Panchayati Raj does not translate to 'Governance by five individuals'. This is an incorrect description. Panchayati Raj refers to a system of local self-government, and at the base of this system lies the Gram Sabha (option 2). The 74\textsuperscript{th} Amendment provided for a three-tier system, and elections to these bodies are indeed held every five years (options 3 and 4).