This quiz works best with JavaScript enabled. Home > Agriculture > Business > Entrepreneurship > Entrepreneurship Development – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Entrepreneurship Development Quiz 1 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which one of the following gives suggestions for new product and also help to market new products? A) Existing products and services. B) Federal government. C) Distribution Channels. D) Consumers. Show Answer Correct Answer: C) Distribution Channels. 2. Memorandum of association of a firm contains ..... A) Rules regarding the internal management of the company. B) Rules regarding the constitution and activities of the company. C) Rules regarding the external management. D) Rules regarding the constitution. Show Answer Correct Answer: B) Rules regarding the constitution and activities of the company. 3. It has been said that in business if there is no risk, there is no reward. How would an entrepreneur interpret this phrase? A) Be careful to hire employees who share your vision for the business. B) Starting a business may require a significant financial investment to start a business. C) Don't be afraid to confront poor performing employees. D) Make time for yourself and your own personal needs. Show Answer Correct Answer: B) Starting a business may require a significant financial investment to start a business. 4. Identify the statement which is important while considering the price of a product? A) 1.It gives a competitive edge to the product/service by also building on perception of product/service quality. B) 2.It hardly matters as products/services can be priced in any way. C) 3. Prices should be kept in a way to yield maximum profit to a seller/manufacturer. D) 4.None of the above. Show Answer Correct Answer: A) 1.It gives a competitive edge to the product/service by also building on perception of product/service quality. 5. A function of creating something new for an economic activity is called ..... A) Innovation. B) Creative. C) Initiative. D) None of above. Show Answer Correct Answer: A) Innovation. 6. ..... does not have to invest any capital from his pocket. A) Intrapreneur. B) Entrepreneur. C) Government. D) Customer. Show Answer Correct Answer: A) Intrapreneur. 7. The written description of your proposed venture should be A) As short as possible. B) Completed at the end of the study. C) Detailed. D) Persuasive. Show Answer Correct Answer: C) Detailed. 8. The final task in the financial section of feasibility study is performing a A) Annual review. B) Profitability analysis. C) Organizational assessment. D) Estimate of revenues. Show Answer Correct Answer: B) Profitability analysis. 9. Select the pull factor responsible for Women Entrepreneurship from the below option? A) Financial Independence. B) Role of the sole bread earner. C) Family income is insufficient. D) Not able to find a suitable employment. Show Answer Correct Answer: A) Financial Independence. 10. EDPs course contents contains ..... A) General introduction to entrepreneurs. B) Motivation training. C) Managerial skills. D) All of these. Show Answer Correct Answer: D) All of these. 11. The person who creates an enterprise is called A) Leaders. B) Owners. C) Entrepreneur. D) Managers. Show Answer Correct Answer: C) Entrepreneur. 12. The best definition for USP is:(C1) A) Unique Selling Price. B) Unbeatable Show Price. C) Unique Selling Proposition. D) Unique Sellable Picture. Show Answer Correct Answer: C) Unique Selling Proposition. 13. Idea generation is one of the most difficult aspects of entrepreneurship because A) People lack in clarity on the things to do. B) Un-favourable economic conditions with limited opportunity to gain and grow. C) Lack of understanding of customer needs and solutions to their problems. D) Idea generation is not taught in educational courses. Show Answer Correct Answer: C) Lack of understanding of customer needs and solutions to their problems. 14. The expenses incurred on the setting up of the enterprise are called as ..... A) Cost of current assets. B) Cost of financing. C) . Cost of promotion.. D) Cost of fixed assets. Show Answer Correct Answer: C) . Cost of promotion.. 15. Why should an entrepreneur do a feasibility study for starting a new venture A) To identify possible sources of funds. B) To explore potential customers. C) To see if there are possible barriers to success. D) To estimate the expected sales. Show Answer Correct Answer: C) To see if there are possible barriers to success. 16. Recognize an entrepreneur must be A) Clumsy. B) Disorganized. C) Organized. D) Lazy. Show Answer Correct Answer: C) Organized. 17. The content of the final report typically includes the following topics ..... A) Executive summary. B) Review and analysis. C) Recommendations. D) If all the above are correct. Show Answer Correct Answer: D) If all the above are correct. 18. The technical or logistical section of the feasibility study includes information about A) Potential profitability. B) What the target market wants. C) Where the work will happen. D) Chain of command. Show Answer Correct Answer: C) Where the work will happen. 19. What is a business plan? A) Written document that only outlines the business practices of the new business. B) Written document that describes the financial aspects of the business. C) Written document that only describes the ownership of the business. D) Written document that describes all the steps necessary for opening and operating a successful business. Show Answer Correct Answer: D) Written document that describes all the steps necessary for opening and operating a successful business. 20. DETERMINATION, BRAVERY AND COURAGE A) ENTREPRENEURIAL GUTS FRAME. B) ENTREPRENEURIAL HEART FRAME. C) ENTREPRENEURIAL MIND FRAME. D) None of above. Show Answer Correct Answer: A) ENTREPRENEURIAL GUTS FRAME. 21. An entrepreneur must know.. A) Only the parts of the business they like. B) No parts of the business management. C) All parts of business:finance, marketing, etc. D) None of above. Show Answer Correct Answer: C) All parts of business:finance, marketing, etc. 22. Which of the following is a method for gathering data from potential customers during the market analysis portion of a feasibility study A) SWOT analysis. B) Social media surveys. C) Research and development. D) Profitability analysis. Show Answer Correct Answer: B) Social media surveys. 23. IDBI stands for:- A) Industrial Developing Bank of India. B) International Development Bank of India. C) Industrial Development Bank of India. D) None of the above. Show Answer Correct Answer: C) Industrial Development Bank of India. 24. The application for registration of a small scale unit should be submitted to the ..... A) Director, DIC. B) General manager. NSIC. C) General manager, DIC. D) Director, NSIC. Show Answer Correct Answer: C) General manager, DIC. 25. Which are the limitations on Projected Financial Statements A) Unforeseen Situations. B) Narrowed Focus. C) Takes Time. D) All of the above. Show Answer Correct Answer: D) All of the above. 26. Feasibility studies can help owners/managers to determine A) What their competitors will do. B) The best place to recruit new employees. C) The best time to start a project or venture. D) Where to find goof prices on rare materials. Show Answer Correct Answer: C) The best time to start a project or venture. 27. What is Floating of SMEs? A) Registration of firm. B) Applying for Loan. C) Giving over a percentage of the company for purchase by the public in the form of shares. D) None of the above. Show Answer Correct Answer: C) Giving over a percentage of the company for purchase by the public in the form of shares. 28. Which of the following is correct about MSMEs? A) Old classification was based on annual turnover. B) New classification based on investment. C) Based on MSMED Act 2007. D) None of these. Show Answer Correct Answer: D) None of these. 29. The first step in determining financial for a feasibility study is to A) List all sources of funding. B) Create a budget for start-up costs. C) Estimate expected revenue. D) Estimate operating expenses. Show Answer Correct Answer: B) Create a budget for start-up costs. 30. What is a business model? (C1) A) It is a documentation on how to manage company's employee. B) It is a blueprint on company's organizational structure. C) It is a documentation on how the company's capture consumer's value. D) It is a blueprint on how an organization creates, delivers and captures value. Show Answer Correct Answer: D) It is a blueprint on how an organization creates, delivers and captures value. 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