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Solved Exercise



                                                              Section A
                                                      (Objective Type Questions)
              A.  Choose the correct option.
                  1.   What is the process of developing a business plan, starting and running a business with innovation, meeting customer
                     needs and generating profits called?
                      i.  Entrepreneurship                            ii.  Capitalism
                     iii.  Democracy                                  iv.  Entrepreneur
                  2.  A ................................ is a detailed plan of what entrepreneurs want to achieve in a company and how to achieve it.
                      i.  plan                                        ii.  Community plan
                     iii.   business plan                             iv.  Either a or b
                  3.  ................................ is an exercise entrepreneurs do to understand if there is a market for what they have to offer.
                      i.  Competition survey                          ii.  Population survey
                     iii.  Both a and b                               iv.  Surveying customers
                  4.   After starting a business, entrepreneurs need to think about how to continue to ................................ and grow by adding
                     value to their business for attracting  customers.
                      i.  adjust                                      ii.  improve
                     iii.  grow                                       iv.  plan
                  5.  Business idea can be a product, service, or .................................
                      i.  Dynamic model                               ii.  Eco model
                     iii.  Hybrid model                               iv.  All of these
                  6.   ................................ means understanding a situation or problem by asking questions like why, what, when, how, and
                     investigating the situation or the reason for the problem.
                      i.  Critical Thinking                           ii.  Creative Thinking
                     iii.  Analytical Thinking                        iv.  Logical Thinking
                  7.   Which needs are met through different products or services, but customers are not completely satisfied and still have
                     problems using them?
                      i.  Fulfilled needs                             ii.  Unfulfilled & known needs
                     iii.  Unknown needs                              iv.  Partially fulfilled needs
                  8.   If  an  idea  is  innovative  and  the  way  it  is  implemented  is  also  innovative,  the  growth  opportunities  of  the  business
                     will .................................
                      i.  decrease                                    ii.  increase
                     iii.  Neither a or b                             iv.  Both a and b
                  9.   Which among the following businesses is involved in developing the raw materials into finished products to meet the
                     needs of its customers?
                      i.  entrepreneurship                            ii.  trading
                     iii.  manufacturing                              iv.  service
                 10.  Independence means the ability to ................................ and the self-confidence to make decisions.
                      i.  work alone                                  ii.  work in a team
                     iii.  not work at all                            iv.  work with a partner
                  Ans. 1.  i.        2.  iii.         3.  iv.            4.  ii.          5.  iii.

                       6.  i.        7.  iv.          8.  ii.            9.  iii.       10.  i.


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