Students can practice the best AI Class 10 MCQ Chapter 4 Entrepreneurial Skills Class 10 MCQ with Answers for exam preparation.
Class 10 AI Entrepreneurial Skills MCQ
MCQ on Entrepreneurial Skills Class 10
Class 10 Entrepreneurial Skills MCQ – Entrepreneurial Skills MCQ Class 10
Multiple Choice Questions
Question 1.
Srishti is a young woman who makes earrings. She buys jute from a farmer and makes earrings from that. She sees that most women in her village do not work. So, she hires two women to help her. As her orders increase, she hires three more women to work for her. How was she helping her village grow?
(A) By selling earrings to women without a job
(B) By purchasing earrings from the local market
(C) By buying jute from the local farmer and by providing jobs to local women
(D) By attracting the women in her village with her creative earrings
Answer:
Option (C) is correct.
Explanation: Srishti’s actions directly contribute to the growth of her village in several ways:
By purchasing jute from a local farmer, she supports the local economy and encourages agricultural activity within the village.
By hiring women from her village to help make earrings, she provides employment opportunities, thereby empowering women economically and contributing to the overall prosperity of the community.
Question 2.
Mary has two people who work for her. Every day, she spends one hour with them to learn about what they’ve done that day.
(A) Creates a new product
(B) Divides income
(C) Manages the business
(D) Takes risks
Answer:
Option (C) is correct.
Explanation: Mary’s daily interaction with her employees to review their activities suggests she is primarily focused on managing the business, overseeing operations, and ensuring tasks are completed efficiently. While entrepreneurship involves various aspects such as creating new products, dividing income, and taking risks, Mary’s routine emphasises the importance of hands-on management in running her business effectively.
Question 3.
In which situation an entrepreneur will not be able to convince his fellow beings? If he/she is:
(A) Risk-taker
(B) Low self-confident
(C) Patient
(D) Creative
Answer:
Option (B) is correct.
Explanation: Entrepreneurs need to be able to convince others of their vision, ideas, and plans in order to garner support, whether it’s from investors, employees, or other stakeholders. Low self-confidence can hinder an entrepreneur’s ability to effectively communicate their ideas and persuade others to buy into their vision, making it difficult to rally support for their ventures.
Question 4.
Which of the following is an advantage of entrepreneurship as a career?
(A) Independence
(B) Originality
(C) Excitement
(D) All of these
Answer:
Option (D) is correct.
Explanation: Entrepreneurship offers various advantages as a career choice, including independence to make decisions and control one’s own destiny, the opportunity to pursue original and innovative ideas, and the excitement of facing challenges and creating something new.
Question 5.
An entrepreneur has to get his work done by other.’
Identify the characteristic of an entrepreneur stated in the above lines.
(A) Organiser
(B) Risk-taker
(C) Innovator
(D) Motivator
Answer:
Option (D) is correct.
Explanation: Entrepreneurs often need to motivate and inspire others to achieve their goals and objectives. They must effectively delegate tasks and responsibilities to others while encouraging and empowering them to perform at their best. This ability to motivate and get work done through others is a key aspect of successful entrepreneurship.
Question 6.
Statement 1: Most of the entrepreneurial ventures end up as failures.
Statement 2: Entrepreneurial ventures are easy to start.
(A) Both Statement 1 and Statement 2 are correct.
(B) Both Statement 1 and Statement 2 are incorrect.
(C) Statement 1 is correct, but Statement 2 is incorrect.
(D) Statement 2 is correct, but Statement 1 is incorrect.
Answer:
Option (B) is correct.
Explanation: Many successful businesses have been founded through entrepreneurship, and failure rates vary depending on factors such as industry, market conditions, and the entrepreneur’s skills and strategies. Starting a business requires significant effort, resources, and commitment. It often involves overcoming challenges, risks, and uncertainties.
Question 7.
An entrepreneur is a/an …………. of society’s productive resources.
(A) Organiser
(B) Innovator
(C) Creator
(D) Producer
Answer:
Option (A) is correct.
Explanation: An entrepreneur plays the role of an organiser in society by bringing together various productive resources such as capital, labor, and technology to create value and generate economic activity. They coordinate and manage these resources efficiently to achieve their business objectives and contribute to overall economic growth and development.
Question 8.
From the following statements, which one is not the positive impact of entrepreneurship on society?
(A) Stimulates innovation and efficiency
(B) Creates job and employment opportunities
(C) Solves the problems of the society
(D) Discourage the welfare of the society
Answer:
Option (D) is correct.
Explanation: Entrepreneurship typically has positive impacts on society, including stimulating innovation and efficiency, creating job and employment opportunities, and solving societal problems through innovative solutions. Option (d) stands out as not representing a positive impact; in fact, entrepreneurship often aims to address societal needs and contribute to the welfare and development of society.
Question 9.
Which of the following is the managerial function of an entrepreneur?
(A) Planning
(B) Detailed investigation
(C) Production
(D) Risk-taking
Answer:
Option (A) is correct.
Explanation: Planning is, a crucial managerial function of an entrepreneur It involves setting goals, determining strategies to achieve those goals, and outlining the actions and resources needed to implement the strategies effectively. Through planning, entrepreneurs can anticipate future challenges, identify opportunities, and make informed decisions to steer their ventures towards success.
Question 10.
Mary buys bulbs for her business from Noida. She learns that bulbs are cheaper in Faridabad. So, she decides to start buying bulbs from there. Identify the function of entrepreneur that Mary is doing.
(A) Makes decisions
(B) Divides income
(C) Takes risk
(D) None of these
Answer:
Option (A) is correct.
Explanation: Mary’s decision to start buying bulbs from Faridabad instead of Noida demonstrates her ability to make strategic decisions for her business. This decision-making function is a key aspect of entrepreneurship, as entrepreneurs continually evaluate options and make choices to optimise their business operations.
Question 11.
Ravi’s customer comes to his store and starts shouting at them. He does not get angry. He listens to what his customer is saying. He is
(A) Hardworking
(B) Confident
(C) Patient
(D) Trying new ideas
Answer:
Option (C) is correct.
Explanation: He does not get angry. He listens to what his customer is saying. So he is Patient.
Question 12.
Which of the following is a disadvantage of entrepreneurship as a career?
(A) Uncertainty of income
(B) Being Boss
(C) Wealth Creation
(D) Freedom
Answer:
Option (A) is correct.
Explanation: Entrepreneurship does not guarantee 100 % success. Entrepreneurship is a risky proposition. If you have not done your calculations right, the business might fail or may not achieve the success you initially thought. Thus, one of the disadvantage of entrepreneurship as a career is uncertainty.
Assertion & Reason Questions :
Directions: In the following questions, a statement of assertion (A) is followed by a statement of reason ( R ). Mark the correct choice as:
(A) Both assertion (A) and reason (R) are true and reason (R) is the correct explanation of assertion (A).
(B) Both assertion (A) and reason (R) are true but reason (R) is not the correct explanation of assertion (A).
(C) Assertion (A) is true but reason (R) is false.
(D) Assertion (A) is false but reason (R) is true.
1. Assertion (A): A doctor works for a renowned hospital. The statement given above is an example of wage employment.
Reason (R): The doctor is employed by the hospital and receives a salary in return for their services.
Answer:
Option (A) is correct.
2. Assertion (A): Entrepreneurship has emerged as a focal point of policy in the majority of countries.
Reason (R): Entrepreneurship contributes in job generation innovation and promotes social cohesion.
Answer:
Option (A) is correct.
3. Assertion (A): Owing a clothing business is an example of wage employment.
Reason (R): Wage employment refers to a situation where an individual works for an employer in exchange for a regular wage or salary.
Answer:
Option (D) is correct.
Explanation: Self-employment refers to individuals who work for themselves rather than for an employer. In the case of owning a clothing business, the individual is responsible for running and managing the business independently, including tasks such as sourcing inventory, managing finances, marketing products, and serving customers. They have full control over their business decisions and operations, and they directly benefit from the profits generated by the business. Therefore, owning a clothing business qualifies as a form of self-employment.
4. Assertion (A): After four years, Rahul has opened two new retail chain stores in the same city. It is an example of ‘grow’ stage of entrepreneurship as a career process.
Reason (R): During this stage, an entrepreneur decides to start a business venture and enters the market.
Answer:
Option (C) is correct.
Explanation: During ‘grow’ stage, entrepreneurs focus on expanding their business operations, increasing market share, and scaling their ventures. Opening additional stores in the same city signifies an expansion strategy aimed at capitalising on existing success and further penetrating the local market.
5. Assertion (A): In a free market, entrepreneurs bring change in technology, trends, and markets.
Reason (R): Entrepreneurs are often at the forefront of technological innovation.
Answer:
Option (b) is correct.
Explanation: Entrepreneurs are catalysts for change in free markets, driving technological advancements, shaping consumer trends, and redefining market dynamics through their innovative endeavors. Their ability to adapt, innovate, and create value fuels economic progress and drives societal development.
Fill in the Blanks:
1. Entrepreneur creates …………. and …………. in the society.
Answer:
Wealth, Employment.
2. An …………. is a person who establishes a business or a venture that generate some value to the customer and prove to be profitable for him.
Answer:
Entrepreneur
3. …………. function of an entrepreneur is directed towards the satisfaction of consumer wants.
Answer:
Marketing
4. …………. are dynamic agents of change in markets.
Answer:
Entrepreneurs
5. …………. function of an entrepreneur is concerned with the provisions of working tonditions and welfare measures to maintain a good work force in the organisation.
Answer:
Personnel
Case Based MCQs :
I. Read the following text and answer the following questions based on the same:
A young man was passing through a site of construction. He saw three labourers working at the site. He went to one of them and asked “What are you doing here?” The worker answered, “Don’t you see? I am making out a living. I am working to earn.” The young man moved towards the second man and asked him the same question. He answered, “Don’t you see? I am constructing a wall”. The young man moved towards the third man & repeated the question. The labourer replied “Don’t you see? I am building a beautiful mansion”.
Question 1.
All the three were doing the same work, then what differentiates them?
(A) Risk
(B) Attitude
(C) Self-confidence
(D) None of these
Answer:
Option (B) is correct.
Explanation: While all three laborers were engaged in the same physical task of construction, their attitudes towards their work differed significantly. The first laborer viewed his work merely as a means to earn a living, focusing solely on the immediate task at hand. The second laborer saw his work in a more task-oriented manner, recognising it as the construction of a wall. However, the third laborer exhibited a more positive and forward-thinking attitude, viewing his work as part of a larger project to build a beautiful mansion.
Question 2.
What is important to do a piece of work effectively and efficiently?
(A) Positive attitude
(B) Self-confidence
(C) Low morale
(D) None of these
Answer:
Option (A) is correct.
Explanation: A positive attitude can lead to increased motivation, resilience, and problemsolving abilities, which are essential for overcoming challenges and achieving success. It enables individuals to approach tasks with enthusiasm, optimism, and a willingness to learn and improve.
Question 3.
Whose answer reflected a positive attitude?
(i) First labourer
(ii) Second labourer
(iii) Third labourer
(A) (i) and (ii) only
(B) (ii) and (iii) only
(C) (i) only
(D) (iii) only
Answer:
Option (D) is correct.
Explanation: The third laborer’s answer reflected a positive attitude. Unlike the first laborer who viewed his work merely as a means to earn a living and the second laborer who saw his work in a more task-oriented manner, the third laborer exhibited a positive and forward-thinking attitude. He described his work as part of a larger project to build a beautiful mansion, indicating optimism, pride, and enthusiasm for the outcome of his labor.
Question 4.
Which of the follewing are characteristics of an entrepreneur except one mentioned in the para?
(A) Self-confidence
(B) Persistent
(C) Leadership
(D) All of these
Answer:
Option (D) is correct.
II. Read the following text and answer the following questions based on the same:
Jane is a young entrepreneur who recently started her own bakery business in her local neighborhood. She is passionate about baking and saw an opportunity to turn her hobby into a successful business venture. Let’s explore Jane’s entrepreneurial journey through four multiplechoice questions.
Question 1.
What qualities of an entrepreneur does Jane demonstrate in her entrepreneurial journey?
(A) Risk-taking
(B) Passion
(C) Innovation
(D) All of these
Answer:
Option (D) is correct.
Explanation: Jane demonstrates several qualities of an entrepreneur, including risk-taking (by starting her own business), passion (for baking and entrepreneurship), and innovation (by identifying an opportunity and turning her hobby into a business). Therefore, option (d) is correct.
Question 2.
What function of an entrepreneur is exemplified by Jane’s role in her bakery business?
(A) Managerial
(B) Financial
(C) Creative
(D) Administrative
Answer:
Option (C) is correct.
Explanation: Jane’s role in her bakery business involves creativity, as she develops new recipes, designs appealing products, and innovates to meet customer preferences. Therefore, option (c) is correct.
Question 3.
Why is entrepreneurship an important career option for individuals like Jane?
(A) Provides independence
(B) Stimulates innovation
(C) Creates job opportunities
(D) All of the above
Answer:
Option (D) is correct.
Explanation: Entrepreneurship offers various benefits, including providing independence to individuals like Jane to pursue their passions, stimulating innovation through new business ideas and solutions, and creating job opportunities for others in the community. Therefore, option (d) is correct.
Question 4.
What myth about entrepreneurship does Jane’s success debunk?
(A) Entrepreneurs are born, not made
(B) Every business idea needs to be unique
(C) Entrepreneurship requires substantial capital
(D) Only large-scale businesses qualify as entrepreneurship
Answer:
Option (C) is correct.
Explanation: Jane’s success in starting her bakery business challenges the myth that entrepreneurship requires substantial capital. She was able to launch her business with limited resources, showcasing that determination, creativity, and hard work are often more important than initial capital.