Unit-7 Entrepreneurship

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Unit-7 Entrepreneurship

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1
A. The process of starting and running a business to earn profit
B. A job done for a fixed salary
C. The study of ancient trade routes
D. Selling goods only inside a shop
Answer: Entrepreneurship is the process of identifying opportunities and starting a business with the goal of earning profit.
2
A. An entrepreneur only works for the government
B. A businessman sells goods at a loss
C. An entrepreneur innovates and creates new ideas while a businessman runs an existing business
D. There is no difference between them
Answer: An entrepreneur introduces new ideas, products or services, whereas a businessman focuses on running and growing an existing business.
3
A. To donate all goods
B. To earn profit by satisfying customer needs
C. To spend all savings
D. To avoid customers
Answer: A business exists to provide value to customers and earn a profit in return.
4
A. Risk-taking
B. Forgetfulness
C. Procrastination
D. Laziness
Answer: Entrepreneurs take calculated risks because they are willing to face uncertainty for possible rewards.
5
A. Rs 2,800
B. Rs 3,200
C. Rs 13,200
D. Rs 1,800
Answer: Profit = revenue - cost = 8,000 - 5,200 = Rs 2,800.
6
A. By making new and unique solutions to problems
B. By copying others exactly
C. By avoiding work
D. By ignoring customer needs
Answer: Creativity allows an entrepreneur to develop fresh ideas, products and solutions that stand out in the market.
7
A. Bossy behaviour towards customers
B. Guiding and motivating a team to achieve goals
C. Working alone without a team
D. Hiding information from workers
Answer: Leadership is the ability to guide, motivate and organise a team to reach common business goals.
8
A. Blames others for every mistake
B. Ignores problems
C. Takes accountability for decisions and actions
D. Leaves work unfinished
Answer: A responsible entrepreneur accepts the outcomes of their decisions, both good and bad.
9
A. Continuing to try despite failures
B. Giving up after the first failure
C. Waiting for others to do the work
D. Avoiding challenges
Answer: Persistence is the ability to keep working toward goals even when faced with difficulties or failure.
10
A. Rs 500
B. Rs 200
C. Rs 300
D. Rs 250
Answer: Total cost = 120 + 180 + 200 = 500; profit = 700 - 500 = Rs 200.
11
A. It creates jobs for people
B. It reduces the number of businesses
C. It stops innovation
D. It increases unemployment
Answer: Entrepreneurship creates new jobs, produces goods and services, and boosts economic growth.
12
A. Blind and careless risks
B. Calculated risks after careful thinking
C. Risks that harm customers
D. No risks at all
Answer: Successful entrepreneurs analyse the situation and take calculated risks rather than reckless ones.
13
A. Finding a need or problem that can be turned into a business
B. Copying a business idea blindly
C. Ignoring market needs
D. Spending money without planning
Answer: Opportunity recognition is spotting an unmet need or problem in the market that a business can solve.
14
A. A human-centered approach to solving problems
B. A way to decorate products
C. Drawing designs for buildings
D. A type of computer hardware
Answer: Design thinking focuses on understanding the needs of users to create practical solutions.
15
A. Rs 500
B. Rs 1,000
C. Rs 250
D. Rs 1,500
Answer: Profit per item = 60 - 40 = Rs 20; total profit = 20 x 25 = Rs 500.
16
A. By observing problems people face
B. By ignoring the community
C. By guessing randomly
D. By only copying other countries
Answer: Observing daily problems and listening to people helps an entrepreneur find real community needs.
17
A. Turning a discovered need into a concrete product or service
B. Ignoring the market
C. Selling without any plan
D. Waiting for luck
Answer: A business idea takes shape when an entrepreneur builds a practical product or service around a real need.
18
A. A written document describing the business and how it will run
B. A list of customer complaints
C. A government tax form
D. A computer program
Answer: A business plan explains the goals, strategy, marketing and finances of the business on paper.
19
A. The purpose and current activities of the business
B. The weather forecast
C. Only the owner's salary
D. The price of one product
Answer: A mission statement states why the business exists and what it does today.
20
A. Rs 19,500
B. Rs 10,500
C. Rs 11,500
D. Rs 9,500
Answer: Cost = revenue - profit = 15,000 - 4,500 = Rs 10,500.
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