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Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Class 12 MCQ


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30 Questions MCQ Test - Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22)

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) for Class 12 2024 is part of Class 12 preparation. The Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) questions and answers have been prepared according to the Class 12 exam syllabus.The Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) MCQs are made for Class 12 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) below.
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Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 1

"One-man control is best in the world if that man is big enough to manage everything." This statement holds true for _________________ form of business organization.

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 1

Form of business organization which is owned financed, controlled and managed by only one person is called as sole proprietorship. All investment is made by the proprietor. The sole proprietor alone is entitled to all the profits and losses of business.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 2

Partnership form of organisation was developed due to the inherent limitations of sole proprietorship. One of them is limited capital, identify the other two?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 2

In partnership form of business the managerial ability and continuity is limited as there are limited number of partners engaged in business with limited amount of capital.

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Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 3

___________ section of the business plan generally begins with the "mission statement" by the entrepreneur describing the size, scope and nature of the enterprise.

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 3

Description of business Venture generally begins with the "mission statement" by the entrepreneur describing the size, scope and nature of the enterprise.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 4

A Company is called an artificial person because_________.

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 4

A company is created by law. Though, it has no body and no conscience, it still exists as a person, having a distinct personality of its own. Because like a human being it can buy, sell and own property, sue others, be sued by others, hence called as an artificial person.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 5

Which of the following factors does the macro-environment not include?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 5

Customer is a part of micro environmental factor.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 6

Which of the following formats of business plan is not targeted towards the external stakeholder?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 6

An internal operational plan contains planning details for the guidance of management and workers.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 7

What is the minimum number of members required to start a public company?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 7

Minimum 7 members and maximum unlimited members are there in a public company.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 8

A company generally affixes a ________ in most of it’s documents.

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 8

Company being an artificial person affixes every document with common seal as its signature to authenticate the document.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 9

An idea should eventually lead to success of the venture of an entrepreneur. Which among the following ideas will an entrepreneur have to select?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 9

Environment analysis is the process of monitoring the economic and noneconomic environment, to determine the opportunities and threats to an organisation. Successful scanning catches important changes, and an entrepreneur easily proceed to the next stage of product or service identification. Only environmental scanning makes a project viable and enterprise sustainable in the long run.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 10

(i) Each partner is liable for acts performed by other partners.
(ii) Each partner can bind other partners and the firm by his acts done in the ordinary course of business.
Which feature of partnership is highlighted by these two statements?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 10

A mutual agency is a legally binding relationship entered into by business partners, which gives each partner authority on behalf of the business.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 11

Nelson started an AC repair shop in his area after doing a diploma course. What idea field is it?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 11

Service sector is the most growing field these days, the world over, thanks to emerging knowledge societies and advancements in Information and Technology. So, new opportunities can be identified by understanding the linkages to different business activities.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 12

Karan has learnt the art of zardozi work from his grandfather and father. He opened a designer boutique exclusively for bridal wear all by himself. He introduced new designs in his work which is highly appreciated by everyone.
What form of business organisation is operated by him?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 12

Form of business organization which is owned financed, controlled and managed by only one person is called as sole proprietorship. All investment is made by the proprietor. The sole proprietor alone is entitled to all the profits and losses of business.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 13

Identify the third element in the innovation process from the given options.

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 13

The third stage in process of innovation is Implementation. At this stage, the creative idea is given a practical shape through observation, product design, manufacturing or services.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 14

As per law, a business and owner are one and same in case of sole proprietorship. What characteristic does this imply?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 14

Sole Proprietorship business does not have an identity separate from the owner. Death, insanity, imprisonment, physical ailment or bankruptcy of the sole proprietor will have a direct and detrimental effect on the business and may even cause closure of the business.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 15

What is the minimum paid up capital required to start a private ltd. company?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 15

Minimum paid up capital for private company is ₹ 1,00,000.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 16

Which is the first stage in the process of innovation?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 16

Creativity provides stimulus for opportunity discovery and new venture creation.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 17

What is the basic test of a successful entrepreneur?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 17

The successful entrepreneur will make sure there is a constant flow of new ideas and a commitment to try out at least some of these new ideas and business opportunity.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 18

___________ component of a financial plan helps to ascertain the highest possible returns on investment.

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 18

Proforma investment decision indicates the different assets in which the funds are to be invested so as to maximize the return.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 19

Identify the third stage in Opportunity Project Interface.

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 19

Product identification is an entrepreneurial idea leading to a definite product after opportunity spotting and scanning of the environment.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 20

Which form of business organisation can commence business immediately after incorporation?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 20

A private company can start its business right after getting the certificate of incorporation, whereas a public company needs a certificate of commencement to start its business.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 21

What can serve as a basis for formulation of strategies and policies?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 21

Scanning external environment can help in identifying threats and opportunities which further helps an entrepreneur to form plans and policies.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 22

Sara had established a home-made papad business in Pune. Papads made by her were very popular in her locality but being the sole owner and manager of business, she could neither introduce many flavours because of limited financial resources.
Which of the following characteristic of her business, does this situation imply?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 22

One of the demerits of Sole Proprietorship is that it has a limited area of operation as there is only the owner who handles all the responsibilities. 

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 23

Which of the following feature applies ONLY to a public company?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 23

A private company has a restriction to invite share applications from public. 

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 24

Which statement is NOT correct about the company form of business organisation?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 24

Company form of business organisation can be incorporated with a minimum of 7 members.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 25

As an entrepreneur begins gathering all this information regularly, they will start to develop a "trend-spotter mind." As they absorb and mull about what they have read, heard and observed, they will start to make connections and observations that will lead to business-boosting insights. What type of trend spotting is this?

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 26

Priya owns a company called Sunshine Estate Pvt. Ltd. Siddhi and Siddhika are other two members of the company. The company has 130 employees. Total yearly turnover of Sunshine Estate is ₹ 10 crore. Total paid up capital is ₹ 10 lakh. The shares of members cannot be transferred. Is the company eligible to be termed as a private company?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 26

A private company:

  1. (has a minimum of two and a maximum of fifty members excluding its past and present employees.
  2. restricts the right of its members to transfer shares.
  3. prohibits an invitation to the public to subscribe for any shares or debentures of the company, or accept any deposits from persons other than its directors, members or relatives.
  4. has a minimum paid up capital of one lakh rupees (subject to change).
  5. uses the word 'Pvt. Ltd.' at the end of its name.
Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 27

Manoj is engaged in manufacturing air conditioners. The following information is available to you:

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 27

Variable cost per unit

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 28

Reliance Industries in its AGM of 2021 shows a power point presentation of performance of FY 2021 and future plans of including the chairman of Saudi Aramco as independent director in Reliance. It has a new project to invest in ₹ 75 thousand crore to start green energy segment, which was explained by Mukesh Ambani himself through this presentation. What format of business plan did he use?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 28

A hopeful, entertaining slide show and oral narrative that is meant to trigger discussion and interest potential investors in reading the written presentation, i.e. the executive summary and a few key graphs showing financial trends and key decision-making benchmark.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 29

Gaurav Gupta co-founder of Zomato Ltd. made a plan to share all the details about revenue, funds and their utilisation, liquidity and how they are planning to meet their financial obligations while taking the company public for the potential shareholders. What plan did he lay out?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 29

As the financial plan must explain to any potential investor how the entrepreneur plans to meet all financial obligations and maintain its liquidity in order to either pay off debt or provide good return on investment.

Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 30

Amit observes that the changed lifestyle of the people has made them workaholic and because of this they have become prone to various diseases. They rely on medicines for every little health problem. Allopathy medicines have side effects and people hesitate to consume them. He decides to make herbal medicines and sell them in the market. His herbal remedies worked well and so he decides to grow these herbs himself in order to reduce cost. Which idea field did Amit used for his business?

Detailed Solution for Test: Class 12 Entrepreneurship: CBSE Sample Question Papers- Term I (2021-22) - Question 30

Products can be derived from sun, wind, soil, water and other natural resources.
In this case, organic farming is a product of natural resources.

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