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4.  Earning maximum profits with minimum investment is necessary for ................................ of a business.
                  a.  Economic Objective                             b.  Social Objective
                  c.  Sincerity                                      d.  Government plan
               5.  In which type of business, owner is liable for business debts and failure?

                  a.  Sole proprietorship                            b.  Limited Liability Companies
                  c.  Company                                        d.  Organisation
               6.  The word “entrepreneur” is derived from the ................................ .
                  a.  French verb                                    b.  Latin verb
                  c.  Sanskrit verb                                  d.  Arabic verb

               7.  What is the output of the innovative process of setting up a business called?
                  a.  Project                                        b.  Business
                  c.  Enterprise                                     d.  Work

               8.  What are the main elements of entrepreneurship?
                  a.  Innovation                                     b.  Organisation
                  c.  Risk Bearing                                   d.  All of the above

               9.  What is the process of enhancing knowledge and improving skills of an entrepreneur through structured
                  training and classroom programmes called?
                  a.  Entrepreneur                                   b.  Entrepreneurship
                  c.  Business                                       d.  Entrepreneurship Development

               10.  Which of the following is/are characteristic(s) of an entrepreneur?
                  a.  Risk Taking Ability                            b.  Hard working
                  c.  Good communication skills                      d.  All of the above


            B.  Fill in the blanks.
               1.  A ……….……................ is a state of being busy as an individual or as an organization in a profit earning economic activity.
               2.  ……….……................ businesses provide service by skilled professionals and experts.
               3.  ……….……................ of a business aims at helping in adding to the foreign exchange reserves of the country.
               4.  A simplest  form  of a business  organisation which does  not require any legal formalities  for registration is  called
                                 .

               5.  Planning and finalising a business idea is the ……….……................ step of starting a business.
               6.  Entrepreneurship should have a strong ……….……................ of running a business in an innovative manner.
               7.  Doing a business with a new idea is always associated with ……….……................ .
               8.  Generating a business idea is the ……….……................ of developing an enterprise.
               9.  An entrepreneur should be ……….……................ to all circumstances.
               10.  Mobilising the revenue of the country is a/an ……….……................ development.

            C.  State whether these statements are true or false:
               1.  Business is an economic activity related to trading with no emotional objectives.         ……….……
               2.  A businessman should work for his own personal incentives.                                ……….……
               3.  In Sole Proprietorship, a single owner controls the business and makes all the decisions.   ……….……
               4.  A partnership business is legally owned and operated by two or more individuals
                  (partners) for the purpose of earning profits.                                             ……….……

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