Commerce Exam > Commerce Notes > Additional Study Material for Commerce > Very Short Type Questions - Business Arithmetic, Entrepreneurship, Class 12
Very Short Type Questions - Business Arithmetic, Entrepreneurship, Class 12 | Additional Study Material for Commerce PDF Download
Q1. Name the two State-level specialised financial institutions. (CBSE 2012 Comptt.) (1 mark)
Ans. Two State-level specialised financial institutions are as follows :
(i) State Financial Corporations (SFCs)
(ii) State Industrial Development Corporations (SIDCs)
Q2. What is the role of specialized financial institutions in India ? (TBQ) (1 mark)
Ans. They play a role of a promotional “mentor” and technical advisor to a wide range of upcoming and existing entrepreneurs.
Q3. When was SIDBI established ?
Ans. SIDBI was established in April, 1990.
Q4. Ram Prasad, a cotton grower, from Bihar, wants to start a cottage industry for weaving cotton into handloom. Which specialized financial institution should he approach to meet the credit requirements of his industry. (SQP) (1 mark)
Ans. NABARD.
Q5. Why were Specialized Financial Institutions (SFIs) established ? (2 marks)
Ans. Specialized Financial Institutions (SFIs) were established to meet the long-term financial requirement of such enterprises which face greater difficulties than others in procuring long-term finance.
Q6. Why are SFIs also called ‘development banks” ? (2 marks)
Ans. As SFIs provided developmental finance, that is, finance for investment in fixed assets, they are also known as “development banks” or “development financial institutions”.
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FAQs on Very Short Type Questions - Business Arithmetic, Entrepreneurship, Class 12 - Additional Study Material for Commerce
| 1. What is business arithmetic? |  |
Ans. Business arithmetic refers to the mathematical calculations and operations involved in business and financial transactions. It includes various aspects such as calculating profits, losses, interest, discounts, taxes, and other financial measurements. It helps entrepreneurs and business professionals in making informed decisions and managing their finances effectively.
| 2. What is entrepreneurship? | |
Ans. Entrepreneurship is the process of creating, developing, and managing a business venture with the aim of making a profit. It involves identifying opportunities, taking risks, organizing resources, and implementing innovative ideas to establish and grow a successful business. Entrepreneurs are individuals who possess a strong vision, creativity, leadership skills, and a willingness to take calculated risks.
| 3. What are the key skills required for entrepreneurship? | |
Ans. The key skills required for entrepreneurship include:
- Creativity and Innovation: The ability to think outside the box and come up with unique ideas and solutions.
- Leadership and Management: The capability to lead and motivate a team, manage resources, and make effective decisions.
- Risk-taking and Resilience: The willingness to take calculated risks and the ability to bounce back from failures.
- Networking and Communication: The skill to build and maintain relationships, negotiate deals, and effectively communicate with stakeholders.
- Financial Management: The knowledge of managing finances, budgeting, and understanding financial statements.
| 4. How can business arithmetic help in financial planning? | |
Ans. Business arithmetic plays a crucial role in financial planning by providing accurate and reliable calculations. It helps entrepreneurs in determining their financial goals, estimating costs and expenses, projecting revenues, and analyzing profits and losses. Business arithmetic also aids in making financial forecasts, budgeting, and assessing the financial viability of business decisions. It enables entrepreneurs to make informed financial decisions and take necessary actions to achieve their financial objectives.
| 5. What is the importance of entrepreneurship in the economy? | |
Ans. Entrepreneurship plays a vital role in the economy by driving innovation, creating job opportunities, and fostering economic growth. It leads to the development of new products, services, and technologies, which contribute to overall progress and competitiveness. Entrepreneurs bring new ideas and solutions to the market, stimulate competition, and increase productivity. Their ventures generate employment, generate tax revenue, and contribute to the overall economic development and prosperity of a nation.
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