CSC TEC Exam Assessment Question and Answer
Telecentre Entrepreneur Course
1. ENTREPRENEURSHIP
1.Starting up a new venture with a new idea is called entrepreneurship
A. True
B. False
Ans: A
2. Entrepreneurship is an opportunity to create wealth
A. True
B.False
Ans: A
3. Which of these is an example of Entrepreneurship?
A. Starting up a bussiness on an old idea, existing business module, and less risk.
B.Teaching in an IIT/MBBS coaching institute
C. Starting up a bussiness on a new app/software, with high risk.
D. None of the above
Ans: C
4. Which of these is an example of Entrepreneurship?
A. Starting up a new type of restaurant in a city.
B.Working in a call centre/BPO.
C. Teaching mathematics in a coaching centre.
D. Managing and completing tasks given by the in a company.
Ans: A
5. An entrepreneur is one who is involved in a FEW of these activities - Manging, Organizing, innovating, assuming risk. etc.
A. True
B.False
Ans: A
5. An entrepreneur is one who is involved in a FEW of these activities - Manging, Organizing, innovating, assuming risk. etc.
A. True
B.False
Ans: A
6. An entrepreneur does the following activities - Manging, Organizing and making all the decisions by himself.
A. True
B.False
Ans: A
7. An entrepreneur is aperson who takes less risk.avoids experimenation.
A. True
B.False
Ans: B
8. A successful entrepreneur can become rich very fast.
A. True
B.False
Ans: A
9. All the people who start up a business based on a new idea are always successful.
A. True
B.False
Ans: B
10. 92% of the startups are successful within the first 3 years of starting?
A. True
B.False
Ans: B
2. ENTREPRENEURSHIP AND ENTREPRENEURIAL CHARACTER
1. Does entrepreneurship involve?
A. Managing responsibilities
B.Organizing tasks
C. Evaluating risks in the new venture
D. All of the above.
Ans: D
2. Entrepreneurship involves Organizing, Manging and assuming the risks pertaining to your enterprise etc. And an entrepreneur is one who is involved in all of these
A. True
B.False
Ans: A
3. Building a bussiness takes ___________ time than it takes to generate the idea for the business.
A. Shorter
B.Same
C. Longer
D. Can not say
Ans: C
4. Entrepreneurship should not be greedy to grow big. as this needs patience as well.
A. True
B.False
Ans: A
5. Entrepreneurs need to have __________ to be successful.
A. Patience
B.Patient
C. Money
D. Luck
Ans: A
6. ________is the specific tool of entreprenurship.
A. Creation
B.Renovation
C. Innovation
D. Experimentation
Ans: C
7. Entrepreneurs need membership in physical communities where ideas can be shared and shaped.
A. True
B.False
Ans: A
8. How to inspire and create entrepreneurial leaders within the organizations?
A. Develop entrepreneurial ecosystems inside organizations to promote entrepreneurial activity as a mainstream, strategic activity
B.Promote employees often
C. Both are correct
D. None of them are correct
Ans: C
9. Organizations are not entrepreneurial but people are entrepreneurial.
A. True
B.False
Ans: A
10.entrepreneuring framed as intentional iteration creates.
A. A mindset that is prepared
B.Expects multiple challenges
C. Both are correct
D. None are correct
Ans: C
3. IDENTIFYING BUSINESS OPPORTUNITIES
1. An idea is defined as the content of cognition.
A. True
B.False
Ans: A
2. Is every idea a possible opportunity?.
A. True
B.False
Ans: B
3. How to identify whether an idea is an opportunity or not?
A. An idea needs to be valuable
B.An idea needs to fulfill the need
C. Both are correct
D. Neither is correct
Ans: C
4. Why do we need to evaluvate an idea?
A. To know whether customers will buy the end product of an idea.
B.To know whether the entrepreneur will make profits out of an idea.
C. To know whether the entrepreneur can make a variable product out of an idea.
D. all of the above
Ans: D
5. Successfull entrepreneur requires the ability to balance technical knowledge and market knowledge.
A. True
B.False
Ans: A
6. 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 profit. Why?
A. The electrician did not have any technical knowledge about how to run a grocery store.
B.The electrician did not realize that they were already three successful grocery store in his area and there was no need for another one in his area
C. Both are correct
D. Neither is correct
Ans: C
7. Cash flows simply put is the difference between the cash that flows in and cash that flows out.
A. True
B.False
Ans: A
8. Upfront capital and R & D requirements should be high while evaluating whether an idaa is an opportunity or not.
A. True
B.False
Ans: A
9. The market should be large and growing while evaluating whether an idea is an opportunity or not
A. True
B.False
Ans: A
10. The venture/business should be of high strategic value to a potential acquirer
A. True
B.False
Ans: A
4. UNDERSTANDING COST STRUCTURES
1.___________ is the monetary value of resources, like material labour and overheads, used in the making of a product or delivery of a service.
A. Inputs
B.Receivables
C.Inventories
D. Cost
Ans: D
2. Direct vs indirect costs are based on their association with different cost objects.
A. True
B.False
Ans: A
3.Costs that do not vary in the term, regardless of changes in output levels. are called
A. Direct Cost
B.Indirect cost
C.Fixed cost
D. Expired Cost
Ans: C
4. Retail companies like Reliance Fresh, D-Mart, Big Bazaar have ___________degree of conversion
A. Low to Medium
B.Medium to High
C.Low to High
D. High to Medium
Ans: A
5.____________ the key determinants of the cost of goods sold (COGS), which appears on the P&L statement.
A. Indirect cost
B.Fixed Cost
C.Expired Cost
D. Product Cost
Ans: D
6.____________ is the cost of any material directly used in the production of the output
A. Expired Cost
B.Product Cost
C.Direct Material
D. Unexpired Costs
Ans: C
7.____________ cost includes salaries, bonuses, insurance, pension benifits, earned leave paid to the individuals involved.
A. Surplus
B.Direct Material cost
C.Direct Labour Cost
D. Unexpired Costs
Ans: C
8. Cost allocation is a method through which a business allocates or distributes an indirect cost across various cost objects.
A. True
B.False
Ans: A
9.Costs that vary with the output are called variable costs
A. Product cost
B.Direct Material cost
C.Variable Cost
D. Fixed Cost
Ans: C
10.__________Costs are those that have been completely consumed or the benifits from which have been received by the business.
A. Expired costs
B.Unexpired costs
C.Direct Costs
D. Indirect Cost
Ans: A
5. LONG TERM ORIENTATION
1.What are the charecteristics or traits of a successful entrepreneur? Select the best option.
A. Risk - Taker
B.Goal - Oriented
C.Thrive on uncertainty
D. All of the above
Ans: D
2. What is not a characteristic / trait of a successful enterprenur?
A. Good Communication skills
B.To have strong techinical knowledge
C.Quits halfway when the situation becomes difficult
D. Solves a problem with a unique and creative solution.
Ans: C
3. enterprenurs are always looking for new ways of doing things and how they can make them better. Which trait is being discussed here?
A. Optimistic Nature
B.Consistency
C.Creativity
D.Commitment
Ans: C
4. Enterprenurs effectivelly sell their product or service to client and customers. which trait is being discussed here?
A. Optimistic Nature
B.Goal Oriented
C.Communication Skills
D.Creativity
Ans: C
5. Enterprenurs don't let uncertainty and potential failure stop them doing what needs to be done. which trait is being discussed here?
A. Communication Skills
B.Strong Technical Knowledge
C.Creativity
D.Risk - Taker
Ans: D
6. ______is the ability to evaluate, assimilate and exploit knowledge
A. Additive Capacity
B.Assimilative Capacity
C.Absorptive Capacity
D.Attritive Capacity
Ans: C
7. Absorptive capacity comes from prior related knowledge to be able to make sense of, recognize the value of and use new information
A. True
B.False
Ans: A
8. Why is it important to have prior knowledge and relatable expertise to become a successful entrepreneur?
A. Prior knowledge contributes to expection formation
B.Helps to make decisions like whether to invest in the idea or not.
C.Prior knowledge does not help much, it is not required to become a successful enterprenur.
D.Both A and B
Ans: D
9. 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?
A. He was not a risk taker
B.He was not goal - oriented.
C.He did not have prior knowledge of how to run a restaurant
D.None of the above
Ans: C
10. A Knowledgeable cook opened a south - Indian Restaurant in Chennai. But the business was not running smoothly and later on had to close it. What went wrong?
A. He did not have technical Knowledge
B.They were too many competitors and was not creative in the menu to attract customers.
C.Both A and B
D.Neither is correct
Ans: C
6. RECORDING BUSINESS TRANSACTIONS
1. _________is a record of all of the existing assets, liabilities and equity.
A. Profit and Loss Statement
B.Statement of cash flow
C.Balance Sheet
D.General Journal
Ans: C
2.What are three sheets that used to record and report a business?
A. Balance sheet, General Journal, Profit and Loss statement
B.Balance Sheet, Statement of cash Flow, Ledge Account
C.Statement of cash Flow, General Journal, Ledger Account
D.Statment of cash flow, Balance Sheet, Profit and Loss statement
Ans: D
3. Balance Sheet is a record of all of a business revenues and costs over a certain period of time, typically, every quater or every year.
A. True
B.False
Ans: B
4. Equity and liabilities come first in a balance sheet. followed by assets.
A. True
B.False
Ans: A
5. Select the correct equation.
A. Total Assets = Total Liabilities + Equity
B.Total Liabilities = Total Assets + Equity
C.Total Equity = Total Asset + Total Liabilities
D.Total Equity = Total Liability = Total Liabilities - Total Assets
Ans: A
6. A business cannot survive for long without ___________?
A. Manpower
B.Cash
C.Infrastructure
D.None
Ans: B
7. 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?
A. 0
B.3000
C.300
D.5000
Ans: B
8. Accountants worldwide use the triple-entry system to record transactions.
A. True
B.False
Ans: B
9. Transactions are entered into the general journal in chronological order.
A. True
B.False
Ans: A
10. ___________is a record of all of a business exisiting assets, liabilities and equity
A. Profit and Loss Statement
B.Statement of cash flow
C.Balance Sheet
D.General Journal
Ans: C
7. BASIC FINANCIAL TERMS
1. What is the primary objective of a business?
A. Make money for investors by providing goods or services
B.Make money for retailers by providing goods for services
C.Make money for customers by providing goods or services
D.Make money for employees by providing goods or services
Ans: A
2. What are the key input of business?
A. Labour
B.Land
C.Capital
D.All of the above
Ans: D
3. What are the output of the business?
A. Goods
B.Services
C.Both of the above
D.Neither is correct
Ans: C
4. What are the different forms of business?
A. Sole properietorship, Friendship, corporations
B.Sole properietorship, Partnership, corporations
C.Sole properietorship, Partnership, Commemoration
D.Sole presidentship, Partnership, Commemoration
Ans: B
5. What is a sole proprietorship?
A. A single owner who is also usually responsible for the day-today running of the busiiness.
B.A single employee who is also usually responsible for the day-today running of the busiiness.
C.A Single retail is also usually responsible.
D.A single Partner who is also usually responsible for the day-today running of the busiiness.
Ans: A
6. __________ has multiple owners or partners. same of whom are also usually responsible for the day-today running of the business?
A. Friendship
B.Presidentship
C.Partnership
D.Corporations
Ans: C
7. What is a corporation?
A. A separate legal entity with a large number of owners
B.A seperate illegal entity with a large number of owners
C.Multiple owners or partners,some of whom also usually responsible for the day-today running of the busiiness.
D.All of the above
Ans: A
8. Identify a non-example of accounting?
A. How much value in rupee of goods or services has the business sold
B.List of investments in land, facilities, buildings, etc. the business made
C.Cost the busiiness incurred
D.List and details of favorite customers
Ans: D
9._________ is about planning for the uncertain future and deciding what kind of investments should the business make.
A. Finance
B.Governance
C.Maintenance
D.Dominance
Ans: A
10. ____________is a way for a busiiness to raise capital but there is no obligation to repay entities that provide capital instead, entities are given ownership of the business.
A. Liabilities
B.Equity
C.Partnership
D.Assets
Ans: A
8. ACCOUNTING AND BUSINESS REPORTING
1. Balance Sheet divided into 2 parts
A. Assets & Liabilities
B.Equity & Liabilities
C.Equity & Assets
D.None of them are correct
Ans: A
2. ____________ sheet represents the financial position of a business as of particular date, typically at the end of a quarter of financial year
A. Statement of cash flows
B.Profit & Loss (P&L) statement
C.Balance sheet
D.Ledger Sheet
Ans: C
3. Inventories the value of raw materials held, work-in-process and finished good held by the business.
A. True
B.False
Ans: A
4. Both assets and liabilities are classified as current and non-current.
A. True
B.False
Ans: A
5. ____________are those assets that are expected to be sold or converted to cash or consumed within one year.
A. Current Assets
B.Current Liabilities
C.Non-Current Assets
D.Non-Current Liabilities
Ans: A
6. Non-Current Assets include ___________ which typically last for more than one year
A. Plant, property and estabilishment
B.Plant, property and equipment
C.penchant, property and equipment
D.Plant, property experiment
Ans: B
7. What are the common types of current assets?
A. Cash, Inventories, Deliverables, Long-term loans, and advances
B.Tangible assets, Intangible assets, Non-current investments
C.Cash, Inventories, Intangible assets, Non-current investments
D.Cash, Inventories, Intangible assets, Non- current investments
Ans: D
8. ___________is the valueof raw materials held work-in-process and finished goods held by the business.
A. Surplus
B.Revenues
C.Debentures
D.Surplus
Ans: B
9. Any income or profit not paid out to shareholders is called______________?
A. Retained earnings
B.Revenues
C.Debentures
D.Surplus
Ans: A
10. ___________is also called an income statement?
A. Statement of cash flows
B.profit and Loss statement
C.Balance sheet
D.General Journal
Ans: B
9. MARKETING EDUCATION_HANDLING QUESTIONS & CONCERNS
1. A Trusted advisor promotes a product aggressively to the customer.
A. True
B.False
Ans: B
2.How to become a trusted adviser?
A. Understand The concerns of the customer
B.Peddle/Promote the product
C.Both are correct
D.Neither is correct
Ans: A
3.Service promise is the assurance given to the customer about in time delivery of assured________and _________of product.
A. Integrity and Certainty
B.Sincerity and Speciality
C.Quantity and Quality
D.Variety and Guaranty
Ans: C
4. Delivering what a customer is one of the constituts of a service promise.
A. True
B.False
Ans: A
5. Why should we identify customer needs?
A. The moving driving the customer to purchase an item is the need for it
B.Ensures customer statisfaction and loyalty
C.Both are correct
D.Neither is correct
Ans: C
6. The innovation of products based on customer needs is of value for the business.
A. True
B.False
Ans: A
7. Active Listening is one of the client reactions to a typical sales pitch.
A. True
B.False
Ans: B
8.Select the correct structures of a good safe pitch?
A. Hook and Objective
B.Rook and Objective
C.Rook and subjective
D.Nook and subjective
Ans: A
9. Hearing is the same as listening
A. True
B.False
Ans: A
10.Listening for enjoyment is called as _________
A. Appreciative Listening
B.Articulative Listening
C.Inspirational Listening
D.Empathetic Listening
Ans: A
10. MARKETING EDUCATIONAL VALUE
1.Why is a customer purchasing from a particular store?
A. Because the customer values the AC you provide inside the shop
B.Because the customer values the product or service the shop provides
C.Because the customer values the friendship with the shop's owner
D.All of the above
Ans: B
2. Valuve is what the shop provides to the customer. (Like services of a shop or features of a product)
A. True
B.False
Ans: B
3.Select the correct statement
A. Value is customer define
B.Value is consultant defined
C.Salesman defined
D.value is businessman defined
Ans: A
4.Select the correct statement
A. Value depends on the features or service provided by the store
B.Value depends on the features or service provided by the salesman
C.Value depends on the features or service provided by the store's owner
D.Value depends on the features or service consumed by the customer
Ans: D
5.Where does the value reside?
A. In the salesman's mind
B.At the poc of the store.
C.In the customer's mind
D.In the store's owner's mind
Ans: C
6.Value can be defined in terms of _____________ perspective as well as based on ______________
A. Customer, Cost
B.Newcustomer, price.
C.customer, price.
D.Newcustomer, Cost.
Ans: C
7.________everyone completes on price as no one is exploring how they are able to diffently adding value to customers.
A. Digitization
B.Commoditization
C.Privatization
D.Capitalization
Ans: B
8.What is the advantage of adopting a value perspective?
A. Clear differentiation
B.Helping the customer understand how and how much they benefit. Then asking for a share of that benefit.
C.Ability to justify pricing or even price at a premium
D.All of the above
Ans: All of the above
9.According to the value framework for Entrepreneurs, select the best statement below.
A. Value Creation - Value Delivery - Value Capture
B.Value Capture - Value Creation - Value Delivery
C.Value Creation - Value Capture - Value Delivery
D.Value Delivery - Value Creation - Value Capture
Ans: A
10.Why is a customer purchasing from a particular store?
A. Because the customer values the AC you provide inside the shop.
B.Because the customer values the Product service the shop provides.
C.Because the customer values the friendship with the shop's owner.
D.All of the above.
Ans: B
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