This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 10 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are the 6 stages, in order, to developing a business idea? A) Launch, testing, developing, business plan, market research, brainstorming. B) Brainstorming, launch, test, develop, business plan, market research. C) Brainstorming, market research, business plan, developing the product/service, testing and launch. D) Brainstorming, market research, developing, business plan, testing and launch. Show Answer Correct Answer: C) Brainstorming, market research, business plan, developing the product/service, testing and launch. 2. Developing new contacts and maintaining a network of connections that could be beneficial for your business A) Pitch. B) Enterprise. C) Networking. D) Equity. Show Answer Correct Answer: C) Networking. 3. Being ..... is a key characteristic of a successful entrepreneur. A) A risk taker. B) A team worker. C) Unwilling to take decisions. D) Always willing to follow the advice of others. Show Answer Correct Answer: A) A risk taker. 4. A reward for setting up your own business is ..... A) You work for someone else and get a salary and holiday entitlement. B) Be your own boss, make your own decision and change the business as you want. C) All the above. D) None of the above. Show Answer Correct Answer: B) Be your own boss, make your own decision and change the business as you want. 5. Businesses should always set their prices: A) Lower than their competitors prices. B) Low enough so that revenues are below variable expenses. C) To reflect the value of their goods or services, not just their costs. D) Higher than their competitors prices. Show Answer Correct Answer: C) To reflect the value of their goods or services, not just their costs. 6. Do Social Enterprises aim to make as much profit as they can? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: B) No. 7. What happens when the expenses of a business cost more than the income? A) Profit. B) Loss. C) Income. D) Break-even. Show Answer Correct Answer: B) Loss. 8. Flexibility is a reward for entrepreneurs because ..... A) You take holidays during term-time. B) You have to work 9-5pm every day. C) You make your own decisions, shape your own future. D) You can work from home, work the hours that suit your lifestyle. Take holidays when you want. Show Answer Correct Answer: D) You can work from home, work the hours that suit your lifestyle. Take holidays when you want. 9. The weather and other natural disasters are a risk to a business-true or false? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. Grace and Cristian are considering starting their own business. What is their primary motivation for entrepreneurship? A) To avoid all risks. B) To develop, organise, and manage a new venture for profit. C) To maintain the status quo. D) To work less. Show Answer Correct Answer: B) To develop, organise, and manage a new venture for profit. 11. An individual who undertakes the creation, organization, and ownership of a business by setting up a business, creating a new idea and who is willing to take a loss in order to make money A) Entrepreneurship. B) Entrepreneur. C) Enterprise. D) Business Plan. Show Answer Correct Answer: B) Entrepreneur. 12. Define what is meant by the term 'reward'. A) This is the possibility that the business will have a lower than expected profit or a loss. B) This is the benefit of having a business which may be keeping the profit, working for yourself or being able to take holidays when you want. C) All the above. D) None of the above. Show Answer Correct Answer: B) This is the benefit of having a business which may be keeping the profit, working for yourself or being able to take holidays when you want. 13. What is an entrepreneur most likely to do when faced with a business challenge? A) Give up immediately. B) Seek innovative solutions. C) Blame others. D) Ignore the problem. Show Answer Correct Answer: B) Seek innovative solutions. 14. An entrepreneur has developed a unique product to launch into the market. Which of the following best describes how this new business idea came about A) An original idea. B) Adapting an existing product. C) Adapting an existing service. D) Adapting an existing idea. Show Answer Correct Answer: A) An original idea. 15. One of objectives of an entrepreneur is, except ..... A) Get more flexible time. B) Being their own boss. C) Escape ordinary job. D) For fun. Show Answer Correct Answer: D) For fun. 16. Skills lab is a unique teaching strategy designed by and with teachers in ..... ..... A) East Asia. B) Caribbean. C) East Africa. D) United Kingdom. Show Answer Correct Answer: C) East Africa. 17. What is the cost of ice in the lemonade business example? A) $ 0.10. B) $ 0.20. C) $ 0.30. D) $ 0.40. Show Answer Correct Answer: A) $ 0.10. 18. Something of value A) Liability. B) Asset. C) Debt. D) Equity. Show Answer Correct Answer: B) Asset. 19. Which of the following is not a reward of running your own business? A) Keep all the profit. B) Change in tastes and trends which can be a problem if busineses don't adapt to meet these needs. C) Be your own boss, work when you want. D) Job protection-can't be fired. Show Answer Correct Answer: B) Change in tastes and trends which can be a problem if busineses don't adapt to meet these needs. 20. Alessia and Ben are starting a business together. What is their primary focus if they want to create a lifestyle enterprise? A) Rapid growth and expansion. B) Achieving a balance between work and personal life. C) Addressing social issues. D) Franchising opportunities. Show Answer Correct Answer: B) Achieving a balance between work and personal life. 21. What is one of the chief advantages of the free enterprise system? A) Increased government control. B) The ability to make a profit. C) Limited competition. D) Restricted freedoms. Show Answer Correct Answer: B) The ability to make a profit. 22. The process of getting into and operating one's own business refers to the execution of new ideas by building a solution to a problem and taking the necessary steps to make it a reality. A) Business Plan. B) Entrepreneurship. C) Networking. D) Enterprise. Show Answer Correct Answer: B) Entrepreneurship. 23. A breakeven analysis can determine: A) How many units the company will need to sell to pay for a new piece of equipment. B) The identity of future loan guarantors. C) When a company must pay its bills to avoid bankruptcy. D) How many customers a new business will need to secure to meet its revenue projections. Show Answer Correct Answer: A) How many units the company will need to sell to pay for a new piece of equipment. 24. Why is entrepreneurship important in a free enterprise system? A) It leads to government monopolies. B) It decreases overall employment rates. C) It drives economic growth and innovation. D) It restricts competition. Show Answer Correct Answer: C) It drives economic growth and innovation. 25. Grace and Alfonso are planning to start a new business. Which of the following is a strategic risk they might face? A) A competitor entering the market. B) Non-payment by a customer. C) Introduction of new health and safety legislation. D) Breakdown of key equipment. Show Answer Correct Answer: A) A competitor entering the market. ← PreviousNext →Related 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 3Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 4Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 5Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 6Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 7Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 8Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 9Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books