12th Commerce - Book Back Answers - Chapter 23 - English Medium Guides

  

 

Plus Two / 12th Commerce - Book Back Answers - Chapter 23 - English Medium

Tamil Nadu Board 12th Standard Commerce - Chapter 23: Book Back Answers and Solutions

    This post covers the book back answers and solutions for Chapter 23 – Commerce from the Tamil Nadu State Board 12th Standard textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.

    We have explained each answer in a simple, easy-to-understand format, highlighting important points step by step under the relevant subtopics. Students are advised to read and memorize these subtopics thoroughly. Once you understand the main concepts, you’ll be able to connect other related points with real-life examples and confidently present them in your tests and exams.

    By going through this material, you’ll gain a strong understanding of Commerce Chapter 23 along with the corresponding book back questions and answers (PDF format).

Question Types Covered:

• 1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following 
• 2 Mark Questions: Answer briefly 
• 3, 4, and 5 Mark Questions: Answer in detail

All answers are presented in a clear and student-friendly manner, focusing on key points to help you score full marks.

All the best, Class 12 students! Prepare well and aim for top scores. Thank you!

Chapter 23: Elements of Entrepreneurship

I. Choose the correct answer.

1. Which of the below is a factor of production?
a) Land
b) Labour
c) Entrepreneurship
d) All of the above
Answer Key:
d) All of the above

2. Entrepreneur is not classified as
a) Risk Bearer  
b) Innovator  
c) Employee    
d) Organizer
Answer Key:
c) Employee

3. What are the characteristics of an entrepreneur?
a) Spirit of enterprise     
b) Flexibility     
c) Self Confidence        
d) All of the above
Answer Key:
d) All of the above

4. Which of the below is not classified into managerial functions?
a) Planning
b) Marketing    
c) Organizing     
d) Controlling
Answer Key:
b) Marketing

5. Which of the below is a commercial function?
a) Accounting    
b) Coordination    
c) Discovery of idea     
d) Planning
Answer Key:
a) Accounting    

II. Very short answer questions.

1. Mention any two characteristics of entrepreneurs.
Answer Key:
Flexibility:

• Entrepreneur should not doggedly stick to decisions in a rigid fashion.

Foresight:

• Entrepreneur should have a foresight to visualize future business environment.

2. List down the managerial functions of entrepreneurs. (any 2)
Answer Key:

• Planning
• Organizing
• Directing
• Controlling

3. List down the promotional functions of entrepreneurs. (any 2)
Answer Key:

• Discovery of Idea
• Determining the business objectives
• Detailed Investigation
• Choice of form of enterprise.

4. List the challenges faced by the women entrepreneurs. (any 2)
Answer Key:

• Problem of Finance
• Limited Mobility
• Lack of Education  
• Sensitivity

III. Short answer questions.

1. Distinguish between Entrepreneur and Manager. (any 3)
Answer Key:

Basis	Entrepreneur	Manager
Motive	The motive of an entrepreneur is to start a venture by setting of an entity.	The motive of manager is to render service in an entity setup for execution of venture.
Status	Entrepreneur is owner of the entity.	Manager is salaried employee in the entity setup for carrying on the venture.
Risk Bearing	Entrepreneur bears the eventual risk and uncertainty in operating the enterprise.	Manager does not bear any risk in the venture where the venture is unsuccessful. He / She simply quits the enterprise.
Rewards	Entrepreneur is rewarded by the profit for the risk bearing exercise. The reward for the entrepreneur is totally uncertain.	Manager’s reward salary, bonus allowance is certain and regular.
Skills	An entrepreneur require creative talent, intuition and urge for innovation.	Manager requires conceptual.

2. List down the commercial functions of Entrepreneur and explain them shortly. (any 3)
Answer Key:
Production or Manufacturing:

• Under production function, entrepreneur has to take decision relating to selection of factory site, design and layout, type of products to be manufactured, research and development, product design etc.,

Marketing:

• Entrepreneur has to carry out following functions pertaining to marketing aspect namely consumer research, product planning and development, standardization, packaging, pricing, warehousing, distribution, promotion etc.,

Human Resource Management:

• Entrepreneur has to estimate the manpower needs of the enterprise and accordingly decide the size of manpower required for various slots of organizational structure.

3. Explain the promotional functions of entrepreneur. (any 3)
Answer Key:
Discovery of Idea:

• The first and foremost function of entrepreneur is idea generation.

Determining the business objectives:

• Entrepreneur has to develop business objectives in the backdrop of nature of business.

Detailed Investigation:

• Entrepreneur has to analyze in detail the product proposes to produce.

IV. Long answer questions.

1. What are the characteristics of an entrepreneur? (any 5)
Answer Key:
Spirit of Enterprise:

• Entrepreneur should be bold enough to encounter risk arising from the venture undertaken.

Self Confidence:

• Entrepreneur should have a self confidence in order to achieve high goals in the business.

Flexibility:

• Entrepreneur should not doggedly stick to decisions in a rigid fashion.

Hard work:

• Entrepreneur should put in strenuous efforts and constant endeavors to accomplish the goals of the venture successfully.

Foresight:

• Entrepreneur should have a foresight to visualize future business environment.

2. Distinguish between an Entrepreneur and an Intrapreneur. (any 5)
Answer Key:

Basis	Entrepreneur	Intrapreneur
Dependency	Entrepreneur is an independent person.	Intrapreneur is dependent on the entrepreneur.
Fund Mobilization	Entrepreneur has to mobilize funds to finance the venture.	Intrapreneur does not engage in fund mobilization. But can access funds mobilized by the entrepreneur.
Risk Bearing	Entrepreneur bears the risks involved in the venture undertaken.	Intrapreneur does not bear any risk in the venture and does not even share risk inherent in the project or work assigned.
Reward	Entrepreneur is rewarded by profit for the risk bearing exercise.	Intrapreneur does not share in profits of venture.
Status	Entrepreneur is owner, and doesn’t report to anybody in the venture.	Intrapreneur is a salaried employee. Intrapreneur works within control put in place in the organization and is made accountable for the activities undertaken.
Operation	Entrepreneur operates mostly outside the enterprise.	Intrapreneur operates within the enterprise.

 

3. Discuss the challenges faced by Women Entrepreneurs. (any 5)
Answer Key:
Problem of Finance:

• The access of women to external sources of funds is limited as they do not generally own properties in their own name.

Limited Mobility:

• Indian women cannot afford to shed their household responsibilities towards their family even after they plunge into the venture started by them.

Lack of Network Support:

• The successful operation of any venture irrespective of the size depends upon the network of support extended by various constituencies like family members, friends, relatives, acquaintances, neighbours, institutions and so on.

Stiff Competition:

• Women entrepreneurs have to face acute competition for their goods from organized sector and from their male counterparts.

Sensitivity:

• Women are more prone to a variety of emotions. 
• Being mother, women are vulnerable to many emotions.

 

Prepared By:

 

B. MUTHUKUMAR 
PG ASST COMMERCE
MKVK MATRIC HR SEC SCHOOL 
TENKASI