of the following is not considered while selecting the region?
  • Law and order
  • Price of land
  • Availability of raw materials
  • Proximity to the product market
Q17 | Which one of the following is the step involved in setting up a new enterprises?
  • Creating a business plan
  • Making a product choice
  • Selecting the location
  • Setting up infrastructure
Q18 | Which of the following is the key factor for choosing the type of financing?
  • Availability of funds
  • Assets of the venture
  • Prevailing interest rates
  • All of the given options
Q19 | Following is not involved in EDP
  • Identification of entrepreneurs for training
  • Selection of entrepreneurs for training
  • Developing entrepreneurial capabilities
  • Arranging infrastructural facilities
Q20 | The distinction between an "entrepreneur" and "small business owner" , if made, revolvesaround:
  • really nothing; they are truly one and the same
  • the Small Business Administration definitions
  • whether the business is an Internet based one or not
  • the risk taking or re-invention of a business vs. someone who "simply" starts a
Q21 | Which of the following is not a main element of the project management process?
  • Estimation.
  • Schedule.
  • Monitor.
  • Systems design.
Q22 | SBA stands for:
  • Small business accountants
  • Small business administration
  • Small business adequacy
  • Small business advisors
Q23 | EDPs course contents contains ___________.
  • General introduction to entrepreneurs.
  • Motivation training.
  • Managerial skills.
  • All the above
Q24 | EDII was developed by the
  • Government of India
  • State Government
  • All India Financial Institutions
  • Public sector banks
Q25 | NIESBUD was established in
  • 1980
  • 1983
  • 1986
  • 1989