Entrepreneurship: Class XI: Chapters 3 and 4

ASSIGNMENT

Chapter 3: Entrepreneurial Journey

Q1 Identify the type of personality an entrepreneur possesses:

(a) Such entrepreneurs are independent, aggressive and the driving force of a business

(b) Such entrepreneurs are experts in managing as well as leading the processes and people

(c) Such entrepreneur looks at employees as an extended family in business.

(d) Such entrepreneurs are good at nurturing relationships and work in a team environment

(e) Such entrepreneurs are detail oriented, and believe in doing the work one way only

(f) Such entrepreneurs believe in sociability i.e. they enjoy the people side of business

(g) Such entrepreneurs are restless and achieve their deadlines when working under pressure.

Q2 Describe some of the misconceptions regarding the business ideas which gives us a false impression.

Q3 Idea can be generated without considering the changes in the environment. Comment

Q4 Think of an idea you would like to have a business and give two examples w.r.t. the market research you will conduct.

Q5 Why there is a need for evaluating ideas?

Q6  Identify any product you would like to launch in the market. Conduct the various types of feasibility study for the product to be launched.

Q7 Draft a business plan for the product imagined in the previous question.

Q8 What are the limitations faced by women entrepreneurs in India?

                                               

                          Chapter 4 – Entrepreneurship- Innovation and problem solving

Q1 Think of few examples the consumers were facing and the entrepreneurs came with a solution with their innovation.

Q2 Define social entrepreneurship.

Q3 Briefly describe how Amul is the best example for social entrepreneurship?

Q4 Social entrepreneurs act as social catalysts. Comment

Q5 Define risk. Give two examples of risks which cannot be insured.

Q6 Briefly describe the risks faced by an entrepreneur due to internal factors

Q7 How Economic factors are the most important causes of external risks. Explain with the help of example.

Q8 The new forms of business have changed the way of doing business. Give 3 such examples of digital revolution.

Q9 Explain barriers to entrepreneurship.

CHAPTER : BUSINESS ARITHMETIC

Ques-1. Specify whether the following comprise of Inflow or Outflow of cash.

a) Money borrowed from brother for business

b) Rent received from the office

c) Travelling expenses of the owners

d) Sale of waste material in the factory

e) Bonus given to the employees on Diwali

Ques-2. Prepare a cash register for the following 

• Amit started toys business on April 1 with an opening balance of `60,000/- as cash and `40,000/- in bank account

• On April 5, he purchased raw material for `10,000/- and paid by cheque

• On April 8 he made cash sales of `5000/-

• On April 10 he bought some furniture for `7,000/- and paid by cheque

• On April 15 he pays insurance premium of `1000/- in cash

• On April 20 he deposits `4000/- in his bank account • On April 25 he pays `15,000/- salary to his employees

• On April 26 he withdraws `10,000/- from bank

Ques-3. Sheela sells snack boxes from home. She purchases 200 boxes from a wholesale dealer @ `55/- per box and sells @ 95 per box . She spent `500/- on advertisement. You have to calculate her income preparing an income statement.

Ques-4. Mohan who was earning `250/- per day as his wages decides to sell fruit chat as a vendor. Before starting he needs utensils, knife etc. for `1000/- He will need to buy initial plates, spoons etc. for 500/- Each plate will cost `20/- per plate and he will sell each plate for `30/- What is the Gross profit per plate. Also find the Break even volume for Mohan per day.

Ques-5. Why is Break even Point calculated?

Ques-6. Find the total amount of start up cost, fixed cost and variable cost:- a) Purchase of computers `50,000/- b) Purchase of vehicles `60,000/- c) Rent of the shop `10,000/- d) Insurance premium `5,000/- e) Packing material `3,000/- f) Sales commission `2,000/-

Entrepreneurship: Class XII; Chapters 3 and 4

Chapter 3: Enterprise Marketing Plan

Q1 Explain the following term:

(a)    ATL. 


(b)    BTL

(c)     TTL

(d)    CRM

(e)    AIDA

Q2 Is vendor management different from employee management? Enumerate.

Q3 Explain in detail SMART goals. 


Q4 Explain the disadvantages of skimming price method.

Q5 Explain in detail any 3 pricing strategies. 


Q6 Explain the important factors affecting the choice of channels of distribution by the manufacturer. 


Q7 Arvind has started his Italian food based restaurant. Does he have to register his trademark? And give the reasons for the same. 


Q8 Imagine that you have started selling FMCG goods then what kind of promotional strategies will you be using? 


Q9 What are the various types of brand names from the entrepreneur’s perspective?

Chapter 4: Enterprise growth strategies

1.  Who is a franchisor? 


2.  Who is a franchisee? 


3.  What is value addition? Explain by giving examples. 


4.  What are the disadvantages of franchising to the franchisee? 


5.  What is synergy? In what forms can it take place? 


6.  What do you think are the reasons for failure of merger and acquisition? 


7.  What does moving up the value chain mean? Explain with the help of an example. 


8. In the following cases identify the type of merger:

a)  A merger between firms that are involved in totally unrelated business activities. 


b)  A merger occurring between companies in the same industry. 


c)  It takes place between two companies that deal in the same products but in separate markets. 


d)  It takes place between two business organizations that deal in products that are related to each other and operate in the same market. 


e) It is between two companies producing different goods or services for one specific finished product.

 


                              Accountancy Assignment

                                         Class 11

                                 Chapter: 1,2 and 4

Q:1 Which stakeholder group would be most interested in :

i)             VAT and other tax liabilities of the firm.

ii)            Potential for pay awards and bonus details.

iii)          The ethical and environmental activities of the firm.

iv)          Whether the firm has a long term future.

v)           Profitability and share performance.

vi)          The ability of the firm to carry on providing a service or producing a product.

Q:2 Which qualitative feature of accounting is reflected in the following cases:

i)             Unnecessary and irrelevant information is not included in financial statements.

ii)            Facilitates intra firm and inter firm comparisons.

iii)          Information is clearly presented.

iv)          Free from errors and bias.

Q:3 Book keeping has a wider scope as compared to Accounting. Defend or refute.

Q:4 Which qualitative characteristic of accounting information is reflected when accounting information is clearly represented?

Q;5 Accounting information should be verifiable and free from personal bias. Name the qualitative characteristic of accounting information denoted by this statement.

Q:6 Classify the following as Capital Expenditure, Revenue Expenditure and Deferred Revenue Expenditure:

i)             Preliminary expenses

ii)            Purchase of furniture

iii)          Payment of salary

iv)          Underwriting commission

v)           Installation of machinery

vi)          Purchase of goods and services

Q: 7 Classify the following as Current and Non Current Assets

i)             Bank balance

ii)            Trademarks

iii)          Goodwill

iv)          Bill Receivable

v)           Land and Building

vi)          Debtors

Q:8 During the Accounting period 2014-15, the total sales of a firm were Rs 7,00,000, out of which cash sales were Rs 4,50,000. The total expenses for the year were Rs 5,00,000, out of which Rs 2,10,000 are still outstanding. Determine income of the firm for 2014-15 as per :

i)             Cash basis of accounting

ii)            Accrual basis of accounting

Q:9 Mr Sunrise started a business for buying and selling stationery with Rs 5,00,000 as an initial investment. Of which, he paid Rs 1,00,000 for furniture, Rs 2,00,000 for buying stationery. He employed a sales person and clerk. At the end of the month paid Rs 5,000 as their salaries. Out of the stationery bought, he sold some stationery for Rs 1,50,000 for cash and some other stationery for Rs 1,00,000 on credit basis to Mr Ravi . Subsequently, he bought stationery item of Rs 1,50,000 from Mr Peace. In the first week of the next month there was a fire accident and he lost Rs 30,000 worth of stationery. A part of the furniture, which cost Rs 40,000 was sold for Rs 45,000.

From the above, answer the following:

i)             What is the amount of capital with which the business is started?

ii)            What are the fixed assets?

iii)           What is the value of goods purchased?

iv)          Who is the creditor and state the amount payable to him.

v)           What are the expenses?

vi)          What is the gain he earned?

vii)        What is the loss he incurred?

viii)       Who is the debtor and what is the amount receivable from him?

ix)          What is the total amount of expenses and losses incurred?

x)           Determine if the following are assets , liabilities, revenues, expenses or none of these:                                                                                sales, debtors, creditors, salary to manager, discount to debtor, drawings by the owner. 

CHAPTER: Accounting Concepts And Principles

Assignment:

Q:1 Purchase of stationery even if it is kept in use for more than one year is shown as an expense but not shown as an asset. Which Accounting Principle does it relate to?

i)             Matching Principle

ii)            Historical Cost concept

iii)          Revenue Recognition Concept

iv)          Accrual Principle

Q:2 In cash basis of accounting, Machinery is shown in the books of accounts when it is paid for at the time of its purchase. It is not depreciated over its life. Which Accounting principle is ignored?

i)             Historical Cost concept

ii)            Accrual Principle

iii)          Going Concern Concept

iv)          Revenue Recognition Concept

Q:3 Salary of the current year is paid in the next financial year but it is recorded in the profit and Loss A/c of the current year and is used in calculating profit and loss. It adheres to the requirement of which accounting principle.

i)             Matching Principle

ii)            Accrual Principle

iii)          Double Entry Concept

iv)          Revenue Recognition Concept

Q:4 According thich principle, Closing stock is shown on the credit side of Trading A/c, as a deduction from purchase.

i)               Historical Cost concept

ii)            Accrual Principle

iii)          Matching Principle

iv)          Revenue Recognition Concept

Q:5 A Jeweler is left with a stock of gold at the end of the financial year which has a cost of Rs 50,000 but a market value of Rs 70,000. At what value the closing stock be shown and in adherence to which principle?

i)             Rs 70,000 & Principle of conservatism and prudence

ii)            Rs 70,000 and Matching Principle

iii)          Rs 50,000 and & Principle of conservatism and prudence

iv)          Rs 50,000 and Matching Principle

Q:6 Income tax paid by the owner on the firm’s income is treated as drawings. Which principle is followed?

i)             Going Concern Principle

ii)            Business Entity Concept

iii)          Double Entry Concept

iv)          Revenue Recognition Concept

Q:7 Mr X buys a TV set from an electronics showroom. He pays the amount immediately but agrees to take its delivery only after 15 days. The bill is made and given to buyer. After one week, the fire occurred in the godown causing complete damage to the TV set kept by Mr X. Can Mr X recover the money from the showroom owner.

i)             Yes, Revenue Recognition

ii)            No , Revenue Recognition

iii)          Yes, Going Concern

iv)          No , Going Concern

Q:8 Income received in advance is not treated as income but is shown as a liability. It is according to which accounting Principle?

i)             Accrual Principle

ii)            Historical Cost

iii)          Going Concern

iv)          Business Entity

Q:9 The principle that leads to the equality of Debit and Credit balances in Trial balance

i)             Accrual Principle

ii)            Dual Aspect

iii)          Accounting Period

iv)          Business Entity

Q:10 Apple files a suit against Samsung for infringement of patent laws. Apple is quite sure of receiving Rs 120 crore out of it. But the verdict has not been given by the court yet. Can Rs 120 crore be shown as an income.

i)             Yes Accrual principle

ii)            No, Prudence principle

iii)          Yes, Prudence principle

iv)          No, Accrual principle

Q:11 Purchase of machinery Rs 1,00,000 having a life of 10 years wrongly debited to purchase A/c. Which Accounting principle is violated?

i)             Matching Principle

ii)            Accrual Principle

iii)          Going Concern

iv)          Business Entity Concept

Q:12 Which Accounting principle is violated if an Account of Rs 400 withdrawn by the proprietor for his personal use has been debited to repairs A/c.

i)             Consistency

ii)            Going Concern

iii)          Business Entity

iv)          Dual Aspect

Q:13 According to which accounting principle Prepaid expenses is shown in the Balance Sheet not in Profit and Loss A/c.

i)             Accrual

ii)            Matching

iii)          Accrual and matching both

iv)          Revenue Recognition

Q: 14 Value of machine purchased on 1/4/2015 was Rs 1,00,000. The fair value of the machine is Rs 80,000 as on 31/03/2016. The life of the machine is 10 years. What is the amount of depreciation to be charged to P&L A/c as per a) Indian GAAP, b) IFRS

i)             20,000; 10,000

ii)            20,000; 10,000

iii)          10,000; 10,000

iv)          10,000; 20,000

Q: 15 Different Accountants may follow different accounting methods for same items like depreciation. This violates the Accounting principle of  i)Prudence  

ii) Objectivity

iii) Consistency

v)           Objectivity & Consistency.

Business studies

Class 12th

Chapter : Principles of management

Case Studies

Q1 In a school ABC Public School, there is a biometric device and employees need to punch while entering and leaving out of school. Every employee is paid remuneration according to the government scale and any increment in the salary by the government is also appropriated accordingly. There is a contract entered into with the employee according to which neither the employee nor the school can leave before a notice period of three months and they are employed for at least a period of one year. The school provides a letter of appreciation to the teacher performing in outstanding manner.

Identify and state the principles of management followed by the school by quoting the lines from the above paragraph.    (6)  

                                                                             

 Q:2 In a school, there is a leave application form to be filled by every employee and approval from the Principal is to be taken before taking leave from the school. There is a leave policy and a teacher can take eight leaves during a year.

The teachers working here belong to different castes and religion and every employee working on the same post and has same experience is paid an equivalent salary. The exam , CBSE, Timetable, bus duty related instructions are given to the teachers by specified head only. The formal line of communication requires here that the subject teachers must report to the subject coordinators who in turn has to report to the incharge and finally the incharge has to report to the Principal.

Identify and state the principles of management followed in the school by quoting lines from the above paragraph.   (6)

Q:3 One time there developed a dispute between Harbhajan Singh and Andrew Symonds in the game of cricket during a series between India and Australia. The issue was that Andrew charged Harbhajan of a racial abuse. India was on a loosing side that time. The entire Indian team backed Harbhajan Singh and fought hand in hand causing Harbhajan out of the charge and lifting the spirit of the team so high that India went on to win the series.

i)             Identify the principle of management in the above case study.

ii)            Explain the principle.

Q4. An employee of Tata Group is entrusted with confidential information like restructuring plans, raising finances, information on profits, earnings and dividends. However he is not required to use information not available to investing public. In Tata Beverage group, human resources, communication  ,IT ,finance, production, procurement and research are handled at global level.Global executive office is situated at London which takes care of these functions.Sales and Marketing operations are handled from six regions:South America,U.S.A.,South Asia,Africa,U.K.,Canada.Tata Group also has come up with Tata Innovista to award teams that come up with best innovations.

Identify three principles of management being followed here.Justify your answer.

Q5. Nutan Tiffin Box service was started in Mumbai by Mumbai Dabbawalas. The Dabbawalas aim to provide prompt and efficient services by providing tasty homemade tiffin to all office goers at right time and place. The service is uninterrupted even on the days of bad weather, political unrest and social disturbances. Recently they have started online booking system through their website ‘mydabbawala.com’.The Dabbawalas operate in a group of 25-30 people along with a group leader. Each group teams up with other groups in order to deliver the tiffin on time. They are not transferred on frequent basis as they have to remember the addresses of their customers. They follow certain rules while doing trade- No alcohol during working hours; No leave without permission; Wearing of white cap & carrying ID cards during business hours.

 State any two principles of management given by Fayol from above paragraph

Q6. Voltechindia Ltd, is manufacturing LED bulbs to save electricity and running under heavy losses. To revive from losses, the management thought of shifting the unit to backward area where labour is available at the low cost .The management also asked workers to work overtime without any additional payment and promised to increase the wages of the workers after achieving the mission .State principle of management discussed above.

Q7 Identify the general principles of management violated, state the principle and give one advantage & one consequence of its violation:

Deepak & shikha are clerks & are paid Rs 20000 pm & Rs 15000 pm 
respectively. 

Q8 Identify the general principles of management violated, state the principle and give one advantage & one consequence of its violation:

Mohan, an employee receives contradictory instructions from three different 
managers to carry out a task. 
                              

Q9 Identify the general principles of management violated, state the principle and give one advantage & one consequence of its violation:

Prakash, a general manager, is always engaged in day to day operational 
activities & is unable to concentrate on core issues of the company. 


Q10 One of the Principles of scientific management emphasizes that to make the employees learn the 'best method' of production, training to workers is essential. It 
further emphasis that each person should be scientifically selected and the work assigned to the employees should suit physical, mental & intellectual capabilities.

a. Name and explain the principle of scientific management involved.


b. Name the technique of scientific management which is supports the above principle of scientific management.