This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 11 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A business with Limited liability A) Are responsible for the debts that the business generates. B) Are not personally liable for the business debts. C) All the above. D) None of the above. Show Answer Correct Answer: B) Are not personally liable for the business debts. 2. Which of the following is NOT an example of adding value A) Quality. B) Branding. C) Selling an item for less. D) Unique selling point. Show Answer Correct Answer: C) Selling an item for less. 3. A brief speech that defines a person, process, product, service, organization, or event and its value A) Brand. B) Pitch. C) Enterprise. D) Equity. Show Answer Correct Answer: B) Pitch. 4. What type of economic system does the United States use? A) Traditional Market. B) Free Enterprise. C) Command Market. D) Socialist Enterprise. Show Answer Correct Answer: B) Free Enterprise. 5. Social enterprises re-invest their profits for what purpose? A) To support their social mission. B) To make bigger profits. C) To line the pockets of the owners. D) To pay taxes. Show Answer Correct Answer: A) To support their social mission. 6. In which of the following would one person be responsible for all of the risks but also receive all of the profits? A) Corporation. B) Propreitership. C) Partnership. D) Dual owner business. Show Answer Correct Answer: B) Propreitership. 7. A business plan has the following purpose A) Serves as collateral that a company can take to a bank to secure guaranteed loans. B) Serves as a required filing with the Internal Revenue Service. C) Describes in detail how the company's product or service will be differentiated versus its competition. D) Describes in detail how the company will set up its headquarters office. Show Answer Correct Answer: C) Describes in detail how the company's product or service will be differentiated versus its competition. 8. How does a free enterprise system benefit consumers? A) By limiting product choices. B) By increasing taxes. C) By fostering competition and innovation. D) By enforcing strict government controls. Show Answer Correct Answer: C) By fostering competition and innovation. 9. Which of following are the characteristics of an entrepreneur (as stated by the exam board) A) Determination, Academic, Literate, Management. B) Hard working, Adaptable, Resilient, Creativity. C) Accounting, Management, Sales technique, Determination. D) Self belief, Motivation, Confidence, Leadershio. E) Creativity, Risk taking, Determination, Confidence. Show Answer Correct Answer: E) Creativity, Risk taking, Determination, Confidence. 10. A business plan ensures a business will not fail A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 11. 1 million widgets is the maximum produced in any year with retail prices running $ 2.98-$ 4.06. A manufacturer has developed a new process that will increase market supply to 2 million. Which happened the next year? A) Prices increased to $ 3.73-$ 5, 22. B) Prices remained virtually unchanged at $ 2, 90-$ 4.12. C) Prices decreased to $ 2.25-$ 3.55. D) Prices doubled to $ 6.00-$ 10.50. Show Answer Correct Answer: C) Prices decreased to $ 2.25-$ 3.55. 12. An obligation you have to pay someone else money. A) Asset. B) Commissions. C) Lien. D) Liability. Show Answer Correct Answer: D) Liability. 13. What is another name for U.S. capitalism? A) The Controlled Economy System. B) The Free Enterprise System. C) The Socialist System. D) The Communist System. Show Answer Correct Answer: B) The Free Enterprise System. 14. In order to add value local grocery stores often sell cheese that has already been grated for the customer. This adds value through: A) Convenience. B) Branding. C) Quality. D) Customer service. Show Answer Correct Answer: A) Convenience. 15. What impact do successful entrepreneurs often have? A) No impact. B) A negative impact. C) A great impact on their communities. D) Only a personal impact. Show Answer Correct Answer: C) A great impact on their communities. 16. Define the term 'risk' 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) This is the possibility that the business will have a lower than expected profit or a loss. D) Check it satisfies a customer need = market research. Show Answer Correct Answer: C) This is the possibility that the business will have a lower than expected profit or a loss. 17. Despite the vast majority of small firms (93%) taking steps to protect their business from digital threats, two thirds (66%) have been a victim of ..... ..... in the last two years. A) Cyber crime. B) Criminal crime. C) All the above. D) None of the above. Show Answer Correct Answer: A) Cyber crime. 18. What is the profit in the lemonade business example? A) $ 0.10. B) $ 0.20. C) $ 0.30. D) $ 0.40. Show Answer Correct Answer: B) $ 0.20. 19. What are the characteristics of an entrepreneur? A) Creative, risk taker, determined, confident, adaptable. B) Not creative, risk averse, unreliable, joker. C) Happy, loving, joker, hard working. D) Predictable, sad, demotivated, risk averse. Show Answer Correct Answer: A) Creative, risk taker, determined, confident, adaptable. 20. Which of the following is a method of risk management? A) Ignoring potential problems. B) Diversifying products. C) Increasing prices without reason. D) Reducing quality. Show Answer Correct Answer: B) Diversifying products. 21. Comparing business size is useful for, except ..... A) Investors. B) Governments. C) Workers. D) Doctor. Show Answer Correct Answer: D) Doctor. 22. Business size can be measured from, except ..... A) Number of people employed. B) Value of output. C) Value of sales. D) Business Design. Show Answer Correct Answer: D) Business Design. 23. An example of a fixed cost is: A) Cost of goods sold. B) Hourly labor. C) Office supplies. D) Monthly rent. Show Answer Correct Answer: D) Monthly rent. 24. The Free Enterprise System deals with what aspect of human life? A) Geography. B) Economy. C) Government. D) Migration. Show Answer Correct Answer: B) Economy. 25. Decreased government spending may result in ..... taxes. A) Higher. B) More. C) Lower. D) None of the above. Show Answer Correct Answer: C) Lower. ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books