This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 12 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the most effective way for consumers to make their desires known to businesses? A) Through mail and phone surveys. B) By protesting and boycotting products. C) By the purchases they make. D) By hiring lobbyists and joining consumer groups. Show Answer Correct Answer: C) By the purchases they make. 2. Individuals put limits on their own economic freedom by A) Making personal economic choices. B) Competing with others. C) Complying with the law. D) Deciding to learn new job skills. Show Answer Correct Answer: A) Making personal economic choices. 3. The portion of a manager's job concerned with mobilizing the necessary resources to complete a particular task is which of the following? A) Planning. B) Organizing. C) Leading. D) Controlling. E) Executing. Show Answer Correct Answer: B) Organizing. 4. Which of the following best illustrates the concept of 'profit motive' in a free enterprise system? A) Government subsidies for certain industries. B) Businesses aiming to minimize costs and maximize revenues. C) Central planning of production targets. D) Equal distribution of profits among citizens. Show Answer Correct Answer: B) Businesses aiming to minimize costs and maximize revenues. 5. Which SEGMENT in the enterprise software market IS THE FASTEST GROWING? A) SAAS and Packaged Solutions. B) In-house developed software. C) Operating Systems. D) Custom and mobile apps by application developers & System integrators. Show Answer Correct Answer: A) SAAS and Packaged Solutions. 6. These require a company to provide full information about their product: A) Public disclosure laws. B) Consumer protection laws. C) Private property rights. D) Taxation laws. Show Answer Correct Answer: A) Public disclosure laws. 7. Which skill is crucial for entrepreneurs to identify new business opportunities? A) Lack of market knowledge. B) Poor analytical skills. C) Creativity. D) Inability to network. Show Answer Correct Answer: C) Creativity. 8. True or False:The U.S. government allows businesses to produce and sellproducts which express an opinion: A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. This concept insures that everyone can compete in the marketplace by opening a business: A) Profit incentive. B) Legal equality. C) Open opportunity. D) Open market. Show Answer Correct Answer: C) Open opportunity. 10. In this feature of Free Enterprise, consumers have the right to make legally binding written or oral contracts/agreements to buy and sell goods. A) Private Property. B) Contracts. C) Self-Interest. D) Economic Freedom. Show Answer Correct Answer: B) Contracts. 11. Each payday, some of your pay is withheld as payroll deductions for Social Security. What happens to the money that is withheld? A) It is redistributed as cash transfers to workers who are injured on the job. B) It is put into an account under your name to earn interest until you retire. C) It is used to provide medical benefits to Americans over 65. D) It is redistributed as cash transfers to elderly and disabled people. Show Answer Correct Answer: D) It is redistributed as cash transfers to elderly and disabled people. 12. The driving force behind people going into business is A) Profit margin. B) Profit motive. C) Opportunity cost. D) Taxes. Show Answer Correct Answer: B) Profit motive. 13. Which one of these is a non financial motive? A) Provide employment for themselves. B) Fill gap in the market. C) Receive a profit. D) Earn an wage. Show Answer Correct Answer: B) Fill gap in the market. 14. The rivalry between sellers to get more customers by lowering costs & better goods/services A) Voluntary exchange. B) Competition. C) Incentives. D) Legal equality. Show Answer Correct Answer: B) Competition. 15. What is the role of government regulations mentioned in the context of free enterprise? A) They provide financial assistance to businesses. B) They limit the scope of some business activities. C) They promote unrestricted business competition. D) They offer tax exemptions to all businesses. Show Answer Correct Answer: B) They limit the scope of some business activities. 16. What is the part of the economy that involves the transactions of individuals and businesses? A) Macroeconomics. B) Microeconomics. C) Public Sector. D) Private Sector. Show Answer Correct Answer: D) Private Sector. 17. Which business model involves selling products directly to consumers through an online platform? A) Business-to-Business (B2B). B) Business-to-Consumer (B2C). C) Consumer-to-Consumer (C2C). D) Peer-to-Peer (P2P). Show Answer Correct Answer: B) Business-to-Consumer (B2C). 18. Which industry is primarily involved in the extraction of natural resources? A) Manufacturing. B) Retail. C) Mining. D) Hospitality. Show Answer Correct Answer: C) Mining. 19. Charles saves up enough money to buy ocean front property. He can either build a house or start a boating company on his property. Its his choice because he owns the land. What Characteristic is being show? A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: C) Private Property. 20. Which company holds the largest market share in the enterprise software market? A) MICROSOFT. B) SAP. C) ORACLE. D) SALESFORCE. Show Answer Correct Answer: A) MICROSOFT. 21. Which is most likely to influence a person to get into an equine business? A) He/she failed to make enough money on hogs. B) Horses are cheaper to buy than cows. C) Horses require very little management. D) He/she already owns horses as a hobby. Show Answer Correct Answer: D) He/she already owns horses as a hobby. 22. One of the factors that directly limits the economic freedom of individuals in a private enterprise system is government A) Indecision. B) Production. C) Services. D) Taxation. Show Answer Correct Answer: D) Taxation. 23. What is another name for "a situation in which everyone has the same economic rights under the law" ? A) Positive Externality. B) Negative Externality. C) Legal Equality. D) Open Opportunity. Show Answer Correct Answer: C) Legal Equality. 24. Which of the following is a disadvantage of private enterprise: A) Elimination of poverty. B) Periods of unemployment. C) Careful use of resources. D) Equal distribution of income. Show Answer Correct Answer: B) Periods of unemployment. 25. What is a key characteristic of a micro-enterprise? A) More than 250 employees. B) Annual turnover exceeding £50 million. C) Fewer than 10 employees. D) Operates in multiple countries. Show Answer Correct Answer: C) Fewer than 10 employees. ← 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