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Test: Types of Business Entities - B Com MCQ


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10 Questions MCQ Test - Test: Types of Business Entities

Test: Types of Business Entities for B Com 2024 is part of B Com preparation. The Test: Types of Business Entities questions and answers have been prepared according to the B Com exam syllabus.The Test: Types of Business Entities MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Types of Business Entities below.
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Test: Types of Business Entities - Question 1
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What is the primary classification criterion used to differentiate Micro, Small, and Medium Enterprises (MSMEs) in terms of investment?

Detailed Solution for Test: Types of Business Entities - Question 1
MSMEs are classified based on their investment in plant and machinery (for the manufacturing sector) or equipment (for the service sector). The investment thresholds for micro, small, and medium enterprises vary accordingly.
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What is the investment limit for a "Small" enterprise in the manufacturing sector according to the classification provided?

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A "Small" enterprise in the manufacturing sector is defined by an investment range of 25 lakhs to 5 crores in plant and machinery.
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Test: Types of Business Entities - Question 3
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Which sector benefits from the majority of MSME contributions to manufacturing output and exports?

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MSMEs play a crucial role in the manufacturing sector, contributing significantly to manufacturing output and exports. They supply raw materials, components, and finished goods to larger industries, thereby supporting the overall economy.
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In the context of business groups, what is the defining factor for holding key managerial positions?
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Key managerial positions in a business group are held based on skill and talent rather than status or association with a specific family. This ensures effective management across the group's companies.
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What is the primary characteristic that distinguishes a family business from other types of businesses?
Detailed Solution for Test: Types of Business Entities - Question 5
A family business involves multiple generations of a family, where key managerial positions and decision-making authority are typically held by family members, leading to unique dynamics and challenges.
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Which generation is often associated with "holding" a family business, according to the common saying?
Detailed Solution for Test: Types of Business Entities - Question 6
The common saying suggests that the second generation of a family business is associated with "holding" the business after it has been built by the first generation.
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What is one of the key managerial roles in a small business that involves overseeing employees and multiple projects simultaneously?
Detailed Solution for Test: Types of Business Entities - Question 7
Managers in small businesses often need to multi-task, overseeing employees and various projects while prioritizing tasks efficiently.
Test: Types of Business Entities - Question 8
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What leadership trait inspires employees to give their best by treating them with respect and leading by example?
Detailed Solution for Test: Types of Business Entities - Question 8
The leadership trait that involves treating employees with respect, using constructive criticism, and leading by example inspires them to give their best.
Test: Types of Business Entities - Question 9
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Which skill involves evaluating information to make quick and effective choices, especially in a fast-paced environment?
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In a small business, decision-making skill is essential for evaluating information and making effective choices, especially when quick actions are required.
Test: Types of Business Entities - Question 10
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Apart from overseeing employees, what is another significant aspect of a manager's role in a small business, involving finding ways to improve company procedures?
Detailed Solution for Test: Types of Business Entities - Question 10
Business development skills involve identifying areas for improvement in company procedures, streamlining processes, and cutting costs to enhance overall efficiency and performance.
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