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Entrepreneur - class-X

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Which factor of production brings together the other factors of production in order to produce economic goods and services?

  1. Land

  2. Labourer

  3. Capital

  4. Entrepreneur


Correct Option: D
Explanation:

Entrepreneur uses his/her skills and knowledge to bring together all the other factors of production in order to produce goods and services in the economy.

Which of the following quality is attributable to social entrepreneurs ? 

  1. Visionaries

  2. One man show

  3. Rationalist

  4. Rich and powerful


Correct Option: A
Explanation:

Visionaries: Social entrepreneurs often seem to be possessed by their ideas,committing their lives to changing the direction of their field. they are visionaries and concerned with the practical implementation of their vision above all else.

Who among the following has given definition of social entrepreneurship ?

  1. Greg Dugouts

  2. Greg Dees

  3. Dee Maria

  4. Susan B. Anthony


Correct Option: B
Explanation:

Greg Dees ,co-founder of the Center for the Advancement of Social Entrepreneurship at Duke University and a member of the Impact Entrepreneurs advisory board,wrote the definition of social entrepreneurship.

Leading historical Social entrepreneur who fought for women's right in United States ? 

  1. Dr. Maria Montessori

  2. Susan Dees

  3. Margaret Sanger

  4. Susan B. Anthony


Correct Option: D
Explanation:

Susan B Anthony (U.S) fought for Women' Rights in the US ,including the right to control property and helped sprearhead adoption of the 19th amendment.

Social entrepreneurship is a revolution occurring around the world, where people from all walks of life are ____________________________.

  1. developing and implementing innovative, effective and sustainable solutions in response to government's role

  2. developing and implementing innovative, effective and sustainable solutions in response to social and charitable challenges

  3. developing and implementing innovative, effective and sustainable solutions in response to social and environmental challenges

  4. developing and implementing effective and sustainable solutions in response to taxation environment challenges.


Correct Option: C
Explanation:

Social entrepreneuship is a global revolution where individuals (known as social entrepreneurs) developed and implemented innovative and effective solutions to society's most pressing social problems. They are ambitious and persistent with regards to tackling major environmental issues around the world.

Social entrepreneurs are individuals with innovative solution to  _____________________. 

  1. society's most pressing social problems.

  2. society's most common problems

  3. social problems that are not still solved

  4. social problems that are not subject to Court proceedings.


Correct Option: A
Explanation:

Social entrepreneurs are individuals with innovative solution to society's most pressing social problems.They are ambitious and persistent.They can tackle major social issues and offer new ideas for wide-scale change.

A social entrepreneurship organization uses methods in an innovative way to address: 
X. Social problem 
Y. Environmental problem 
Select the correct answer from the options given below - 

  1. $Y$ only

  2. Neither $X$ nor $Y$

  3. $X$ only

  4. Both $X$ and $Y$


Correct Option: D
Explanation:

A social entrepreneurship organization uses methods to address the social problems or any change in the society.It also deals with the environmental problem.

Business as an entrepreneurial hub is one of the major drivers identified by ________________.

  1. the Expert Committee on Innovation & Entrepreneurship

  2. innovative Start-ups

  3. incubation policy

  4. None of the above


Correct Option: A
Explanation:

Business as entrepreneurial hubs is one of the major drivers identified by the Expert Committee on Innovation and Entrepreneurship with a view to give substantial boost to the innovation ecosystem and to catalyze the entrepreneurial spirit in the country.

ASME, according to the _____ is an independently owned and operated, organized for profit, and not dominant it its field. 

  1. National Skill Development Corporation

  2. US Small Business Administration (SBA)

  3. NITI Aayog

  4. Expert Committee on Innovation & Entrepreneurship


Correct Option: B
Explanation:

US Small Business Administration is a United States' government agency that provides supports to entrepreneurs and small businesses.

Vinoba Bhave was founder and leader of the ______________________.

  1. Land scam in India

  2. Constitution of India

  3. Land gift movement

  4. Planned Parenthood Federation


Correct Option: C
Explanation:

Vinoba Bhave(India): Founder and leader of the Land Gift Movement,he causd the redistribution of more than 7,000,000 acres of land to aid India's untouchables and landless.

Social entrepreneurs act as the _____________________________.

  1. change agent for poor people

  2. change agent for government

  3. change agent for society

  4. change agent for nation


Correct Option: C
Explanation:

Social entrepreneurs act as the change agents for society,seizing opportunities others miss and improving systems and creating solutions to change the society for better.

Social entrepreneurs play the role of change agents in the social sector by _____________________. 

  1. adopting a mission to create and sustain social value recognizing and relentlessly pursuing new opportunities to serve that mission

  2. engaging in a process of continuous innovations, adaptations and learning.

  3. acting boldly without being limited by resources currently in hand

  4. All of the above


Correct Option: D
Explanation:

Social entrepreneurs are individuals who act as an agent to change the society for better. They can tackle social issues with innovative and creative methods. They also offer wide range of ideas and act boldly .

Which of the following challenges social entrepreneurs are facing ? 

  1. Limited access to early stage capital

  2. Development of new product

  3. Maintaining profits

  4. All of the above


Correct Option: A
Explanation:

Limited access to early stage capital is one of the major challenges faced by social entrepreneurs as they do not follow conventional way of doing business.

Which of the following is way of funding social entrepreneurs ? 
I. Loan Guarantees
II. Quasi-equity debt
III. Pooling 
Select the correct answer from the options given below - 

  1. $I$

  2. $II$

  3. $III$

  4. $All$


Correct Option: D
Explanation:
1)loan guarantee is a promise by one party to assume the debt obligation of a borrower if that borrower defaults.
2)a category of debt taken on by a company that has some traits of equity is known as quasi equity debt.
3)in resource management ,pooling is the grouping together of resources for the purpose of maximizing advantage and minimizing risk to the users

John Muir - 
1. was Naturalist & conservationist 
2. established National Park System 
3. helped to found Sierra Club
Select the correct answer from the options given below - 

  1. $2$ only

  2. $1$ and $2$ only

  3. $3$ only

  4. $1$ , $2$ & $3$


Correct Option: D
Explanation:

John Muir is a Scottish-American naturalist. He is also known as "Father of Natural Parks". He is the founder of Seirra Club.

The key to managing return on funding in social enterprises is to offer ________.

  1. consistent risk and return to all investors.

  2. different risks and returns to different kind of investor.

  3. return on the basis of type of social enterprise

  4. All of the above


Correct Option: B
Explanation:

To ensure a smooth return on funding accumulated by social entrepreneurs, different kind of investors should be offered with different risk which they will have to bear if they invest their money.

In a social enterprise model measurable impact is created by the generation of _______________.

  1. funding value

  2. service value

  3. economic value

  4. social value


Correct Option: D
Explanation:

Social enterprise model gives the most preference to the social value. Social entrepreneurs upholds the social and ethical value like,providing affordable health care,basi foodstuffs etc.

Dr. Maria Montessori ______________________.

  1. fought for fundamental rights of children.

  2. established school for nurses and fought for improvement of hospital conditions .

  3. established National Park System.

  4. developed approach to early childhood education.


Correct Option: D
Explanation:

Dr. Maria Montessori (Italy) :She is an Italian physician and educator best known for the philosophy of  Montessori approach  childhood education.She also gained fame for her writing on scientific pedagogy.

The Bill & Melinda Gates Foundation now ______________.

  1. issues loan guarantees

  2. issues direct funds

  3. leverage the position

  4. acts as financial vehicle


Correct Option: A
Explanation:

The Bill and Melinda Gates Foundation now issues loans,rather than direct funds ,to some of the enterprise it supports ,recognizing that this is an efficient way to leverage its donations and provide organizations with more certain-funding.

The funding of social entrepreneurs is essentially a problem of ________.

  1. availability of investment option

  2. financing structuring

  3. profits

  4. None of the above


Correct Option: B
Explanation:

Social entrepreneurs usually are not profitable enough to access traditional financial markets,resulting in a financial-social gap. Thus, the funding of social entrepreneurs is essentially a problem of financing structuring.

The process of co-ordinating land, capital and labour for production is called _________________.

  1. Organize

  2. Entrepreneurship

  3. Service

  4. Coordination


Correct Option: B
Explanation:

The process of coordinating land, capital and labour for production is called Entrepreneurship. It is the capacity and willingness to develop, organize and manage a business venture along with any of its risks in order to make a profit. Entrepreneurs act as managers and oversee the launch and growth of an enterprise.

The word entrepreneur originated from __________ language.

  1. Latin

  2. Greek

  3. French

  4. India


Correct Option: C

An entrepreneur must be ______ to foresee the changes in the market so that the production could be adjusted accordingly.

  1. careless

  2. farsighted

  3. negligent

  4. ignorant


Correct Option: B
Explanation:

An entrepreneur must be Farsighted to foresee the changes in the market so that the production could be adjusted accordingly. If a entrepreneur will have the awareness of future possibilities, he will do some adjustment according to it. 

The main functions of an entrepreneur are grouped categories including ______________.

  1. risk-bearing functions

  2. administrative and decision-making functions

  3. distributive functions

  4. all of the above


Correct Option: D
Explanation:

The entrepreneur brings the other 3 factors of production together in  order to  make a product or provide a service. 

An entrepreneur always attempts to bring change in terms of factor proportions which is called innovation. A manager is concerned only with day-to-day affairs of a going concern.

  1. True

  2. False


Correct Option: A
Explanation:

An entrepreneur is a person with an idea who takes the risk to pursue the idea and turn it into reality.On the other hand,manager manages the operations and functions of the organizations.

A person who is always averse to risk-taking cannot be a good __________.

  1. entrepreneur

  2. teacher

  3. government service

  4. doctor


Correct Option: A
Explanation:

One of the features of an entrepreneur is risk taking, because unless risk is not taken, reward in terms of profits will not be received. 

___________ is one of the most important functions of an entrepreneur.

  1. Entertainment

  2. Innovation

  3. Administration

  4. Production


Correct Option: B
Explanation:

Innovation is important for entrepreneur because an entrepreneur leads the rest of the firm and constant innovation is required for being competitive in the market and hence create more income for themselves and the country. 

An entrepreneur must have the qualities of __________.

  1. influencing the people

  2. win their confidence

  3. must understand human nature

  4. all of the above


Correct Option: D
Explanation:

An entrepreneur must have the capability to interact with the people. The entrepreneur should make the people happy and win their confidence. He should be able to understand the nature of the people. He should react according to the person's behaviour.

Entrepreneurs initiate and sustain the process of economic development in which of the following ways?

  1. Capital formation

  2. Improvement in per capita income

  3. Generation of employment

  4. All of the above


Correct Option: D
Explanation:

All the above mentioned functions are performed by an entrepreneur which lead to economic development. He makes investment in the firm, which leads to rise in capital formation in the economy. This in turn generates employment opportunities and increased production goods and services, further, income is earned by people employed and profit is generated. This improves the per capita income in the income, which will further increase capital formation, and hence, sustain the process of economic development.

What is the most important and specific function of an entrepreneur?

  1. Risk-bearing function

  2. Administrative function

  3. Decision-making function

  4. Distributive function


Correct Option: A
Explanation:

An entrepreneur has to bear all types of risks connected with the business. The risk may be associated with production, investment, profit or loss of the company, technological and frequent changes in government policies. It is very important function of an entrepreneur.

An entrepreneur must have the qualities of __________.

  1. leadership

  2. risk-taking attitude

  3. innovation

  4. all of the above


Correct Option: D
Explanation:
The entrepreneur brings the other 3 factors of production together in  order to  make a product or provide a service. 

A paid manager cannot be described as an ____________.

  1. entrepreneur

  2. industrialist

  3. businessman

  4. none of the above


Correct Option: A
Explanation:

A manager is responsible for managing daily tasks and problems in a firm. An entrepreneur build the firm from scratch and requires different set of qualities. 

Rent theory of profit is associated with the name of ________.

  1. Hawley

  2. Walker

  3. Schumpeter

  4. J.B. Clark


Correct Option: B
Explanation:

The rent theory was developed by an American economist,Francis L Walker.
He states that profit is the rent of ability.
Entrepreneurs of superior ability earns profit just as superior land earns rent.

Risk theory of profit was advocated by ________.

  1. Hawley

  2. J.B. Clark

  3. Marshall

  4. Schumpeter


Correct Option: A
Explanation:

Risk theory was coined by FB Hawley who states that risk taking as the main function of an entrepreneur

An entrepreneur undertakes the ______ responsibility.

  1. production

  2. supply of a production

  3. management

  4. organisations


Correct Option: D
Explanation:

An entrepreneur undertakes the organization responsibility as he uses his skills and ideas to run the organization.

To simplify the regulatory framework the government introduced the 'ease of doing business' scheme wherein an MSME unit has to fill in a single one page self-declaration online form called ___________.

  1. adhaar form

  2. MSME application form

  3. udyog aadhaar

  4. adhaar udyog


Correct Option: C
Explanation:

Udyog Aadhar is a one-page registration form which constitutes a self-declaration format under which the Micro, Small, and Medium Enterprises(MSME)  will self-certify its existence, bank account details,  promoter/owner’s aadhaar details and other minimum information required.

Key characteristics of entrepreneurship are:

  1. It promotes the managers to be more innovative and take more responsibility while demonstrating charismatic leadership qualities.

  2. Entrepreneurship projects are funded by large business organizations and agreed percentage of profits are remitted to the fund provider/head quarters of the business.

  3. Entrepreneurship will cultivate entrepreneurial skills/culture within the corporate culture where managers will be motivated to accept more risk.

  4. All of the above


Correct Option: D
Explanation:

The key characteristics of entrepreneurship are

  • It brings innovation, responsibility, and leadership qualities in the manager which leads to better vision of the organisation.
  • Entrepreneurship projects are funded by various investors which includes both public and private investors.
  • Entrepreneurship projects are made with special entrepreneurship skills which demands risk taking and decision making. 

 ________ is the person who combines the various factors of production in the right proportions, initiates the process of production and bears the risk involved in it.

  1. Capitalist

  2. Socialist

  3. Government

  4. Entrepreneur


Correct Option: D

Entrepreneurship is a wider term than organization and management of a business. This statement is -

  1. True

  2. False

  3. Partially True

  4. None of the above


Correct Option: A

Entrepreneurship gets its reward (i.e. Profit), only after all other factors of production have been rewarded. This statement is ___________.

  1. True

  2. False

  3. Partially True

  4. None of the above


Correct Option: A

Entrepreneur is also called as _______________.

  1. Organiser

  2. Manager

  3. Risk-Taker

  4. All of the above


Correct Option: D

Entrepreneur ___________________.

  1. Is the catalyst in the process of using the factors of production.

  2. Gives direction to the usage of other factors of production

  3. Both (a) and (b)

  4. Neither (a) nor (b)


Correct Option: C

The reward/ incentive/remuneration for entrepreneurship is a ________  amount.

  1. Fixed

  2. Variable

  3. Semi-Variable

  4. Irrelevant


Correct Option: B

The most important function of an entrepreneur is to ____________.

  1. innovate

  2. bear the sense of responsibility

  3. finance

  4. earn Profit


Correct Option: B
Explanation:

'Bear the sense of responsibility' reflects 'risk bearing' capacity and it is most important function of an entrepreneur.

Entrepreneur holds the final responsibility of the business. This statement is _____________.

  1. True

  2. False

  3. Partially True

  4. None of the above


Correct Option: A

Innovation theory of entrepreneur is propounded by ____________.

  1. Prof knight

  2. Schumpeter

  3. Max weber

  4. Peter Ducker


Correct Option: B

The functions of an Entrepreneur include ______________________.

  1. Initiating a business enterprise and resource coordination

  2. Risk-bearing or uncertainty-bearing

  3. Introducing Innovations on a continuous basis

  4. All of the above


Correct Option: D

Which types of entrepreneur excel at problem solving in a systematic way ?

  1. Analyst

  2. Fireball

  3. Healer

  4. Visionary


Correct Option: A
Explanation:

The functions of an entrepreneur are risk bearing, organising and innovation. An analyst is hired to solve the problem occurring in the procedure. An analyst is supposed to analyse a given data, identify the problem with it and then find out the solution of it with the help of programming or coding. They are master into several programming languages e.g. C, Java etc, statistical software e.g. R-programming, SAS, SPSS etc.. and other software like Excel. They generally are expert in theoretical and statistical modelling which help them to solve the problem in a systematic way.

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