This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 1 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is a share of stock? A) A type of loan. B) A unit of ownership in a company. C) A form of currency. D) A government bond. Show Answer Correct Answer: B) A unit of ownership in a company. 2. Some of the common revenue segments in the space are Licensing, Subscription, Maintenance And Services. Who do you think is the leader in Licensing and Subscription? A) SALESFORCE. B) SAP. C) MICROSOFT. D) ADOBE. Show Answer Correct Answer: C) MICROSOFT. 3. In a free market economy people can A) Only buy or sell what the government says. B) Run any business they want. C) Choose a business from a list of options. D) Only buy goods. Show Answer Correct Answer: B) Run any business they want. 4. Someone who organizes and manages land, capital, and labor to make a profit A) Businessman. B) Entrepreneur. C) Lawyer. D) CEO. Show Answer Correct Answer: B) Entrepreneur. 5. Which type of enterprise is primarily focused on generating profit? A) Non-profit organisation. B) Social enterprise. C) Profit-making enterprise. D) Government agency. Show Answer Correct Answer: C) Profit-making enterprise. 6. Equal pay for equal work is an example of which of the 7 major economic goals of free enterprise? A) Price stability. B) Economic security. C) Economic freedom. D) Economic equity. Show Answer Correct Answer: D) Economic equity. 7. What are the advantages of free enterprise? A) Bureaucracy, inefficient processes, and higher costs. B) Greater expression and flexibility, innovation, and consumer-driven markets. C) Unprofitable products, worker safety, and ethical behavior. D) Government bailouts, market crashes, and financial instability. Show Answer Correct Answer: B) Greater expression and flexibility, innovation, and consumer-driven markets. 8. The economic system of the United States is considered a ..... A) Free Market Capitalism. B) Socialism. C) Traditional Economy. D) Command Economy. Show Answer Correct Answer: A) Free Market Capitalism. 9. Protection from harmful economic events, like layoffs, illnesses, injuries, and disabilities describes which of the 7 major economic goals of free enterprise? A) Price stability. B) Economic security. C) Economic freedom. D) Economic equity. Show Answer Correct Answer: B) Economic security. 10. Federal health insurance program for senior citizens, regardless of income. A) Medicaid. B) Medialert. C) Medicare. D) Medicarpel. Show Answer Correct Answer: C) Medicare. 11. What are transfer payments? A) Payments for exported goods. B) Payments given to citizens as income support. C) Payments for government services. D) Payments for business investments. Show Answer Correct Answer: B) Payments given to citizens as income support. 12. A person who chooses to, and is free to, open a grocery store is participating in a A) Command economy. B) Centrally-planned economy. C) Free enterprise economy. D) Traditional economy. Show Answer Correct Answer: C) Free enterprise economy. 13. What occurs when people who do not take part within an economic transaction benefit from it? A) Negative Externality. B) A Modified Free Enterprise Comes into Play. C) Market Failure. D) Wellfare is revoked. Show Answer Correct Answer: C) Market Failure. 14. What is an entrepreneur's role in a free enterprise system? A) To provide funding to the government. B) To act as an intermediary between the government and the consumers. C) To innovate, take risks, and create new businesses. D) To ensure that all businesses follow government regulations. Show Answer Correct Answer: C) To innovate, take risks, and create new businesses. 15. Inflation is especially hard on what group of people? A) Legal immigrants. B) Illegal immigrants. C) Recent college graduates. D) People on a fixed income. Show Answer Correct Answer: D) People on a fixed income. 16. What is meant by 'Consumer Sovereignty' in a free market? A) Consumers have no choice in products. B) Consumers dictate what goods are produced. C) Consumers are controlled by producers. D) Consumers rely on government decisions. Show Answer Correct Answer: B) Consumers dictate what goods are produced. 17. Market economy in which people freely carry on economic affairs but are subject to some government regulation A) Mixed Economy. B) Traditional Economy. C) Voluntary Exchange. D) Modified Free Enterprise. Show Answer Correct Answer: D) Modified Free Enterprise. 18. What is the main goal of Free Enterprise A) Economic Freedom. B) Friendship. C) Profit. D) Acceptance. Show Answer Correct Answer: A) Economic Freedom. 19. Lowest legal wage that can be paid to most workers A) Poverty Line. B) Minimum Wage. C) Limited Exchange. D) Livability Level. Show Answer Correct Answer: B) Minimum Wage. 20. Medicare and Social Security are examples of economic A) Efficiency. B) Freedom. C) Security. D) Growth. Show Answer Correct Answer: C) Security. 21. Controlling involves: A) Monitoring expenses and revenues to ensure that the company is profitable. B) Reviewing data to ensure that employees are doing what they are supposed to do. C) Reviewing all financial and productivity data to ensure that the company is achieving its goals. D) Monitoring the firm's performance and acting to bring it in line with the firm's goals. E) Ensuring that all policies and procedures are followed within a company. Show Answer Correct Answer: D) Monitoring the firm's performance and acting to bring it in line with the firm's goals. 22. How many principles does the US Free Enterprise have? A) Ten. B) Five. C) Three. D) Seven. Show Answer Correct Answer: B) Five. 23. Who can start their own business in a free enterprise system? A) Only government-approved individuals. B) Only people with a certain level of income. C) Anyone who meets strict regulatory standards. D) Anybody based on people's needs and wants. Show Answer Correct Answer: D) Anybody based on people's needs and wants. 24. Which of the following is a feature of a small enterprise? A) More than 500 employees. B) Annual turnover of less than £10 million. C) Operates in multiple countries. D) High market share. Show Answer Correct Answer: B) Annual turnover of less than £10 million. 25. This feature of Free Enterprise includes consumers & producers willingly buying and selling goods. A) Voluntary Exchange. B) Self-Interest. C) Profit Motive. D) Economic Freedom. Show Answer Correct Answer: A) Voluntary Exchange. 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