This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 9 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not a reason why entrepreneurs create new business ideas? A) Obsolete products. B) Create more jobs. C) Consumer needs and wants change. D) Advanced technology. Show Answer Correct Answer: B) Create more jobs. 2. What is the price of lemonade in the example? A) $ 0.50. B) $ 0.60. C) $ 0.70. D) $ 0.80. Show Answer Correct Answer: D) $ 0.80. 3. Observing trends in the market can help entrepreneurs identify: A) Unsatisfied customer needs. B) Government regulations. C) Decreasing demand. D) Lack of innovation. Show Answer Correct Answer: A) Unsatisfied customer needs. 4. What is meant by a financial risk? A) Businesses rely on equipment 24/7. If this breaks down this leads to lower production and repair costs. B) Setting up a business can mean you lose your own or the banks money. C) It is critical that suppliers supply equipment to businesses. Customers need to pay for goods/services. D) Blockbusters failed to address the threat of Netflix as they had no digital content available online. Show Answer Correct Answer: B) Setting up a business can mean you lose your own or the banks money. 5. Which of the following statements is true in relation to goods and services A) Services can be touched and held, whilst goods are usually invisible. B) Goods can be touched and held whilst services are intangible. C) Services are visible whereas goods are usually invisible. D) Both goods and services are intangible. Show Answer Correct Answer: B) Goods can be touched and held whilst services are intangible. 6. Spending more time at home or carrying out hobbies, gives you a ..... A) Better work/life balance. B) Social enterprise. C) All the above. D) None of the above. Show Answer Correct Answer: A) Better work/life balance. 7. Which of the following is NOT a potential drawback of taking calculated risks? A) Loss of investment. B) Poor health. C) Strained relationships. D) Loss of business license. E) Loss of income. Show Answer Correct Answer: D) Loss of business license. 8. This social entrepreneur characteristics are usually creative, willing to think outside the box and ready to apply ideas to new situations A) Social Catalyst. B) Socially aware. C) Innovative. D) Opportunity-Seeking. Show Answer Correct Answer: C) Innovative. 9. Equipment, inventory or other goods that are pledged to the bank in the case the company can not make a loan payment A) Mortgage. B) Securities. C) Share. D) Collateral. Show Answer Correct Answer: D) Collateral. 10. Which of the following is an advantage of general partnerships: A) Limited capital. B) Unlimited liability. C) Easy to end. D) Combined capabilities. Show Answer Correct Answer: D) Combined capabilities. 11. An employee: A) Works for someone else. B) Owns a business venture. C) Takes primary financial responsibility for the risk of the business venture. D) Is responsible for contributing equity to the business. Show Answer Correct Answer: A) Works for someone else. 12. What is the cost of lemons in the lemonade business example? A) $ 0.10. B) $ 0.20. C) $ 0.30. D) $ 0.40. Show Answer Correct Answer: B) $ 0.20. 13. What is a common reason for a business to fail? A) Strong leadership. B) Poor financial management. C) High customer satisfaction. D) Effective marketing. Show Answer Correct Answer: B) Poor financial management. 14. What is the total expense in the lemonade business example? A) $ 0.50. B) $ 0.60. C) $ 0.70. D) $ 0.80. Show Answer Correct Answer: B) $ 0.60. 15. Loan applications require: A) Applicants to offer a guarantee to take whatever. B) Applicants to provide personal and business information that must be truthful. C) Completion all in one sitting. D) Applicants to pay for the right to submit an application. Show Answer Correct Answer: B) Applicants to provide personal and business information that must be truthful. 16. The three objectives of social enterprises are economic, social and environmental. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 17. What is a key factor in successful entrepreneurship? A) Lack of vision. B) Strong leadership. C) Avoiding risks. D) Ignoring market trends. Show Answer Correct Answer: B) Strong leadership. 18. Grace and Jacob are considering starting a business. They are exploring a model where they can operate using an established company's brand and system. Which best describes this type of business model? A) A business owned and operated by one person. B) A business model where a company allows others to operate using its brand and system. C) A non-profit organisation. D) A business focused on personal lifestyle. Show Answer Correct Answer: B) A business model where a company allows others to operate using its brand and system. 19. An investment worth money; a financial instrument indicating ownership. A) Lien. B) Mortgage. C) Share. D) Securities. Show Answer Correct Answer: D) Securities. 20. An entrepreneur has produced a shaving oil for customers with sensitive skin to eliminate an pain when shaving. This is an example of a business idea that: A) Was developed and delivered to the market quickly. B) Solved a customer problem. C) Offered a cheaper way of doing something. D) Is aimed at a fast growing market. Show Answer Correct Answer: B) Solved a customer problem. 21. A large business can have high sales but employ few workers A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 22. A risk of any business is that someone else might steal your ..... A) Personal details. B) Financial details. C) Emails. D) Intellectual property. Show Answer Correct Answer: D) Intellectual property. 23. One critical difference between bank loans and online loans is: A) Applicants only have to be completely truthful on a bank loan application. B) None, they are pretty much the same. C) The amount of information the applicant must provide. D) The amount of money the applicant can request. Show Answer Correct Answer: C) The amount of information the applicant must provide. 24. Which of the following best describes how value can be added to a product through branding A) Making a product to a high standard demanded by customers. B) Saving customers time. C) When a business is recognisable by its name. D) Launching an updated product with new features. Show Answer Correct Answer: C) When a business is recognisable by its name. 25. A payment made to an insurance company to cover the costs of an insurance policy is called: A) A policy. B) A premium. C) A dividend. D) A beneficiary. Show Answer Correct Answer: B) A premium. ← 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 10Class 12 Entrepreneurship Chapter 1 Entrepreneurship And Enterprise Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books