Entrepreneurship:2018:CBSE
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Q1
Give the meaning of an entrepreneur.
Marks:1View AnswerAnswer:
Entrepreneur is an innovator of new ideas and business processes. He possess management skills, team building abilities and leadership qualities. He exercises initiative by organising venture to take benefit of opportunity.
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Q2
State the liability of a partner.
Marks:1View AnswerAnswer:
In the partnership, all partners are jointly responsible for debts contributing in proportion to share in business & liable to that extent. Each partner individually too, may be held responsible for repaying debts.
There is an unlimited liability of partners and individually & joint liability of partners for debt payments.
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Q3
What is meant by ‘integrative negotiations’?
Marks:1View AnswerAnswer:
Integrative negotiations are also known as 'win-win' scenario where each party stands benefitted by the final solution. It focuses on arriving at mutually beneficial agreements based on interests of disputants. The word 'integrative' means to join several parts into a whole.
It involves higher degree of trust and aims at developing stronger relationships. -
Q4
Differentiate between ‘Sales Budget’ and ‘Marketing Budget’.
Marks:1View AnswerAnswer:
Sales budget provides an estimate of sales in future. It reflects both units and rupees and is used to create target sales to be achieved during a specific period.
Whereas marketing budget provides an estimate of the funds required for promotion, advertisement and public relations for increasing the market share. -
Q5
Deepak Industries is a sugar manufacturing unit in U.P. Due to various reasons it started running into losses and was declared a sick unit by the State Confederation of Industries. It had assets and probability to revive if financial assistance could be made available.
Name the financial organisation that can help Deepak Industries in this situation knowing well that it cannot furnish any collateral security against the loan sanctioned.
Marks:1View AnswerAnswer:
Industrial investment bank of India (IIBI) as it was established for rehabilitation of sick industrial units.
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Q6
‘Safe Wheelers’ is an upcoming cab service. The promoters knew that they are entering a highly competitive market. They gathered information on existing cab services and changing customer preferences and incorporated those observations into their operations. In order to reach the customers promptly, they developed an ‘App’ to book, track and trace the cabs 24x7. To create an environment of trust all drivers were grouped into two shifts: 6 a.m. – 6 p.m. for female drivers and 6 p.m. – 6 a.m. for male drivers. GPS systems were installed in all cabs to monitor their movements. The fare payment could be either by an e-wallet or through the ‘Safe Wheelers Smart Card’. As soon as the services were launched, they were a grand success.
Identify and explain the concept that helped the company to succeed.
Marks:2View AnswerAnswer:
The concept that helped the company to succeed is perceiving and sensing opportunity. An entrepreneur must have ability to perceive and preserve basic idea, harness different sources of information and vision and creativity.
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Q7
Give any two points of distinction between ‘Basic Idea’ and ‘Post Scanning Idea’.
Marks:2View AnswerAnswer:
Basic idea is experiential one and has to be under close examination and analysis.
Whereas post scanning idea is a purposeful activity and activity oriented.
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Q8
Rajiv and Ramesh entered into a verbal agreement to form a firm. They agreed to share its profits. Their business was running smoothly. One day a dispute arose between Rajiv and Ramesh regarding the profit sharing ratio. Rajiv decided to move the court and enforce his rights against the firm and Ramesh. Will Rajiv succeed? Give reasons in support of your answer.
Marks:2View AnswerAnswer:
No, Rajiv will not succeed as their firm was not registered. Consequences or disabilities of non-registration have a persuasive pressure for their registration:
1.No suit in a civil court by firm or other co-partners against third party
2. No relief to partners for set-off of claim
3. Aggrieved partner cannot bring legal action against other partner or the firm -
Q9
Various approaches may be used by a company to promote its products. One of them is the use of mass media methods by designing a promotion strategy that aims at establishing brand identity.
Identify and explain this approach.Marks:2View AnswerAnswer:
The mass media approach that can be used for designing a promotion strategy is Above the line approach (ABL)
Above the line approach
It involves advertising for large number of people through the use of various media tools like:
- Banner ads on internet
- Press advertisements
- Billboard advertising
- T.V. or radio advertising
- Development of website
Its major benefit is that it reaches out to a large number of people.
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Q10
State any four powers of the Securities and Exchange Board of India.
Marks:2View AnswerAnswer:
SEBI is an interim body to promote healthy growth of securities market and for investor protection. Powers of SEBI are:
i. Approve bye-laws of stock exchanges and enquire stock exchange to amend their bye-laws
ii. Inspect books of accounts of stock exchanges and financial intermediaries
ii. Call for periodical returns from stock exchanges
iii. Make it compulsory for certain companies to list their shares in one or more stock exchanges
