CBSE Class-IX Information Technology-Solved Exercise Entrepreneurial Skills Basics of Entrepreneurship

CBSE Class-IX Information Technology-Solution Unit-IV (Session-1) Unit-4 Solved Exercise Entrepreneurial Skills Basics of Entrepreneurship

A. Short Answer Questions:

1. What is entrepreneurship?

Answer: Entrepreneurs are people who come from the society. They need the society's support to establish and run their business. In return, entrepreneurship provides economic growth, new job opportunities, wealth and prosperity to other people in society.

2. Who is called an entrepreneur?

Answer: Entrepreneurship is the practice of establishing a new business enterprise, usually in an industry or a sector of the economy that has a large capacity and potential for growth.

3. What is meant by a partnership business?

Answer: A partnership business is owned by two or more people who contribute resources into setting up and operating the entity. The partners divide the profits of the business among themselves.

4. What is meant by liability in context of a business?

Answer: 

5. Name any three types of businesses.

Answer: 

1. Manufacturing business

2. Service business

3. Hybrid business

6. Write any one difference between a private ltd. and public ltd. company?

Answer: A private limited company is a type of privately held small business entity. This type of business entity limits the owner's liability to their shares, limits the number of shareholders.

Public limited company is a form of business organization that operates as a separate legal entity from its owners. It is formed and owned by shareholders.

7. Write any two characteristics of entrepreneurship.

Answer: 

1. It is a dynamic economic activity: Entrepreneurship is an economic activity because it involves setting up and operation of a business for wealth creation.

2. Needs constant innovation: Entrepreneurship involves a continuous search for new ideas and innovative methods to make the most efficient use of the available resources and opportunities.

8. Write some rewards of entrepreneurship.

Answer: The  biggest reward of becoming an entrepreneur is the personal satisfaction that comes from having the freedom to make your own business decisions and then act on them.

1. Making your own rules.

2. You have the freedom to follow your own schedule.

3. Creates employment opportunities for others.

4. Unlimited growth opportunities.

B. Multiple choice questions. Tick the correct answer.

1. Which of these is an integral feature of an entrepreneurial venture?

a. innovation               b. machines              c. labour                              d. investors

Answer: Innovation

2. Which of these is a feature of the sole proprietary business?

a. Limited liability      b. single owner         c. profit sharing                   d. none

Answer: Single owner

3. Which type of business model does Amul India follow?

a. partnership              b. private ltd company  c. public ltd company      d. cooperative

Answer:Cooperative

4. Which of these is not an entrepreneurial skill?

a. teamwork                b. problem solving skills   c. motivation and vision  d. no ability to bear risk

Answer:No ability to bear risk

5. Which of these is not necessary for a successful entrepreneurial venture?

a. profitability            b. motivation the employees c. continuous performance evaluation  d. public speaking.

Answer: Public Speaking