Small Businesses in India Quiz
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Questions and Answers

What is the main aim of the Rural and Women Entrepreneurship Development programme?

  • To eliminate unemployment among urban youth
  • To provide financial assistance to rural areas
  • To train women for government jobs
  • To promote a conducive business environment for rural and women entrepreneurs (correct)

    • Which of the following is NOT a service provided by the Rural and Women Entrepreneurship Development programme?

  • Training manuals for women entrepreneurs
  • Creating a business environment
  • Providing venture capital funding (correct)
  • Enhancing human and institutional capacities

    • What is a primary function of the District Industries Centers (DICs)?

  • To identify suitable schemes and prepare feasibility reports (correct)
  • To regulate the prices of local goods
  • To enforce intellectual property rights
  • To provide tax relief to rural businesses

    • When was the District Industries Center (DIC) launched?

    <p>1 May 1978</p> Signup and view all the answers

    What does the Scheme of Fund for Regeneration of Traditional Industries (SFURTI) aim to achieve?

    <p>To increase productivity and competitiveness of traditional industries</p> Signup and view all the answers

    Which of the following best defines entrepreneurship as described in the content?

    <p>Setting up one's own business distinct from other economic activities</p> Signup and view all the answers

    What aspect does the Rural and Women Entrepreneurship Development programme NOT focus on?

    <p>Creating jobs in urban areas</p> Signup and view all the answers

    Which of these activities is NOT mentioned as a primary function of District Industries Centers?

    <p>Providing consultancy for startups</p> Signup and view all the answers

    What prompted Khumbongmayum to start his business venture?

    <p>He created a unique purse that impressed his friends.</p> Signup and view all the answers

    Which mistake did Khumbongmayum make as a first-time entrepreneur?

    <p>He used cheap quality materials for his products.</p> Signup and view all the answers

    What role does Khumbongmayum's father play in his early life?

    <p>He taught Khumbongmayum the craft of tailoring.</p> Signup and view all the answers

    What did Khumbongmayum initially think about his father's profession?

    <p>He wanted to avoid a similar life of hard work with little reward.</p> Signup and view all the answers

    In what year did Khumbongmayum launch his company, 'Romi Bags'?

    <p>1996</p> Signup and view all the answers

    How did Khumbongmayum's friends contribute to his business idea?

    <p>They expressed interest in purchasing his unique designs.</p> Signup and view all the answers

    What is the primary role of entrepreneurship in relation to economic development?

    <p>To create opportunities for self-employment</p> Signup and view all the answers

    What critical aspect did Khumbongmayum overlook in his initial business plan?

    <p>Researching quality materials.</p> Signup and view all the answers

    Which of the following is not one of the main objectives of the government’s scheme according to the content?

    <p>Eliminating job-seeking behaviors</p> Signup and view all the answers

    What overall theme can be derived from Khumbongmayum's story?

    <p>Proper planning and quality are vital for business success.</p> Signup and view all the answers

    What is defined as the business unit in the entrepreneurship process?

    <p>Enterprise</p> Signup and view all the answers

    How does entrepreneurship impact job creation?

    <p>It creates sustained employment opportunities</p> Signup and view all the answers

    In what way does entrepreneurship contribute to individual wealth?

    <p>By creating profits for the entrepreneur</p> Signup and view all the answers

    What is emphasized as a vital aspect of entrepreneurship in the context of national economic growth?

    <p>The creative and systematic activity of identifying needs</p> Signup and view all the answers

    According to the content, what has globalization created for entrepreneurs?

    <p>Numerous opportunities to exploit</p> Signup and view all the answers

    What is the significance of public-private partnerships in entrepreneurship as mentioned in the content?

    <p>They enhance competitive advantage and profitability</p> Signup and view all the answers

    What is the main purpose of a patent's 20-year protection period?

    <p>To promote investment in research and development</p> Signup and view all the answers

    What is one purpose of intellectual property protection?

    <p>To ensure creators receive recognition for their works</p> Signup and view all the answers

    What does licensing involve in the context of patents?

    <p>Seeking permission from the patentee for use</p> Signup and view all the answers

    Which of the following acts was established for the protection of intellectual property in India?

    <p>Geographical Indications of Goods (Registration and Protection) Act 1999</p> Signup and view all the answers

    What happens to a patented invention once its term expires?

    <p>It enters the public domain and is free for use</p> Signup and view all the answers

    What does the acronym TRIPS stand for?

    <p>Trade-Related Intellectual Property Systems</p> Signup and view all the answers

    Why is it important to respect others' intellectual property (IP)?

    <p>To enhance innovation and creativity</p> Signup and view all the answers

    What is a prerequisite for claiming intellectual property rights according to the content?

    <p>The creation must be original</p> Signup and view all the answers

    What is a semiconductor integrated circuit commonly known as?

    <p>An IC</p> Signup and view all the answers

    What role does technology play in intellectual property rights?

    <p>It ensures the creator has protection for novel creations</p> Signup and view all the answers

    What role do Indian farmers have regarding intellectual property?

    <p>They are recognized as cultivators, conservers, and breeders</p> Signup and view all the answers

    Which of the following is NOT a key facet of intellectual property protection mentioned?

    <p>Commerce</p> Signup and view all the answers

    What does the term 'monopoly' refer to in relation to patents?

    <p>An exclusive control over a patented invention</p> Signup and view all the answers

    What is the significance of being a signatory to the TRIPS agreement for India?

    <p>It promotes international trade</p> Signup and view all the answers

    What is a start-up primarily focused on?

    <p>Developing and innovating new products and services</p> Signup and view all the answers

    Which act was passed to protect plant varieties and farmers' rights?

    <p>Protection of Plant Varieties and Farmers' Rights Act 2001</p> Signup and view all the answers

    What was a major reason for the invention of the wheel during the Stone Ages?

    <p>To improve the efficiency of work</p> Signup and view all the answers

    Which of the following companies is recognized as a tyre giant today?

    <p>CEAT</p> Signup and view all the answers

    What is the primary objective of the Start-up India initiative?

    <p>To encourage entrepreneurship among Indians</p> Signup and view all the answers

    How significant are Small Scale Industries (SSIs) in India's industrial framework?

    <p>They comprise 95% of industrial units</p> Signup and view all the answers

    What advantage do Small Scale Industries (SSIs) have over larger industries?

    <p>Quick decision making</p> Signup and view all the answers

    What role does intellectual property rights (IPR) play in new ventures?

    <p>It aids in monetizing ideas and establishing competitiveness</p> Signup and view all the answers

    What is one of the main benefits of Small Scale Industries in terms of regional development?

    <p>They contribute to balanced regional development by using local materials</p> Signup and view all the answers

    What proportion of total exports do Small Scale Industries account for?

    <p>45%</p> Signup and view all the answers

    Study Notes

    Learning Objectives

    • Explain the meaning and nature of small business
    • Appreciate the role of small business in India
    • Analyze the problems of small business
    • Classify the different forms of assistance provided by the government to small businesses, particularly in rural and hilly areas

    Small Businesses in India

    • Small scale industries are a significant part of India's economy
    • They employ a large percentage of the workforce
    • They contribute to balanced regional development

    Types of Small Businesses

    • Manufacturing
      • Micro enterprise: Investment in plant and machinery does not exceed 25 lakh rupees
      • Small enterprise: Investment in plant and machinery is more than 25 lakh rupees but does not exceed 5 crore rupees
      • Medium enterprise: Investment in plant and machinery is more than 5 crore rupees but does not exceed 10 crore rupees
    • Services
      • Micro enterprise: Investment in equipment does not exceed 10 lakh rupees
      • Small enterprise: Investment in equipment is more than 10 lakh rupees but does not exceed 2 crore rupees
      • Medium enterprise: Investment in equipment is more than 2 crore rupees but does not exceed 5 crore rupees
    • Village Industries
      • Located in rural areas
      • Produce goods or services with or without power
      • Fixed capital investment per worker is specified by the central government
    • Cottage Industries
      • Often referred to as Rural or Traditional Industries
      • Not defined by capital investment criteria
      • Characterized by family labor, simple equipment, and low capital investment

    Role of Small Businesses

    • Contribute to balanced regional development
    • Second largest employers of human resources
    • Important for economic growth
    • Offer greater employment per unit of capital invested compared to large businesses
    • Provide variety of goods including mass consumption goods, readymade garments, hosiery etc.

    Problems of Small Businesses

    • Finance: Difficulty in accessing adequate capital
    • Raw Materials: Procurement issues (availability, quality, prices)
    • Managerial Skills: Lack of experienced managers
    • Labor: Attracting skilled, qualified employees
    • Marketing: Challenges in promoting products and reaching customers
    • Quality: Difficulty in adhering to quality standards
    • Competition: Competition from larger enterprises
    • Technology: Using outdated technology

    Governmental Assistance

    • Various schemes and programs offered to support small businesses, especially in rural areas
    • Government efforts focus on providing financial assistance, skill development, infrastructure and marketing support
    • Institutions like NABARD, NSIC, and SIDBI provide support for the development of small industries

    Startup India Scheme

    • Aims to create a strong startup ecosystem for fostering entrepreneurship and innovation
    • Offers various advantages such as simplification of compliance for startups, access to funding and mentorship

    Intellectual Property Rights (IPR)

    • Critical for protecting the creations of businesses for innovation
    • Categories: patents, trademarks, geographical indications and business secrets
    • Offer protection and incentivize entrepreneurs to invest and innovate

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    Related Documents

    NCERT Class 11 Business Studies Chapter 9 PDF

    Description

    Test your knowledge on the significance of small businesses in India. This quiz covers their role in the economy, classification, and the support provided by the government. Delve into the nuances of small scale industries and their impact on employment and regional development.

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