Page 114 - Artificial Intellegence_v2.0_Class_9
P. 114

At a Glance


              • A business is a state of being busy as an individual or as an organization in a profit earning economic activity.
              • There are four types of businesses: Manufacturing, Services, Merchandising and Hybrid.
              • Sole Proprietorship business  is owned  by  a  single person who  has day-to-day  responsibilities  for  running  the
              business.
              • Partnership business is legally owned and operated by two or more individuals (partners) for the purpose of earning
              profits.
              • Corporation is a business organization with a separate legal entity created by individuals or shareholders who come
              together to pursue a common goal.
              • Limited Liability Company is most suitable and popular for small or low risk businesses and is a blend of sole
              proprietorship, partnership and corporation.
              • An Entrepreneur is a person who invests his time, energy and money to initiate an exclusive idea for a new venture.
              • Entrepreneurship is the act of executing an innovative idea in a business.
              • The output of the innovative process of setting up a business is called an enterprise.
              • The main elements of entrepreneurship are: Innovation, Organisation,Risk Bearing and Perception.
              • Entrepreneurs help in increasing foreign exchange reserves of the country, thereby increasing economic development.
              • An entrepreneur should have good social skills to build his network of potential investors, suppliers, customers, and
              creditors.
              • Feeling a large responsibility for the business may sometimes be scary and brings a lot of mental instability. Funds
              management, unpredictable market, employees' reactions and sometimes less time for family may lead to emotional
              setback for an entrepreneur.
              • An entrepreneur lives his own dreams. He can pursue what he is passionate about in his life.




                                                     Exercise





                                                 Solved Questions

                                          SECTION A (Objective Type Questions)
              uiz

        A.  Tick ( ) the correct option.
            1.  In business, which of the following along with the profits is equally important?
              a.  Family trips                                   b.  Child education

              c.  Old parents' medicine                          d.  Customer Satisfaction
            2.  Which  of  the  following  business  type  uses  raw  material,  labour,  technology,  capital  and  other  resources  for  the
              production of finished goods?
              a.  Manufacturing                                  b.  Service
              c.  Merchandise                                    d.  All of the above
            3.  In which of the following business, service cannot be stored in warehouses or boxes?

              a.  Manufacturer                                   b.  Service
              c.  Merchandise                                    d.  Trading




              112     Touchpad Artificial Intelligence (Ver. 2.0)-IX
   109   110   111   112   113   114   115   116   117   118   119