Top 1000 GK Current Affairs & Innovation and Entrepreneurship Questions PDF

Supply and Demand are the key market forces in determining the price and quantities of goods and services in a free market economy.

Taxes do not come under the four recognized factors of production: The four factors of production are Land, Labour, Capital and Organization, Entrpreneurship.

Adam Smith is regarded as the father of modern economics

The book startup nation is based on Israel's economic miracles.

Options B, C and D represent advantages of not raising external capital. However, whether a company is bootstrapped or funded does not determine the product quality. Hence, A is not an advantage.

A radical innovation supplants an existing business model. An innovation model which brings a huge radical change in a segment or an industry or creates an entirely new range of products and market segments.

In a command economy, the government mandates the production and prices in the country. Example North Korea, Soviet Union

An intrapreneur is an employee in a company working on innovating as a part of the organization. Managers are expected to be intrapreneurs.

Geneva is the head quarters of World Intellectual Property Organization

A fabian entrepreneur is an entrepreneur who prefers maintaining a stable business.

Switzerland is the most innovative economy in 2023 followed by Sweden, the United States, the United Kingdom and Singapore. India secured the 40th position in the latest GII 2023

Aditya Birla payments bank has shut down its operation in 2019

World Innovation Day is celebrated on April 21 every year.

Klarna is headquartered in Sweden

Certification Mark is issued to indicate the existence of an accepted product standard and compliance with the standard is maintained by a product.

Design Specification comes under embodiment design which comes after the concept design process.

The concept design includes the features like Idea generation, evaluation, Information gathering, Problem definition.

Amartya Sen is the author of the book " Commodities and Capabilities ".

There is a clear difference between an entrepreneur and a businessman in terms of the risk factor, competition, and business idea. But both are the key decision-makers in their respective organizations.

The risk factor is high for an Entrepreneur in comparison with a businessman. A businessman competes in an already existing market whereas the same is not the case with an Entrepreneur, An entrepreneur comes with a new business idea while a businessman works on an already existing business idea. 

Wealth protection is not a primary Fin tech service. This includes features like personal finance, loans, and Insurance.

A person or a company who is in a position where they can no longer pay the debts they owe is officially termed as the state of Insolvency.

Economic equality is central feature to a command economy.

In total, there are 51 nations in the world with at least one unicorn. The United States leads the pack with an impressive count of 594 hosting more than 50% of unicorns in the world.

Zepto solidified its unicorn status by raising $200 million in a Series E round of funding, attaining a valuation of $1.4 billion. This achievement made Zepto India's first unicorn of 2023.

As a part of accelerator programs, the day the companies are provided with a chance to display their ideas is called the demo day.

 T refers to threats in SWOT analysis.

SWOT analysis is usually conducted in the early stages of a business plan to get better insights on how to move forward.

The two E's in the PESTEL analysis are Economic and Environmental.

At the core of entrepreneurship lies the goal to make a significant change in the business using innovation as one of the key techniques in this process.

There is no mandatory rule for government to be a part of an LLP partnership.

The total investment range of a medium enterprise is 5-10 crore as per the norms setup by the government of India.

Proprietorship as ownership is not eligible for a startup in India

Low feasibility is not a part of Porter's five forces model. The five forces are Industry rivalry, bargaining power of suppliers, bargaining power of buyers, the threat of substitutes,  the threat of new entrants

Marketable securities come under assets of a company

A Decacorn is a startup that is valued at a valuation of $10 billion or more.

A Minicorn is a startup with a valuation of $ 1 million and over.

The earliest round of funding is called Seed funding

Joseph Schumpeter is regarded as the father of entrepreneurship

An innovation that only changes the core design concepts of a technology is called modular innovation

The startup that are built as a part of well established companies are called internal startups.

As a part of Brain Storming the technique implements quantity over quality in order to include a wide range of ideas.

Hectocorn is a startup with a valuation of $100 billion and over.

Bhavish Agarwal's AI startup Krutrim became the first unicorn of 2024 to join the club. 

An entrepreneur who does not like to adapt to change and goes by traditional and old school business methods is called Drone Entrepreneur.

Innovation is a common characteristic for both entrepreneurs and Intrapreneur. An entrepreneur works independently while Intrapreneur works as a part of an organization.

Entrepreneurship that explores and develops solutions for cultural, social, and environmental issues is called Social Entrepreneurship

A startup that aims to innovate itself and works on developing a repeatable business model and continuously expanding itself is a part of Scalable startup Entrepreneurship.

The capital raised by a new company in order to meet its initial costs like building a business plan or to develop a prototype is called Startup Capital

A collaborative program set up to help entrepreneurs solve some of the commonly associated problems by providing mentorship, workspace, funding for startups is called a startup incubator.

An appropriate business plan is a key prerequisite for capital investment by Venture Capital firms.

Startup India innovation week is being held from 10th January 2024 to 18th January 2024

Among the 17 Major States, Karnataka, with a score of 18.01, is the top performer, followed by Telangana and Haryana. Chhattisgarh has scored the least, 10.97.

Niti Aayog releases the Indian Innovation Index every year.

Girish Matrubootham is the co-founder and CEO of fresh works who is also an angel investor.

'2023 Nobel economics prize awarded to Claudia Goldin.  Claudia Goldin became the third woman to receive the Nobel Prize in economics as the US professor was awarded for her research into the factors that explain pay gaps between men and women. Claudia Goldin, provided the first comprehensive account of women's earnings and labour market participation through the centuries. Her research reveals the causes of change, as well as the main sources of the remaining gender gap."

An architectural innovation involves a New Market with an Existing technology.

Incremental innovation involves working in an  Existing Market and Existing technology.

The invention of first ship created an entire shipping industry for transportation and other purposes. Hence is a radical innovation

Staying flexible and being able to adapt to the circumstances is a key characteristic of innovation.

One of the key advantages of a free market economy is the high number of choices the market offers.

Michael Lewis is the author of the book “ The big short “.

Vijay Shekhar Sharma is the founder Indian Fintech Company Paytm.

The circumstances in which an Innovation results in more damage to the economy over beneficial outcomes is called Destructive Creation.

An angel investor is an individual who provides financial backing for entrepreneurs and start ups in return for ownership equity in the company.

The term drive-by-deal refers to a venture capitalist who invests in a company and plans for a quick exit strategy.

Four types of crowdfunding exists. Debt based, Reward based, Donation-based and Equity-based.

Startup India Initiative is the most popular government schemes for startups in India. The Startup India Initiative aims to provide tax benefits to entrepreneurs for over five years.

The full form of MSDE is Ministry of Skill Development and Entrepreneurship.

Thus, the correct option is A.

Stack is an India-based Fintech Start-up founded in 2021, raised funds from Y Combinator and SucSEED Indovation Fund.

The answer is option B.

Opportunity costs represent the potential benefits that an individual, investor, or business misses out on when choosing one alternative over another. Considering the value of opportunity costs can guide individuals and organizations to more profitable decision-making.

The answer is option C.

An angel investor (also known as a private investor, seed investor or angel funder) is a high-net-worth individual who provides financial backing for small startups, in exchange for ownership equity in the company. The answer is option C.

Offering innovative technologies, acquiring competitors, and strengthening customer loyalty help companies increase their market share. 

The answer is option D.

Electronic Gold Receipts can be defined as depository gold receipts that can be traded on the stock exchanges. They are similar to stocks, and are traded, held in Demat accounts. The answer is option D.

An innovative entrepreneur is the one who introduces new product, new service or new market. Entrepreneurs who imitate the techniques and technologies innovated by innovative entrepreneurs are called Adoptive Entrepreneurs. 

The answer is option A.

Except option C, all are the characteristics of an Entrepreneur.

The answer is option C.

The tagline of the companies are:

L’OREAL - "Because you are worth it."

Gatorade - "Is it in you?"

Airbnb - "Belong anywhere."

VISA - "Everywhere you want to be."

Thus, the correct option is B.

Options A and B are correct.
A CEO doesn't have responsibility for the organization's day-to-day affairs. Managing director is responsible for the daily business of organization. This implies option C is incorrect.
The answer is option C.

Accel Partners is a venture capital firm.

The correct option is A.

MobiKwik is a Fintech company.

The correct option is B.

Amartya Sen is famous for his significant contributions to welfare economics including his development of more sophisticated measures of poverty, and for his work on the causes and prevention of famines.

Thus, the correct option is C.

Value creation is the process of discovering what people need or want and then creating based on the findings.

Thus, the correct option is D.

Sales is converting prospective customers into paying customers.

Thus, the correct option is A.

ASPIRE is a scheme dedicated to the promotion of Innovation, Rural Industries and Entrepreneurship.

The correct option is C.

Multilevel marketing is a sales structure where members of a company are encouraged to recruit new members. Once recruited, this salesperson receives a cut of their recruiter's sales. Therefore, the answer is option C.

Under Pradhan Mantri Mudra Yojana, Micro Units Development and Refinance Agency Ltd. (“MUDRA”) is a non-banking financial company which supports the development of the micro-enterprise sector in India.

The correct option is A.

Karnataka has topped the NITI Aayog's India Innovation Index, 2022. The state has ranked first in the Major States category in all three editions of the Index. The answer is option C.

A company with a valuation of more than $10 billion is termed as a 'superunicorn'.

The answer is option D.

Enterprise value (EV) measures a company's total value, often used as a more comprehensive alternative to equity market capitalization that includes debt.

The correct option is C.

Fiscal policy refers to the use of government spending and tax policies to influence economic conditions.

The correct option is B.

India retains 40th rank out of 132 economies in the Global Innovation Index 2023 rankings published by the World Intellectual Property Organization (WIPO).

The first edition of Indian Innovation Index is launched in October, 2019.
The answer is option C.

The term xenocurrency refers to any currency that is traded in markets outside of its domestic borders. Its name derives from the Greek prefix "xeno," meaning "foreign." Therefore, the answer is option A.

The Swiss Re Foundation concludes the 2023 cycle of the flagship initiative declaring Innovasalud the winner of the edition.

SISFS - Startup India Seed Fund Scheme

The answer is option D.

MUDRA - Micro Units Development and Refinance Agency

The answer is option A.

Zoho Corp. co-founder Radha Vembu has become the richest self-made Indian woman surpassing Falguni Nayar, founder and CEO of online beauty and fashion retailer Nykaa, according to a report by Hurun India. The 50-year-old entrepreneur has become the richest self-made Indian woman with a net worth of Rs 36,000 crore. Radha Vembu ranked 40th among India’s 100 richest persons while Falguni Nayar ranked 86th with a net worth of Rs 22,500 crore.

Tata Consultancy Services remained the most valued brand across India in 2023. This means it had the highest reputation as a company, and was valued at over 42 billion U.S. dollars that year. HDFC followed with over 33 billion dollars-worth in brand value.

A Giffen good is a low-income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls.

The correct option is D.

Incremental innovation focuses on small improvements to existing products and services to increase value or customer satisfaction. Sustaining innovation focuses on larger changes to gain or maintain a market-leader position.

Therefore, the answer is option B.

Government of India has defined women entrepreneurs as an enterprise owned and controlled by a woman should have minimum financial interest of 51% of the capital and give at least 51% of employment generated in the enterprise to women.

Inflation can cause prices of raw materials and other inputs to rise which increases operating costs, lower sales due to increase in price and this leads lower profits. Therefore, the answer is option B.

Tiger Global Management is a Venture Capital Investor and hence the correct answer is option D.

In a command economy, the central government dictates the level of production of goods and controls their distribution and prices.

The answer is option A.

An investment that has already been spent and cannot be recovered is known as sunk cost.

The seed stage refers to investments made for product development, marketing, and market research.

Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it.

The correct option is A.

A venture capitalist (VC) is an investor who offers capital to startups that are believed to have long-term growth potential.

The correct option is C.

An endowment is a donation of money or property to a nonprofit organization, which uses the resulting investment income for a specific purpose.

The correct option is A

A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors.

The correct option is D.

A debenture is a type of bond or other debt instruments that is unsecured by collateral.

The correct option is D.

Pradhan Mantri Mudra Yojana (PMMY) is a scheme set up by the Government of India (GoI) through MUDRA (a subsidiary of SIDBI) that helps in facilitating micro credit upto Rs. 10 lakh to small business owners.

India's largest integrated energy conglomerate, NTPC Limited, has been recognized as one of the “World's Best Employers 2023” in the Forbes World's Best Employers list 2023 released on 10th Oct 2023.

Nalin Negi is the newly appointed Chief Financial Officer (CFO) of the Fintech startup BharatPe.

The correct option is B

HDFC Bank launched a new campaign called “Vigil Aunty”. Vigil Aunty Campaign attempts to motivate citizens all around the nation to adopt secure banking practices.

The correct option is C.

Unfold 2023, powered by CoinDCX from October 19 to 21, 2023, marked a historic moment in the Indian Web3 landscape. With over 2,500 participants and distinguished speakers, including government dignitaries and global Web3 leaders, this event has solidified India's position as a Web3 powerhouse.

Razorpay is a fintech company.

A purely competitive market is characterised by having many firms, good substitutes available, barriers to entry are low and have no pricing power.

A monopoly is characterised by having a very few firm, no good substitutes available, barriers to entry are high and have significant pricing power.

As of the 2023 Fortune Global 500 list, eight Indian companies made the ranking. 
Here are the Indian companies on the 2023 list:

1. Reliance Industries (Rank: 88)
2. Indian Oil Corporation (IOC) (Rank: 94)
3. Life Insurance Corporation of India (LIC) (Rank: 107)
4. Oil and Natural Gas Corporation (ONGC) (Rank: 158)
5. Bharat Petroleum Corporation Ltd (Rank: 233)
6. State Bank of India (SBI) (Rank: 235)
7. Tata Motors (Rank: 337)
8. Rajesh Exports (Rank: 353)

Rohan Verma  is the CEO of the digital mapping startup, MapmyIndia.

She is the chairperson emeritus of OP Jindal Group and inherited the empire after her husband O.P. Jindal's death in 2005. With her wealth soaring by a whopping $9.6 billion in 2023, India's richest woman Savitri Jindal has seen the highest net worth increase in the calendar year, much more than even the Ambanis and Birlas.

The Ministry of Skill Development and Entrepreneurship launched the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) in 2015 administered by the National Skill Development Corporation (NSDC).

The correct option is C.

Architectural innovation occurs when new products or services use existing technology to create new markets and/or new consumers that did not purchase that item before.
The correct option is D.

In a mixed economy, the price is influenced by market forces of demand and supply, as well as government forces.

The correct option is B.

A money manager who is involved in making risky investments from equity capital with the objective of gaining better returns is Venture Capitalist. The answer is option B.

IMAX : " Think Big "

Skittles : " Taste the rainbow "

Gillette : " The Best a Man Can Get "

Burger King : " Have it your way "

The correct option is B.

CEO of Barclays : C.S. Venkatakrishnan

Amazon : Andy Jassy

IBM : Arvind Krishna

Infosys : Salil Parekh

Thus, the correct option is A

A sudden explosive growth experienced by a startup that follows a period of plateau, represented by a graph in the shape of a hockey stick.

The correct option is A.

The strategy involving making small investments in a large number of startups and hoping that one of them is a hit is called the spray and pray strategy.

The correct option is C.

The above table gives the lists of companies and their respective CEOs.

Aditya Birla Group : Kumar Mangalam Birla

ITC Ltd. : Sanjiv Puri

 boAt : Vivek Gambhir

Star India : Uday Shankar

The correct option is B.

Slice is the fintech startup founded by Rajan Bajaj, that offers payment cards and credit cards to millennial and Generation Z customers.

Vaporware is an incredibly promising product that exists only in a startup founder’s imagination. Even after lots of funding and years of promises to release a demo version, nothing more than a blueprint is usually delivered.

The correct option is A.

A unicorn is a startup company, usually privately-held, which reaches a valuation of over $1 billion.

The correct option is C.

Adjacent innovation refers to leveraging the core business and value proposition of an organization in a new market space.

The correct option is C.

Market pull is an organizational orientation that emphasizes the ability to learn and respond to what potential customers want and are willing to pay for.

The correct option is A.

Technology push is an organizational orientation that exploits already existing machinery, distribution channels and other resources.

The correct option is D.

A phase-gate process is an innovation management model that divides a complex process or project into different stages with more specific objectives (e.g., refinement, prioritization, resource allocation).

The correct option is A.

The four factors of production are Land, Labour, Capital and Entrepreneurship.

The correct option is D.

An entrepreneur whose entrepreneurial activity is restricted to just one or two innovations and refuses to adopt changes in production even at the risk of reduced returns is a drone entrepreneur.

John Maynard Keynes is regarded as the father of macroeconomics.

The correct option is C.

A decacorn is a company with a valuation of more than $10 billion.

The authors of the book Freakonomics are Stephen J. Dubner and Steven Levitt.
The correct option is C.

Eurocurrency is a currency held on deposit by governments or corporations operating outside of their home market.

Bootstrapping is a term used in business to refer to the process of using only existing resources, such as personal savings,
personal computing equipment, and garage space, to start and grow a company.

The correct option is A.

B2B ecommerce startup OfBusiness won the Startup of the Year award this year for building a profitable business at scale.

Minority interest is the minority shareholders’ pro-rata share of the net assets (equity) of a subsidiary that is not wholly owned by the parent.

Flipkart owns the UPI-based payments app 'Phonepe'.

The correct option is C.

Continuous innovation is when a company makes a constant improvement to the products, services, or technologies that they are responsible for.

BHIM is the first Indian mobile payment app developed by the National Payments Corporation of
India (NPCI), based on the Unified Payments Interface (UPI).

The correct option is C.

BHIM app is developed by National Payments Corporation of India(NPCI).

The correct option is D.

Capitalist Economy is referred to as the economic system where the factors of production such as capital goods, labour, natural resources, and entrepreneurship are controlled and regulated by private businesses.

MSME Champions Scheme has been formulated with three components namely, 'MSME-Sustainable' (ZED), 'MSME-Competitive' (LEAN) and 'MSME-Innovative' (Incubation, Design, IPR). Digital MSME will be interlinked with all other components of the Scheme.

The Kerala Startup Mission (KSUM) hosted the fifth edition of the Huddle Global conclave as a beachside startup event at Adimalathura near Vizhinjam in Kerala.

Dream11 is the first Indian gaming startup to become a unicorn.
The correct option is D.

The full form of NIFTY is the National stock exchange FIFTY.

The correct option is A.

Companies can increase their revenues by exploring new markets, improving the quality of their products, and offering sales promotions to boost the volume of sales.

The correct option is D.

Options A, B and C are causing of inflation. Interest rates are increased to decrease inflation.

The correct option is D.