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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.
86 Touchpad Web Applications-XI

