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Tech Engineering Programmes (ESEP/MEEP) Model Question Paper with Synoptic Answer Key TML062 / TES062: Entrepreneurship Development
Maximum Allowed Time: 180 Minutes Instructions for the students 1. 2. 3. 4. 5. All questions are compulsory. "Long Answer type Question (LAQ)" is a supply type question of 20 marks, which requires typical answer of about 60-80 lines in about 32-40 minutes. "Short Answer type Question (SAQ)" is a supply type question of 05 marks, which requires typical answer of about 15-20 lines in about 08-10 minutes. Use of non-programmable type of scientific calculator is allowed. Draw neat diagrams wherever necessary. Maximum Marks: 100

Q No.

Question (Q) Long Answer type Questions (LAQs)

Q Marks

Who is an entrepreneur? What are the characteristics of an entrepreneur under Indian condition? Synoptic Answer Key SN 01 Key Entrepreneur and Enterprise: The entrepreneur can be considered as the fourth factor of enterprise. Enterprise basic unit of an economic organisation, produces well and services worth more than the resources used is an undertaking, especially one which involves four factors land, labour, capital and entrepreneur involves the willingness to assume risks in undertaking economic activity Involves innovation, risk taking and decision making. Marks 4

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Fig. 1.1 - Four Factors of Enterprise 02 Entrepreneurs are the persons who start their own new and small enterprises. The entrepreneur and enterprise are linked. The success of all enterprise depends on the entrepreneur. Functions of entrepreneur: Perceives opportunities for profitable investment, -Explores the prospects of starting such a manufacturing enterprise -Obtains necessary industrial license, -Arrange initial capital, -Provides personal guarantee to the financial institutions, -Promise to meet the short falls in the capital, and -Obtains the necessary technical know-how Dominant characteristic of modem entrepreneurship: -capacity to take risk independently and individually with a view to making profits and grasping (seizing) an opportunity to make more earning in the market oriented economy Mcaclclland identified two characteristics of Entrepreneurship: -Doing things in a new and better way, and -Decision making under uncertainty Entrepreneurship means - the function of creating something new, organising and co-ordinating and undertaking risk and handling economic uncertainty. Higgins defines the term Entrepreneurship as the function of 1) Seeing investment and production opportunity. 2) Organising an enterprise, 3) Raising capital 4) Hiring labour 5) Arranging for supply u[ raw material and 6) Selecting top managers and executives for the day to day operation of the enterprise Entrepreneurship involves taking risk and making the necessary investments under conditions of uncertainty and innovating, planning and taking decisions so as to increase productivity in business, agriculture, industry etc. It plays key role process of economic development. 2

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Define project report and state its objectives. In connection with a project report, describe in brief, i. Economic aspects ii. technical aspects iii. financial aspects iv. production aspects Synoptic Answer Key SN 01 Key Definition: A project report may be defined as the compilation of relevant data in respect of a project which spells out the advantages and disadvantages of all resources of an enterprise to the production of specific goods or services. The objectives of preparing a project report may be : 1. For submission to financial informations to banks 2. For comparison of investment opportunities. 3. A well-prepared project report helps in finalization of production target and enables the entrepreneur to implement changes if required. 4. It highlights the practicability of a project in terms of different factors like economy, finance technology and social desirability. 5. The entrepreneur for carrying out expansion new production line. 6. An important aspect of the project report lies in determining the profitability of the project and minimizes risk in the execution of the project. Contents of project report : Project report should include the information on economic, technical, financial, managerial and production aspects. 1. Economic Aspects: The project report should be able to present economic justification for investment. It should present market analysis for the product to be manufactured, which will enable to decide the project capacity. i) Location of the market for the product concerned. ii) Type of customers, 'their purchasing habits. iii) Demand for the product in the market. iv) Continuity of demand (regular or fluctuating) v) Competitors for the same product, their share of market, competitors price. vi) Problems associated with the marketing of the product. vii) Availability of raw material, and other facilities. viii) Possibility of increased demand in future. 2. Technical Aspects: The project report should give details about the technology needed, equipment and machinery required and the sources of availability of plant and machinery 3. Financial Aspects The Project report should indicate the total investment in a project, which is the sum total of the fixed capital required for installation of the project and the working capital required to run the business. 4) Production Aspects It should contain the description of the product selected for manufacture and the reasons for such selection. The report should also bring out the fact whether the product is export worthy. It should also give details of the design of the product. The design cell helps the entrepreneur in adopting a suitable design of the product. Marks 2

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Describe the various elements of cost and explain how selling price of the product is determined. Synoptic Answer Key SN Key Marks 3 01 Elements of Cost The total cost of manufacturing product consists 1. Cost of material. 2. Cost of labour. 3. Expenses. 02 Cost of Material: 2 It is the cost of materials required for the manufacturing of the product It consists of: a) Cost of direct materials. b) Cost of indirect materials. Cost of direct materials: It is the cost of materials, which are processed through various stages to 1 form the main product or a component part of the product. The cost of direct materials includes the purchase price as well as incidental charges (expenses) such as freight, insurance, loading and un-loading expenses, octri, import duties etc. Examples: m.s. bar used to manufacture spindles. High speed steel used to manufacture cutter, C.I. used to manufacture pulleys etc. Cost of indirect materials: It is the cost of materials which are essentially needed in various shops for 1 helping the direct materials to be converted into finished product The example of indirect materials are grease, lubricating oil used to lubricate the equipments, coolents used to cool the job, cotton waste and kerosene used for cleaning equipments, screws, nails etc. 2 03 Cost of Labour: a) Cost of direct labour. b) Cost of indirect labour. Cost of direct labour: Explanation in brief Examples: wages paid to the machinist, turner, and black smith welder, 1 moulder etc. Cost of indirect labour: Explanation in brief Examples: Wages paid to the supervisor, inspector, time keeper, sweeper, 1 watchmen, helper etc. 04 Expenses : 2 Apart from the direct material cost and direct labour cost in each factory there are several other expenditures, which are known as expenses. The cost of indirect materials and indirect labour is also included in the expenses. Expenses can be classified as : 1. Direct Expenses. 2. Indirect Expenses (Overhead costs.) 1 Direct Expenses: Direct expenses are those which can be charged directly to a particular job and are done for that specific job only. 1 05 Indirect expenses: Indirect expenses are those which can not be charge directly to a particular product manufactured. All expenses other than the direct material cost, direct labour cost and direct expenses are indirect expenses. These expenses are also called as overhead costs. Indirect expenses or overheads are classified in to four groups: 1. Factory expenses. 2. Administrative expenses. 3. Selling expenses. 4. Distribution expenses. 2 06 Factory Expenses: It includes all indirect expenses which are incurred in connection with manufacture of the products, right from the receipt of the work order till it is completed and ready for dispatch. 3 07 Relationship between elements of cost and Determination of Selling Price. 1. Prime cost: Prime cost = cost of direct labour +cost of direct material + direct expenses. 2. Factory cost: Factor cost = Prime cost + Factory expenses. 3. Manufacturing cost: Manufacturing cost = Factory cost + Administrative expenses. 4 Total Cost: Manufacturing (Production cost) + Selling expenses + distribution expense. 5. Selling price: Total cost + Profit. The customers get the article by paying the price which is called as selling price.

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Define Accounting. Enumerate its usefulness. Explain in details the following accounting terminology 1. Assets 2. Liabilities Synoptic Answer Key SN Key Marks 01 Nature of Accounting: 4 Accounting is a language of business. Its purpose is to produce business data. Definition: Accounting is the act of recording, classifying, summarizing and reporting business tral1Sactions and interpreting their effect on the affairs of the business entity. 02 Accounting may also be defined as the art and science of recording business 4 transactions in a methodical manner so as to show: 1. The true state of affairs of a business at a particular instant of time. 2. The deficiency or surplus occurred during a specific time period. Accounting information is useful to the management employees, financial institution, bankers and creditors, government in the following manner. Accounting provides information on costs and income for managers, to use for controlling operations and in their efforts to maximise the profit. b. Employees and trade union officials use accounting data in their negotiations for a contract. c. Financial accounting reports the financial condition to the banks, financial institutions, creditors and the government. . Accounting data will give them the needed information about the company's financial wellbeing, which will help them to decide whether or not to lend money to the firm. d. Prospective investors need accounting information to help them to decide, whether or not to invest their money in the firm e. Government agencies needs this information to determine the company' tax liability for the particular year. 4 03 Important Accounting Technology: 1. Assets: Properties that are owned and have monetary value are called as assets. For example, cash, inventory, buildings, land, equipment are the assets. Assets are classified as : 1. Current Assets 2. Fixed Assets 3. Intangible Assets 4. Investments 4 04 2. Liabilities: The creditors have claim on the business enterprise until they are paid, these claims are termed as liabilities. Liabilities may be classified as 1. Current Liabilities 2. Fixed Liabilities 3. Contingent Liabilities. Contigent Liabilities: A contigent liability may arise 'if a company becomes a party to a bill of exchange. The contigent liability becomes a real liability if the principal debtor fails to pay the bill. 4 05 Turn over: Turnover means the sales income (Credit and Cash) of a business. Sales Returns: When a customer returns some of the purchased goods (due to some reasons) to the firm, it is called as sales returns. Purchase Returns: When a firm returns to the vendor goods purchased from him (due to some reasons), it is called Purchase returns. Short Answer type Questions (SAQs)

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How does an entrepreneur provide" indirect employment to a large number of people? Synoptic Answer Key SN Key 01 Promotion of entrepreneurship is looked upon as a means for employment generation through promotion of small scale industries. 02 Entrepreneurship promotes small business i,e. small scale industries. The small scale industries playa dynamic role in accelerating the rate of industrial growth and economic prosperity of the developing nation. have a higher labour-capital ratio-: utilized manpower particularly in semi-urban and rural areas 03 Thus Entrepreneurship (small scale industries) has played a significant role, in achieving the following objectives. 1. Employment generation 2 To meet increased demand 3. More equitable distribution of national income. 4. Balanced economic development 5. Decentralization 6. Better utilisation of resources 7. Self employment etc.

05 Marks 1 2

Explain how an entrepreneur identity and meet a Market Need. Synoptic Answer Key SN Key 01 To identify the target market for your product or service, you will need to answer the following questions: 1. Who are my customers: individuals or companies? 2. If my customers are individuals, how old are they? How much money do they earn? Where do they live? How do they spend their time- and money? 02 Identify Your Competition Most new businesses face competitors, companies offering similar or identical products and services to the same group of target customers. As the owner of a new business, you will have to convince customers to buy from you and not your competitors. To do this, you must collect information about your competition. 03 Find Your Direct Competition Find Your Indirect Competition

05 Marks 1

Define Book-Keeping. Explain i)Single entry system ii ) Double entry system of Book-Keeping Synoptic Answer Key SN 01 Key Every account (transactions) has two sides {1) Debtor side (ii) Creditor side An Account is Debtor (Dr) when it receives, and Creditor (Cr) When it gives. Thus receipts are recorded on the debtor side and on creditor side of the accounts. Book-Keeping is the art of recording business transactions systematically. There are two systems of book keeping 1. Single entry system 2. Double entry system Single Entry System: Single Entry System records only one side of the transaction and hence it does not provide complete information about a transaction. Cash transaction are recorded in cash book in personal accounts of debtors and creditor are maintained Trading, profit and loss account and balance sheet cannot be prepared with the help of this system. This system is used in small business and in government departments. Double Entry System: Double entry system records both sides of transaction 1. Credit Side and 2. Debit side. Marks 2

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Explain how an entrepreneur meet his Legal, Ethical, and Social Obligation Synoptic Answer Key SN Key 01 Understand Your Legal Requirements Laws affect almost every aspect of your business, including your dealings with employees, customers, suppliers, and govern- mental bodies. Laws affect where you can set up your business and how much of its profits you can keep. Advertising claims you make about your products or laws also govern services. As an entrepreneur, you will have to become familiar with the Government regulations that affect your business; You will also need to know when to contact a lawyer .It is important to become familiar with these laws so you do not do anything illegal. 1. Sherman Act-makes it illegal for competitors to get together and set prices on the products or services they sell. 2. Clayton Act-States that it is illegal for a business to require a customer to purchase one good in order to be able to purchase another good. Laws that Protect Businesses PATENTS LICENSES 02 Ethical Requirements As the owner of your own business, you will be forced to deal with what is right or wrong. You will have to make ethical decisions about the way you want to run your business. Thinking about ethical issues in advance will help you handle conflicts when they arise. Ethics is the study of moral choices and values. Ethics involves choosing between right and wrong. Behaving ethically means behaving in an honest manner. 03 Meet Your Social Responsibilities As an individual, you have responsibilities to yourself, to your family, and to your friends. As an entrepreneur, you have responsibilities to your customers, your suppliers, your investors, your creditors, and your community. Responsibilities to Customers Responsibilities to Creditors and Investors Responsibilities to Your Community

05 Marks 2

End of Model Question Paper with Synoptic Answer Key

B.Tech. Engineering Programmes (MLEP) Model Question Paper with Synoptic Answer Key TML064: Engineering Materials-2
Maximum Allowed Time: 180 Minutes Instructions for the students 1. 2. 3. 4. 5. All questions are compulsory. "Long Answer type Question (LAQ)" is a supply type question of 20 marks, which requires typical answer of about 60-80 lines in about 32-40 minutes. "Short Answer type Question (SAQ)" is a supply type question of 05 marks, which requires typical answer of about 15-20 lines in about 08-10 minutes. Use of non-programmable type of scientific calculator is allowed. Draw neat diagrams wherever necessary. Maximum Marks: 100

Q No.

Question (Q) Long Answer type Questions (LAQs)

Q Marks

(a) What is a secondary hardening? Which steel have it? (b) What causes stress corrosion cracking in stainless steels? How can stress corrosion cracking be prevented in copper alloys? (c) Compare the gray cast iron, malleable cast iron. When would you use malleable cast iron in preference to other cast iron? Synoptic Answer Key SN Key Marks

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(a) What is the difference between a brass and a bronze? What causes strengthening in precipitation hardening? (b) What is the mechanism of dezincification? Which brasses are resistant to dezincification? Name one. (c) What is the mechanism of anodizing? Synoptic Answer Key SN 01 02 03 04 05 06 07 08 Key Marks

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(a) Explain in detail X-Rays and Ray radiography. Give advantages and disadvantages of both. (b) What is dye penetant inspection and what are its limitations. Synoptic Answer Key SN Key Marks

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(a) What is high speed steel? State and explain the important properties of the two types of high speed steels. (b) Explain theory of electroplating. (c) What is the difference between clear anodizing and hard coating? What precautions must be taken in using hard coating on precision parts? Synoptic Answer Key SN Key Marks

5 5 10

Short Answer type Questions (SAQs) 5 Write short note White cast iron Synoptic Answer Key SN Key Marks 05

Explain heat treatment of copper and its alloys. Synoptic Answer Key SN Key Marks

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Explain various methods for preventing corrosion failure. Synoptic Answer Key SN Key Marks

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Name the basic ferritic, austenitic, and martensitic stainless grades and state their composition. Synoptic Answer Key SN Key Marks

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End of Model Question Paper Synoptic Answer Key not available

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