Commerce Accountancy · General Awareness

Entrepreneurship and Innovation

1,063 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 commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

An opportunity assessment plan includes which of the following?

  1. A description of the product or service

  2. An assessment of the opportunity

  3. As assessment of the entrepreneur and the team

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

An opportunity assessment plan is a comprehensive document that evaluates the product, the market opportunity, and the capabilities of the entrepreneurial team to execute the plan.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

An appropriate strategy to develop market for company is ?

  1. Business unit strategy

  2. Corporate strategy

  3. Efficient replacement strategy

  4. Operational strategy
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Business unit strategy focuses on how to compete in a specific market or industry, making it the most appropriate level for developing a market for a company's products.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

Whether the opportunity is identified by using input from consumers, business associates, channel members, or technical people, each opportunity must be carefully____________.

  1. Drafted

  2. Screened

  3. Evaluated

  4. Screened and evaluated
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Business opportunities must undergo a formal process to ensure they are viable. Screening narrows down the list of potential ideas, while evaluation assesses their feasibility and potential profitability.

Multiple choice elements of book keeping and accountancy nature of accounts and rules of debit and credit meaning, advantages and limitations of journals understand the classification of accounts introduction to books of prime entry

Small firms may adopt _________.

  1. The subsidiary book system

  2. Journal system

  3. Ledger

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Recording of transactions helps to make the financial statement accurate. Recording of transaction in journal helps small firms to keep their track of transactions upto date. Hence small firms may adopt the journal system.

Multiple choice organization of commerce and management social responsibility of management and csr concept of social responsibility corporate social responsibility social responsibility

A business should have which kind of an approach?

  1. Profit earning

  2. Social responsibility

  3. Both (a) & (b)

  4. Either (a) and (b)
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
Companies are expected to meet society’s demands for goods and services, to provide employment, to contribute to the exchequer, and to operate efficiently at a profit. There is no conflict between social responsibility and the obligation on companies to use scarce resources efficiently and to be profitable—an unprofitable business is a drain on society. The essence of the contract between society and business is that companies shall not pursue their immediate profit objectives at the expense of the long-term interests of the community
Multiple choice functional area of management financial management nature and significance of management organisation of commerce and management business studies

Companies with higher growth potential are likely to ______________.

  1. pay lower dividends

  2. Pay higher dividends

  3. Dividends are not affected by growth consideration

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

Generally a company with higher growth paternal are likely to pay lower dividends. This is because the companies wants to invest that money in earning higher income and growing at a higher rate which is in the benefit for the long term rather than paying dividend which will only benefit the company for a short term.

Multiple choice economics economics of development and planning economics of planning objectives of economic planning in india major economic problems

The objective of ASPIRE Scheme ______________________.

  1. is to set up a network of technology and incubation centres to accelerate entrepreneurship and also promote start ups for innovations and entrepreneurship in agro-industry.

  2. is to setup a network of internet to accelerate entrepreneurship and also promote start-ups for innovations and entrepreneurship in handloom industry.

  3. is to setup a network of technology giving exemption in GST to small entrepreneurs and also promote start ups for innovations and entrepreneurship in agro-industry.

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

The objective of ASPIRE Scheme is to set up a network of technology and incubation centres to accelerate entrepreneurship and also promote start ups for innovations and entrepreneurship in agro-industry. ASPIRE was introduced in March 2015 by the MSME Ministry to give boost to Make in India Programme.

Multiple choice organisation of commerce and management liberalization, privatization and globalization concept and necessity of globalization highlights of lpg policy multinational corporations

Early identification of opportunities do not help an enterprise to exploit opportunities.

  1. False

  2. True

  3. Partly true

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

True. 

Early identification of business opportunities do not help these business to exploit them but an efficient plan where the strength of the business is perfectly utilized in order to exploit such opportunity. 

Multiple choice commercial applications generally accepted accounting principles (gaap) acccounting cycle meaning, need and objectives of accounting accounting process

The appropriate objective of an enterprise is _________.

  1. To maintain sales at minimum level

  2. Maximisation of business wealth

  3. To maintain the profits at one level

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

Wealth maximisation is the concept of increasing the value of the business in order to increase the value of the shares held by shareholders, therefore it is an objective of enterprise.

Multiple choice elements of business partnership 1 - meaning, definition, characteristics and kinds types of partnership types of partnerships dissolution of partnership

The concept of _____ restricts the amount of money a person risks to what he invests in a business enterprise.

  1. Expert assistance

  2. Unlimited liability

  3. Separate legal existence

  4. Limited liability
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The concept of limited liability restricts the amount of money a person risks to what she invests in a business enterprise. It means that the liability of each person is limited to the extent of his/her share in the business. Limited liability in simple terms, means that 'you risk what you put in'.

Multiple choice organisation of commerce and management the nature of the indian economy part 2 industrial revolution in india subsidies, industrial policy and trade policy cottage and small scale industries

Which of the following could be a reason for promotion of small scale industries? 

  1. Economy prospers when it has only small scale industries

  2. Today's small scale industries are tomorrows large scale industries

  3. Large scale industries ruin small scale industries

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

A key rationale for promoting small-scale industries is their potential to grow into larger, more established enterprises over time.

Multiple choice history economic system and economic policies american dominance, neo-imperialism and new economic policy insights on lpg changing economic policies

What did NEP focus on?

  1. Create a more competitive environment

  2. Remove barriers to entry

  3. Create employment

  4. Both A and B
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
India agreed to the conditionalities of World Bank and IMF and announced the New Economic Policy (NEP). The NEP consisted of wide ranging economic reforms. The thrust of the policies was towards creating a more competitive
environment in the economy and removing the barriers to entry and growth of firms. Creation of employment was not the objective of NEP.
Multiple choice business organisation and correspondence joint stock company 3 - promotion and formation of a company formation and promotion of a company promoter promotion and formation of a company

The success of the company is measured by its ______________.

  1. Current profits

  2. Long-term growth

  3. Expected profits

  4. Both (A) and (B)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
  1. Look At Your Business's Financial Statements.
  2. Check Customer Satisfaction.
  3. Average How Many New Customers You Get.
  4. Conduct Performance Reviews.
  5. Stay Current On The Market.
  6. Assess Your Own Expectations
  7. Current profits
  8. 8. Long term growth