A. Multiple Choice Questions (MCQs)
1. Business is a (an) __________ activity.
(a) Social
(b) Economic
(c) Political
(d) All of the above
Answer: (b) Economic
2. Generally, entrepreneurs fall under:
(a) First category: those who make things happen.
(b) Second category: those who watch things happen.
(c) Third category: those who are left to ask what did happen.
(d) All of the above
Answer: (a) First category: those who make things happen.
3. Innovation involves:
(a) Application of new method of production
(b) Using new sources of raw materials
(c) Exploiting new market
(d) All of the above
Answer: (d) All of the above
4. Which of the following is a function of the entrepreneur?
(a) Innovation
(b) Risk bearing
(c) Organizing and managing functions
(d) All of the above
Answer: (d) All of the above