Objective

1. Choose the correct option and mark it with () sign. (1) Tax on house, plot or land is called: (A) Income tax (B) Sales tax (C) Toll tax (D) Property tax When goods are less than peoples' demand, it is called: (A) Inflation (B) Deflation (C) Trade Dairy, horticulture and forests are examples of: (A) Industrial entrepreneurship (D) Scarcity (B) Agricultural entrepreneurship (iii) (iv) (v) (C) Commercial entrepreneurship (D) Services entrepreneurship Paper currency was introduced in about 806 AD: (A) In Pakistan (B) In Iran Rupee was introduced in subcontinent by: (C) In China (D) In Turkey (A) Alexander the Great (B) Sher Shah Suri (C) Mahmood Ghaznavi (D) Qutub-ud-Din Aibak 2. Put (V) against correct and (x) against incorrect sentences. (1) Public school, post office and State Bank are included in private services. (ii) (iii) The continuous rise in the prices of goods and services is called scarcity. Industrial entrepreneurship is related to the manufacturing of goods. (iv) Positive behavior is the first step towards a successful business. (v) Metallic coins were introduced by China. 3. Match Column (A) with Column (B). Column (A) Column (B) Private goods and services A person doing business to earn profit Customer State Bank Entrepreneur Is the personal property of a person A person who purchases goods or services is called The central bank of a country 119