This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 13 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The income level that is needed to support a household is A) The poverty threshold. B) The standard of living. C) A cash transfer. D) An in-kind benefit. Show Answer Correct Answer: A) The poverty threshold. 2. Which economic system is practiced in the United States? A) Command. B) Free enterprise. C) Mixed. D) Traditional. Show Answer Correct Answer: B) Free enterprise. 3. What are the origins of free enterprise? A) China in the fourth or fifth century B.C. B) England between the 16th and 18th centuries. C) United States during the 18th and 19th centuries. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. One of the results of freedom in the marketplace is that A) Businesses use resources efficiently. B) People and businesses can own things of value. C) People can buy anything they can afford that can legally be sold. D) Government decides how to use an individual's private property. Show Answer Correct Answer: C) People can buy anything they can afford that can legally be sold. 5. When business is not associated with government agencies it is known as a ..... A) Public Sector. B) Nonprofit Organization. C) Private Sector. D) For Profit Organization. Show Answer Correct Answer: C) Private Sector. 6. What is the main goal of a profit motive? A) To provide free services. B) To earn money. C) To support the government. D) To help the environment. Show Answer Correct Answer: B) To earn money. 7. Which skill is essential for entrepreneurs to effectively manage their business? A) Inability to take risks. B) Poor communication. C) Financial management. D) Lack of creativity. Show Answer Correct Answer: C) Financial management. 8. ..... buy goods from wholesalers or directly from manufacturers and resell them to the consumers. A) Wholesalers. B) Non Profit Organization. C) Profit Organization. D) Retailers. Show Answer Correct Answer: D) Retailers. 9. What is the main reason most businesses exist? A) To provide jobs. B) To earn a profit. C) To help the community. D) To create products. Show Answer Correct Answer: B) To earn a profit. 10. In relation to Free Enterprise, what does "supply side tendencies" mean? A) There is always more supply for a product than demand for one. B) Businesses tend to grow and consolidate, concentrating wealth in a few large companies creating monopolies. C) Free enterprise favors certain suppliers in the market due to government control. D) Consumers go straight to the suppliers and cut out the middle man. Show Answer Correct Answer: B) Businesses tend to grow and consolidate, concentrating wealth in a few large companies creating monopolies. 11. One important feature of a free enterprise system is government restriction of competition. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 12. What is an example of a negative externality? A) Fewer Oil Rigs. B) Industrial Pollution. C) Less Toxic Waste. D) Smaller buildings. Show Answer Correct Answer: B) Industrial Pollution. 13. What is the main benefit of free enterprise? A) Limited freedom and restricted barriers to trade. B) Greater government control and policy restrictions. C) Limited consumer choices and restricted market participation. D) Freedom of choice and creative expression in transactions. Show Answer Correct Answer: D) Freedom of choice and creative expression in transactions. 14. The trip had darkened every face" means: A) The pilgrims were tanned. B) The pilgrims were dissatisfied. C) The pilgrims had forgotten to get their hats along. D) The pilgrims were drity. Show Answer Correct Answer: B) The pilgrims were dissatisfied. 15. Which are the government's three goals for promoting economic strength? A) Steady growth, high prices, and innovation. B) High employment, steady growth, and stability. C) High employment, increased spending, low taxes. D) Low unemployment, low prices, and low taxes. Show Answer Correct Answer: B) High employment, steady growth, and stability. 16. What is the definition of supply? A) The amount of a product that is available. B) The amount of a product that people are willing to buy. C) The amount of money a business invests in production. D) The amount of money a business earns from sales. Show Answer Correct Answer: A) The amount of a product that is available. 17. What are the goals of free enterprise? A) Market efficiency, financial security, and economic opportunities. B) Government intervention, consumer rights, and stability. C) Restricted trade, limited choices, and controlled distribution. D) Monopolies, government control, and fixed prices. Show Answer Correct Answer: A) Market efficiency, financial security, and economic opportunities. 18. The US government allows businesses to produce and sell products which express an opinion. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. An example of a service is ..... A) Clothes. B) Food. C) A haircut. D) A video game. Show Answer Correct Answer: C) A haircut. 20. When you own the rights to an item or idea you have a ..... on it. A) Copyright. B) Trademark. C) Patent. D) Profit. Show Answer Correct Answer: C) Patent. 21. A ..... seeks to make a profit from its operations. A) Nonprofit Organization. B) For-Profit Organization. C) Public Sector. D) Private Sector. Show Answer Correct Answer: B) For-Profit Organization. 22. What happens to the price when the supply is high and the demand is low? A) The price goes up. B) The price stays the same. C) The price goes down. D) The price fluctuates unpredictably. Show Answer Correct Answer: C) The price goes down. 23. Innovation is the same as creativity. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 24. Fairtrade is an organisation that supports the work of farmers in developing countries. Which of the following is true: A) Fairtrade protects workers rights. B) Fairtrade protects the environment. C) Fairtrade works in partnership with farmers and consumers. D) Fairtrade invests in small scale organisations that help the environment. E) All of the above. Show Answer Correct Answer: E) All of the above. 25. What is the definition of import? A) A good that one country buys from another country. B) A good that one country sells to another country. C) A good that is produced and consumed within the same country. D) A good that is not traded between countries. Show Answer Correct Answer: A) A good that one country buys from another country. ← 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