This quiz works best with JavaScript enabled. Home > Cbse > Class 12 > Commerce > Entrepreneurship > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 8 (17 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the role of wholesalers in a private enterprise system? A) To provide services to the economy. B) To sell products they have purchased from amanufacturer directly to consumers. C) They extract natural resources. D) To purchase goods from a manufacturer toresell them to a retailer. Show Answer Correct Answer: D) To purchase goods from a manufacturer toresell them to a retailer. 2. In this type of economy, the goods and services produced are for the producers own consumption (they don't sell the goods to earn a profit): A) Command Economy. B) Competition. C) Traditional Economy. D) Scarcity. Show Answer Correct Answer: C) Traditional Economy. 3. What type of distribution channel uses intermediaries to resell the product to the consumer? A) Direct Channel. B) Sports Channel. C) Specialty Channel. D) Indirect Channel. Show Answer Correct Answer: D) Indirect Channel. 4. These are commodities or services that are provided without profit for all members of society A) Public Goods. B) Private Goods. C) Public Utilities. D) None of the above. Show Answer Correct Answer: A) Public Goods. 5. What is the term used when the supply is low and the demand is high? A) Equilibrium. B) Surplus. C) Excess. D) Scarcity. Show Answer Correct Answer: D) Scarcity. 6. What are the benefits of competition? A) New Ideas. B) Improve product Quality. C) Cheaper Products. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. Which f the following is NOT an essential economic question? A) How are we going to produce it?. B) Where will products be sold?. C) Who is going to consume it?. D) What are we going to produce?. Show Answer Correct Answer: B) Where will products be sold?. 8. A situation where the market does not distribute resources efficiently is A) A positive externality. B) A private sector problem. C) A negative externality. D) A market failure. Show Answer Correct Answer: D) A market failure. 9. The price of a movie ticket goes from $ 7 to $ 8.50. What should happen to the demand for this movie ticket? A) Go Up. B) Go Down. C) Demand will stay the same. D) None of the above. Show Answer Correct Answer: B) Go Down. 10. The disadvantage(s) of free enterprise capitalism is (are) A) Uneven economic growth. B) Growing gaps between rich and poor. C) Large "supply side" tendencies. D) All answers are disadvantages of free enterprise capitalism. Show Answer Correct Answer: D) All answers are disadvantages of free enterprise capitalism. 11. How many employees does a small enterprise have? A) Between 50-80. B) Between 10-49. C) Between 0-9. D) Between 10-45. Show Answer Correct Answer: B) Between 10-49. 12. What is a key feature of a free enterprise economy? A) Central planning of production. B) Government ownership of businesses. C) Private property rights. D) Restricted market entry. Show Answer Correct Answer: C) Private property rights. 13. Taxation is based on one's income in the US. This protection can be found in: A) 1st amendment. B) 16th amendment. C) 18th amendment. D) 14th amendment. Show Answer Correct Answer: B) 16th amendment. 14. What is the part of the economy that involves the transactions of the government? A) Microeconomics. B) Private Sector. C) Public Sector. D) Macroeconomics. Show Answer Correct Answer: C) Public Sector. 15. Economic system in which individuals and businesses are allowed to compete for profit with minimum government interference A) Free trade. B) Supply. C) Natural resources. D) Free enterprise. Show Answer Correct Answer: D) Free enterprise. 16. What advantage does a free enterprise system offer to entrepreneurs? A) Guaranteed government contracts for all new businesses. B) Fixed profit margins to reduce financial risk. C) The opportunity to innovate and meet market needs. D) Mandatory consumer purchase of their products. Show Answer Correct Answer: C) The opportunity to innovate and meet market needs. 17. What type of economic system does the United States have? A) Command economy. B) Mixed economy. C) Free enterprise system. D) Traditional economy. Show Answer Correct Answer: C) Free enterprise system. ← PreviousRelated 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 3Class 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 1 Entrepreneurship And Enterprise Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books