This quiz works best with JavaScript enabled. Home > Cbse > Class 12 > Commerce > Entrepreneurship > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 3 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 3 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The gov't in a free enterprise system tracks overall prices and observes fluctuations in order to: A) Create federal funding programs. B) Provide stability in the economy. C) Improve technology for the economy. D) Control unemployment. Show Answer Correct Answer: B) Provide stability in the economy. 2. What is the name of the STATE health insurance program for persons who can't afford healthcare? A) Medicare. B) Medicaid. C) Social Security. D) SNAP. Show Answer Correct Answer: B) Medicaid. 3. What would happen to supply when there is an improvement in technology? A) Supply would decrease. B) Supply would increase. C) Technology has no impact. D) None of the above. Show Answer Correct Answer: B) Supply would increase. 4. What is the name of the FEDERAL program of disability and retirement benefits that covers most working people? A) Medicare. B) Social Security. C) Medicaid. D) SNAP. Show Answer Correct Answer: B) Social Security. 5. Which company holds the 2nd largest market share in the enterprise software market? A) ORACLE. B) SALESFORCE. C) SAP. D) IBM. Show Answer Correct Answer: C) SAP. 6. A major factor affecting the demand for equine enterprises is the: A) Availability of teaching resources. B) Breed association literature being used. C) Use of horses in today's society. D) Other farming enterprises available. Show Answer Correct Answer: C) Use of horses in today's society. 7. ..... protect consumers against harm from products on the market. A) Franchises. B) Government regulations. C) Profit motives. D) Private property rights. Show Answer Correct Answer: B) Government regulations. 8. Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or ..... A) Income. B) Status. C) Disability. D) Political views. Show Answer Correct Answer: C) Disability. 9. The amount of money a business earns when selling a good A) Competition. B) Entrepeneur. C) Profit. D) Consumer. Show Answer Correct Answer: C) Profit. 10. Driving force that encourages people to improve their material well-being A) Mixed economy. B) Profit motive. C) Minimum wage. D) Voluntary exchange. Show Answer Correct Answer: B) Profit motive. 11. One of the differences between private enterprise and other types of economic systems is that in other systems, workers A) May be unable to improve their standard of living. B) Are able to make a wide variety of economic choices. C) Are allowed to change jobs whenever they want to do so. D) Can go to work for themselves if they are dissatisfied. Show Answer Correct Answer: A) May be unable to improve their standard of living. 12. How does competition affect prices in a free market? A) It generally leads to higher prices. B) It generally leads to lower prices. C) It has no effect on prices. D) None of the above. Show Answer Correct Answer: B) It generally leads to lower prices. 13. The private enterprise economic system is often described as a(n) A) Price-directed system. B) Pure system. C) Controlled system. D) Entrepreneur system. Show Answer Correct Answer: A) Price-directed system. 14. How is the size of an enterprise measured? A) The amount of revenue it makes. B) The amount of profit it makes. C) Number of employees. D) None of the above. Show Answer Correct Answer: C) Number of employees. 15. What was the economic system used by Great Britain in which colonies were established in the Americas? A) Free enterprise. B) Mercantilism. C) Mixed economy. D) Command economy. Show Answer Correct Answer: B) Mercantilism. 16. What is a person who benefits from economic transactions they are not a part of? A) Entrepreneur. B) Economist. C) Externality. D) Free Rider. Show Answer Correct Answer: D) Free Rider. 17. Why are entrepreneurs important in a private enterprise system? A) They use resources inefficiently. B) They encourage the development of new products. C) They get rid of competition. D) They are responsible for deceptive advertising. Show Answer Correct Answer: B) They encourage the development of new products. 18. Economic equity deals with the question of A) Fairness and equality. B) Sustainability. C) Regulation. D) Freedom. Show Answer Correct Answer: A) Fairness and equality. 19. What does a Patent protect? A) Intellectual knowledge. B) Intellectual property. C) Intellectual products. D) Intelligent products. Show Answer Correct Answer: B) Intellectual property. 20. The concept that people may decide what and when they want to buy and sell goods & services A) Voluntary exchange. B) Legal equality. C) Open opportunity. D) Private property. Show Answer Correct Answer: A) Voluntary exchange. 21. Starting your own company can be considered a type of business risk. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 22. The pilgrims did a lot of exploratory work in the ..... stage A) Fourth stage. B) First stage. C) Second stage. D) Third stage. Show Answer Correct Answer: C) Second stage. 23. What does voluntary exchange involve? A) Forced trade between countries. B) Buyers and sellers freely engaging in transactions. C) Government-mandated sales. D) Exchange of goods without consent. Show Answer Correct Answer: B) Buyers and sellers freely engaging in transactions. 24. Paulina refuses to buy products from Nestle because she doesn't agree with their business practices. This is an example of which Characteristic? A) Voluntary Exchange. B) Private Property. C) Economic Freedom. D) Profit Motive. Show Answer Correct Answer: A) Voluntary Exchange. 25. After round TWO, who benefited the most from the Navigation Acts? A) Spain. B) Great Britain. C) Colonies. D) France. Show Answer Correct Answer: B) Great Britain. 26. What is the difference between capitalism and free enterprise? A) Capitalism focuses on the exchange of wealth, while free enterprise focuses on the production of goods. B) Capitalism restricts market mechanisms, while free enterprise allows for individual decisions. C) Capitalism emphasizes government intervention, while free enterprise emphasizes market freedom. D) Capitalism and free enterprise are the same concept. Show Answer Correct Answer: A) Capitalism focuses on the exchange of wealth, while free enterprise focuses on the production of goods. 27. How much is the spending on overall Enterprise Software? A) $ 10-$ 100 BN. B) $ 100-$ 500 BN. C) $ 500-$ 1000 BN. D) $ 1-$ 10 BN. Show Answer Correct Answer: C) $ 500-$ 1000 BN. 28. These are people who start new businesses to seek profits. A) Entrepreneurs. B) Modified free enterprisers. C) Free enterprisers. D) Consumers. Show Answer Correct Answer: A) Entrepreneurs. 29. Free enterprise system is also called A) Free Market Economy. B) Free Life Economy. C) Free Business Economy. D) Free Money Economy. Show Answer Correct Answer: A) Free Market Economy. 30. Which of the following is largely responsible for the growth of a free enterprise system? A) GDP. B) Government. C) Profit Motive. D) Market Efficiency. Show Answer Correct Answer: C) Profit Motive. 31. What is an example of a free rider? A) A grandmother giving money to her graduating grandchild. B) Someone watching a fireworks display. C) Somebody splitting a hotel bill down the middle with another person. D) A child purchasing a powerup on Subway Surfers. Show Answer Correct Answer: B) Someone watching a fireworks display. 32. What did European Countries BUY from the Colonies? A) Raw Materials. B) Finished Products. C) All the above. D) None of the above. Show Answer Correct Answer: A) Raw Materials. 33. The portion of a manager's job concerned with guiding and motivating employees to meet the firm's objectives is called A) Supervising. B) Planning. C) Leading. D) Organizing. E) Controlling. Show Answer Correct Answer: C) Leading. 34. A rise in the general level of prices of all goods & services is called what? A) Deflation. B) Stagnation. C) Recession. D) Inflation. Show Answer Correct Answer: D) Inflation. 35. This is the role of the consumer as ruler of the market determining the types of goods and services produced. A) Free enterpriser. B) Producer sovereignty. C) Entrepreneur. D) Consumer sovereignty. Show Answer Correct Answer: D) Consumer sovereignty. 36. Who answers the basic economic questions in a private enterprise economic system? A) Government agencies. B) Influential citizens. C) Businesses and individuals. D) Entrepreneurs and producers. Show Answer Correct Answer: C) Businesses and individuals. 37. Zoom technologies operates in the following space ..... A) Network and Security Solutions. B) Video Conferencing. C) Cyber Security. D) None of the above. Show Answer Correct Answer: A) Network and Security Solutions. 38. According to the text, who may have a hard time making enough money when there is a surplus? A) Consumers. B) Retailers. C) Producers. D) Families. Show Answer Correct Answer: C) Producers. 39. All of the following are characteristics of a free enterprise system EXCEPT: A) Freedom to seek employment. B) Freedom to scam others. C) Freedom to purchase property. D) Freedom to pursue an education. Show Answer Correct Answer: B) Freedom to scam others. 40. The government's job in a free market economy is to A) Tell people and business what to do. B) Control who buys what. C) Control who sells what. D) Make sure all businesses are run fairly. Show Answer Correct Answer: D) Make sure all businesses are run fairly. 41. What is the situation when the demand for something is higher than the supply? A) Demand. B) Scarcity. C) Supply. D) None of the above. Show Answer Correct Answer: B) Scarcity. 42. Making lemonade and selling it at a lemonade stand for 25 cents makes you a A) Producer. B) Consumer. C) Giver. D) Employee. Show Answer Correct Answer: A) Producer. 43. In addition to grooming and feeding, the sales agency provides: A) Advanced training for established show horses. B) Basic training for yearlings and weanlings. C) Breeding services for geldings and mares. D) Stud service for colts and foals. Show Answer Correct Answer: B) Basic training for yearlings and weanlings. 44. Buying bubble gum and a soda from the gas station makes you a A) Producer. B) Consumer. C) Service. D) Employee. Show Answer Correct Answer: B) Consumer. 45. Federal program retirement benefit that covers most working people A) Food Stamps. B) Social Security. C) Medicare. D) Military. Show Answer Correct Answer: B) Social Security. 46. Income that does not increase over time. A) Adjustable income. B) Fixed income. C) Minimum wage. D) Medicaid. Show Answer Correct Answer: B) Fixed income. 47. Public goods are funded by A) Charitable donations collected by the government. B) Taxes collected by the government. C) Profits made by private businesses. D) Profits made by public companies. Show Answer Correct Answer: B) Taxes collected by the government. 48. This is the study of the behavior/decision making of individuals & businesses. A) Macroeconomics. B) Recession. C) Expansion. D) Microeconomics. Show Answer Correct Answer: D) Microeconomics. 49. What does competition refer to in economics? A) Cooperation among producers. B) Struggle among producers for consumer dollars. C) Agreement between businesses. D) Elimination of all other businesses. Show Answer Correct Answer: B) Struggle among producers for consumer dollars. 50. An example of a good is ..... A) A lawn service. B) A haircut. C) Swim lessons. D) A video game. Show Answer Correct Answer: D) A video game. 51. ..... is how much of a good there is for people to buy. A) Demand. B) Supply. C) Scarcity. D) Surplus. Show Answer Correct Answer: B) Supply. 52. Businesses that extract natural resources for use in the creation of goods are called: A) Manufacturers. B) Wholesalers. C) Tertiary. D) Extractors. Show Answer Correct Answer: D) Extractors. 53. Which of the following statements best describes the term, unique selling point? When a business: A) Establishes a clear target market for its products. B) Develops an aspect of a product that makes it different to its rivals. C) Carries out market research effectively. D) Produces a range of goods and services. Show Answer Correct Answer: B) Develops an aspect of a product that makes it different to its rivals. 54. What does the term "business risk" mean? A) Any potential for failure. B) Any potential for gain. C) Any potential to not move at all. D) None of the above. Show Answer Correct Answer: A) Any potential for failure. 55. What is free enterprise? A) An economic system in which people are free to start their own businesses and own their own property. B) An economic system in which the government controls all businesses and property. C) An economic system in which people are not allowed to start their own businesses. D) An economic system in which businesses are owned by the community. Show Answer Correct Answer: A) An economic system in which people are free to start their own businesses and own their own property. 56. A free enterprise system means ..... A) The government DOES NOT tell the people what they can make or sell. B) The government DOES tell the people what they can make or sell. C) All the above. D) None of the above. Show Answer Correct Answer: A) The government DOES NOT tell the people what they can make or sell. 57. Which question does NOT belong in an economic system? A) What is produced?. B) How is it produced?. C) When is it produced?. D) Who gets what is produced?. Show Answer Correct Answer: C) When is it produced?. 58. Harold's fruit store put apples on sale for 99 cents a pound. When Doug, who owned a fruit store across the street, heard about the sale, he lowered his apple price from $ 1.29 a pound to 89 cents a pound. This is an example of ..... A) Voluntary exchange. B) Competition. C) Economic freedom. D) The profit motive. Show Answer Correct Answer: B) Competition. 59. This the lowest legal wage that can be paid to most workers. A) Inflation. B) Social security. C) Minimum wage. D) Fixed income. Show Answer Correct Answer: C) Minimum wage. 60. In order to keep a horse's feet in good condition, a farrier must trim the horse's feet and replace its shoes at least every: A) 1-2 years. B) 8-9 months. C) 6-8 weeks. D) 3-4 years. Show Answer Correct Answer: C) 6-8 weeks. ← PreviousNext →Related QuizzesCommerce QuizzesClass 12 QuizzesClass 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 1Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 2Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 4Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 5Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 6Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 7Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 8Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books