This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 10 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Free enterprise is an economic system with: A) Foreign control over all goods and services. B) Public and private control over goods and services. C) Only privately owned goods and services. D) Only public control over goods and services. Show Answer Correct Answer: B) Public and private control over goods and services. 2. A person, company, or country that makes, grows, or supplies goods or commodities for sale A) Director. B) Producer. C) Consumer. D) Decomposer. Show Answer Correct Answer: B) Producer. 3. Which of these is a way of gathering funds for a new enterprise? A) Crowd finance. B) Cooperation funding. C) Crowd funding. D) Cooperative. E) Crown funding. Show Answer Correct Answer: C) Crowd funding. 4. For which of the following do workers compete in a private enterprise system: A) Skills. B) Benefits. C) Profits. D) Jobs. Show Answer Correct Answer: D) Jobs. 5. As prices increase, supply increases. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. Which of the following is not a sector? A) Secondary. B) Primary. C) Intermediate. D) Tertiary. Show Answer Correct Answer: C) Intermediate. 7. What did the European countries do with the raw materials? A) Turn them into finished products. B) Re-sell them to other Colonies. C) Re-sell them to other Countries. D) Trade them away. Show Answer Correct Answer: A) Turn them into finished products. 8. What does consumer sovereignty mean in a capitalist economy? A) Consumers have no choice. B) Consumers dictate what is produced. C) Consumers are controlled by producers. D) Consumers are irrelevant. Show Answer Correct Answer: B) Consumers dictate what is produced. 9. Which of the following best describes 'Free Enterprise'? A) Government-controlled businesses. B) Businesses operating with minimal government interference. C) State-owned enterprises. D) Community-run businesses. Show Answer Correct Answer: B) Businesses operating with minimal government interference. 10. Predict the effect of a sudden increase in consumer income on the demand for luxury goods. A) Demand will decrease. B) Demand will increase. C) Demand will remain unchanged. D) None of the above. Show Answer Correct Answer: B) Demand will increase. 11. How is Private Property an "incentive" for people to participate in Free Enterprise Capitalism? A) It motivates them to accumulate resources. B) It motivates them to improve what they already have. C) It motivates them to lend their property. D) All choices are correct. Show Answer Correct Answer: D) All choices are correct. 12. An example of a public service is which of the following? A) School. B) Library. C) Police Station. D) All Answers Are Correct. Show Answer Correct Answer: D) All Answers Are Correct. 13. A key to innovate is to take time to investigate how things are working, even when there are no current problems. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 14. Apple Inc. sells their products all over the world, this makes them a ..... business. A) Domestic. B) Public. C) Global. D) Finance. Show Answer Correct Answer: C) Global. 15. Which is a major step in operating a successful equine business? A) Create another sideline "farming activity to help pay bills". B) Know what the market is for your horse activity. C) Make all plans on the spur of the moment. D) Use only inbreeding to preserve the lineage. Show Answer Correct Answer: B) Know what the market is for your horse activity. 16. A period of macroeconomic expansion followed by a period of contraction. A) Boom/bust. B) Economic growth. C) Business cycle. D) Recession. Show Answer Correct Answer: C) Business cycle. 17. Adam Smith was not a contributer to the Free Enterprise A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 18. Which one is not the role of an entrepreneur? A) Creating a product. B) Raising finance. C) Organising resources. D) Creating new laws. Show Answer Correct Answer: D) Creating new laws. 19. In a private enterprise economic system, consumers can choose from a variety of products as a result of A) The collection of taxes. B) Limited government control. C) Inflation. D) Competition. Show Answer Correct Answer: D) Competition. 20. Which of the following is a benefit of a free enterprise system? A) It guarantees economic equality. B) It promotes economic growth and innovation. C) It ensures that all citizens have the same income. D) It eliminates the need for competition. Show Answer Correct Answer: B) It promotes economic growth and innovation. 21. The role of the consumer as ruler of the market A) Minimum wage. B) Social Security. C) Consumer sovereignty. D) Entrepreneur. Show Answer Correct Answer: C) Consumer sovereignty. 22. Which of the following is not a type of a retailer? A) Online store. B) Supermarket. C) Industry. D) Department store. Show Answer Correct Answer: C) Industry. 23. ..... obtain goods from manufactures and resell them to organizational users. A) Retailers. B) Wholesalers. C) Production. D) Industry. Show Answer Correct Answer: B) Wholesalers. 24. What is one of the negatives of free enterprise mentioned in the material? A) Stable economic growth. B) Uneven economic growth. C) Decreased business opportunities. D) Lower taxes. Show Answer Correct Answer: B) Uneven economic growth. 25. What is the term for the total value of all goods and services produced in a particular economy? A) Net worth. B) Open market value. C) Gross domestic product. D) Standard of living. Show Answer Correct Answer: C) Gross domestic product. ← PreviousNext →Related QuizzesClass 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 1Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 2Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 3Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 4Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 5Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 6Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 7Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 8Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 9Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books