Assessments Questions for Practice final Exam to become a CSC VLE Operator.
There are 10 modules and each module contains different types of multiple-choice questions. Those are
- Set-1: Entrepreneurship
- Set-2: Entrepreneurship and Entrepreneurial Character
- Set-3: Identifying Business Opportunities
- Set-4: Understanding Cost Structures
- SET-5: Long Term Orientation
- SET-6: Recording Business Transactions
- Set-7: Basic Financial Terms
- SET-8: Accounting and Business Reporting
- SET-9: Marketing Education _Handling Questions & Concerns
- SET-10: Marketing Education Value
Set-1: Entrepreneurship
- Which of these is an example of entrepreneurship?
a) Starting up a business based on an old idea, existing business modules, and less risk.
b) Teaching in an IIT/MBBS coaching institute.
c) Starting up a business based on a new app/software, with high risk.
d) None of the above
Ans. a
- An Entrepreneur is a person who takes less risk, avoid experimentation.
a) True
b) False
Ans. b
- An entrepreneur is one who is involved in a FEW of these activities – managing, organizing, innovating, assuming risks, etc.
a) True
b) False
Ans. a
- Entrepreneurship is an opportunity to create wealth
a) True
b) False
Ans. a
- 92% of the startups are successful within the first 3 years of starting?
a) True
b) False
Ans. B
- All People who start up a business based on a new idea are always successful.
a) True
b) False
Ans. B
- An entrepreneur does the following activities – managing, organizing and makes all the decisions by himself.
a) True
b) False
Ans. A
- A successful entrepreneur can become rich very fast.
a) True
b) False
Ans. A
- Which of these is an example of entrepreneurship?
a) Starting up a new type of restaurant in a city.
b) Working in a call center/BPO
c) Teaching mathematics in a coaching center.
d) Managing and completing tasks given by the boss in a company.
Ans. A
Set-2: Entrepreneurship and Entrepreneurial Character
- Entrepreneurs should not be greedy to grow big, as this needs patience as well.
a) True
b) False
Ans. a
- Entrepreneurs need membership in physical communities where ideas can be shared and shaped.
a) True
b) False
Ans. A
- Entrepreneurs need to have _ to be successful.
a) Patience
b) Patient
c) Money
d) Luck
Ans. A
- Entrepreneuring is framed as intentional iteration creates.
a) A mindset that is prepared
b) Expects multiple challenges
c) Both are correct
d) None are correct
Ans. A
- How to inspire and create entrepreneurial leaders with the organization?
a) Develop entrepreneurial ecosystem 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
- Organizations are not entrepreneurial but people are entrepreneurial.
a) True
b) False
Ans. A
- Building a business takes __ time than it takes to generate the idea for the business.
a) Shorter
b) Same
c) Longer
d) Cannot say
Ans. C
- _ is the specific tool of entrepreneurship.
a) Creation
b) Renovation
c) Innovation
d) Experimentation
Ans. d
- 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.
a) True
b) False
Ans. a
Set-3: Identifying Business Opportunities
- Upfront capital and R&D requirement costs should be high while evaluating whether an idea is an opportunity or not.
a) True
b) False
Ans. b
- Cash flows simply put is the difference between the cash that flows in and that flows out
a) True
b) False
Ans. A
- As an Electrician observed that grocery stores in his area are running successfully and wanted to open too. He opened one but was not able to make any profits, 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 there successful grocery in his area and there was no need for another one in his area.
d) Both are correct
d) Neither is correct
Ans. a
- Why do we need to evaluate 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 valuable product out of an idea.
d) All of the above
Ans. d
- Successful entrepreneurship requires the ability to balance technical knowledge and market knowledge.
a) True
b) False
Ans. a
- How to identify whether an idea is a opportunity or not?
a) An idea needs to be valuable
b) An idea needs to fulfill the need of a customer
c) Both are correct
d) Neither is correct
Ans. c
- The venture/business should be of high strategic value to a potential acquirer.
a) True
b) False
Ans. a
- The market should be large and growing while evaluating whether an idea is an opportunity or not.
a) True
b) False
Ans. a
- An idea is defined as the content of cognition.
a) True
b) False
Ans. a
Set-4: Understanding Cost Structures
- Direct vs indirect costs are based their association with different cost objects.
a) True
b) False
Ans. a
- _ cost include salaries, bonuses, insurance, pension benefits, earned leave paid to the individuals involved.
a) Surplus
b) Direct Material Cost
c) Direct Labour Cost
d) Unexpired costs
Ans. a
- 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
- _ 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) Inventors
d) Cost
Ans. d
- Retail companies like Reliance Fresh, D-mart, Big Bazaar have _ to a degree of conversion.
a) Low to medium
b) Medium to High
c) Low to High
d) High to Medium
Ans. b
- Costs that vary with the output levels are called variable costs
a) Product cost
b) Direct Material
c) Variable Cost
d) Fixed Cost
Ans. c
- Costs that do not vary in the short term, regardless of changes in output levels, are called _ costs.
a) Direct cost
b) Indirect cost
c) Fixed cost
d) Expired cost
Ans. c
- _ costs are those that have been completely consumed or the benefits from which have been received by the business.
a) Expired costs
b) Unexpired costs
c) Direct costs
d) Indirect costs
Ans. a
- _ the key determinants of the cost of goods sold (COGS), which appear on the P&L statement.
a) Indirect Cost
b) Fixed Cost
c) Expired Cost
d) Product Cost
Ans. d
SET-5: Long Term Orientation
- Entrepreneurs 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
- What are the characteristics or traits of a successful entrepreneur? Select the best option.
a) Risk – Taker
b) Goal – Oriented
c) Thriven on uncertainty
d) All of the above
Ans. d
- _ _ is the ability to evaluate, assimilate and exploit knowledge.
a) Additive Capacity
b) Assimilative Capacity
c) Absorptive Capacity
d) Attractive capacity
Ans. b
- Why is it important to have prior knowledge or related expertise to become a successful entrepreneur?
a) Prior knowledge contributes to expectation formation
b) Helps to make decisions like whether to invest in the idea of not.
c) Prior knowledge does not help much, it is not required to become a successful entrepreneur.
d) Both A and B
Ans. d
- 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
- 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 a goal-oriented
c) He did not have prior knowledge how to run a restaurant.
d) None of these
Ans. c
- Entrepreneurs effectively sell their product or service to clients and customers. Which trait is being discussed here?
a) Optimistic Nature
b) Goal Oriented
c) Communication
d) Creativity
Ans. c
- What is not a characteristics/trait of a successful entrepreneur?
a) Good communication skills
b) To have strong technical knowledge
c) Quits halfway when the situation become difficult
d) Solve a problem with a unique and creative solution
Ans. c
- A knowledgeable cook opened a south-Indian Restaurant in Chennai. But the business was not running smoothly and later of he had to close it.
a) He did not have technical knowledge
b) They were too many competitors and he was not creative in the menu to attract customers
c) Both A and B
d) Neither is correct
Ans. b
SET-6: Recording Business Transactions
- What are three financial 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, Ledger Account
c) Statement of Cash Flow, General Journal, Ledger Account
d)Statement of cash flow, Balance sheet, Profit, and loss statement
Ans. a
- Geeta has a grocery shop; the customers have already paid Rs 5,000 to her. Geete decide to pay her supplier Rs.2000 at the end of the week. According Basis calculate her profit?
a) 0
b) 3000
c) 300
d) 5000
Ans. b
- 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.
a) True
b) False
Ans. a
- _ is a record of all of the business’ existing assets, liabilities and equity.
a) Profit and loss statement
b) Statement of cash flow
c) Balance Sheet
d) General Journal
Ans. c
- Equity and liabilities come first in a balance sheet, followed by assets.
a) True
b) False
Ans. a
- Select the correct equation
a) Total assets = Total liabilities + Equity
b) Total Liabilities = Total Assets + Equity
c) Total Equity = Total Assets + Total libalities
d) Total Equity = Total Liabilities + Total Assets
Ans. a
- Transactions are entered into the general journal in chronological order.
a) True
b) False
Ans. a
- Accountants worldwide use the triple-entry system to record transaction.
a) true
b) false
Ans. a
- A business cannot survive for long without __.
a) Manpower
b) Cash
c) Infrastructure
d) None
Ans. b
Set-7: Basic Financial Terms
- Identify a non-example of accounting?
a) How much value in rupees of goods or services has the business sold
b) List of investments in land, facilities, buildings, etc. the business made
c) Costs the business incurred
d) List and details of favourite customers
Ans. d
- What are the key inputs of business?
a) Labour
b) Land
c) Capital
d) All of these
Ans. d
- What is the output of the business?
a) Goods
b) Services
c) Both of the above
d) neither is correct
Ans. c
- _ 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. b
- What is a corporation?
a) A separate legal entity with a large number of owners.
b) A separate illegal entity with a large number of owners
c) Multiple owner or partners, some of whom are also usually responsible for the day-to-day running of the business.
d) All of the above
Ans. c
- 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 by services
d) Make money for employers by providing goods or services
Ans. a
- What are the different forms of business?
a) Sole proprietorship, Friendship, Corporations
b) Sole proprietorship, Partnership, Corporations
c) Sole Proprietorship, Partnership, Commenmoration
d) Sole presendtship, partnership, commemoration
Ans. b
- _ has multiple owners or pertners, some of whom are also usually responsible for the day-to-day running of the business.
a) Friendship
b) Presidentship
c) Partnership
d) Corporations
Ans. d
- What is Sole proprietorship?
a) A single owner who is also usually responsible for the day-to-day running of the business
b) A single employee who is also usually responsible for the day-to-day running of the business
c) A single retailer is also usually responsible for the day-to-day running of the business
d) A single partner who is also usually responsible for the day-to-day running of the business
Ans. a
SET-8: Accounting and Business Reporting
- Any income or profit not paid out to shareholders is called __
a) Retained earnings
b) Revenues
c) Debuntures
d) Surplus
Ans. a
- Both Assets and liabilities are classified as current and non-current.
a) True
b) False
Ans. a
- Balance sheet divided into 2 parts
a) Assests & Liabilities
b) Equity & Liabilities
c) Equity & Assests
d) None of them are correct
Ans. b
- Non-current assets include _, which typically last for more than one year.
a) Plant, property and establishment
b) Plant, property and equipment
c) Penchant, property, equipment
d) Plant, Property, experiment
Ans. b
- _ is also called income statement.
a) Statement of cash flows
b) Profit and Loss Statement
c) Balance Sheet
d) General Journal
Ans. b
- 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, Receivables, Short-term loans and advances
Ans. d
- _ sheet represents the financial position of a business as of a particular date, typically at the end of a quarter or final year.
a) Statement of cash flows
b) Profit & Loss (P&L) statement
c) Balance sheet
d) Ledger Sheet
Ans. c
- __ 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
- __ is the value of raw materials held, work-in process and finished good held by the business.
a) Surplus
b) Revenues
c) Debuntures
d) Surplus
Ans. a
SET-9: Marketing Education _Handling Questions & Concerns
- 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. c
- Why should we identify customer needs?
a) The motive driving the customer to purchase an item is the need for it.
b) Ensures customer satisfaction and loyalty
c) Both are correct
d) Neither is correct
Ans. c
- Active listening is one of the client reactions to a typical sales pitch.
a) True
b) False
Ans. a
- Listening for enjoyment is called is _
a) Appreciative listening
b) Articulative listening
c) inspirational listening
d) Empathetic listening
Ans. a
- 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
- A trusted adviser promotes a product aggressively to the customer
a) True
b) False
ans. b
- The innovation of products based on customer needs is of value for the business.
a) True
b) False
Ans. a
- Delivering what customer wants is one of the constituents of a service promise.
a) True
b) False
Ans. a
- Select the correct structures of a good sales pitch?
a) Hook and objective
b) Rook and objective
c) Rook and Subjective
d) Nook and Subjective
Ans. a
SET-10: Marketing Education Value
- 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
- Select the correct statement.
a) Value is customer defined
b) Value is consultant defined
c) Value is salesman defined
d) Value is businessman defined
Ans. a
- 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 mind
Ans. c
- Value can be defined in terms of perspective as well as based on _.
a) customer, cost
b) Newcomer, Price
c) Customer, Price
d) Newcomer, Cost
Ans. a
- What is the advantage of adopting a value perspective?
a) Clear differentiation
b) Helping the customer understand how and how much they benefit
c) Ability to justify pricing or even price at a premium
d) All of the above
Ans. d
- According to the 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
- Select the correct statement
a) Value depends on the features or services provided by the store
b) Value depends on the features or services sold by the salesman.
c) Value depends on the features or services discounted by the store’s owner.
d) Value depends on the features or services consumed by the customer.
Ans. d
- _ everyone competes on price as no one is exploring how they are able to differently adding value to customer.
a) Digitization
b) Commoditization
c) Privitization
d) Capitalization
Ans. b
- Value is what the shop/store provide to the customer. (Like services of a shop or features of a product)
a) True
b) False
Ans. a