Commerce Accountancy · General Awareness

Entrepreneurship and Innovation

993 Questions

Entrepreneurship and innovation questions address business management, economic development, and small scale industries. These topics are highly relevant for commerce students and competitive exams focusing on business administration. Review these questions to understand enterprise structures.

Small scale industriesWomen entrepreneurs enterpriseLegal risk mitigationMultinational corporationsKnowledge based industries

Entrepreneurship and Innovation Questions

Multiple choice

What is it when a company owns all like producing companies?

  1. Vertical Integration

  2. Horizontal Integration

  3. The Industrial Revolution

  4. Robber Barrons
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Horizontal integration is the process of a company increasing production of goods or services at the same part of the supply chain, often by buying out competitors.

Multiple choice business organisation management - process or functions, managerial role and levels levels of management management - process and levels functions and levels of management

What is the most important factor in forming a new business?

  1. Finance

  2. Marketing

  3. Government support

  4. Family support
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

While marketing and support are important, finance is the fundamental requirement for starting a business, as it provides the necessary capital to operate and grow.

Multiple choice organisation of commerce and management sources of business finance - 1 finance and accounts meaning and functions of finance and accounts department nature, need and significance of business finance

Availability of adequate finance is ___________ for the survival and growth of a business.

  1. optional

  2. very crucial

  3. secondary

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Proper management of working capital is essential to a company’s fundamental financial health and operational success as a business. A hallmark of good business management is the ability to manage the working capital requirements to maintain a solid balance between growth, profitability and liquidity.
Multiple choice commercial applications marketing mix - 4 p's meaning of product product mix ideologies/concepts/views of marketing management

Availability and ______ of the product was considered to be the key to the success of a firm.

  1. Accountability

  2. Affordability

  3. Price

  4. Quality
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The industrial revolution was the transition to new manufacturing process in the period from 1760 to sometime between 1820 and 1840. This transition includes going from hand production methods to  machine, new chemical manufacturing and iron production process. This gave rise to the development of machine tools and factory system. Due to this vast production, the  products were made affordable for the consumers by decreasing the production cost.

Multiple choice business organisation and correspondence classification of busniess activities concept and types of commerce and industry nature of industries and commerce operative activities in business business as an activity meaning and types of trade trade and aids to trade

Advantages to the franchise in a franchise are _______________.

  1. Marketing

  2. Econimies of scale

  3. Instant goodwill

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Purchasing a franchise provides multiple benefits to the franchisee, including established marketing support, economies of scale through collective buying and operations, and instant brand recognition and goodwill.

Multiple choice business organisation and correspondence classification of busniess activities concept and types of commerce and industry nature of industries and commerce operative activities in business business as an activity meaning and types of trade trade and aids to trade

Premises which are absolutely beyond the clutch of business enterprises are ________________.

  1. Non-controllable

  2. Controllable premises

  3. Avoidable premises

  4. (B) or (C)
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Non-controllable premises refer to external environmental factors, such as government policy or natural disasters, which a business cannot influence or control.

Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

What are the projects that Chamber of Commerce needs to take for smooth trade?

  1. Marketing Projects

  2. Financial Projects

  3. Investment Projects

  4. All of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Investment Project - An investment project is a detailed proposal of an expenditure of liquid resources, with the objective of taking actions that will lead to future profits. - An investment project is made before the investment itself.

Multiple choice elements of business fundamentals of business activities factors affecting business interrelationship between industry, commerce and trade other aspects of a business

Which of the following does not characterise business activity?

  1. Production of goods and services

  2. Presence of risk

  3. Sale or exchange of goods and services

  4. Salary or wages
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Business activity is an activity which is an engaged in primary purpose of making a profit, salary and wages are expenses to a business. Hence it is not a primary business activity. 

Multiple choice elements of business fundamentals of business activities factors affecting business interrelationship between industry, commerce and trade other aspects of a business

A __________ is also essential if a new venture is a manufacturing concern. 

  1. market analysis

  2. operation plan

  3. bank loan

  4. organizational plan
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

If a new venture is an manufacturing concern it should have operational plan because operational plan consists of raw material requirement, manufacturing requirement , output and all things related to manufacturing.


Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Not every business needs an Entrepreneur, but every business needs an Intrapreneur.

  1. True

  2. False

  3. Partly true

  4. None of above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Intrapreneurship is like acting as an entrepreneur within the organization. Intrapreneurship is a step towards entrepreneurship. It focuses on self motivation and resolving a specific issues which ultimately helps in achieving the major goals. It focuses on minor goals and hence helps to achieve the entrepreneurship goals in long run. Without the minor goals the major goals cannot be achieved. So, intrapreneur are important for a business.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Internprenueship is a combination of ____________.

  1. entrepreneurship

  2. management skills

  3. entrepreneurship and management skills

  4. none of above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Intrapreneurship is like acting as an entrepreneur within the organization. Intrapreneurship is a step towards entrepreneurship. It focuses on self motivation and resolving a specific issues which ultimately helps in achieving the major goals. It focuses on minor goals and hence helps to achieve the entrepreneurship goals in long run. It is a combination of entrepreneurship and management skills.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

" A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation is ____________".

  1. an entrepreneur

  2. an intrapreneur

  3. an enterprise

  4. an inter manager
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Intrapreneurship is like acting as an entrepreneur within the organization. Intrapreneurship is a step towards entrepreneurship. It focuses on self motivation and resolving a specific issues which ultimately helps in achieving the major goals. It focuses on minor goals and hence helps to achieve the entrepreneurship goals in long run.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Key charcteristic(s) of Intrapreneurship ____________.

  1. it promotes the managers to be more innovative and take more responsibility while demonstrating charismatic leadership qualities.

  2. intrapreneurship projects are funded by large business organisation and agreed percentage of profits are remitted to the fund provider / head quarters of the business.

  3. intrapreneurship will cultivate entrepreneurial skills / culture within the corporate culture where managers will be motivated to accept more risk.

  4. all of above.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Intrapreneurship is being an entrepreneur inside or within the organization. Intrapreneurship will cultivate entrepreneurial skills/culture within the corporate culture where managers will be motivated to accept more risk.

Ir promotes the managers to be more innovative and take more responsibility while demonstrating charismatic leadership qualities and intrapreneurship projects are funded by large business houses and agreed percentage of profits are remitted to the fund provider.

Multiple choice business organisation and correspondence elements of success in business and qualities of a successful businessman meaning of entrepreneur entrepreneurship – concept, meaning and definition values and qualities of a businessman

Intrapreneur faces competition from ___________.

  1. entrepreneurs

  2. managers

  3. employees within the organization

  4. all the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Intrapreneurship is like acting as an entrepreneur within the organization. Intrapreneurship is a step towards entrepreneurship. It focuses on self motivation and resolving a specific issues which ultimately helps in achieving the major goals. It focuses on minor goals and hence helps to achieve the entrepreneurship goals in long run. It is a combination of entrepreneurship and management skills.