Question 1

The external business environment consists of which component?

Accepted Answer

The answer of The external business environment consists of which...

Question 2

Economic policy includes __________________________

Accepted Answer

Economic policy encompasses all of these areas: Export-import policy (EXIM policy), Monetary policy, and Fiscal policy, as they are all integral components of a nation's economic strategy.

Question 3

Which is economic system?

Accepted Answer

All of the options listed (A: Capitalist system, B: Socialism system, C: Mixed economy) are types of economic systems. Each represents a different approach to managing economic activities and resources.

Question 4

Which is the element of economic condition?

Accepted Answer

All the options listed (Nature of economy, Level of income, Distribution of assets, Economic resources) are elements that contribute to the economic condition of a region or country. These factors collectively influence the overall economic environment, including how wealth is generated and distributed among the population.

Question 5

The cultural environment includes ____________________________

Accepted Answer

The cultural environment encompasses all aspects of a society's culture, including religion, art, and literature, making all these options correct.

Question 6

The legal environment includes ______________________________

Accepted Answer

The legal environment encompasses all laws and regulations that govern how businesses can operate, which includes the Indian Contract Act, The Partnership Act, Negotiable Instruments Act, and The Sale of Goods Act. These acts collectively cover various aspects of business operations, contracts, partnerships, financial instruments, and sales, making them all part of the legal environment.

Question 7

Which is the element of economic conditions?

Accepted Answer

All the options listed are elements of economic conditions. Labor force and labor unions affect the supply and dynamics of labor, economic policies and laws shape the regulatory environment and market operations, and capital formation and investments are crucial for economic growth and development.

Question 8

Which is the feature of entrepreneurship and Indian socio-economic environment?

Accepted Answer

Entrepreneurship and the Indian socio-economic environment encompass all these features: adjustment with the environment, being an integrated system, being individual-oriented, and being part of a continuing civilization. These aspects highlight the adaptability, systemic approach, focus on individual initiative, and the deep historical roots of entrepreneurship within the socio-economic context of India.

Question 9

"Business is a game of skills which everybody cannot play" who said?

Accepted Answer

The answer of "Business is a game of skills which...

Question 10

Which is the characteristic of a entrepreneur?

Accepted Answer

The answer of Which is the characteristic of a entrepreneur?
...

Question 11

Which is the characteristic of entrepreneurs as per John Hornday?

Accepted Answer

John Hornaday identified several characteristics of entrepreneurs, including responsiveness to suggestions, leadership, diligence, and dynamism. Therefore, all of these options are correct.

Question 12

The characteristics of an entrepreneur include

Accepted Answer

Entrepreneurs are known for their versatility, profit orientation, independence, and deep understanding of the market system. These characteristics are essential for starting and managing successful ventures.

Question 13

Which is the physical quality of an entrepreneur?

Accepted Answer

Good health, effective personalities, agreeable looking, and good shape are all physical qualities that can contribute to an entrepreneur's success, as they can impact energy levels, interpersonal interactions, and overall presence in business settings.

Question 14

Which is the mental quality of a entrepreneur?

Accepted Answer

Entrepreneurs require a combination of qualities to be successful, including hard work, sharp memory, alertness, and a sharp mind. These attributes help them to identify opportunities, solve problems, and manage their businesses effectively.

Question 15

Which is a social quality

Accepted Answer

All of the options listed, fair behavior, being respectful, and helpful behavior, are considered social qualities. These qualities contribute to positive interactions and relationships within a society.

Question 16

Which is the ethical quality of an entrepreneur?

Accepted Answer

All the qualities listed - honesty & leadership, character, politeness, and loyalty - are aspects of the ethical quality of an entrepreneur. These traits contribute to building trust, fostering positive relationships, and maintaining a good reputation, all of which are crucial for successful entrepreneurship.

Question 17

Which is the business quality of an entrepreneur?

Accepted Answer

All the options listed are qualities of an entrepreneur. Being alert to social responsibilities, understanding market conditions, adapting to changes, and knowing national policies are all crucial for successful entrepreneurship.

Question 18

Which is the element of leadership?

Accepted Answer

Leadership inherently involves having followers, establishing general goals or objectives, fostering working relationships, and often revolves around an ideal concept or vision, making all of these elements integral to leadership.

Question 19

What is the nature of leadership?

Accepted Answer

Leadership encompasses all these aspects: it is dynamic, involves personal qualities, is an ideal concept, and is fundamentally about working relationships.

Question 20

Leadership is must for

Accepted Answer

Leadership is essential for various aspects of organizational and team dynamics, including providing direction to executives, managing changes in power or authority, achieving high levels of cooperation among team members, and serving as a foundation for motivating individuals. All these elements are crucial for effective leadership.

Quiz 3: Entrepreneurship: Types, Elements, and Objectives