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

Q1. Who can write the busines plan ? (1 mark)
Ans. Entrepreneur.

Q2. What is the meaning of shipping in the process of operational plan ? (1 mark)
Ans. The section of shipping goes beyond the manufacturing process and describes the flow of goods/service from production to the consumers.

Q3. What is the objective of Human Resource Plan ? (1 mark)
Ans. Procurement of “Right man, at right job, at right time” is the objective of Human Resource Plan.

Q4. How many formats are available to design a successful business plan ? (1 mark)
Ans. Four formats.

Q5. What is a proforma income statement ? (TBQ) (2 marks)
Ans. It is the projected net profit calculated from projected revenue minus projected costs and expenses.

Q6. What do you mean by Organizational Plan ? (2 marks)
Ans. The organizational plan is that part of the business plan which describes the proposed venture’s form of ownership.

Q7. An organization’s performance and productivity is directly proportional to what ? (2 marks)
Ans. It is directly proportional to the quantity and quality of its manpower.

Q8. How can an enterprise procure personnel ? (2 marks)
Ans. An enterprise can procure personnel through :
(i) Recuirement.
(ii) Selection.
(iii) Training.

Q9. In general, the financial plan will need how many years of projected data to satisfy any outside investors ? (1 mark)
Ans. The financial plan will need atleast three years of projected financial data to satisfy any outside investors.

Q10. What is follow-up ? (1 mark)
Ans. Follow-up relates to evaluation and appraisal of work performed.

Q11. What does manufacturing cycle include ? (1 mark)
Ans. Manufacturing cycle includes all the activities right from procurement of raw materials to the shipping of finished product.

Q12. What is scheduling ? (1 mark)
Ans. Scheduling means fixation of time, date and day when each operation is to be commenced and completed.

Q13. What is work force and work load analysis ? (2 marks)
Ans. Work Force Analysis : It means analysing existing work force.

Work Load Analysis : This requires finding out number and type of employees required to perform various jobs in the organization.

Q14. Explain briefly plant layout ? (2 marks)
Ans. Plant layout it drawn to show arrangement of physical assets. Plant layout means physical arrangement of machines and equipment needed to manufacture a product.

Q15. Enlist the most important elements of Business Plan ? (2 marks)
Ans. Following are the most important elements of a Business Plan :
(i) Organization Plan.
(ii) Operational and Production Plan.
(iii) Financial Plan.
(iv) Marketing Plan.
(v) Human Resource Plan.

Q16. What type of organizational structure an organization may have ? (2 marks)
Ans. An organization may have :
(i) Functional Structure.
(ii) Divisional Structure.

Q17. Which plan gives an idea regarding the setup of an organization ? (1 mark)
Ans. Organizational Plan.

Q18. What is Breakeven Analysis ? (2 marks)
Ans. It is a useful technique for determining the point where revenue is equal to cost or the point at which there is no profit no loss.

Q19. Define Marketing Plan. (2 marks)
Ans. This section provides information of assessing the market size, growth and target market.

Q20. SWOT Analysis stands for ? (1 mark)
Ans. Strength, Weakness, Opportunity and Threat.

Q21. Give any two contents of business plan. (1 mark)

Ans. General Introduction and Business Venture.

Q22. What is meant by a target market ? (2 marks)
Ans. Target market refers to the specific group of potential customers whose needs the enterprises aims to fulfil.

Q23. Define Elevator Pitch. (1 mark)
Ans. Elevator Pitch is a three minute summary of the business plan’s executive summary.

Q24. What is Routing ? (2 marks)
Ans. Routing is a process determining the exact route or path a product/service has to follow right from raw material till its transformation into finished goods.

Q25. What is of paramount importance for the success of any organization ? (1 mark)
Ans. Human resource is of paramount importance for the success of any organization.

Q26. What lends veditibility to the protential success of the new venture ? (1 mark)

Ans. Reasonable profit with conserative estimates lends veditibility to the potential success of the new venture.

Q27. What is abatenent cost ? (1 mark)
Ans. Abatement costs is the cost of controlling the environmental damage by a firm.

Q28. A financial plan is a projection of which financial data ? (2 marks)
Ans. Financial plan is a projection of key financial data about :
(i) The potential investment commitment needed for the new venture.
(ii) Economic feasibility of the enterpries.

Q29. What is a Price ? (1 mark)
Ans. Price is the value which buyer passes to seller in lieu of goods or services.

Q30. Enlist the tools elements of promotion. (2 marks)
Ans. Following are the tools or elements of promotion :
(i) Advertising.
(ii) Sales promotion.
(iii) Personal selling.
(iv) Public relation.

Q31. Name the plan which provides strategy to sell the products ? (1 mark)
Ans. Marketing Plan.

Q32. Define human resource planning ? (2 marks)
Ans. Human Resource Planning includes various policies of recuirement, selection of employees, manpower planning, training policies, career planning and promotion strategies, compensation policies.

Q33. Broadly classify the pricing policies. (2 marks)
Ans. Broadly, there are two pricing policies :
(i) Price Skimming Policy.
(ii) Penetration Pricing Policy.