Quiz on MSME and Entrepreneurship

What does MSME stand for?

• Micro, Small, and Medium Enterprises

• Major, Small, and Medium Enterprises

• Micro, Small, and Mega Enterprises

• Medium, Small, and Mega Enterprises

What is the maximum turnover for a micro enterprise in India?

• ₹10 crore

• ₹5 crore

• ₹50 crore

• ₹1 crore

Which Act governs MSMEs in India?

• MSMED Act, 2006

• Companies Act, 2013

• Industrial Development Act, 1991

• Entrepreneur Act, 2005

Which of the following is a characteristic of cottage industries?

• High capital investment

• Use of sophisticated technology

• Organized by individuals with private resources

• Dependent on imported raw materials

What is the percentage share of micro enterprises among MSMEs?

• 50%

• 99.4%

• 0.52%

• 90%

What is one major problem faced by small businesses?

• Abundant financial resources

• Lack of managerial skills

• Excess demand

• High bargaining power

Which of the following is NOT a role of MSMEs?

• Balanced regional development

• Dependence on imported technology

• Employment generation

• Low-cost production

What is an entrepreneur?

• A government employee

• A person who sets up and organizes a business

• A person who only provides capital

• A trader without innovation

Who said, “Entrepreneur is a person who organizes the business, undertakes the risk, and enjoys the profit”?

• Adam Smith

• Richard Cantillon

• Peter Drucker

• Joseph Schumpeter

Which of the following is a feature of entrepreneurship?

• Fixed activity

• Lack of risk-taking

• Lawful and purposeful activity

• Absence of innovation