1. ________ refers to recruitment, selection, training, development and compensation of the employees in an organisation.
(a) Management (b) Human Resource Management (c) Entrepreneurs (d) Employer
Answer: (b) Human Resource Management
2. An entrepreneur is a person who:
(a) Initiates, operates and undertakes the risk of starting a new business venture.
(b) Sees and imagines the world differently.
(c) Sees possibilities and solutions rather than obstacles and problems.
(d) All of the above
Answer: (d) All of the above
3. Which of the following is a positive impact of entrepreneurship?
(a) Trade imbalance
(b) Promotion of innovation
(c) Both (a) and (b)
(d) Neither (a) nor (b)
Answer: (b) Promotion of innovation
4. Small-scale entrepreneurship:
(a) Requires significant amount of capital investment.
(b) Is an altruistic form of entrepreneurship.
(c) Is labour intensive.
(d) Involves marketing as well as manufacturing of different agricultural products.
Answer: (c) Is labour intensive. (Small-scale units are typically labour-intensive and require relatively less capital.)
5. Managerial functions of an entrepreneur are:
(a) Supervision and control
(b) Communication skills
(c) Accounting
(d) Both (a) and (b)
Answer: (d) Both (a) and (b)
6. Entrepreneurship has a crucial role in the ________ of the society.
(a) Evolution
(b) Planning
(c) Functioning
(d) None of the above
Answer: (c) Functioning
B. State 'T' for True or 'F' for False
1. Entrepreneurship is the procedure followed by an entrepreneur to establish an enterprise.
Answer: True
2. There is an indirect relationship between entrepreneurship and society.
Answer: False
3. When new businesses are started, the need for better infrastructure arises.
Answer: True
4. Society boosts entrepreneurship by creating needs and demands.
Answer: True
5. The entrepreneur's business venture does not generally reflect his personal values, attitudes, and beliefs.
Answer: False
6. Nothing matters more than the business idea.
Answer: False
7. One can acquire and develop entrepreneurial skills.
Answer: True
8. Entrepreneurship is a process of constant learning.
Answer: True
9. Entrepreneurs are not job seekers but they create opportunities of employment for people.
Answer: True
10. Entrepreneurs identify a need in the market and build a product or service for it.
Answer: True