Practice CUET - Entrepreneurship test 1. A business opportunity is A) all about having an out-of-the box idea B) just an idea, which can be converted into a profitable business C) about having a high rate of return on investment D) None of these None 2. Entrepreneurs can be distinguished by their ability to A) brainstorm well B) sense the opportunities and see the patterns missed by others C) manage their finances well D) keep their costs low None 3. The best example of the environmental scanning companies do to ensure their products continue to meet customer needs always is the A) Bharat Sanchar Nigam Limited B) Mobile phone makers C) Kodak D) Motorola None 4. The prevailing interest rates and the taxation framework affecting a business are part of its A) immediate environment B) micro-environment C) business environment D) macro-environment None 5. The first stage in the process of creativity is A) Idea germination B) Preparation C) Illumination D) Incubation None 6. TravelKhana was born out of A) a passion to beat competition B) a real customer need C) improvement in an existing product D) innovation None 7. A study of the environment helps a business A) identify potential market opportunities B) formulate appropriate strategies C) tap relevant resources D) All of them None 8. 'Idea fields' can help prospective entrepreneurs in A) Broadening the extent of their thinking B) Structuring ideas according to convenient frames of reference C) Both A and B D) None of the above None 9. Given the current milieu, a prospective entrepreneur can hope to find business success by A) offering on-location mobile repairs B) opening a crèche for pets in a small town C) offering bill payment services D) opening a chain of quick service breakfast eateries None 10. Select the correct order of the steps involved in creativity. A) Option (A) B) Option (B) C) Option (C) D) Option (D) None 11. The hallmark of an economic activity is A) The delivery of a tangible product B) Delivering a product / service C) The monetary gains achieved by selling a product/service D) Delivering a product / service carrying some monetary worth None 12. Most recognized professions involve providing A) Guidance B) Advisory services C) A or B D) None of these None 13. A well-conducted __________ can tell the entrepreneur about the viability of a proposed business enterprise. A) decision matrix B) market research C) financial analysis D) feasibility study None 14. Currently, the services sector in India is A) growing at the same rate as are manufacturing and agriculture B) growing at a rate lower than that of manufacturing and agriculture C) growing at a rate faster than that of manufacturing and agriculture D) contributing the least to national income None 15. Your friends motivates you to become a 5% partner by investing Rs. 5, 00, 000 in his newly started business and alongside, he also guarantees you a minimum profit @ 20% on the money you invest. If you accept his offer, the act A) can be called business B) cannot be called business C) may be called business under a special law D) is an example of a sole proprietorship business None 16. Ultimately, from a consumer's point of view, a business is all about A) buying a product B) getting some utility for a price C) earning profits D) making their life easier None 17. Bearing an unlimited liability is a crucial feature of a A) Sole proprietorship B) Limited liability company C) Partnership D) Hindu undivided family business None 18. If a service provider's annual revenues exceed Rs. ______, he/she is supposed to fill in form ST 1. A) 25 lakh B) 4 lakh C) 20 lakh D) 10 lakh None 19. Mark the correct option after studying the following facts. Chameli, Anarkali and Jalebi form a business partnership to spread awareness about the rights of the LGBTQIA community in India. A) This one is a perfectly legitimate partnership in the eyes of law B) The so-called partnership has no legal validity C) The partners need to fulfill some other criteria to receive a partnership license D) None of these None 20. The concept of joint stock companies arose in response to the demand for A) more capital B) better managerial talent C) having limited liability D) All of these None 21. A public company can have a minimum of _____ members while the upper limit is ______. A) 7, not there B) 10, not there C) 5, not there D) 7, 10 crores None 22. A public company in India can A) Invite public to buy its shares and accept their deposits B) Use the expression Private Limited as a suffix with its name C) Give its members the freedom to transfer their shares D) Do all the above None 23. An entrepreneur brings on one platform the _______ necessary to begin a business. A) men, machines and materials B) money and machinery C) men, money, machines, materials and methods D) money, machines and men None 24. Service tax is a kind of A) primitive tax B) indirect tax C) direct tax D) progressive tax None 25. The territorial extent of India covers up to A) 22 nautical miles into the sea B) 12 nautical miles into the sea C) Indira Point on the Great Nicobar Islands D) Kanyakumari in the South None 26. The relations within a Hindu Undivided Family result from A) their inbuilt status B) a contract C) Both A and B D) Neither A nor B None 27. The Karta of a Hindu Undivided Family A) has unlimited powers and the right to deal with outsiders B) has unlimited liabilities C) Has the right to inspect the accounts books D) All of them are true None 28. _________ is basically a money manager involved in making risk-based equity investments to earn better returns. A) Entrepreneur B) Intraprenuer C) Venture capitalist D) Wealth manager None 29. If your friend Pappu holds an ownership of more than 50% in a business, he can be said to be holding a A) Joint stake B) Minority stake C) Majority stake D) None of these None 30. Co-operative enterprises are driven by the motive of A) spreading the culture of self-help groups B) maximizing the organizational profits C) Giving loans in rural areas D) promoting its members' economic interests None 31. A cooperative society, after paying the dividends wherever due, __________. A) distributes the surplus among the management B) deposits the surplus with the government C) distributes the surplus among members D) none of these None 32. _______ bridges the gap between our current position and where we want to reach. A) Planning B) Market research C) Feedback D) Appraisal None 33. The cash flow of a business is important to as it gives an idea about A) its ability to raise credit B) its ability to repay its debt liabilities C) the time in which it can become profitable D) None of these None 34. There is no manufacturing involved in a ______ business. A) trading B) service C) A and B D) None of these None 35. In a financial plan, the investment decisions A) refer to running expenses B) refer to fixed assets C) Both A and B D) refer to large investments only None 36. The process of market planning begins with A) knowing about your competitors' product/ service B) designing the product C) knowing about the potential users of the product/ service D) starting production None 37. Ballu, a prospective entrepreneur realizes during analysis that the venture he is planning involves the risk of fires happening in the plant. He should A) think of strategies to minimize the risk of fires B) think of strategies to respond to fires C) abandon his plans due to high risks D) Both A and B None 38. The act of exchanging one thing for another is called ______. A) Trading B) business C) market exchange D) manufacturing None 39. Joint sector enterprises involve A) both public and private sectors B) general public in ownership C) two or more public sector companies working together in collaboration D) None of these None 40. A partnership can continue for A) a minimum of 1 year and a maximum of 10 years B) a maximum of 10 years C) as long as the partners wish it to D) None of these None 41. Shona attends the swish parties held in town regularly to spot emerging trends in clothing for her business portal. She is using the _____ trend method to spot an opportunity A) Watch B) Think C) Talk D) Read None 42. Customs duty is liable to be paid when A) a customer buys good worth more than Rs. 1 lakh in one go B) a firm in state X sells its goods in state Y C) something of commercial value enters the Indian territory from abroad D) the finished goods leave a plant for transportation None 43. Besides product utility, product range and product USP, a business plan must also indicate talk about A) Product shape B) Product features C) Product dimensions D) Product design None 44. The dictum "Work your plan" is true of a/an A) operational plan B) production plan C) Both A and B D) None of these None 45. Based on an analysis of different forms of business ownership, we can conclude that A) Private companies are the ideal form of ownership B) Public companies are the ideal form of ownership C) No one size fits all D) Partnerships are the best way to do business None 46. Which of the following is NOT a good sales forecasting technique? A) Overall industry sales B) Marketing research C) One's own hunch D) Expert opinion None 47. A conservative approach is adopted by entrepreneurs while calculating cash flows so that A) calculation mistakes can be accounted for B) they can provide for leaner months C) they can account for defaults D) none of these None 48. Studying the effect of a price change on consumer behavior will fall in the domain of A) production planning B) market planning C) financial planning D) organizational planning None 49. Parameters like sex, age, income form A) Psychological variables B) Geographic variables C) Demographic variables D) Consumer variables None 50. In case of _______, geographical variables almost do not matter. A) service-based businesses B) retail trading C) big businesses D) online businesses None 1 out of 50 Please enter your CORRECT EMAIL ADDRESS to receive the result in your inbox. Name Email School City Time's upTime is Up! 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