Which option shows expert use of record keeping for an entrepreneur?
Answer and explanation
Correct answer: Analysing income, expenses, sales trends and customer feedback to make business decisions
Option A is correct because analysing records of income, expenses, sales trends and customer feedback helps an entrepreneur understand profit or loss, customer preferences and areas needing improvement. This supports evidence-based decisions about purchasing, pricing and marketing. Merely maintaining records is not enough; they must be used for decision-making. Exam tip: remember that the key purpose of record keeping is data-based planning and decision-making.
Frequently asked questions
What is the correct answer to this question?
Analysing income, expenses, sales trends and customer feedback to make business decisions
Why is this the correct answer?
Option A is correct because analysing records of income, expenses, sales trends and customer feedback helps an entrepreneur understand profit or loss, customer preferences and areas needing improvement. This supports evidence-based decisions about purchasing, pricing and marketing. Merely maintaining records is not enough; they must be used for decision-making. Exam tip: remember that the key purpose of record keeping is data-based planning and decision-making.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Entrepreneurship: definition and characteristics.
