Entrepreneurship Development Set 14 MCQs

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