Entrepreneurship

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Q1: Entrepreneurship means _______.

• Starting a new career
• Managing career
• Running your own business
• Supporting a business person

Q2: What are the duties of an entrepreneur?

• Talking to customers
• Managing finances and budgets
• Managing the business
• All of these

Q3: Which of the following is the BEST definition of profit?

• The total amount of money a business makes from selling goods or services.
• The money a business owner spends on personal expenses.
• The revenue or earnings which remain with the business owner, after all the costs are paid.
• The total amount of money a business earns before paying taxes.

Q4: Pratibha wants to start a Biriyani Hotel. What will she need first?

• Business plan
• Name Board
• Food Items
• Kitchen Equipments

Q5: Shaheen wants good chefs to work in her hotel. What is an effective way to hire them?

• By reaching out other hotel staffs
• By advertising the job
• By asking his relatives
• None of these

Q6: What is the most important skill needed to be a successful entrepreneur?

• Earning money
• Giving up on failure
• Having an Entrepreneurial Mindset
• Expanding markets

Q7: An Entrepreneur can help the society by___________.

• Seeking new opportunities
• Marketing the product
• Working with a team
• Creating job opportunities

Q8: What are some of the qualities of a strong entrepreneur?

• Learning from failures
• Building relationship with customers
• Working hard
• All of these

Q9: Pooja started a food court that was very successful with many customers. After a year, the number of customers decreased. What should Pooja do to solve this problem?

• Change the Cooking Style
• Collect the Feedback from the Customers
• Close the Food court
• Change her business

Q10: Raju wants to start a Textile shop. What should he do first?

• Rent a Shop
• Purchase New Fabrics
• Prepare a Business Plan
• Hire Staff

Q11: Self - Employment means _____.

• Working for an employer at a fixed monthly income
• Freelancing or running a business rather than working for an employer
• Selling food items
• Only focusing on earning profits

Q12: A person who hires other people for their business is an __________.

• Self-Employed
• Employee
• Entrepreneur
• Employer

Q13: What are the qualities of an entrepreneur that a self-employed person also needs to have?

• Creative Thinking
• Problem Solving
• Customer Service
• All of these

Q14: Vidya is single-handedly selling homemade pickles to her neighbors. Vidya is a/an___________.

• Seller
• Self-employed person
• Entrepreneur
• Distributor

Q15: Pawan operates a small AC service business with three employees, offering AC installation and repair. Over the next 5 years he plans to expand the business to another City. Pawan is a / an___.

• Entrepreneur
• Contractor
• Intern
• Self-employed person

Q16: How does Market Scan help with running a business?

• Gives an idea about the customers
• Helps understand about other similar business
• Helps in making the business plan
• All of these

Q17: You want to sell toys. What should you do before starting your business?

• Design the toys
• Find out what children like
• Build a factory
• Hire salespeople

Q18: Why is a market scan conducted?

• To understand customer needs
• To explore how to grow the business
• To check what the competitors are offering
• All of these

Q19: Geetha wants to started a tailoring shop (boutique). Her trainer asked her to do a market scan. Geetha should do the market scan of _____________.

• Beauty Parlours
• Tailoring shops
• Packaging companies
• Restaurants

Q20: Lakshmi plans to start a beauty parlour. What kind of information should Lakshmi NOT collect in the Market Scan?

• Information on clothes and shoes
• Information on types of customers
• Information on cost of materials for the beauty parlour
• Information on shop location and rent

Q21: Customers' needs can be understood through ____________.

• Customer Survey
• Selling
• Talking to our family
• Customer service

Q22: An Entrepreneur needs to maintain good _______ with his customers.

• Communication
• Relationship
• Behavior
• Friendship

Q23: Why do customers like a product or service?

• Good Price
• Good Quality
• Feel of the product or service
• All of these

Q24: Shilpa wants to start a shop making company. What kind of questions should Shilpa NOT ask her customers?

• Which types of soaps do you buy?
• Do you like to eat chats?
• How much do you pay for soap?
• Do you use soap?

Q25: Roopa wants to start a new business. But she is not sure which product she should choose to start her business. What will be Roopa’s basic research to finalize her product?

• Loan from Banks
• Buying products from others
• Search how to advertise the product
• Research on products & services that customers are currently using

Q26: product and service are two things that can be sold. Product is what can be seen, touched and used. Service is what we _______.

• Buy from vegetable shop
• Feel, Experience and Enjoy
• Pay with Gpay
• Do not enjoy

Q27: Product is an object that can be ____________.

• Seen
• Touched
• Seen, Touched and Used
• Used

Q28: Sharvan serves as a delivery agent delivery tomatoes from a farmer to a company that makes tomato sauce. What is Sharvan’s job?

• Seller
• Service Provider
• Buyer
• Distributor

Q29: Select the example of a service from the options.

• Masala Dosa
• Mobile Repair
• Water Bottle
• Chicken Kebab

Q30: Select the example of a product from the options.

• Home painting
• Parlour service
• Shirt
• Bike repair

Q31: A business idea should ________________.

• Satisfy only my needs
• Fulfill customer needs or solve their problems
• Save the world
• None of these

Q32: A good business idea for a young or new entrepreneur should be sustainable. This means __________.

• It is easy to use
• It has many details
• It has budget
• It is planned for the present and future business growth

Q33: A good business idea should be_________.

• Very common
• A short term plan
• Very expensive to start a business
• Unique, sustainable & low on investment

Q34: Low investment business plan means ________.

• The plan is a new idea
• The plan needs a small amount to start a business
• The plan should be simple
• The plan should start immediately

Q35: Unique Selling Proposition or USP of a business plan refers to _________.

• A special budget for the business
• A new customer for the business
• A special or different idea for a business
• An old business is updated

Q36: A ______ is a document with complete strategy for the business.

• Strategy Report
• Action Plan
• Business plan
• Stakeholder Report

Q37: _____ is not a part of a good business plan.

• Weather Report
• Marketing Strategy
• Customer Analysis
• Budget

Q38: ______ is about the competition in the online or offline market.

• People Analysis
• Competitor Analysis
• Customer Analysis
• Budget plan

Q39: How can we understand what customers want?

• By doing research on customer needs
• By advertising the business
• Selling a new product
• By moving to a new business

Q40: ________ part of a business plan has details of money-related details of the whole business.

• Product Details
• Customer Analysis
• Business Succession Plan
• Costing

Q41: A _______ is a short and effective presentation to describe the business.

• Customer Analysis
• Communication
• Return on Investment
• Business Pitch

Q42: A business pitch is presented to investors who helps us with _____, _____, and _____.

• Customer and Quality
• Money, Resources, and Mentoring Support
• Plan and Marketing
• Profit and Loss

Q43: Who can support Entrepreneurs by providing business schemes and loans at low interest rates?

• Customers
• Startup Investors
• Banks
• Friends

Q44: Shyna wants to start a masala powder business. She is presenting a business pitch to the bank manager. How long should her business pitch be?

• 2 to 3 mins
• 10 mins
• 15 mins
• 1 min

Q45: In a business, the money involved in building a product is called________.

• Cost
• Profit
• Price
• Discount

Q46: A small business run by a single person is called as ______.

• Multinational Unit
• Partnership
• Sole Proprietorship
• Private Limited

Q47: Bindu has started a small auto repair shop. She is the only person managing the business. Which kind of business it is?

• Partnership
• Private Limited
• Multinational Unit
• Sole Proprietorship

Q48: _____ is the ministry in the Govt. of India that forms and implements the rules and regulations for enterprises in India.

• MSDE
• MSME
• NIMI
• DGT

Q49: Which document is not required to complete UDYAM/MSME registration?

• PAN Card
• Aadhar Card
• Income Tax Return
• Blood Certificate

Q50: Rahim is filing tax for the first time for his business. Which of these elements are NOT needed for filing tax?

• Birth Certificate
• PAN Card
• Aadhar Card
• Income Tax Return

Q51: Price is an important part of marketing. Price means __________

• Marketing
• Rate of a product in rupees
• Promotion
• Raw Materials

Q52: Sahil is giving festival offers, free samples and price discounts at the opening of his business. This is called ______.

• Market scan
• Packaging
• Promotion
• Selling

Q53: Marketing helps the customer to learn about

• Price
• Availability
• Special Discounts
• All of these

Q54: Which among the following is not a part of 7P’s of marketing?

• Product
• Packaging
• Price
• Pickles

Q55: Tom wants to start a shop for selling books pens etc. Which is the best location to have his shop?

• Near college and schools
• Near the river
• At his house
• Near fish market

Q56: Total cost is equal to?

• Variable Cost + Discount
• Investment + Fixed Cost
• Variable Cost + Fixed cost
• Fixed Salary + ROI

Q57: _____ cost increases or decreases depending on how much we produce or sell.

• Variable
• Fixed
• Total
• Maintenance

Q58: Preeti is renting a kitchen to run a paratha shop, The rent of the kitchen is a ____ cost?

• Variable
• Total
• Fixed
• Admin

Q59: ______ is the money we invest in producing a product or service.

• Business revenue
• Product Cost
• Product Price
• Business Pitch

Q60: Mani buys new brushes and tins for painting. What type of cost is it?

• Total Cost
• Fixed Cost
• Variable Cost
• Maintenance

Q61: The word funding means ________.

• Money for shopping
• Saving and Spending
• Money to start a business
• Bank account

Q62: A ______ is a new business, which later grows into a big company.

• NSIC
• Parlours
• Hotels
• Start Up

Q63: _____ supports entrepreneurs to get loans under several schemes in district level.

• National small industries corporation (NSIC)
• District Industry Centres (DIC)
• SIDO
• SSLC

Q64: Prem wants to start a shop. He can apply for ____ loan to have benefits.

• Home
• MUDRA
• Education
• Car

Q65: Seema plans to open a hotel and has applied for a MUDRA loan. What must see Summit as part of her loan MUDRA loan application?

• Her resume
• A business plan
• Proof of address
• Aadhar card

Q66: A product name officially registered with the Trademark Registry of India is _____.

• Marked
• Trademark
• Approved
• Token

Q67: Entrepreneurs learn from their success as well as their _______.

• Failures
• Friends
• Profit
• Business Pitch

Q68: The secret to growing your business is to choose the right _____ to support your growth

• Clothes
• Family
• Friends
• Team

Q69: Wahid wants to register his product under a trademark. What is the benefit of getting a trademark for your product?

• He can sell it at higher rate
• No one else can use the same product name
• He will get a lot of success
• He can take many loans and not repay

Q70: Joy started a homemade pickle business but didn’t get profit in 2 months. What should he do?

• End his business
• Borrow money
• Find reasons for his failure & learn from them
• Get angry

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