Entrepreneurship:2017:CBSE
To Access the full content, Please Purchase
-
Q1
Vipin Taneja has completed his Masters degree in Computer Science from IIT, Delhi. He thought of an attractive economic idea which could be implemented to create a business, earn profits and ensure further growth. The idea was to link the different restaurants with the Indian railway network so that while travelling, the railway passengers can order food as per their liking.
List any two elements of the concept discussed above.Marks:1View AnswerAnswer:
The concept referred to in here is a business opportunity. It is an economic idea that can be implemented to create an enterprise and earn profits.
Elements to be kept in mind while selecting an opportunity are:
a. Good market/ demand for the product
b. Rate of return on investment -
Q2
Air India is planning to expand its flights to Pakistan and Afghanistan over the next five years. Enumerate any two political factors that it should consider as per the ‘PESTEL Model’ for the same.
Marks:1View AnswerAnswer:
Political factors that Air India should consider in expanding its flights to Pakistan and Afghanistan are:
a. Its taxation policy
b. Stability of Government -
Q3
Distinguish between ‘Partnership’ and ‘Private Limited Company’ on the basis of ‘maximum number of members’.
Marks:1View AnswerAnswer:
In case of a partnership, minimum number is 2 and maximum is 20 (10 in case of banking).
In case of private company limit on member is 200 excluding present and past employees.
-
Q4
‘‘It is a process which involves the translation of a useful idea into an application which has commercial value. It takes persistent effort to work out analytically the details of the enterprise or service, to develop marketing strategies, to organise finances and strategize operations.’’ Identify the process.
Marks:1View AnswerAnswer:
The process of converting an idea into an opportunity and then into an enterprise is the process of sensing entrepreneurial opportunities. Steps in the process are:
a. Perceiving an idea
b. Harnessing different source of information
c. Working on a creative solution -
Q5
Define ‘business’.
Marks:1View AnswerAnswer:
According to FC Hooper, Business is a whole complex field of commerce and industry, the basic industries, process, and manufacturing and the network of ancillary services, banking, insurance, transport and so on which serve and interpenetrate the world of business as whole.
-
Q6
Nayan has just passed his Senior Secondary Examination from a CBSE affiliated school. He wanted to start his own business but was undecided about the nature of the business to be started. One day, during the morning walk, his grandfather fell down in the park and was injured. He observed that his grandfather often forgot to take his medicines. He thought that the same problem may be faced by other old people. He thought to develop a walking stick for old people that could be fitted with some electronic devices connected to the mobile phones of the members of their families which could indicate the location of the old people when they go outside their homes. He also thought to fit a timer in the stick that could remind them about the time of taking their medicines. Identify and state the meaning of the concept described in the above para that helped Nayan in structuring his idea of solving the problem.
Marks:2View AnswerAnswer:
Nayan perceived an opportunity from the problem. Solution to a problem may lead to generation of idea. Such solution is converted into opportunity by creativity and innovation.
-
Q7
State any two types of utilities created by business activities.
Marks:2View AnswerAnswer:
Utilities created by business are:
- Time utility: Warehousing enables goods to be stored when not required for supplying them in future.
- Place utility: Transportation creates place utility. Goods are transported from place of production to place of consumption.
-
Q8
Distinguish between internal expansion and external expansion.
Marks:2View AnswerAnswer:
Internal expansion is a slow and time taking process. It is a result of a gradual increase in the activities of the enterprise and is generally financed through long-term sources of finance and also retained profits. Whereas external expansion is when two or more business enterprises join hands together with a common objective of expanding their business. It is financed through long-term sources of finance.
Internal expansion results in increase in the capacity and business activities and widening the present capital structure. Whereas external expansion results in broadening of capital base as well as business activities thus removing of unnecessary competition.
-
Q9
Komal has started a herbal toothpaste manufacturing unit. She has decided about the logo, packaging format and labelling of the product. Her friend Neha asked her whether she has taken care of the legally recognised exclusive rights of other manufacturers in the industry before taking the above stated decisions. Identify and give the meaning of the concept about which Neha asked Komal.
Marks:2View AnswerAnswer:
Neha asked Komal about Intellectual property rights. These are the legal, recognised and exclusive rights given to the creations of the mind. Patents, trademark, copyright, industrial design and trade secret are some of such rights.
-
Q10
‘Ayush Generic Medicines,’ a chemist shop sells generic medicines. On 15.2.2016 medicines as per the details given below were sold: 2
No. of customers
Per customer billed amount
15
370
20
430
45
500
25
1000
95
1200
Calculate the average amount of medicines sold per customer.
Marks:2View AnswerAnswer:
No. of customers
Per customer billed amount
Total Bill
15
370
5550
20
430
8600
45
500
22500
25
1000
25000
95
1200
114000
200
175650
Average amount of medicines sold per customer
= 175650\200 =
878.25
