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Test: Small Business- Case Based Type Questions - Commerce MCQ


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15 Questions MCQ Test Business Studies (BST) Class 11 - Test: Small Business- Case Based Type Questions

Test: Small Business- Case Based Type Questions for Commerce 2024 is part of Business Studies (BST) Class 11 preparation. The Test: Small Business- Case Based Type Questions questions and answers have been prepared according to the Commerce exam syllabus.The Test: Small Business- Case Based Type Questions MCQs are made for Commerce 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Small Business- Case Based Type Questions below.
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Test: Small Business- Case Based Type Questions - Question 1

Direction: Match the features given in column I with the suitable options of IPRs given in column II.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 1
1. Patent: A patent is the granting of a property right by a sovereign authority to an inventor. This grant provides the inventor exclusive rights to the patented process, design, or invention for a designated period in exchange for a comprehensive disclosure of the invention. They are a form of incorporeal right.

2. Trademark: Trademark performs the following four functions. It identifies the product and it's origin. It proposes to guarantee its quality. It advertises the product. It creates an image of the product in the minds of the public particularly the consumers or the prospective consumers of such goods.

3. Copyright: Copyright restricts unauthorized use of any sort of work: Copyright gives the sole right the owner to produce/reproduce the piece of their original work. Copyright protection is automatic: As of January 1, 1978, under US copyright law, a work is automatically protected by copyright when it is created.

4. Design: Design is not just about making objects pretty. Design is the process of deeply understanding customer/user needs and then creating a product or service physical, digital, or both—that addresses their unmet needs.

Test: Small Business- Case Based Type Questions - Question 2

Direction: Ramit is planning to start his business and wanted to know the related Acts and the years they were passed, applicable to his business. Help him in identification.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 2
1. MSMED Act: The Micro, Small and Medium Enterprises Development Act, 2006 aims at facilitating the promotion, development and enhancing the competitiveness of micro, small and medium enterprises and for matters connected therewith or incidental thereto.

2. Designs Act: Designs Act 2000, a Design registration can now be obtained for new or original features of shape, configuration pattern, ornamentation or composition of lines or colours as applied to an article, whether in two or three dimensions or both.

3. Patents act: The Patents Act 1970-1978 had a very limited scope of protection wherein the essential elements of invention were new, useful and manner of manufacture. The Act defines 'capable of industrial application' in relation to an invention as capable of being made or used in an industry.

4. Trademark: Indian trademark law statutorily protects trademarks as per the Trademark Act, 1999 and also under the common law remedy of passing off.

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Test: Small Business- Case Based Type Questions - Question 3

Direction: Match the IPR given in column I with the suitable options given in column II.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 3
1. Copyright: Copyright law protects the owner of property rights in literary and artistic works against those who 'copy' or otherwise take and use the form in which the original work was expressed by the author. To qualify for copyright protection, a work must be original.

2. Patents: A mobile phone consists of many different intellectual property rights such as trademark, design, copyright and usually several thousand patents.

3. Trademark: A trademark is a visual symbol – a word, name, numbers, label, logo, a combination of colours etc. It is a mark of uniqueness and helps the customers identify a particular brand or company. The Trademark Act, 1999, governs the laws related to trademarks and their registration.

4. Trade Secrets: A trade secret is any practice or process of a company that is generally not known outside of the company. Information considered a trade secret gives the company a competitive advantage over its competitors and is often a product of internal research and development.

Test: Small Business- Case Based Type Questions - Question 4

Direction: Match the Institutions given in column I with their objectives given in column II.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 4
1. RWED: RWED stands for Rural and Women Entrepreneurship Development. RWED aims to promote female entrepreneurship in rural areas and improve women's professional qualifications in rural areas by organising a development program i.e. through training on business matters, confidence and self-awareness of oneself and techniques related to the care of dependent elderly people.

2. DIC: Disseminated intravascular coagulation (DIC) is a serious disorder in which the proteins that control blood clotting become overactive.

3. Start Up scheme: Startup India Scheme is an initiative by the Government of India for generation of employment and wealth creation. The goal of Startup India is the development and innovation of products and services and increasing the employment rate in India.

4. SFURTI: SFURTI is a Scheme of Fund for Regeneration of Traditional Industries. Ministry of MSME has launched this scheme in the year 2005 with the view to promote Cluster development. KVIC is the nodal Agency for promotion of Cluster development for Khadi as well as for V.I. products.

Test: Small Business- Case Based Type Questions - Question 5

Direction: Read the following text and answer the questions on the basis of the same:

Neeru was a daily wage labourer when she decided to be her own boss and transformed herself as a successful businesswoman. She started her small scale business of making Pickles using organic fruits and vegetables with total investment of ₹ 10 lakhs along with few of her neighbors using their free time at home. She invested ₹ 2 lakhs by selling her jewellery and using personal savings and ₹ 6 lakhs were contributed by her friends who are members of her business. They named their venture as ‘Sakhi Aadhaar’. They launched their new range of pickles using aloe vera, turmeric, and other herbs, for boosting immunity of the users. They were able to supply the entire district. One of the members suggested that they should make herbal candies too. The products made by them were well-liked and appreciated by the people.

Q. Identify the quality of Neeru as an entrepreneur in the above case.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 5
Quality of Neeru as an entrepreneur are:
  • Innovator

  • Job provider

  • Risk bearer

Test: Small Business- Case Based Type Questions - Question 6

Direction: Read the following text and answer the questions on the basis of the same:

Neeru was a daily wage labourer when she decided to be her own boss and transformed herself as a successful businesswoman. She started her small scale business of making Pickles using organic fruits and vegetables with total investment of ₹ 10 lakhs along with few of her neighbors using their free time at home. She invested ₹ 2 lakhs by selling her jewellery and using personal savings and ₹ 6 lakhs were contributed by her friends who are members of her business. They named their venture as ‘Sakhi Aadhaar’. They launched their new range of pickles using aloe vera, turmeric, and other herbs, for boosting immunity of the users. They were able to supply the entire district. One of the members suggested that they should make herbal candies too. The products made by them were well-liked and appreciated by the people.

Identify the essence of entrepreneurship in the light of the given statement.

Q. “...using organic fruits and vegetables with total investment of ₹ 10 lakhs along with few of her neighbours using their free time at home. She invested ₹ 2 lakhs by selling her jewellery and using personal savings and ₹ 6 lakhs are contributed by her friends who are the members of her business.”

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 6
Organizing involves assigning tasks, grouping tasks into departments, delegating authority, and allocating resources across the organization. During the organizing process, managers coordinate employees, resources, policies, and procedures to facilitate the goals identified in the plan.
Test: Small Business- Case Based Type Questions - Question 7

Direction: Read the following text and answer the questions on the basis of the same:

Neeru was a daily wage labourer when she decided to be her own boss and transformed herself as a successful businesswoman. She started her small scale business of making Pickles using organic fruits and vegetables with total investment of ₹ 10 lakhs along with few of her neighbors using their free time at home. She invested ₹ 2 lakhs by selling her jewellery and using personal savings and ₹ 6 lakhs were contributed by her friends who are members of her business. They named their venture as ‘Sakhi Aadhaar’. They launched their new range of pickles using aloe vera, turmeric, and other herbs, for boosting immunity of the users. They were able to supply the entire district. One of the members suggested that they should make herbal candies too. The products made by them were well-liked and appreciated by the people.

Q. Entrepreneurship is a process of whose actions?

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 7
The Entrepreneur is a change agent that acts as an industrialist and undertakes the risk associated with forming the business for commercial use. The entrepreneurship is a continuous process that needs to be followed by an entrepreneur to plan and launch the new ventures more efficiently.
Test: Small Business- Case Based Type Questions - Question 8

Direction: Read the following text and answer the questions on the basis of the same:

Neeru was a daily wage labourer when she decided to be her own boss and transformed herself as a successful businesswoman. She started her small scale business of making Pickles using organic fruits and vegetables with total investment of ₹ 10 lakhs along with few of her neighbors using their free time at home. She invested ₹ 2 lakhs by selling her jewellery and using personal savings and ₹ 6 lakhs were contributed by her friends who are members of her business. They named their venture as ‘Sakhi Aadhaar’. They launched their new range of pickles using aloe vera, turmeric, and other herbs, for boosting immunity of the users. They were able to supply the entire district. One of the members suggested that they should make herbal candies too. The products made by them were well-liked and appreciated by the people.

Q. Identify the category of small business started by Neeru according to MSMED Act.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 8
A micro enterprise is a small business which sells goods and/or services to a local area or a local market. It employs less than 10 people generally and is geographically restricted. Typically a micro enterprise starts with some form of funding – known as micro credit or micro finance.
Test: Small Business- Case Based Type Questions - Question 9

Direction: Read the given text and answer the questions that follow: Sensing the business opportunities in Food industry, Sagar Bagada after completing his graduation in Agriculture engineering, decided to open his own enterprise. His dream turned into reality when his enterprise, “Swaad Food Industries” set up its food and beverages processing plant in ‘Mitrapura’’, one of the rural area of Rajasthan, under Start-up India Scheme launched on 16th January, 2016. The enterprise opted for labour intensive technique, due to easy availability of labour at lower cost. With in no time,he came in the list of successful entrepreneurs.

Q. What is the process of creation of an enterprise known as?

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 9
The process of action, an entrepreneur undertakes to establish an enterprise is called entrepreneurship. It is the process of running, designing and launching a new company or business that is often a small business initially. The individuals who create these kinds of businesses or companies are called entrepreneurs.
Test: Small Business- Case Based Type Questions - Question 10

Direction: Read the given text and answer the questions that follow: Sensing the business opportunities in Food industry, Sagar Bagada after completing his graduation in Agriculture engineering, decided to open his own enterprise. His dream turned into reality when his enterprise, “Swaad Food Industries” set up its food and beverages processing plant in ‘Mitrapura’’, one of the rural area of Rajasthan, under Start-up India Scheme launched on 16th January, 2016. The enterprise opted for labour intensive technique, due to easy availability of labour at lower cost. With in no time,he came in the list of successful entrepreneurs.

Q. “The enterprise opted for labour intensive technique, due to easy availability of labour at lower cost.” Identify the need for entrepreneurship satisfied in the given statement.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 10
Economic efficiency is when all goods and factors of production in an economy are distributed or allocated to their most valuable uses and waste is eliminated or minimized.
Test: Small Business- Case Based Type Questions - Question 11

Direction: Read the given text and answer the questions that follow: Sensing the business opportunities in Food industry, Sagar Bagada after completing his graduation in Agriculture engineering, decided to open his own enterprise. His dream turned into reality when his enterprise, “Swaad Food Industries” set up its food and beverages processing plant in ‘Mitrapura’’, one of the rural area of Rajasthan, under Start-up India Scheme launched on 16th January, 2016. The enterprise opted for labour intensive technique, due to easy availability of labour at lower cost. With in no time,he came in the list of successful entrepreneurs.

Q. Start-up India Scheme was launched on ____in the year ______.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 11
Launched on 16th January, 2016, the Startup India Initiative has rolled out several programs with the objective of supporting entrepreneurs, building a robust startup ecosystem and transforming India into a country of job creators instead of job seekers.
Test: Small Business- Case Based Type Questions - Question 12

Direction: Read the given text and answer the questions that follow: Sensing the business opportunities in Food industry, Sagar Bagada after completing his graduation in Agriculture engineering, decided to open his own enterprise. His dream turned into reality when his enterprise, “Swaad Food Industries” set up its food and beverages processing plant in ‘Mitrapura’’, one of the rural area of Rajasthan, under Start-up India Scheme launched on 16th January, 2016. The enterprise opted for labour intensive technique, due to easy availability of labour at lower cost. Within no time,he came in the list of successful entrepreneurs.

Q. As a successful entrepreneur, identify Sagar ’s contribution to the economy is:

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 12
  • Entrepreneurs boost economic growth by introducing innovative technologies, products, and services. Increased competition from entrepreneurs challenges existing firms to become more competitive. Entrepreneurs provide new job opportunities in the short and long term.

  • Entrepreneurial attitudes are found to stimulate GDP per capita in high-income countries, while entrepreneurial activity is found to have a negative effect in middle/low-income economies.

Test: Small Business- Case Based Type Questions - Question 13

Small scale industries are smaller than cottage industries.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 13
A cottage industry is a small-scale, decentralized manufacturing business often operated out of a home rather than a purpose-built facility. Cottage industries are defined by the amount of investment required to start, as well as the number of people employed.
Test: Small Business- Case Based Type Questions - Question 14

For establishment of small scale industries we need huge amount of capital.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 14
Small Scale Industries (SSI) are those industries in which the manufacturing, production and rendering of services are done on a small or micro scale. These industries make a one-time investment in machinery, plant, and equipment, but it does not exceed Rs. 10 crore and annual turnover does not exceed Rs. 50 crore.
Test: Small Business- Case Based Type Questions - Question 15

Government step up for establishing small and cottage industries.

Detailed Solution for Test: Small Business- Case Based Type Questions - Question 15
Government take various steps Like: NABARD established by the government in 1982 to give action and to promote the rural industries. It supports small industries, rural artisans, rural industries, cottage industries along with agriculture. Also, it sets up training and counselling plus it gives development programmes for rural entrepreneurs.
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