CSC TEC Examination Latest Questions And Answers Key
CSC TEC Examination Latest Questions And Answers Key: To get TEC Certificate, you must first register for TEC. To register for TEC, you have to pay Rs 1479. After making the payment, you will get TEC ID & Password. Which will allow you to participate in the TEC exam. Must complete 10 assessments in the TEC Examination. CSC TEC Examination Assessment
CSC TEC Examination Assessment
CSC TEC Examination 10 Assessments Are Given Below
Assessments 1: Entrepreneurship
Assessments 2: Entrepreneurship and Entrepreneurial Character
Assessments 3: Identifying business opportunities
Assessments 4: Understanding Cost Structures
Assessments 5: Long term orientation
Assessments 6: Recording Business Transactions
Assessments 7: Basic Financial Terms
Assessments 8: Accounting and Business Reporting
Assessments 9: Marketing Education Handling Questions Concerns
Assessments 10: Marketing Education Value
Entrepreneurship Assessment Latest Answer Key
Q 1: Starting up a new venture with a new idea is called entrepreneurship.
- 1. True
- 2. False
Ans.: True
Q 2: Entrepreneurship is an opportunity to create wealth
- 1. True
- 2. False
Ans.: True
Q 3: Which of these is an example of entrepreneurship?
- 1. Starting up a business based on an old idea, existing business module, and less risk.
- 2. Teaching in an IIT/MBBS coaching institute.
- 3. Starting up a business based on a new app/software, with high risk.
- 4. None of the above
Ans.: Starting up a business based on an old idea, existing business module, and less risk.
Q 4: Which of these is an example of entrepreneurship?
- 1. Starting up a new type of restaurant in a city.
- 2. Working in a call center/BPO.
- 3. Teaching mathematics in a coaching center.
- 4. Managing and completing tasks given by the boss in a company.
Ans.: Starting up a new type of restaurant in a city.
Q 5: An entrepreneur is involved in a FEW of these activities – managing, organizing, innovating, assuming risks, etc.
- True
- False
Ans.: True
Q 6: An entrepreneur does the following activities – managing, organizing, and makes all the decisions by himself.
- True
- False
Ans.: True
Q 7: An entrepreneur is a person who takes less risk, avoids experimentation.
- True
- False
Ans.: False
Q 8: A successful entrepreneur can become rich very fast.
- True
- False
Ans.: True
Q 9: All people who start up a business based on a new idea are always successful.
- True
- False
Ans.: False
Q 10: 92 % of the startups are successful within the first 3 years of starting?
- True
- False
Ans.: False
CSC TEC Examination Assessment
Entrepreneurship and Entrepreneurial Character Assessments Ans. Key
Q 1: Does entrepreneurship involve………………………..?
1. Managing responsibilities
2. Organizing tasks
3. Evaluating risks in the new venture.
4. All of the above.
Ans.: All of the above.
Q 2: Entrepreneurship involves organizing managing and assuming the risks about your enterprise etc. And an entrepreneur is involved in ALL of these.
1. True
2. False
Ans.: True
Q 3: Building a business takes time than it takes to generate the idea for the business o
1. Shorter
2. Same
3. Longer
4. Can Not Say
Ans.: Longer
Q 4: Entrepreneurs should not be greedy to grow big, as this needs patience as well.
1. True
2. False
Ans.: False
Q 5: Entrepreneurs need to have to be successful.
1. Patience
2. Patient
3. Money
4. Luck HRI
Ans.: Patience
Q 6: ………………………is the specific tool of entrepreneurship?
1. Creation
2. Renovation
3. Innovation
4. Experimentation
Ans.: Innovation
Q 7: Entrepreneurs need membership in physical communities where ideas can be shared and shaped.
1. True
2. False
Ans.: True
Q 8: How to inspire and create entrepreneurial leaders within the organizations?
1. Develop entrepreneurial ecosystems inside organizations to promote entrepreneurial activity as a mainstream, strategic activity
2. Promote employees often
3. Both are correct
4. None of them are correct
Ans.:Both Are Correct
Q 9: Organizations are not entrepreneurial but people are entrepreneurial.
1. True
2. False
Ans.: True
Q 10: Entrepreneuring framed as intentional iteration creates
1. A mindset that is prepared.
2. Expects multiple challenges.
3. Both are correct.
4. None are correct.
Ans.: Both are correct.
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Identifying Business Opportunities Assessments Ans. Key
Q 1: An idea is defined as the content of cognition.
1. True
2. False
Ans.: True
Q 2: Is every idea a possible opportunity?
1. True
2. False
Ans.: True
Q 3: How to identify whether an idea is an opportunity or not?
1. An idea needs to be valuable
2. An idea needs to fulfill the need of a customer.
3. Both are correct.
4. Neither is correct
Ans.: Both are correct.
Q 4: Why do we need to evaluate an idea?
1. To know whether customers will buy the end product of an idea
2. To know whether the entrepreneur will make profits out of an idea
3. To know whether the entrepreneur can make a valuable product out of an idea.
4. All of the above.
Ans.: To know whether customers will buy the end product of an idea
Q 5: Successful entrepreneurship requires the ability to balance technical knowledge and market knowledge
1. True
2. False
Ans.: True
Q 6: An electrician observed that grocery stores in his area are running successfully and wanted to open one too. He opened one but was not able to make any profits Why?
1. The electrician did not have any technical knowledge about how to run a grocery store.
2. The electrician did not realize that they were already three successful grocery stores in his area and there was no need for another one in his area.
3. Both are correct
4. Neither is correct.
Ans.: Both are correct
CSC TEC Examination Latest Questions And Answers Key
Q 7: Cash flows simply put is the difference between the cash that flows in and cash that flows out
1. True
2. False
Ans.: True
Q 8: Upfront capital and R& D requirement costs should be high while evaluating whether an idea is an opportunity or not.
1. True
2. False
Ans.: False
Q 9: The market should be large and growing while evaluating whether an idea is an opportunity or not.
1. True
2. False
Ans.: True
Q 10: The venture/business should be of high strategic value to a potential acquirer.
1. True
2. False
Ans.: True
CSC TEC Examination Assessment
Understanding Cost Structures Assessments Answer Key
Q 1: ………………….. is the monetary value of resources, like material, labor and overheads, used in the making of a product or delivery of a service.
1. Inputs
2. Receivables
3. Inventories
4. Cost
Ans.: Cost
Q 2: Direct vs indirect costs are based their association with different cost objects.
1. True
2. False
Ans.: True
Q 3: Costs that do not vary in the short term, regardless of changes in output levels, is called costs.
1. Direct Cost
2. Indirect Cost
3. Fixed Cost
4. Expired to a
Ans.: Direct Cost
Q 4: Retail companies like Reliance Fresh, D-Mart, Big Bazaar have of conversion.
1. Low to Medium
2. Medium to High
3. Low to High
4. High to Medium
Ans.: Low To High
CSC TEC Examination Latest Questions And Answers Key
Q 5: the key determinants of the cost of goods sold (COGS), which appears on the P&L
1. Indirect Cost
2. Fixed Cost
3. Expired Cost
4. Product Cost
Ans.: Product Cost
Q 6: is the cost of any material directly used in the production of the output.
1. Expired Cost
2. Product Cost
3. Direct Material Cost
4. Unexpired Costs
Ans.: Product Cost
Q 7: cost includes salaries, bonuses, insurance, pension benefits, earned leave paid to the individuals involved.
1. Surplus
2. Direct Material Cost
3. Direct Labor Cost
4. Unexpired Costs
Ans.: Surplus
Q 8: Cost allocation is a method through which a business allocates or distributes an indirect cost across various cost objects.
1. True
2. False
Ans.: True
Q 9: Costs that vary with the output levels are called variable costs.
1. Product Cost
2. Direct Material Cost
3. Variable Cost
4. Fixed Cost
Ans.: Direct Material Cost
Q 10: …………….costs are those that have been completely consumed or the benefits from which have been received by the business.
1. Expired Costs
2. Unexpired Costs
3. Direct Costs
4. Indirect Costs
Ans.: Unexpired Costs
CSC TEC Examination Assessment
Long-Term orientation Assessments Answer Key
Q 1: What are the characteristics or traits of a successful entrepreneur? Select the best option.
1. Risk – Taker.
2. Goal–Oriented
3. Thrive on uncertainty.
4. All of the above.
Ans.: All of the above.
Q 2: What is not a characteristics/trait of a successful entrepreneur?
1. Good communication skills
2. To have strong technical knowledge
3. Quits halfway when the situation becomes difficult
4. Solves a problem with a unique and creative solution.
Ans.: Quits halfway when the situation becomes difficult
Q 3: Entrepreneurs are always looking for new ways of doing things and how they can make them better. Which trait is being discussed here?
1. Optimistic Nature
2. Consistency
3. Creativity
4. Commitment
Ans.: Creativity
Q 4: Entrepreneurs effectively sell their products or service to clients and customers. Which trait is being discussed here?
1. Optimistic Nature
2. Goal-oriented
3. Communication Skills
4. Creativity
Ans.: Communication Skills
Q 5: Entrepreneurs don’t let uncertainty and potential failure stop them from doing what needs to be done. Which trait is being discussed here?
1. Communication Skills
2. Strong Technical Knowledge
3. Creativity
4. Risk-Taker.
Ans.: Risk-Taker.
CSC TEC Examination Latest Questions And Answers Key
Q 6: is the ability to evaluate, assimilate and exploit knowledge.
1. Additive Capacity
2. Assimilative Capacity
3. Absorptive Capacity
4. Attritive Capacity
Ans.: Assimilative Capacity
Q 7: Absorptive Capacity comes from prior, related knowledge to be able to make sense of, recognize the value of, and use new information.
1. True
2. False
Ans.: True
Q 8: Why is it important to have prior knowledge or relatable expertise to become a successful entrepreneur?
1. Prior knowledge contributes to expectation formation
2. Helps to make decisions like whether to invest in the idea or not.
3. Prior knowledge does not help much, it is not required to become a successful entrepreneur.
4. Both A and B
Ans.: Both A and B
Q 9: A successful tailor wanted to try something new. So, he opened a street food restaurant in his area. But his restaurant did not run properly and eventually he had to close it down. Why? Please select the best option.
1. He was not a risk-taker
2. He was not goal-oriented.
3. He did not have prior knowledge of how to run a restaurant.
4. None of the above.
Ans.: He did not have prior knowledge of how to run a restaurant.
Q 10: A knowledgeable cook opened a South Indian Restaurant in Chennai. But the business was not running smoothly and later on he had to close it. What went wrong?
1. He did not have technical knowledge
2. They were too many competitors and he was not creative in the menu to attract customers.
3. Both A and B
4. Neither is correct.
Ans.: Both A and B
CSC TEC Examination Assessment
Recording Business Transactions Assessments Answer Key
Q 1: …………….is a record of all of a business’s existing assets, liabilities, and equity.
1. Profit and Loss Statement
2. Statement of Cash Flow
3. Balance Sheet
4. General Journal
Ans.: Balance Sheet
Q 2: What are three financial sheets that used to record and report a business?
1. Balance Sheet, General Journal, Profit and Loss Statement
2. Balance Sheet, Statement of Cash Flow, Ledger Account
3. Statement of Cash Flow, General Journal, Ledger Account
4. Statement of Cash Flow, Balance Sheet, Profit, and Loss Statement
Ans.: Statement of Cash Flow, Balance Sheet, Profit, and Loss Statement
Q 3: A balance sheet is a record of all of a business’s revenues and costs over a certain period, typically, every quarter or every year.
1. True
2. False
Ans.: False
Q 4: Equity and liabilities come first in a balance sheet, followed by assets.
1. True
2. False
Ans.: True
Q 5: Select the correct equation
1.Total Assets = Total Liabilities + Equity
2.Total Liabilities = Total Assets + Equity
3.Total Equity = Total Assets + Total
4.Total Equity = Total Liabilities – Total Assets
Ans.: Total Assets = Total Liabilities + Equity
CSC TEC Examination Latest Questions And Answers Key
Q 6: A business cannot survive for long without
1. Manpower
2. Cash
3. Infrastructure
4. None
Ans.: Cash
Q 7: Geeta has a grocery shop; the customers have already paid Rs 5,000 to her. Geeta decided to pay her supplier Rs.2000 at the end of the week. According to Accrual Basis calculate her Profit?
1.0
2.3000
3.300
4.500
Ans.: 0
Q 8: Accountants worldwide use the triple-entry system to record transactions.
1. True
2. False
Ans.: True
Q 9: Transactions are entered into the general journal in chronological order.
1. True
2. False
Ans.: True
Q 10: …………….is a record of all of a business’ existing assets, liabilities, and equity.
1. Profit and Loss Statement
2. Statement of Cash Flow
3. Balance Sheet
4. General Journal
Ans.: Balance Sheet
CSC TEC Examination Assessment
Basic Financial Terms Assessments Answer Key
Q 1: What is the primary objective of a business?
1. Make money for investors by providing goods or services
2. Make money for retailers by providing goods for services
3. Make money for customers by providing goods or services
4. Make money for employees by providing goods or services
Ans.: Make money for investors by providing goods or services
Q 2: What are the key inputs of business?
1. Labor
2. Land
3. Capital
4. All of the above
Ans.: All of the above
Q3: What is the output of the business?
1. Goods
2. Services
3. Both of the above
4. Neither is correct
Ans.: Both of the above
Q 4: What are the different forms of business?
1. Sole proprietorship, Friendship, Corporations
2. Sole proprietorship, Partnership, Corporations
3. Sole proprietorship, Partnership, Commemoration
4. Sole presidentship, Partnership, Commemoration
Ans.: Sole proprietorship, Partnership, Corporations
Q 5: What is a Sole proprietorship?
1. A single owner who is also usually responsible for the day-to-day running of the business
2. A single employee who is also usually responsible for the day-to-day running of the business
3. A single retailer is also usually responsible for the day-to-day running of the
4. A single partner who s also usually responsible for the day to day running of the business
Ans.: A single owner who is also usually responsible for the day-to-day running of the business
CSC TEC Examination Latest Questions And Answers Key
Q 6: ………. has multiple owners or partners, some of whom are also usually responsible for the day-to-day running of the business.
1. Friendship
2. Presidentship
3. Partnership
4. Corporations
Ans.: Partnership
Q 7: What is a corporation?
1. A separate legal entity with a large number of owners
2. A separate illegal entity with a large number of owners
3. Multiple owners or partners, some of who are also usually responsible for the day-to-day running of the business
4. All of the above.
Ans.: Multiple owners or partners, some of whom are also usually responsible for the day-to-day running of the business
Q 8: Identify a non-example of accounting? How much value in rupees of goods or services has the business sold
1. List of investments in land, facilities, buildings, etc.
2. the business made
3. Costs the business incurred.
4. List and details of favorite customers
Ans.: List and details of favorite customers
Q 9: …is about planning for the uncertain future and deciding what kind of investments should the business make.
1. Finance
2. Governance
3. Maintenance
4. Dominance
Ans.: Finance
Q 10: Lis away for a business to raise capital but there is no obligation to repay entities that provide capital. Instead, entities are given ownership of the business.
1. Liabilities
2. Equity
3. Partnership
4. Assets
Ans.: Equity
CSC TEC Examination Assessment
Accounting and Business Reporting Assessments Answer Key
Q 1: Balance Sheet divided into 2 parts
1. Assets & Liabilities
2. Equity & Liabilities
3.Equity & Assets
4. None of them are correct.
Ans.: Assets & Liabilities
Q 2: sheet represents the financial position of a business as of a particular date, typically at the end of a quarter or financial year.
1. Statement of cash flows
2.Profit & loss (P&L) statement
3. Balance sheet
4. Ledger Sheet
Ans.: Balance sheet
Q 3: Inventories is the value of raw materials held, work-in process, and finished good held by the business.
1. True
2. False
Ans.: True
Q 4: Both assets and liabilities are classified as current and non-current.
1. True
2. False
Ans.: True
Q 5: ………………are those assets that are expected to be sold or converted to cash or consumed within one year.
1. Current Assets
2. Current Liabilities
3. Non-current Assets
4. Non – current Liabilities
Ans.: Current Assets
CSC TEC Examination Latest Questions And Answers Key
Q 6: Non-current assets include………………… which typically last for more than one year.
1. Plant, property, and establishment
2. plant, property, and equipment
3. Penchant, property, equipment
4. Plant, property, experiment
Ans.: plant, property, and equipment
Q 7: What are the common types of current assets?
1. Cash, Inventories, Deliverables, Long-term loans, and advances.
2. Tangible assets, Intangible assets, Non-current investments
3. Cash, Inventories, Intangible assets, Non-current investments
4. Cash, Inventories, Receivables, Short-term loans and advances
Ans.: Cash, Inventories, Receivables, Short-term loans and advances
Q 8: ………….. is the value of raw materials held, work-in-process, and finished by the good held by the business.
1. Surplus
2. Revenues
3. Debentures
4. Surplus
Ans.: Debentures
Q 9: Any income or profit not paid out to shareholders is Called………………………………
1. Retained earnings
2. Revenues
3. Debentures
4. Surplus
Ans.: Retained earnings
Q 10: This is also called an income statement.
1. Statement of cash flows
2. Profit and Loss Statement
3. Balance Sheet
4. General Journal.
Ans.: Profit and Loss Statement.
CSC TEC Examination Assessment
Marketing Education Handling Qs Concerns Assessments Ans. Key
Q 1: A trusted adviser promotes a product aggressively to the customer
1. True
2. False
Ans.: True
Q 2: How to become a trusted adviser?
1. Understand the concerns of the customer.
2. Peddle/promote the product.
3. Both are correct.
4. Neither is correct.
Ans.: Both are correct.
Q 3: Service promise is the assurance given to the customer about in-time delivery of assured………………… and…………….of product.
1. Integrity and Certainty
2. Sincerity and Specialty
3. Quantity and Quality
4. Variety and Guaranty
Ans.: Quantity and Quality
Q 4: Delivering what customer wants are one of the constituents of a service promise.
1. True
2. False
Ans.: True
Q 5: Why should we identify customer needs?
1. The motive driving the customer to purchase an item is a need for it.
2. Ensures customer satisfaction and loyalty,
3. Both are correct.
4. Neither is correct.
Ans.: Both are correct.
Q 6: The innovation of products based on customer needs is value for the business.
1. True
2. False
Ans.: True
Q 7: Active Listening is one of the client reactions to a typical sales pitch
1. True
2. False
Ans.: True
Q 8: Select the correct structures of a good sales pitch?
1. Hook and Objective.
2. Rook and Objective.
3. Rook and Subjective.
4. Nook and Subjective.
Ans.: Hook and Objective.
Q 9: Hearing is the same as listening.
1. True
2. False
Ans.: False
Q 10: Listening for enjoyment is called as
1. Appreciative Listening
2. Articulative Listening
3. Inspirational Listening
4. Empathetic Listening
Ans.: Appreciative Listening
CSC TEC Examination Assessment
Marketing Education Value Assessments Answer Key
Q 1: Why is a customer purchasing from a particular store?
1. Because the customer values the AC you provide inside the shop.
2. Because the customer values the product or service the shop provides.
3. Because the customer values the friendship with the shop’s owner.
4. All of the above.
Ans.: Because the customer values the product or service the shop provides
Q 2: Value is what the shop/store provides to the customer. (like services of a shop or features of a product)
1. True
2. False
Ans.: True
Q 3: Select the correct statement.
1. Value is customer-defined.
2. Value is consultant defined.
3. Value is salesman defined.
4. Value is businessman defined.
Ans.: Value is customer-defined.
Q 4: Select the correct statement.
1. Value depends on the features or services provided by the store.
2. Value depends on the features or services sold by the salesman.
3. Value depends on the features or services discounted by the store’s owner.
4. Value depends on the features or services consumed by the customer.
Ans.: Value depends on the features or services consumed by the customer.
Q 5: Where does the value reside?
1. In the salesman’s mind.
2. At the POC of the store.
3. In the customer’s mind.
4. In the store’s owner’s mind.
Ans.: In the customer’s mind.
Q 6: Value can be defined in terms of…………………..perspective as well, as based on…………………..
1. Customer, cost
2. Newcomer, price
3. Customer, price
4. Newcomer, cost
Ans.: Customer, price
Q 7: ………………………..everyone competes on price as no one is exploring how they can differently adding value to customers…
1. Digitization
2. Commoditization
3. Privatization
4. Capitalization
Ans.: Commoditization
Q 8: What is the advantage of adopting a value perspective?
1. Helping the customer understands how and how much they benefit.
2. Then asking for a share of that benefit.
3. Ability to justify pricing or even price at a premium.
4. All of the above.
Ans.: All of the above.
Q 9: According to the Value Framework for Entrepreneurs, select the best statement below.
1. Value Creation → Value Delivery → Value Capture.
2. Value Capture → Value Creation → Value Delivery
3. Value Creation → Value Capture → Value Delivery.
4. Value Delivery → value Creation → Value Capture
Ans.: Value Creation → Value Delivery → Value Capture.
Q 10: Why is a customer purchasing from a particular store?
1. Because the customer values the AC you provide inside the shop.
2. Because the customer values the product or service the shop provides.
3. Because the customer values the friendship with the shop’s owner.
4. All of The Above
Ans.: Because the customer values the product or service the shop provides.
CSC TEC Examination Latest Questions And Answers Key
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