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Test: Entrepreneurial Planning- 1 - Commerce MCQ


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14 Questions MCQ Test Entrepreneurship Class 12 - Test: Entrepreneurial Planning- 1

Test: Entrepreneurial Planning- 1 for Commerce 2024 is part of Entrepreneurship Class 12 preparation. The Test: Entrepreneurial Planning- 1 questions and answers have been prepared according to the Commerce exam syllabus.The Test: Entrepreneurial Planning- 1 MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Entrepreneurial Planning- 1 below.
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Test: Entrepreneurial Planning- 1 - Question 1

In the drive to make the world ‘plastic free’, Aru designed a machine to convert single-use plastic into very small granules that could be used for making low cost roads. Her machine worked with the help of solar energy. She put her idea before the venture capitalists by making an entertaining slide show and oral narration. She also presented the executive summary of her proposed venture and a few key graphs. The format of business plan used by Aru is:

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 1

Pitch deck: A pitch deck is a presentation deck that is used to pitch your idea or company to any number of audiences, generally investors. One of the single most important aspects of an effective pitch deck is to organize it based on the audience and forum to which it is being presented.
A pitch deck with oral narrative: A hopeful, entertaining slide show and oral narrative that is meant to trigger discussion and interest potential investors in reading the written presentation.

Test: Entrepreneurial Planning- 1 - Question 2

AD Ltd. was into manufacturing security cameras for household and commercial buildings. Their Research and development team came up with a new idea of manufacturing drones as security cameras which will give a 360-degree view of the entire building. They needed huge finance for the same. The company MD Sharath heard of this group of venture capitalists who are ready to invest in new ideas. He seeked an appointment with them and started preparation of a business plan to be presented before them. His plan was to make an informative power point presentation showing key graphs of financial trends. It was meant to trigger discussion among the members. Which format of business plan is Sharath using?

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 2

A pitch deck with oral narrative: A hopeful, entertaining slide show and oral narrative that is meant to trigger discussion and interest potential investors in reading the written presentation.
Elements of the Pitch Deck Share section. By now, pitch decks have a fairly standard format of 10–12 slides that investors expect founders to roughly adhere to: thesis, vision, problem, solution, traction, team, timing, market, competition, financing, and risks and challenges.

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Test: Entrepreneurial Planning- 1 - Question 3

Varun along with his friends had a brilliant idea to manufacture an air conditioner which will also act as an air purifier. The idea was new and the market did not have such a successful product. For starting the unit, they were in need of huge funds, so they decided to approach Shankar, a successful businessman and who is also a venture capitalist. However, Shankar said that he was very busy and if they could pitch their idea within a span of 3 minutes, he was ready to hear it. Which format of Business plan will Varun and his friends would have to use?

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 3

An elevator pitch is a brief, persuasive speech that you use to spark interest in what your organization does. You can also use them to create interest in a project, idea, or product – or in yourself. A good elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds, hence the name.
6 Keys To Delivering A Powerful Elevator Pitch

  • Know exactly what you want the outcome to be.
  • Tell your audience what they'll get from your proposal.
  • Speak in your own authentic voice.
  • Control movement to attract your audience.
  • Break down each talking point.
  • Close in an unforgettable way.
Test: Entrepreneurial Planning- 1 - Question 4

Vinita, Bhavana, Rani and Nandini are all good friends in the age group of 15-17 years of age. All of them decided together to start a business venture of making soaps at home using natural ingredients. They decided to name their venture as ‘O&HM’ meaning Organic and Home Made. They spoke about their venture to their parents and asked them if their business could be registered so that it will be easy to divide the profits. Vinita suggested that they should register it as a Partnership firm. Can they form a partnership firm?

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 4
  • A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.
  • A partnership firm cannot be formed with a minor as the only other member. Dwarkadas & Co, the Supreme Court held that a minor cannot become a full-fledged partner in an existing firm. The only concession that section 30 gives is that a minor may be admitted to the benefits of an existing firm.
Test: Entrepreneurial Planning- 1 - Question 5

The board of directors of a joint stock company is elected by

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 5

The board of directors of a joint stock company are elected by the Shareholders. Every shareholder is entitled to vote without considering the number of shares held by him/her. It leads to the democratic election of directors.

Test: Entrepreneurial Planning- 1 - Question 6

The Karta in Joint Hindu Family business has

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 6

The senior-most male member of the Joint Hindu Family is considered as the Karta of family and he has infinite powers and control over the business. But the main drawback is the unlimited liability associated with the position i.e. his personal assets can be used to payoff the debts, if need arises.

Test: Entrepreneurial Planning- 1 - Question 7

In a co-operative society, the principle followed is

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 7

A cooperative society is the association of people who united voluntarily to meet their economic, cultural and social needs. Decision making in this society takes place by following the main principle i.e. "One man, One vote".

Test: Entrepreneurial Planning- 1 - Question 8

The structure in which there is separation of ownership and management is called

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 8
  • Company is the form of business organisation in which there is a separation of ownership and management.
  • Company has a separate legal entity from its members.
  • Management professionals of the firm are not considered as the owners of the firm.
Test: Entrepreneurial Planning- 1 - Question 9

The maximum number of partners allowed in the banking business are

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 9

The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100 in case of partnerships. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.

Test: Entrepreneurial Planning- 1 - Question 10

Which of the following elements of plan relates to evaluation and appraisal of work performed.

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 10

Top 7 elements ideal employee performance appraisal

  • Defined Goals and Objectives.
  • Continuous Feedback.
  • Configurations Flexibility.
  • Self Evaluation.
  • Compensation and Rewards.
  • People Analytics.
  • Performance improvement plan.
  • Overall Assessment.
Test: Entrepreneurial Planning- 1 - Question 11

Product details does not include:

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 11
  • The details displayed often include size, color, price, shipping information, reviews, and other relevant information customers may want to know before making a purchase.
  • The product detail page should be carefully designed so that a hierarchy of information is presented in an intuitive manner.
Test: Entrepreneurial Planning- 1 - Question 12

Which of the following plan helps to plan the work in such a manner that one can clearly form an idea about plant layout.

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 12
  • A production plan serves as a guide for your company's production activities. It establishes and sequences activities which must be carried out to achieve a production target, so that all staff involved are aware of who needs to do what, when, where and how.
  • Typically, a plan addresses materials, equipment, human resources, training, capacity and the routing or methods to complete the work in a standard time. The production plan initially needs to address specific key elements well in advance of production in order to ensure an uninterrupted flow of work as it unfolds.
Test: Entrepreneurial Planning- 1 - Question 13

The business plan:

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 13

A business plan is a written document that describes in detail how a business, usually a startup, defines its objectives and how it is to go about achieving its goals. A business plan lays out a written roadmap for the firm from marketing, financial, and operational standpoints.
The 3 most important purposes of a business plan are:

  • to create an effective strategy for growth,
  • to determine your future financial needs, and
  • to attract investors (including angel investors and VC funding) and lenders.
Test: Entrepreneurial Planning- 1 - Question 14

Availability of which of the following items of infrastructure should be mentioned in the business plan:

Detailed Solution for Test: Entrepreneurial Planning- 1 - Question 14
  • An effective pollution prevention program involves gathering a team of knowledgeable employees together, documenting how the business processes REALLY work, then taking the time to uncover where losses occur and what the actual costs are.
  • A production plan serves as a guide for your company's production activities. It establishes and sequences activities which must be carried out to achieve a production target, so that all staff involved are aware of who needs to do what, when, where and how.
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