This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 14 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 14 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How many hours are considered to be a full work week? A) 8 hours. B) 20 hours. C) 30 hours. D) 40 hours. Show Answer Correct Answer: D) 40 hours. 2. Individuals can own land, personal property, business property, and money. They can do what ever they'd like with said property. What Characteristic is being described? A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: C) Private Property. 3. What are the aims and purpose of an enterprise? A) To-make a profit, survive, expand, maximise sales, being ethical, providing a voluntary or charitable service. B) To-have no ethical values and focus on making as much money as possible, even to the detriment of it's own employees (meaning they don't care if their actions affect their staff). C) To-make a profit and take control of the sector they specialise in. D) None of the above. Show Answer Correct Answer: A) To-make a profit, survive, expand, maximise sales, being ethical, providing a voluntary or charitable service. 4. What is Innovation? A) Short term goals in the business. B) How many times a business has changed their product. C) A "new idea, creative thoughts, new imaginations in form of device or method" . D) The exclusive and assignable legal right, given to the originator for a fixed number of years, to print, publish, perform, film, or record literary, artistic, or musical material. Show Answer Correct Answer: C) A "new idea, creative thoughts, new imaginations in form of device or method" . 5. Government restricts free enterprise through A) Deregulation. B) Income redistribution. C) Public policy. D) Goods and services. Show Answer Correct Answer: B) Income redistribution. 6. What causes inflation? A) Government Control. B) Rise in Wages. C) Profit Motive. D) Free Enterprise. Show Answer Correct Answer: B) Rise in Wages. 7. What is the role of business owners in free enterprise? A) They can choose what to sell and how much to sell it for. B) They have no control over their businesses. C) They must follow strict government regulations. D) They cannot make a profit. Show Answer Correct Answer: A) They can choose what to sell and how much to sell it for. 8. What characteristic is being described? Individuals can act in their own self interest. Businesses can charge the highest price they can, and consumers can shop around to find the lowest price. Workers are also free to ask for higher wages and better working conditions. A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: D) Profit Motive. 9. Producers (business) are free to sell their products at what ever price they wish, and Consumers (customers) are free to refuse to buy. This is part of which Characteristic of Free Enterprise? A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: B) Voluntary Exchange. 10. The management process which involves interactions between managers and their subordinates is A) Leading. B) Planning. C) Controlling. D) Organizing the jobs. E) Decision making. Show Answer Correct Answer: A) Leading. 11. Occurs when the resources to produce goods, or offer services are limited and/or costly A) Competition. B) Economic System. C) Scarcity. D) Profit. Show Answer Correct Answer: C) Scarcity. 12. What role does government regulation play in a free enterprise system? A) It ensures fair competition and protects consumers. B) It sets all prices in the market. C) It owns all businesses. D) None of the above. Show Answer Correct Answer: A) It ensures fair competition and protects consumers. 13. What impact does 'competition' have on innovation in a free enterprise system? A) It discourages businesses from innovating due to increased risks. B) It has no significant impact on innovation. C) It stimulates innovation as businesses strive to gain a competitive edge. D) It reduces innovation because of the focus on price wars. Show Answer Correct Answer: C) It stimulates innovation as businesses strive to gain a competitive edge. 14. Alex owns a guitar, several books, and a telescope. Alex's possessions are examples of A) Private property. B) Economic resources. C) Capital goods. D) Equal distribution. Show Answer Correct Answer: A) Private property. 15. What is the primary goal of businesses in a capitalist economy? A) To maximize profits. B) To serve the government. C) To eliminate competition. D) To reduce consumer choice. Show Answer Correct Answer: A) To maximize profits. 16. What effect does consumer choice have on the quality of products in a free enterprise system? A) It leads to a decrease in product quality due to cost-cutting. B) It has no significant effect on product quality. C) It encourages producers to improve quality to meet consumer demands. D) It results in uniform product quality due to government standards. Show Answer Correct Answer: C) It encourages producers to improve quality to meet consumer demands. 17. The situation that exists when general price levels don't change much over time describes which of the 7 major economic goals of free enterprise? A) Price stability. B) Economic security. C) Economic freedom. D) Economic efficiency. Show Answer Correct Answer: A) Price stability. 18. What does infrastructure include? A) Only roads and bridges. B) Services like transit, power, water, and sewer systems. C) Only public transportation. D) Only private buildings. Show Answer Correct Answer: B) Services like transit, power, water, and sewer systems. 19. When the amount of a product supplied is equal to the amount the is demanded, a state of ..... exists. A) Panic. B) Pressure. C) Equilibrium. D) Stand Off. Show Answer Correct Answer: C) Equilibrium. 20. True or False:Under a free enterprise system, people must work in a profession that is chosen for them by the government: A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 21. The quantity of something that producers have available for sale A) Demand. B) Supply. C) Deplete. D) Surplus. Show Answer Correct Answer: B) Supply. 22. When two or more businesses produce and sell similar products and compete against each other A) War. B) Competition. C) Game. D) Scarcity. Show Answer Correct Answer: B) Competition. 23. Thomas has the option to go the college, start and apprenticeship or work at an entry level job when he graduates. This is an example of what? A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: A) Economic Freedom. 24. Thinking about why might an enterprise fail, which of the following is the ODD one out? A) Unwilling to listen to the needs and wants of a customer. B) Having an in depth growth strategy with key achievable milestones and SMART targets. C) Not having enough cash to pay for resources, products and equipment before they begin trading. D) None of the above. Show Answer Correct Answer: B) Having an in depth growth strategy with key achievable milestones and SMART targets. 25. Which is NOT a drawback of Free Enterprise? A) Uneven Economic Growth. B) Growing gap between the rich and the poor. C) Competition, lower prices and more choice. D) Monopolies (one company gaining control). Show Answer Correct Answer: C) Competition, lower prices and more choice. ← 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