New TEC Question And Answer 2020 ||
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1 Entrepreneurship
Assessments
Q1. Starting up a new venture with a new idea
is called entrepreneurship.
TRUE
Q2. Entrepreneurship is an opportunity to
create wealth
TRUE
Q3. Which of these is an example of
entrepreneurship?
Starting
up a business based on an old idea, existing business module, and less risk.
Q4. Which of these is an example of
entrepreneurship?
Starting
up a new type of restaurant in a city.
Q5. An entrepreneur is one who is involved in
a FEW of these activities – managing, organizing, innovating, assuming risks,
etc
TRUE
Q6. An entrepreneur does the following
activities – managing, organizing and makes all the decisions by himself.
TRUE
Q7. An entrepreneur is a person who takes
less risk, avoids experimentation.
FALSE
Q8. A successful entrepreneur can become rich
very fast.
TRUE
Q9. All people who start up a business based
on a new idea are always successful.
FALSE
Q10. 92 % of the
startups are successful within the first 3 years of starting
FALS
2 Entrepreneurship
and Entrepreneurial Character
Q1. Does entrepreneurship involve
All of the above
Q2. Entrepreneurship involves organizing managing and assuming the
risks pertaining to your enterprise etc. And an entrepreneur is one who is
involved in ALL of these.
TRUE
Q3. Building a business takes _________ time than it takes to generate
the idea for the business
Cannot say
Q4. Entrepreneurs should not be greedy to grow big, as this needs
patience as well.
TRUE
Q5. Entrepreneurs need to have ___________ to be successful.
Patience
Q6. ____________ is the specific tool of entrepreneurship ____________
Creation
Q7. Entrepreneurs need membership in physical communities where ideas
can be shared and shaped.
TRUE
Q8. How to inspire and create entrepreneurial leaders within the
organizations?
Both are correct
Q9. Organizations are not entrepreneurial but people are
entrepreneurial.
FALSE
Q10. Entrepreneuring framed as intentional iteration creates
None are correct.
3 Identifying Business Opportunities
Q1. An idea is defined as the content of cognition.
TRUE
Q2. Is every idea a possible opportunity?
FALSE
Q3. How to identify whether an idea is a opportunity or not
Both
are correct.
Q4. Why do we need to evaluate an idea?
To know
whether the entrepreneur will make profits out of an idea.
Q5. Successful entrepreneurship requires the ability to
balance technical knowledge and market knowledge
TRUE
Q6. An electrician observed that grocery stores in his area
are running successfully and wanted to open one too. He opened one but was not
able to make any profits. Why?
The electrician did not have any technical knowledge about
how to run a grocery store
Q7. Cash flows simply put is the difference between the
cash that flows in and cash that flows out
FALSE
Q8. Upfront capital and R& D requirement costs should
be high while evaluating whether an idea is an opportunity or not.
TRUE
Q9. The market should be large and growing while evaluating
whether an idea is
an opportunity or not.
TRUE
Q10. The venture/ business should be of high strategic
value to a potential acquirer.
TRUE
4 Understanding Cost Structures
Q1. _________ is the monetary value of resources, like
material, labour and overheads, used in the making of a product or delivery of
a service.
Cost
Q2. Direct vs indirect costs are based their association
with different cost objects.
TRUE
Q3. Costs that do not vary in the short term, regardless of
changes in output levels, are called ________ costs.
Direct
Cost
Q4. Retail companies like Reliance Fresh, D-Mart, Big
Bazaar have __________ to a __________ degree of conversion.
Low to
High
Q5. ____________ the key determinants of the cost of goods
sold (COGS), which appears on the P&L statement
Product
Cost
Q6. __________ is the cost of any material directly used in
the production of the output.
Product
Cost
Q7. _________ cost includes salaries, bonuses, insurance,
pension benefits, earned leave paid to the individuals involved.
Surplus
Q8. Cost allocation is a method through which a business
allocates or distributes an indirect cost across various cost objects..
TRUE
Q9. Costs that vary with the output levels are called
variable costs
Direct
Material Cost
Q10. ________ costs are those that have been completely
consumed or the benefits from which have been received by the business.
Direct Costs
5 Long
Term Orientation
Q1. What are the characteristics or traits of a successful
entrepreneur? Select the
best option.
All of the above
Q2. What is not a characteristics/trait of a successful
entrepreneur?
To have strong technical knowledge
Q3. Entrepreneurs are always looking for new ways of doing
things and how they can make them better.
Optimistic NatureQ4.
Entrepreneurs effectively sell their product or service to clients and
customers. Which trait is being discussed here?
Goal Oriented
Q5. Entrepreneurs don’t let uncertainty and potential failure
stop them from doing what needs to be done. Which trait is being discussed
here?
Strong Technical Knowledge
Q6. ___________ is the ability to evaluate, assimilate and exploit
knowledge.
Assimilative Capacity
Q7. Absorptive Capacity comes from prior, related knowledge to
be able to make sense of, recognize the value of, and use new information.
TRUE
Q8. Why is it important to have prior knowledge or relatable
expertise to become a successful entrepreneur?
Both A and B
Q9. A successful tailor wanted to try something new. So, he
opened a street food restaurant in his area. But his restaurant did not run
properly and eventually he had to close it down. Why? Please select the best
option.
He did not have prior knowledge of how to run a restaurant.
Q10. A knowledgeable cook opened a South- Indian Restaurant in
Chennai. But the business was not running smoothly and later on he had to close
it. What went wrong?
They were too many competitors and he was not creative in
the menu to attract customers.
6 Recording Business Transactions
Q1. _______ is a record of all of a business’ existing
assets, liabilities and equity.
Profit
and Loss Statement
Q2. What are three financial sheets that used to record and
report a business?
Statement
of Cash Flow, General Journal, Ledger Account
Q3. Balance Sheet is a record of all of a business’
revenues and costs over a certain period of time, typically, every quarter or
every year.
TRUE
Q4. Equity and liabilities come first in a balance sheet,
followed by assets.
TRUE
Q5. Select the correct equation
otal Equity = Total Assets + Total Liabilities
Q6. A business cannot survive for long without _______________.
Cash
Q7. Geeta has a grocery shop; the customers have already paid Rs
5,000 to her. Geeta decided to pay her supplier Rs.2000 at the end of the week.
According to Accrual Basis calculate her Profit?
3000
Q8. Accountants worldwide use the triple-entry system to record
transactions.
FALSE
Q9. Transactions are entered into the general journal in
chronological order.
TRUE
Q10. _______ is a record of all of a business’ existing assets,
liabilities and equity.
General Journal
Q1.
What is the primary objective of a business?
Make
money for investors by providing goods or services
Q2. What are the key inputs of business?
All of
the above
Q3. What is the output of the business?
Goods
Q4. What are the different forms of business?
Sole
proprietorship, Partnership,Commemoration
Q5. What is a Sole proprietorship?
A
single owner who is also usually responsible for the day-to-day running of the
business
Q6. ___________ has multiple owners or partners, some of
whom are also usually responsible for the day-to-day running of the business.
Presidentship
Q7. What is a corporation?
Multiple
owners or partners, some of whom are also usually responsible for the
day-to-day running of the business
Q8. Identify a non-example of accounting?
List of
investments in land, facilities, buildings, etc. the business made
Q9. _________________ is about planning for the uncertain
future and deciding what kind of investments should the business make.
Finance
Q10. ___________is a way for a business to raise capital
but there is no obligation to repay entities that provide capital. Instead,
entities are given ownership of the business.
Assets
8 Accounting and Business Reporting
Q1. Balance Sheet divided into 2 parts
Assests
& Liabilities
Q2. ______________ sheet represents the financial position
of a business as of a particular date, typically at the end of a quarter or
financial year.
Profit
& loss (P&L) statement
Q3. Inventories is the value of raw materials held,
work-in-process and finished good held by the business.
TRUE
Q4. Both assets and liabilities are classified as current
and non-current.
TRUE
Q5. ______________ are those assets that are expected to be
sold or converted to cash or consumed within one year.
Current
Assets
Q6. Non-current assets include _________________ , which
typically last for more than one year.
plant,
property and equipment
Q7. What are the common types of current assets?
Cash,
Inventories, Intangible assets, Non-current investments
Q8. _________ is the value of raw materials held, work-in-process
and finished good held by the business.
Surplus
Q9. Any income or profit not paid out to shareholders is
called _________________.
Retained
earnings
Q10. ___________ is also called income statement.
Profit
and Loss Statement.
9 Marketing Education_Handling
Questions & Concerns
Q1. A trusted adviser promotes a product aggressively to
the customer
TRUE
Q2. How to become a trusted adviser?
Both are correct
Q3. Service promise is the assurance given to the customer
about in time delivery of assured ________ and __________ of product.
Sincerity and Speciality
Q4. Delivering what customer wants is one of the
constituents of a service promise.
FALSE
Q5. Why should we identify customer needs?
Both are correct.
Q6. The innovation of products based on customer needs is
of value for the business.
TRUE
Q7. Active Listening is one of the client reactions to a
typical sales pitch.
FALSE
Q8. Select the correct structures of a good sales pitch?
Hook and Objective.
Q9. Hearing is the same as listening.
TRUE
Q10. Listening for enjoyment is called as
__________________
Articulative Listening
Q1. Why is a customer purchasing from a particular store?
Because
the customer values the product or service the shop provides.
Q2. Value is what the shop/store provides to the customer.
( like services of a shop or features of a product)
TRUE
Q3. Select the correct statement.
Value is
customer defined.
Q4. Select the correct statement.
Value
depends on the features or services provided by the store.
Q5. Where does the value reside?
At the
POC of the store.
Q6. Value can be defined in terms of __________ perspective
as well as based on __________.
Newcomer,
price
Q7. ____________ – everyone competes on price as no one is
exploring how they are able to differently adding value to customer.
Digitization
Q8. What is the advantage of adopting a value perspective?
All of
the above.
Q9. According to the Value Framework for Entrepreneurs,
select the best statement below.
Value
Creation → Value Capture → Value Delivery.
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