Commerce Exam > Commerce Notes > Worksheet: MSME and Business Entrepreneurship
Worksheet: MSME and Business Entrepreneurship - Commerce PDF Download
Multiple Choice Questions (MCQs)
Q1: What percentage of India's GDP is contributed by MSMEs?
(a) 49.66%
(b) 29.7%
(c) 60%
(d) 95%
Q2: Which of the following is NOT a type of MSME?
(a) Micro Enterprises
(b) Small Enterprises
(c) Large Enterprises
(d) Medium Enterprises
Q3: What is the maximum turnover for a micro-enterprise as defined by the MSME Act?
(a) 1 Crore
(b) 5 Crore
(c) 50 Crore
(d) 10 Crore
Q4: Which of the following industries is considered part of the MSME sector?
(a) Handlooms
(b) Steel Manufacturing
(c) Aerospace
(d) Automobile Industry
Q5: In which year was the MSMED Act enacted?
(a) 2000
(b) 2006
(c) 2010
(d) 2015
Fill in the Blanks
Q1: MSMEs contribute approximately ________ per cent of India's exports.
Q2: The term MSME stands for ________, Small and Medium Enterprises.
Q3: Khumbongmayum Dhanachandra Singh started his business in ________.
Q4: The ________ Act, 2006, addresses issues related to MSME definitions and operations.
Q5: MSMEs in India are the second largest employers after the ________ sector.
True or False
Q1: MSMEs only contribute to the manufacturing sector in India.Q2: The Khadi and Village Industries are part of the MSME sector.
Q3: MSMEs primarily use advanced technology in their operations.
Q4: MSMEs are crucial for balanced regional development in India.
Q5: The maximum investment for a small enterprise is 10 Crore.
Match the Following
Short Answer Questions
Q1: What are Micro, Small, and Medium Enterprises (MSMEs)?
Q2: How do MSMEs help in job creation?
Q3: Why are MSMEs important for the economy?
Q4: What is the role of entrepreneurship in MSMEs?
Q5: What challenges do MSMEs face?
Long Answer Questions
Q1: Explain the significance of Micro, Small, and Medium Enterprises (MSMEs) in the context of India's economic development. Discuss their contribution to employment, GDP, exports, and how they support large industries.Q2: Discuss the challenges faced by Micro, Small, and Medium Enterprises (MSMEs) in India. How do these challenges impact their growth and sustainability?
FAQs on Worksheet: MSME and Business Entrepreneurship - Commerce
| 1. What are MSMEs and why are they important for the economy? |  |
Ans.MSMEs, or Micro, Small, and Medium Enterprises, are businesses defined by their size in terms of investment and turnover. They play a crucial role in the economy by generating employment, fostering innovation, and contributing to GDP. MSMEs often serve as the backbone of the economy, promoting balanced regional development.
| 2. How can one start a business as an MSME? | |
Ans.Starting a business as an MSME involves identifying a viable business idea, conducting market research, creating a business plan, registering the business, and obtaining necessary licenses and permits. It's also important to secure funding, which can be sourced from government schemes, banks, or investors.
| 3. What are the common challenges faced by MSMEs? | |
Ans.Common challenges faced by MSMEs include access to finance, lack of skilled labor, competition from larger firms, and navigating regulatory requirements. Additionally, MSMEs often struggle with marketing and reaching their target audience effectively.
| 4. What role do hobbies play in entrepreneurship for MSMEs? | |
Ans.Hobbies can be a significant source of inspiration for entrepreneurship. They can help individuals identify potential business ideas based on their passions. Moreover, turning hobbies into businesses can lead to increased job satisfaction and personal fulfillment while also contributing to the MSME sector.
| 5. Are there government schemes available to support MSMEs? | |
Ans.Yes, many governments offer schemes and incentives to support MSMEs. These can include financial assistance, skill development programs, tax benefits, and easier access to credit. It's advisable for entrepreneurs to research and apply for these schemes to enhance their business prospects.
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Nov 24, 2024 Last updated |
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