TEC Final Exam 100 Question & Answer -TEC Final Exam Answer Key PDF-CSC TEC Live Exam 2021 #TECEXAM

Main ideas / lessons conveyed

• The video is presented as an “exam question + answer key” resource for the TEC Final Exam (TEC Live Exam 2021), claiming it covers questions that commonly appear in the exam.
• It emphasizes that to clear the exam, viewers should study the shown questions carefully and then attempt their OTC/TEC final exam (the repeated process is: watch → review questions → attempt exam).
• A large portion of the content focuses on:
  • Entrepreneurship basics
  • Idea evaluation / opportunity recognition
  • Cost concepts and accounting/balance sheet basics
  • Web/business fundamentals (e.g., website purpose, investment objectives, and sole proprietorship vs partnerships vs corporation)
  • Customer value and marketing/value frameworks
  • Sales/service/customer-care concepts (e.g., customer needs, promises, listening)

Methodology / implied study & exam approach

• Preparation

  • The transcript states that if you want to “get a CID,” you must compulsorily give the TC exam.
  • Because many fail due to lack of the right material, the channel provides a set of questions.

• During the video

  • For each question, viewers are instructed to:
    • Look at the question carefully
    • Select the correct option
  • The video repeatedly frames selections as correct/wrong and instructs viewers to tick the correct option.

• After the video

  • Use the questions to prepare properly
  • Then give the final exam
  • The video claims you can pass “100%” based on this preparation.

Detailed concepts/questions taught

Entrepreneurship: definitions and traits

• Definition

  • Starting a new venture with a new idea = entrepreneurship
  • Entrepreneurship is framed as wealth creation (creating opportunities to create wealth)

• Examples (as implied by options)

  • Starting a business based on an existing/old idea or model
  • Creating a “new type of relationship” in a city (treated as entrepreneurship-related in the transcript)

• Entrepreneur’s role

  • Involvement in management/innovation and risk-taking

• Entrepreneur vs non-entrepreneur behavior

  • A person who takes less risk and avoids experimentation is marked as wrong

• Misconceptions flagged as wrong

  • Not everyone who starts a website based on a new idea is always successful
  • The claim that “92% of top entrepreneurs succeed within the first three years” is marked wrong
  • “Successful entrepreneurs become rich very quickly” is treated as correct (as per the transcript)

• Risk-taking and persistence

  • Successful entrepreneurs are associated with risk taking, unique uncertainty, and persistence
  • “Giving up halfway when things get difficult” is treated as wrong

• Other success characteristics

  • Creativity
  • Communication skills
  • Ability to assimilate and socialize
  • Recognizing the value of competence and using new information
  • Prior knowledge / trusted expertise helps decisions such as whether to invest

Idea / opportunity evaluation

• Idea as opportunity-check

  • “Both answers are correct” is commonly used to indicate points such as:
    • The idea must fulfill customer needs
    • The market must have potential to make profit
    • Evaluation helps reduce production risk / assess feasibility

• Evaluation criteria mentioned

  • Whether the customer is willing to buy the final product
  • Whether the market will be profitable

• Entrepreneurship vs assumptions

  • “Future/all-children potential” is treated as correct in the transcript

• Opportunity evaluation vs non-opportunity

  • Market size/growth is treated as correct when part of evaluation

Costs / accounting basics (core definitions)

• Key definitions

  • Cost: the money value of resources used to produce or deliver a service
  • Direct vs indirect costs: based on association with goods
  • Direct costs (as stated in the transcript): costs that do not decrease in the short term regardless of changes in production level
  • Variable cost: changes with production level

• Salary/benefits

  • Salary/benefits are included as part of additional/related cost (as categorized in options)

• Terminology repeatedly trained

  • Balance sheet: a record of current assets, liabilities, and equity
  • Accounting systems
    • A “relevant entry/replay” style system is used to record daily transactions
    • Transactions are recorded in sequential order
  • Accounting equation
    • Total assets = total liabilities + equity

• Types of assets

  • Current assets: expected to be sold/converted/consumed within one year
  • Non-current assets: usually last more than one year (e.g., plant/property/equipment)

• Revenue / retained earnings

  • Revenue: value of goods/services
  • Retained earnings: profit not booked to shareholders

Business structures and website basics

• Website primary purpose

  • To earn money for directors by providing services (as stated)

• Main investment objects

  • Options include items like labor, land, capital, etc. (answered from the provided set)

• Website produces

  • Treated as human service / generate business (as per transcript)

• Business forms

  • Sole proprietorship: one owner responsible for day-to-day running
  • Partnership / JV-like concept: multiple owners/partners mentioned; questions often target who runs day-to-day
  • Corporation: a separate legal entity with a large number of owners

• Accounting example vs non-example

  • Non-example: keeping a list/details of preferred customers (marked as the non-example)

Finance and advisory / sales / service concepts

• Finance

  • Planning for an uncertain future and deciding what investments to make

• Advisors / trusted advisor

  • Becoming a trusted advisor requires:
    • understanding the client’s concerns
    • promoting production

• Service promise

  • Assurance to customers about timely delivery
  • Also linked to quantity and quality (as per the options)

• Customer needs

  • Identify customer needs to:
    • motivate customers to buy
    • ensure satisfaction and loyalty

• Innovation based on customer needs

  • Product innovation and value to the business

• Active listening

  • Treated as a correct customer response
  • The transcript includes a “not listening” distinction (listening for pleasure / option A is treated as correct)

Customer value / marketing / value framework

• Why customers buy

  • Because they value the product/service the shop provides

• Value depends on facilities/services

  • Marked as correct

• Where value lies

  • In the mind of the customer

• Price/value concepts

  • Price can be defined from different perspectives (some parts appear garbled in the transcript, but the chosen answer points to “both customer and price”)

• Competition on price

  • Everyone competes on price by adding different value to customers

• “Trees” in market

  • Presented as all three options correct (multiple statements apply)

• Value framework

  • The correct framing selects value creation, value delivery, value capture

Practice scenario questions (examples given)

• Grocery store opening (failed)

  • An electrician opened a grocery store but couldn’t profit
  • Correct reason chosen: lack of technical knowledge for running a grocery store
  • Another indicated option suggests the reason could also be related to lacking relevant prior knowledge/awareness (framed as potentially “both correct”)

• Chef opening a restaurant

  • A South Indian restaurant not running smoothly
  • Correct reasons attributed to:
    • no prior technical knowledge
    • and an option about not being creative in the menu
  • Both treated as correct in the transcript

A calculation example (profit basis)

• Geeta’s grocery store profit calculation
  • Customers booked ₹5,000
  • Supplier to be paid ₹2,000 that weekend
  • The video asks profit “on a profit basis,” but the exact numeric result is not clearly readable in the provided transcript excerpt.

Speakers / sources featured

• “Prakash Gallery” (channel name; narrator/host not clearly named)
• “Udaan Sir” (mentioned as responding to/confirming an answer)