Very Short Type Questions - Entrepreneurial Opportunity, Entrepreneurship, Class 12 | Additional Study Material for Commerce PDF Download

Q1. Hina, an entrepreneur, decided to open a chain of retail stores to sell fast-food items like pizza, burgers, etc.
(i) Mention the area (rural or urban) where she should open these outlets with reason.
(ii) Explain the environmental factor which helped her in the above decision. (CBSE 2013) (1 mark)
Ans.
(i) Hina, the entrepreneur should open a chain of retail stores to sell fast-food items like pizza, burgers, etc in urban area only because the market for such products exists in urban area only.
(ii) Social factor helped her to take the decision.

Q2. Why does a study of the environmental factors become important for an entrepreneur ? (CBSE 2012, Comptt., 2006) (2 marks)

Ans. Study of environmental factors becomes important for the entrepreneur because it helps to develop an understanding of social, economic, political and other developmental factors in order to ensure that perceived entrepreneurial opportunities are compatible with them.

Q3. Pragya Ltd. decided to sell air conditioners and refrigerators at a discount during winter season to clear the stock. Name and explain the environmental factor which helped them in taking this decision. (CBSE 2011, A.I.) (2 marks)

Ans. Economic environment helped them in taking this decision. It refers to business cycles, disposable income, energy, availability, cost, etc.

Q4. Explain how economic factors help in scanning the environment. (CBSE 2010, Outside Delhi) (2 marks)
Ans. Economic factors helps in scanning the environment as they include interest rates, inflation, business cycles, unemployment, disposable income, enemy, availability and cost. These variables have to be studied closely.

Q5. What is the crucial requirement for a successful venture ? (1 mark)

Ans. ‘Scanning of environment’ is the crucial requirement for a successful venture.

Q6. What is the interface between ‘spotting’ and ‘product identification’ ? (1 mark)

Ans. Scanning of environment.

Q7. List any two factors included in micro environment ? (2 marks)

Ans.
(a) Suppliers.
(b) Customers.
(c) Intermediaries.
(d) Competitors.
(e) General public.
(Any two from above)

Q8. Define the term environment scanning ? (TBQ) (2 marks)
Ans. Careful monitoring of an organization’s internal and external environment for detecting early signs of opportunities and threats that may influence its current and future plans.

Q9. List the environmental factors affecting external environment ? (2 marks)
Ans.
(1) Political,
(2) Economic,
(3) Social,
(4) Technological,
(5) Ecological and
(6) Legal.

Q10. What are the two levels of business environment ? (2 marks)
Ans. Business environment consists of two levels : (i) Micro environment (ii) Macro environment.

Q11. What does the word “scan” mean ? (1 mark)
Ans. The word “scan” literally means to examine closely, especially in search of something or to look throughly in order to find some information.

Q12. Name the economic factor which relate to conventions and practices. (1 mark)
Ans. Socio-cultural factor.

Q13. Name the economic factors which relate rules and regulations. (1 mark)
Ans. Political factors.

Q14. What is the important factor related to finance ? (1 mark)
Ans. The important factor related to finance is the rate of interest that is charged by leading institutions.

Q15. What are the objectives of problem identification ? (2 marks)
Ans. The objectives of problem identification are :
(i) It should clearly state the problem.
(ii) Identify target group facing the problem.
(iii) Find the market acceptability of the solution to the problem.

Q16. What is the basic function of the process of environment scanning ? (1 mark)
Ans. Spotting and generating ideas is the most important function in the process of environment scanning.

Q17. What are the steps involved in perceiving an opportunity ? (2 marks)
Ans. Perceiving an opportunity requires the following steps :
(a) Scanning business environments.
(b) Generating ideas and harnessing the ideas.
(c) Identification of products or services.

Q18. Show the SWOT analysis with the help of a diagram. (2 marks)

Ans. 


Q19. Fill in the blanks :
(a) Perceiving an opportunity requires ................ steps.
(b) Economic policies determine the ................ of a business.
(c) Labour policies are ................. factor.
(d) Environment scanning is conducted to find out the influence of different factors and persons on the ................... (2 marks)

Ans.
(a) Three
(b) Direction and size
(c) Economic
(d) Business transactions.

Q20. Social behaviour is related with the :
(a) Fulfilment of social obligations
(b) Production of public goods
(c) Ignorance of unethical behaviour
(d) All the above
(1 mark)
Ans. (d) All the above.

Q21. Economic policies determine the :
(a) Type of business
(b) Direction and quantity of business
(c) Direction of business
(d) Size of business
(1 mark)
Ans. (b) Direction and quantity of business.

Q22. State whether the following are true or false :
(a) Motivation is a psychological situation.
(b) Environment scanning does not tell anything about future’s certainity.
(c) People’s standard of living is a social factor.
(d) Weights and Measures Act is a legal factor.
(2 marks)
Ans.
(a) True
(i) False
(ii) True
(d) True