This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 11 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A federal judge declared Microsoft Windows operating system, a monopoly. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 2. In which sector do enterprises that produce goods from raw materials operate? A) Primary sector. B) Secondary sector. C) Tertiary sector. D) Quaternary sector. Show Answer Correct Answer: B) Secondary sector. 3. Is a consumer someone who buy and use goods and services. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 4. People & Business can buy & sell their property as well as ban others from using it A) Economic Freedom. B) Private Property. C) Competition. D) Self-Interest. Show Answer Correct Answer: B) Private Property. 5. How are prices determined in a free enterprise system? A) By the government. B) Through central planning. C) By the interaction of supply and demand. D) By international markets only. Show Answer Correct Answer: C) By the interaction of supply and demand. 6. What is adaptability in the context of free enterprise? A) The ability to sell products internationally. B) The ability to change according to circumstances. C) The ability to keep prices constant. D) The ability to produce a single product efficiently. Show Answer Correct Answer: B) The ability to change according to circumstances. 7. In a free enterprise system, the government places ..... restrictions on businesses and its citizens: A) Minimum. B) Maximum. C) Normal. D) Abnormal. Show Answer Correct Answer: A) Minimum. 8. Labor refers to ..... A) People with all their efforts and abilities. B) Individuals who start a new business or bring a product to market. C) The tools, equipment, and factories used in production of goods and services. D) The "gifts of nature" or natural resources not created by human effort. Show Answer Correct Answer: A) People with all their efforts and abilities. 9. A ..... is an exclusive right to a new product or invention for a number of years. A) Copyright. B) Patent. C) Incentive. D) Legal equality. Show Answer Correct Answer: B) Patent. 10. Which of the following best describes the concept of consumer sovereignty in a free enterprise system? A) Consumers have the power to decide what goods and services are produced. B) The government protects the rights of consumers over producers. C) Producers have the power to influence consumer choices. D) Consumers must purchase whatever goods and services the government decides. Show Answer Correct Answer: A) Consumers have the power to decide what goods and services are produced. 11. Who bought Tableau in 2019 in one of the largest M&A Deals in this space? A) SAP. B) SALESFORCE. C) IBM. D) HP. Show Answer Correct Answer: B) SALESFORCE. 12. Malinda owns a home, and instead of living in it, she decides to rent it out to make more money. Which economic freedom does this illustrate? A) Freedom to own, use, buy, and sell private property. B) Freedom to compete for jobs. C) Freedom to choose which laws to obey. D) Freedom to control all the money you earn. Show Answer Correct Answer: A) Freedom to own, use, buy, and sell private property. 13. Cashiers at McDonalds are examples of ..... A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: B) Labor. 14. What is an increase in output of goods and services? A) Profit. B) Money. C) Economic growth. D) Food. Show Answer Correct Answer: C) Economic growth. 15. The incentive to improve material well-being by seeking to gain from economic activities is called A) Legal equality. B) Marginal benefit. C) Open opportunity. D) Profit motive. Show Answer Correct Answer: D) Profit motive. 16. Innovative companies require their employees to: A) Be selfish. B) Seek new opportunities. C) Reluctant to take risks. D) Isolated work environment. Show Answer Correct Answer: B) Seek new opportunities. 17. This feature of Free Enterprise includes the desire for profit and improving material well-being A) Self-Interest. B) Economic Freedom. C) Voluntary Exchange. D) Profit Motive. Show Answer Correct Answer: D) Profit Motive. 18. Which of the following is the best example of a public good? A) Highway system. B) Shopping mall. C) Country club. D) Movie theater. Show Answer Correct Answer: A) Highway system. 19. The advantage of a person becoming an entrepreneur is: A) More money'll always be earned than working for an employer. B) There is more independence than when working for an employer. C) Less risk of business failure. D) No oppotunity cost involved in becoming anentepeneur. Show Answer Correct Answer: B) There is more independence than when working for an employer. 20. Which business model involves transactions between consumers? A) Business-to-Business (B2B). B) Business-to-Consumer (B2C). C) Consumer-to-Consumer (C2C). D) Peer-to-Peer (P2P). Show Answer Correct Answer: C) Consumer-to-Consumer (C2C). 21. What makes a Free Enterprise system Capitalist in nature A) Anyone is free to start a business or enterprise. B) Everyone makes the same amount of money. C) Everyone must own a business. D) There is extreme government intervention. Show Answer Correct Answer: A) Anyone is free to start a business or enterprise. 22. A small payment that is added for borrowed money A) Support. B) Industry. C) Interest. D) Incentive. Show Answer Correct Answer: C) Interest. 23. A major reason a plan is needed prior to going into an equine business is it: A) Eliminates the need for estimation. B) Forces the owner to spell out objectives. C) Helps one make "piecemeal decisions.". D) Keeps one from looking ahead. Show Answer Correct Answer: B) Forces the owner to spell out objectives. 24. What is the main theme of the image? A) Socialism. B) Capitalism. C) Communism. D) Feudalism. Show Answer Correct Answer: B) Capitalism. 25. What is the theme of the poem 'Enterprise'? A) Growing up. B) A pilgrimage. C) A journey into the unknown. D) Life and religion. Show Answer Correct Answer: B) A pilgrimage. ← 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 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books