Class-XI
Ch-1 Entrepreneurship Concept and Functions
This is Part -1 containing 25 questions. To Access Part-2 Click here.
MCQs – Entrepreneurship Concept and Functions – Part-1
Q 1: Which of the following Entrepreneur is associated with “MITTICOOL”.
- Mukesh Ambani (c) Nandita Bijur
- Mansukh Bhai Prajapati (d) Harish Handa
Answer – (b) Mansukh Bhai Prajapati
Q 2: ____________ is a ship on a voyage that has on onboard , innovative and creative men and women who like to do all those constructive things which nobody could lay his/her hands befor.
Fill in the above Blank.
Ans: Entrepreneurship
Q 3: Entrepreneurship is Defined by (i)______________ not by _(ii)______________.
Fill in the above blanks with most suitable option.
- (i) Attributes (ii) Result (c) (i) Commercial Risk (ii) Passion
- (i) Results (ii) Attributes (d) (i) Passion (ii) Commercial Risk
Ans: (b) (i) Results (ii) Attributes
Q 4: How many senses does an Entrepreneur develops through his exposure, experience, failures and following the concept of listening to understanding.
- One to Five (c) One to Six
- Six to Nine (d) Six to eight
Ans: (b) Six to Nine
Q 5: ‘Vegetable vendors, Newspaper distributors and Laundry Services, are Entrepreneurs.”
State with Reason that above statement is True of False.
Ans: True.
Reason: They all bear the Risk.
Q 6:Which of the following term is the most suitable for the Entrepreneur?
- Subject (c) Object
- Verb (d) None of the above
Ans: (a) Subject
Q 7: Define the meaning of An Entrepreneur in the words of Richard Cantillon.
Ans: As a person, who pays a certain price to a product to resell it at an uncertain price including making decisions about obtaining and using the resources while consequently admitting the risk of Enterprise.
Q 8: _____________ are of the view that Entrepreneurs are the fourth factors of Production.
- Economists (c) Both (a) and (b)
- Sociologists (d) None of the above
Ans: (a) Economists
Q 9: Which of the following term is the most suitable for the Enterprise?
- Subject (c) Object
- Verb (d) None of the above
Ans: Object
Q 10: _____________ are of the view that certain communities and cultures promote Entrepreneurship.
- Economists (c) Both (a) and (b)
- Sociologists (d) None of the above
Ans: Sociologists
Q 11: Now a days we see a lot of need based companies mushrooming over the country, like Mcdonalds, dabbawalaah, creches etc.
State on the basis of above case that which is the concept of Entrepreneurship in present era.
Ans: Idea Centric.
Q 12: Which of the following term is the most suitable for the Entrepreneurship?
- Subject (c) Object
- Verb (d) None of the above
Ans: (b) Verb
Q 13: Why is an entrepreneur called as a catalyst agent of change?
Ans: Because he puts up new green field projects that create wealth, opens up many employment opportunities and leads to growth of other sectors.
Q 14: Which of the following is the feature of an Entrepreneur?
- Develops and owns his own business (c) Is a persuader
- Is innovative (d) All of the above
Ans: (d) All of the above
Q 15: State the meaning of Entrepreneur.
Ans: An Entrepreneur is the one who perceives opportunity, organizes resources needed for exploring that opportunity and exploits it.
Q 16: “ An individual who undertakes the formation of an organisation for commercial purposes by recognizing the potential demand for goods and services and there by acts as an economic agent and transforms demand and supply.”
Which of the following have Q uoted above definition of An entrepreneur?
- Ricardo Cantillon (c) Peter F. Drucker
- Adam Smith (d) Joseph Schumpter
Ans: (b) Adam Smith
Q 17: The entrepreneur is the actor and entrepreneurship is the act. The outcome of the acor and the act is called_____________.
Fill in the above blank.
Ans: Enterprise
Q 18: State the meaning of Enterprise.
Ans: An enterprise is the business organisation that is formed and which provides goods and services, creates jobs, contributes to national Income,, exports and contribute to the overall development economic development.
Q 19: “Entrepreneur and Entrepreneurship are two sides of a coin.” Do you agree? Comment.
Ans: Entrepreneur and Entrepreneurship are two sides of same coin because these both terms are co-related. An entrepreneur is a person who bears the risks, unites various factors of production and carries out creative innovations. On the contrary Entrepreneurship is the set of activities performed by an Entrepreneur.
Q 20: “Entrepreneurs introduce something new in any branch of economic activity. He foresee a potentially profitable opportunity and tries to exploit it.”. Which of the following Entrepreneurial function of an Entrepreneur is highlighted in Quoted lines?
(a) Risk Taking (c) Innovation
(b) Organisation Building (d) Production
Ans: (c) Innovation
Q 21: “An Entrepreneur reduces uncertainty in his/her plan of investment, diversification of production and expansion of the enterprise. He is a self confident and highly optimistic person, willing to assume the risks involved in an innovation, new business and expansion of Existing Venture.” .”. Which of the following Entrepreneurial function of an Entrepreneur is highlighted in Quoted lines?
(a) Risk Taking (c) Innovation
(b) Organisation Building (d) Production
Ans: (a) Risk Taking
Q 22: “ An Entrepreneur alone determines the lines of business to expand and capital to employ.”
. Which of the following Entrepreneurial function of an Entrepreneur is highlighted in Quoted lines?
(a) Risk Taking (c) Innovation
(b) Organisation Building (d) Production
Ans: (b) Organisation Building
Q 23: “ An Entrepreneur visualizes that there re opportunities for a particular type of business and it can profitably run.” Which of the following Promotional function of an Entrepreneur is highlighted in quoted lines?
(a) Detailed investigation (c) Assembling the Requirements
(b) Discovery of an Idea (d) Financing the Proposition
Ans: (b) Discovery of an Idea
Q 24: “ The Entrepreneur will estimate the total demand for goods and then will think about arranging finances for the venture along with the availability of power, labor, raw materials and machinery”. Which of the following Promotional function of an Entrepreneur is highlighted in Quoted lines?
(a) Detailed investigation (c) Assembling the Requirements
(b) Discovery of an Idea (d) Financing the Proposition
Ans: (a) Detailed investigation
Q 25: “ The entrepreneur selects the factory sites, decides about plant and machinery and contacts suppliers of raw materials”. Which of the following Promotional function of an Entrepreneur is highlighted in Q uoted lines?
(a) Detailed investigation (c) Assembling the Requirements
(b) Discovery of an Idea (d) Financing the Proposition
Ans: (c) Assembling the Requirements