What is the correct meaning of self-employment?
Answer and explanation
Correct answer: Earning income by running one’s own work or business
Self-employment means that a person works for themselves by operating a business, profession, trade, or independent activity and earns income from it. The person generally bears responsibility for decisions, costs, and results. Therefore option A is correct. Government employment is salaried employment, while income without work and taking others’ responsibilities do not define self-employment.
Frequently asked questions
What is the correct answer to this question?
Earning income by running one’s own work or business
Why is this the correct answer?
Self-employment means that a person works for themselves by operating a business, profession, trade, or independent activity and earns income from it. The person generally bears responsibility for decisions, costs, and results. Therefore option A is correct. Government employment is salaried employment, while income without work and taking others’ responsibilities do not define self-employment.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: Business, Trade and Commerce. Topic: Distinction between Business, Profession and Employment.
