This quiz works best with JavaScript enabled. Home > Cbse > Class 12 > Commerce > Entrepreneurship > Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 3 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Is the workplace expectation for being on-time different than the high school expectation? A) Yes, being late for work carries greater penalties than being late at school. B) Yes, being late at school carries greater penalties than being late at work. C) No, the expectations for being on-time are the same at work and at high school. D) Unclear. Show Answer Correct Answer: A) Yes, being late for work carries greater penalties than being late at school. 2. Advertising can be important for a new business because it: A) Communicates a differentiated message to your target customers. B) Is a free form of promotion. C) Allows the new business to set up a network of distributors. D) Is a low-cost method to increase revenues. Show Answer Correct Answer: A) Communicates a differentiated message to your target customers. 3. What was the outcome of Madison Robinson's business venture, Fish Flops, by 2013? A) It failed to make a profit. B) It had over $ 1 million in sales. C) It went bankrupt. D) It was sold to a larger company. Show Answer Correct Answer: B) It had over $ 1 million in sales. 4. Finances will need to be logged, but not accurately. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: A) False. 5. If a business reinvests their profits into a social/environmental cause, does this make them a Social Enterprise? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: A) Yes. 6. A company balance sheet is the single report that best indicates: A) Company quarterly cash flow. B) Company assets and liabilities. C) Company financial projections. D) Monthly debt payments and outstanding debt obligations. Show Answer Correct Answer: B) Company assets and liabilities. 7. Increased concern from consumers over the environment has led to new business start-ups developing products from recycles materials. These business ideas have come about due to: A) Services that have become obsolete. B) Products that have become obsolete. C) Changes in consumer demand. D) Changes in the economy. Show Answer Correct Answer: C) Changes in consumer demand. 8. An example of a NEED is A) Laptop. B) Car. C) Water. D) Phone. Show Answer Correct Answer: C) Water. 9. An entrepreneur is good at: A) Selling businesses. B) Avoiding risk. C) Buying big companies. D) Making new business ideas. Show Answer Correct Answer: D) Making new business ideas. 10. Is Primark a Social Enterprise? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: B) No. 11. What is one key characteristic of an entrepreneur? A) Laziness. B) Risk aversion. C) Pessimism. D) Creativity. Show Answer Correct Answer: D) Creativity. 12. How do entrepreneurs help create solutions to solve the world's social problems? A) Through food and clothing donations. B) They create products, systems and solutions to help change people's lives. C) They give lectures and courses for the local community. D) None of the above. Show Answer Correct Answer: B) They create products, systems and solutions to help change people's lives. 13. The reward for enterprise is? A) Self-discipline. B) Risk. C) Profit. D) Hard work. Show Answer Correct Answer: C) Profit. 14. An entrepreneur is someone who takes a risk to start a business. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 15. Which of the following skills best describes an entrepreneur that has successfully created and launched a unique business idea onto the market A) Organised. B) Communicative. C) Innovative. D) Team player. Show Answer Correct Answer: C) Innovative. 16. How could we make our society more equal? A) By asking the government to increase services to the wealthiest members of society. B) By tackling inequality and making the distribution of wealth more even. C) By including more taxes for the poorer income earners, so they can pay for service. D) By asking banks to give more loans with higher interest rates. Show Answer Correct Answer: B) By tackling inequality and making the distribution of wealth more even. 17. Amber and Grace run a small business. Which of the following is a financial risk for their enterprise? A) A competitor entering the market. B) Non-payment by a customer. C) Introduction of new health and safety legislation. D) Theft of key equipment. Show Answer Correct Answer: B) Non-payment by a customer. 18. Blockbusters failed to address the threat of Netflix as they had no digital content available online. Why did this happen? A) Failure to plan/Lack of strategy. B) Failed to satisfy the needs of customers. C) Both answers are correct. D) None of the above. Show Answer Correct Answer: C) Both answers are correct. 19. Statement 1:Social Entrepreneur is same with CharityStatement 2:Social Entrepreneurship has the ability to generate their own revenue to sustain their social ventures. A) Statement 1 is True Statement 2 is False. B) Statement 1 is False Statement 2 is True. C) Both Statement are True. D) Both Statement are False. Show Answer Correct Answer: B) Statement 1 is False Statement 2 is True. 20. McDonald's is an example of a corporation. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 21. What is a company called that sells stock to raise money? A) Limited Partnership. B) Partnership. C) Corporation. D) Sole Proprietorship. Show Answer Correct Answer: C) Corporation. 22. Which of the following best describes the term entrepreneur A) Someone who buys a product from a business. B) Someone who uses goods and services produced by a business. C) Someone who works for a business. D) Someone who is willing to take the risk involved in starting a business. Show Answer Correct Answer: D) Someone who is willing to take the risk involved in starting a business. 23. Ben and Jeda are managing a manufacturing company. Which of the following is an operational risk for their enterprise? A) Increased interest charges on a business loan. B) Introduction of new health and safety legislation. C) Breakdown or theft of key equipment. D) A competitor entering the market. Show Answer Correct Answer: C) Breakdown or theft of key equipment. 24. What is meant by enterprise? A) A person who spots an opportunity to provide goods or services to customers in order to make a profit. B) The process/activities by which new businesses are formed in order to offer products and services in a market. C) All the above. D) None of the above. Show Answer Correct Answer: B) The process/activities by which new businesses are formed in order to offer products and services in a market. 25. Money paid by a company to a person who owns stock in that company. A) Dividend. B) Assets q. C) Liquid assets. D) Mortgage. Show Answer Correct Answer: A) Dividend. 26. Of the three types of businesses, which one provides the most jobs? (Hint:Which one is the most common?) A) Corporation. B) Partnership. C) Sole proprietorship. D) None of these are correct. Show Answer Correct Answer: C) Sole proprietorship. 27. Money earned when something is sold. It is usually stated as a percentage A) Commission. B) Liability. C) Collateral. D) Liquid asset. Show Answer Correct Answer: A) Commission. 28. Define the term "Calculated risk" A) Buying a product without doing market research. B) Not carefully assessing the situation. C) A chance of exposure to loss or injury is undertaken having carefully assessed the advantages and disadvantages of taking that risk. D) None of the above. Show Answer Correct Answer: C) A chance of exposure to loss or injury is undertaken having carefully assessed the advantages and disadvantages of taking that risk. 29. What is a social enterprise? A) A for profit organisaion. B) One that puts people and community ahead of private and personal gain. C) An organisation with the goal of providing entertainment. D) None of the above. Show Answer Correct Answer: B) One that puts people and community ahead of private and personal gain. 30. What is the cost of sugar in the lemonade business example? A) $ 0.10. B) $ 0.20. C) $ 0.30. D) $ 0.40. Show Answer Correct Answer: C) $ 0.30. 31. When a business launches an updated product with new features it is best described as adding value through: A) Convenience. B) Branding. C) Quality. D) Design. Show Answer Correct Answer: D) Design. 32. Two local business owners want to reduce competition, so they decide to form one organization from the two companies. This is an example of a A) Hostile takeover. B) Merger. C) Trading bloc. D) Monopoly. Show Answer Correct Answer: B) Merger. 33. A person who organizes, operates and takes the risk for a new business venture ..... A) Entrepreneur. B) Entreprise. C) Entrepreneurial. D) Entrepreneurship. Show Answer Correct Answer: A) Entrepreneur. 34. What is the best definition for 'charity'? A) An organisation whose sole interest is to make money for larger businesses. B) An organisation set up to provide help and raise money for those in need. C) An organisation whose sole interest is to make profit. D) None of the above. Show Answer Correct Answer: B) An organisation set up to provide help and raise money for those in need. 35. What is a business plan primarily used for? A) To entertain employees. B) To outline business goals and strategies. C) To confuse competitors. D) To avoid paying taxes. Show Answer Correct Answer: B) To outline business goals and strategies. 36. Organisational skills are imperative to running a successful business. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: B) True. 37. A person or a business with a strong credit score and the financial resources that make it like they will be able to pay any loan. A) Credit-worthy. B) Collateral. C) Net income. D) Dividend. Show Answer Correct Answer: A) Credit-worthy. 38. "The creation of innovative enterprises that make a positive and sustainable impact on society and/or the environment" is the definition of ..... A) Business entrepreneurship. B) Community development. C) Enterprise skills. D) Social entrepreneurship. Show Answer Correct Answer: D) Social entrepreneurship. 39. What is the term for the money businesses earn? A) Loss. B) Expense. C) Income. D) Profit. Show Answer Correct Answer: C) Income. 40. An example of a variable cost is: A) Monthly rent. B) Cost of goods sold. C) Overhead salaries. D) The salary of the Finance Vice President. Show Answer Correct Answer: B) Cost of goods sold. 41. What is enterprise? A) The management of the economy. B) The skills that an entrepreneur has. C) The skill of being able to sport an opportunity. D) Government funded businesses. E) The creation of a business. Show Answer Correct Answer: C) The skill of being able to sport an opportunity. 42. It is not necessary to give participants examples of how to integrate enterprising skills content into the curriculum (True/False)? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 43. Amber and Charlie are entrepreneurs attending a business conference. What is a key benefit they can gain from networking at this event? A) Isolation from industry trends. B) Access to new opportunities and resources. C) Guaranteed business success. D) Reduction in competition. Show Answer Correct Answer: B) Access to new opportunities and resources. 44. Which of the following is a common source of business ideas? A) Identifying a gap in the market. B) Watching television. C) Reading novels. D) Playing video games. Show Answer Correct Answer: A) Identifying a gap in the market. 45. Not planning for change in the business environment is ..... A) Environment management. B) Business planning. C) A reason for business failure. D) Internal growth. Show Answer Correct Answer: C) A reason for business failure. 46. Bank loan applications: A) Can be intimidating, complex and detailed. B) Are easy to complete. C) Are short. D) Can only be completed in the presence of a banker during regular work hours. Show Answer Correct Answer: A) Can be intimidating, complex and detailed. 47. Which of the following statements best describes the term added value A) When a product stands out from those of its competitors. B) Making a product widely recognisable. C) The difference between the cost of making a product and its selling price. D) Making a product convenient to use. Show Answer Correct Answer: C) The difference between the cost of making a product and its selling price. 48. What is an organisation called if it is controlled by all it's members? A) International. B) Cooperative. C) Magnate. D) Corporation. Show Answer Correct Answer: B) Cooperative. 49. Which of the following is a characteristic of a successful business leader? A) Indecisiveness. B) Disregard for team input. C) Inability to adapt. D) Strong communication skills. Show Answer Correct Answer: D) Strong communication skills. 50. Amber and Dan are discussing the significance of using new technologies in their enterprise. What is the main benefit they are likely to experience? A) To increase operational costs. B) To maintain traditional methods. C) To enhance efficiency and innovation. D) To complicate processes. Show Answer Correct Answer: C) To enhance efficiency and innovation. 51. Which of the following is an example of the role of an entrepreneur? A) Organising resources. B) Producing goods or services. C) Offering customer convenience. D) Meeting customer needs. Show Answer Correct Answer: A) Organising resources. 52. Charlie and Lillie are working on a new business idea. What is the role of creativity in their enterprise? A) To replicate existing products. B) To meet customers' needs and aspirations. C) To reduce costs. D) To avoid risks. Show Answer Correct Answer: B) To meet customers' needs and aspirations. 53. An example of a WANT is A) TV. B) Water. C) Clothing. D) Shelter. Show Answer Correct Answer: A) TV. 54. The most important difference between social enterprises and profit-seeking businesses is: A) Social enterprises never aim to make a profit. B) Social enterprises will have objectives other than profit. C) Profit-seeking businesses will always make a profit. D) Social enterprises do not sell goods and services but profit seeking businesses do. Show Answer Correct Answer: B) Social enterprises will have objectives other than profit. 55. Compared to a bank loan, an online loan is: A) Less expensive (lower interest rate). B) Only for companies in certain industries. C) Much easier to obtain. D) Approximately equal in terms of interest rates. Show Answer Correct Answer: C) Much easier to obtain. 56. Social enterprises are known for dealing with what kinds of issues? A) Educational. B) Business. C) Social & environmental. D) World hunger & poverty. Show Answer Correct Answer: C) Social & environmental. 57. Which of the following is a benefit of being an entrepreneur? A) Flexible working hours. B) Guaranteed success. C) No financial risks. D) No need for planning. Show Answer Correct Answer: A) Flexible working hours. 58. Identify the natural resources that are being exploited in the primary sector? (REM) A) Agriculture. B) Fishing. C) Forestry. D) All the above. Show Answer Correct Answer: D) All the above. 59. Governments can help new start up businesses by offering advice and support sessions to entrepreneurs A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 60. Which of the following is a non-financial risk for a business? A) Economic recession. B) Exchange rate fluctuations. C) High interest rates. D) Poor customer service. Show Answer Correct Answer: D) Poor customer service. ← PreviousNext →Related QuizzesCommerce QuizzesClass 12 QuizzesClass 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 1Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 2Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 4Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 5Class 12 Entrepreneurship Chapter 2 Entrepreneurial Planning QuizClass 12 Entrepreneurship Chapter 3 Project Formulation And Analysis QuizClass 12 Entrepreneurship Chapter 4 Enterprise Growth And Expansion QuizClass 12 Entrepreneurship Chapter 5 Business Ethics And Corporate Social Responsibility Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books