This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 1 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Why did America begin manufacturing their own goods instead of buying them from Britain? A) They were fighting the British in the War of 1812. B) They decided they could make better products. C) They needed to create jobs in America. D) Thousands of skilled artisans left Britain and came to America to manufacture goods. Show Answer Correct Answer: A) They were fighting the British in the War of 1812. 2. When Jada and Cristian decided to start their own business, what was a common challenge they faced? A) Excessive government support. B) Having too many customers. C) Securing initial funding. D) Unlimited access to resources. Show Answer Correct Answer: C) Securing initial funding. 3. External growth is by a takeover of or merger with another business A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 4. An example of intellectual property is: A) A truck. B) A patent on an invention. C) Stock. D) Electronic bank accounts. Show Answer Correct Answer: B) A patent on an invention. 5. Which one of the following is not a likely characteristic of a successful entrepreneur? A) Willing to take risks. B) Committed and self-motivated. C) Innovative. D) Risk averse. Show Answer Correct Answer: D) Risk averse. 6. Revenues after cost A) Notes payable. B) Assets. C) Net income. D) Maturity. Show Answer Correct Answer: C) Net income. 7. The main purpose of which of the following businesses is to provide a service to customers A) An independent bakery. B) A dog grooming parlour. C) A farm. D) A specialist skateboard producer. Show Answer Correct Answer: B) A dog grooming parlour. 8. Which of the following is NOT a common source of business ideas? A) Personal interests and hobbies. B) Solving problems. C) Government regulations. D) Market gaps. Show Answer Correct Answer: C) Government regulations. 9. Which of the following is an example of an entrepreneurial skill? A) Procrastination. B) Effective communication. C) Inflexibility. D) Disorganisation. Show Answer Correct Answer: B) Effective communication. 10. What is the best match for 'advertisement'? A) A notice or announcement that is not made public. B) A notice that does not receive any media coverage. C) A notice or announcement in a public medium promoting a product. D) None of the above. Show Answer Correct Answer: C) A notice or announcement in a public medium promoting a product. 11. Which of the following is a way to generate a business idea? A) Copying a competitor's product. B) Solving a common problem. C) Ignoring customer feedback. D) Reducing product quality. Show Answer Correct Answer: B) Solving a common problem. 12. Television commercials, billboards on the side of the road, and magazine advertisements are examples of? A) Networking. B) Entrepreneurship. C) Brand. D) Marketing. Show Answer Correct Answer: D) Marketing. 13. Which of the following is NOT a potential reward for taking calculated risks? A) Independence-be your own boss. B) Pay less tax. C) Financial gain. D) Self-satisfaction. E) Changing customers habits. Show Answer Correct Answer: B) Pay less tax. 14. Which of the following is a financial reason why an entrepreneur might start up a new business A) To achieve a work-life balance. B) To pursue a skill or interest. C) To make a profit. D) To have more freedom in decision-making. Show Answer Correct Answer: C) To make a profit. 15. Governments support business startups to ..... A) Reduce inflation. B) Reduce wage rates. C) Reduce unemployment. D) Reduce tax revenue. Show Answer Correct Answer: D) Reduce tax revenue. 16. A ..... is a risk of business as it can lead to less customers, which means less income and profit. A) Poor reputation. B) Good reputation. C) Commercial risk. D) Change in house prices. Show Answer Correct Answer: A) Poor reputation. 17. A product or service is obsolete when sales: A) Start to rise. B) Rise rapidly. C) Growth slows. D) Fall or come to an end. Show Answer Correct Answer: D) Fall or come to an end. 18. Which of the following is an example of a business organisation A) Google. B) Charity shop. C) Steyning Grammar School. D) West Sussex Fire and Rescue. E) All of them. Show Answer Correct Answer: E) All of them. 19. Hairdressers are which sector? A) Primary Sector. B) Secondary Sector. C) Tertiary Sector. D) None of the above. Show Answer Correct Answer: C) Tertiary Sector. 20. Under a free enterprise system, businesses in the US are allowed to do all of the following EXCEPT: A) Decide how to operate their business. B) Price their products. C) Decide what products to sell. D) All of the above. Show Answer Correct Answer: D) All of the above. 21. Dan has $ 5, 000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest? A) Corporation. B) Partnership. C) Proprietorship. D) None of the above. Show Answer Correct Answer: A) Corporation. 22. Why might some entrepreneurs want to start their own business? A) To avoid working. B) To build something of their own. C) To follow others. D) To have no responsibilities. Show Answer Correct Answer: B) To build something of their own. 23. Who benefits from social enterprises? A) The school. B) The members. C) The staff. D) The public. Show Answer Correct Answer: D) The public. 24. Another word use to describe a free enterprise system is A) Communism. B) Nationalism. C) Capitalism. D) None of the above. Show Answer Correct Answer: C) Capitalism. 25. Which of the following is not a risk of running your own business? A) Recession /economic / political problems and instability. B) Poor reputation which can lead to loss of sales, loss of revenue and loss of profitability. C) Commercial risks, failure of suppliers to supply and customers to pay. D) Better work/life balance. Show Answer Correct Answer: D) Better work/life balance. 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