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3. In which of the following business, service cannot be stored in warehouses or boxes?
a. Manufacturer b. Service
c. Merchandise d. Trading
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
Ans. 1. d 2. a 3. b 4. a 5. a 6. a 7. c 8. d 9. d 10. d
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.
Ans. 1. busines 2. Service 3. National Objective 4. Sole Proprietorship 5. first
6. perception 7. risk 8. first step 9. flexible 10. economic
Entrepreneurial Skills-I 113

