| Board | CBSE |
| Textbook | NCERT |
| Class | Class 12 |
| Subject | Entrepreneurship |
| Chapter | CUET Entrepreneurship-Chapter-Product Identification |
| Chapter Name | Product Identification |
| Category | CUET (Common University Entrance Test) UG |
Important MCQ Questions on CUET Entrepreneurship-Chapter-Product Identification with Detailed explanation
HT having an expert teacher prepared the most important MCQ Questions on CUET Entrepreneurship-Chapter-Product Identification with Detailed explanations. All the concepts of Entrepreneurship in the syllabus of CUET are covered with coverage of the entire syllabus. This page is prepared for Entrepreneurship-Chapter-Product Identification and covers all important topics of the competitive exam CUET for domain subject test. Check out MCQ Based questions for CUET Entrepreneurship uploaded by the HT experts.
MCQ Questions for CUET Entrepreneurship-Chapter-Product Identification Set-1
Entrepreneurship - MCQ on Product Identification
Class XII
Q.1 What is the first sign of entrepreneurial talent?
(a) Ability to convert an idea into reality.
(b) Ability to perceive an idea.
(c) Ability to assess market.
(d) Ability to set up a small scale enterprise.
Answer:
(b)
Q.2 Idea has to be evaluated in terms of _____________.
(a) Demand
(b) Innovation
(c) Money
(d) Opportunity
Answer:
(c)
Q.3 The basic creative and innovative approach to opportunities depend on _____________ of an entrepreneur.
(a) Talent
(b) Temperament
(c) Technique
(d) All of the above
Answer:
(a)
Q.4 How many steps are involved in the first phase of sensing entrepreneurial opportunities?
(a) 2
(b) 3
(c) 4
(d) 5
Answer:
(b)
Q.5 Which is the first step of sensing entrepreneurial opportunities?
(a) Feasibility study.
(b) Idea and opportunity assessment.
(c) Market assessment.
(d) Technology assessment.
Answer:
(b)
Q.6 Which quality of an entrepreneur helps him in managing men, material, finance and time efficiently?
(a) Talent
(b) Temperament
(c) Technique
Answer:
(c)
Q.7 Which two abilities of an entrepreneur are said to be enterprising?
(a) Fearless & optimistic
(b) Good communication skills & risk taker.
(c) Great opportunist and creative.
Answer:
(c)
Q.8 An idea has to be assessed in terms of its___________________.
(a) demand
(b) cost of production
(c) money potential
(d) opportunity potential
Answer:
(d)
Q.9 Under which step of sensing entrepreneurial opportunities the study of demand and supply is done?
(a) Idea and opportunity assessment
(b) Market assessment
(c) Feasibility study
Answer:
(b)
Q.10 Identification of the reason for introducing the same product or service in the market is related to which factor of ideas and opportunity assessment?
(a) Application and use of product
(b) Competition
(c) Level of operation
(d) Product identification
Answer:
(d)
Q.11 What will ultimately decide the sale price of a product or service?
(a) Annual turnover
(b) Cost
(c) Nature of competition
(d) Technical complexity
Answer:
(b)
Q.12 What will be the level of operation for a wooden based handicraft item?
(a) Cottage industry
(b) Large scale industry
(c) Small scale industry
Answer:
(a)
Q.13 Break even point is a stage when________________.
(a) Profit>Loss
(b) Profit<Loss
(c) Profit=Loss
(d) Both ‘a’ & ‘b’
Ans: (c)
Q.14 ________________ position of the product refers to complete picture of the quantities of the product made available in the market by all producers.
(a) Demand
(b) Feasibility
(c) Supply
(d) Turnover
Answer:
(c)
Q.15 __________________ is a preparation stage for giving shape to a Project Report.
(a) Feasibility study
(b) Idea and opportunity assessment
(c) Market assessment
(d) Setting up a small scale enterprise
Answer:
(a)
Q.16 Fixation of annual turnover has impact on_________________.
(a) competition
(b) cost
(c) profit margin
(d) All of the above
Answer:
(c)
Q.17 In economics, which of the following is not a function of the entrepreneur?
(a) Day to Day conduct of business
(b) Innovation
(c) Provision of capital and organisation of production
(d) Risk taking
Answer:
(b)
Q.18 What will be the level of operation for manufacturing spare parts of an automobile?
(a) Cottage industry
(b) Large scale industry
(c) Small scale industry
Answer:
(c)
Q.19 Scanning of environment is done to understand the_______________.
(a) economic factors
(b) political factors
(c) socio-cultural factors
(d) All of the above
Answer:
(d)
Q.20 _________________ is a crucial test for product/service identification.
(a) Competition
(b) Cost
(c) Level of operation
(d) Technical complexity
Answer:
(c)
Q.21The major heads of feasibility report does not include___________.
(a) legal structure of the enterprise
(b) estimated start up cost
(c) sources of finance
(d) problem solving
Answer:
(d)
Q.22 Complete the equation: Creativity + __________________ = Value.
(a) Competition
(b) Hard work
(c) Improvisation
(d) Opportunity
Answer:
(c)
Q.23 Which of the following statement is not true:
(a) An entrepreneur can go overboard with creativity
(b) An entrepreneur cannot go overboard with creativity
(c) An entrepreneur has to work within a framework
(d) None of the above.
Answer:
(a)
Q.24 Market supply estimation helps in estimating___________________.
(a) capacity to produce by a firm
(b) present and future changes in supply
(c) evaluating the financial position of the firm
(d) all of the above
Answer:
(d)
Q.25 Entrepreneurs creativity must be associated with ___________ aspect which will decide the fate of his business.
(a) risk
(b) opportunity
(c) income
(d) practical
Answer:
(d)