This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 15 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 15 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. True/False:Government safety nets are called welfare or aid to the poor. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 2. What do anti-trust laws regulate according to the text? A) Business start-ups. B) Business mergers and acquisitions. C) Employee rights within businesses. D) International trade agreements. Show Answer Correct Answer: B) Business mergers and acquisitions. 3. Federal program of disability and retirement benefits that covers most working people. A) Inflationary income. B) Fixed income allowance. C) American Security. D) Social Security. Show Answer Correct Answer: D) Social Security. 4. Consumers in a free enterprise economy ultimately determine ..... to produce. A) When. B) How. C) What. D) Where. Show Answer Correct Answer: C) What. 5. Struggle among multiple sellers to attract consumers A) Mixed Economy. B) Profit Motive. C) Competition. D) Inflation. Show Answer Correct Answer: C) Competition. 6. Define private enterprise A) A sector of the economy that included companies who deal with the extraction and production of raw materials and natural resources. B) A business or industry that is managed by independent companies or private individuals rather than by the state. C) A business that supplies a good or service. D) A business that purchases a vast amount of goods from manufacturers to sell them to other businesses. Show Answer Correct Answer: B) A business or industry that is managed by independent companies or private individuals rather than by the state. 7. Most people are inspired to start a business by the A) Free contract clause. B) Marginal benefit. C) Open opportunity clause. D) Profit motive. Show Answer Correct Answer: D) Profit motive. 8. Struggle among sellers to attract consumers A) Social Security. B) Competition. C) Profit motive. D) Voluntary exchange. Show Answer Correct Answer: B) Competition. 9. Who gets to decide what price to sell a product for? A) The store where it's being sold. B) The person or company that made it. C) The people buying it. D) The government. Show Answer Correct Answer: B) The person or company that made it. 10. Which activity is typically associated with enterprises in the secondary sector? A) Farming. B) Manufacturing. C) Retailing. D) Consulting. Show Answer Correct Answer: B) Manufacturing. 11. Which of the following is a benefit of the freedom to own private property: A) It helps to limit our economic choices. B) It encourages businesses to be cooperative. C) It encourages people to save and to invest. D) It allows people to do anything they want to do. Show Answer Correct Answer: C) It encourages people to save and to invest. 12. If it costs $ 100 to make an iphone, would it be a good idea to sell it for $ 100 to the customers? A) Yes, because you want the customers to have the lowest price possible. B) No, because it is morally wrong. C) No, because you would not make a profit. D) Yes, because it is a government regulation. Show Answer Correct Answer: C) No, because you would not make a profit. 13. Which of the following is a synonym for surplus? A) Excess. B) Oversupply. C) Extra. D) All Selection are Correct. Show Answer Correct Answer: D) All Selection are Correct. 14. Define the term management. A) The process of dealing with or controlling things or people. B) A type of financial investment. C) A form of entertainment. D) A style of cooking. Show Answer Correct Answer: A) The process of dealing with or controlling things or people. 15. What is an Example of Competition A) An oil company starting a monopoly. B) Lisa asking for higher pay. C) Workers striking for Higher pay. D) Sony and Microsoft obtaining different games to one up each other. Show Answer Correct Answer: D) Sony and Microsoft obtaining different games to one up each other. 16. This is another name for capitalism A) Free Contract. B) Free Enterprise. C) Infrastructure. D) Legal Equality. Show Answer Correct Answer: B) Free Enterprise. 17. True or False. Emergency services (fire fighters, police, etc ..... ), public educators and highways are examples of Private Goods. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 18. Free choices the consumer makes that control the economic market A) Consumer Sovereignty. B) Voluntary Exchange. C) Profit Motive. D) Free Enterprise. Show Answer Correct Answer: A) Consumer Sovereignty. 19. Which of the following is a benefit of free enterprise? A) Standardized goods/services. B) Variety of goods/services. C) Government control. D) Economic stagnation. Show Answer Correct Answer: B) Variety of goods/services. 20. Social Security, SNAP (food stamps), head start and the federal lunch programs are examples of A) Public Goods. B) Private Goods. C) Safety Nets. D) Contracts. Show Answer Correct Answer: C) Safety Nets. 21. If there is a high demand, but low supply of a product the price will ..... A) Be the same. B) Be higher. C) Be lower. D) Change randomly. Show Answer Correct Answer: B) Be higher. 22. Which one of these is a financial motive? A) Provide employment for themself. B) Fill gap in the market. C) Be the boss. D) Provide employment for others. Show Answer Correct Answer: A) Provide employment for themself. 23. How many kinds of enterprises can we find in the business world? A) Three. B) Six. C) Five. D) Four. Show Answer Correct Answer: D) Four. 24. What is the definition of demand? A) The amount of a product that people are willing to buy. B) The amount of a product that is available. 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 people are willing to buy. 25. To stabilize the economy, policymakers try to achieve three main outcomes:high employment, steady growth, and A) Technological advancement. B) Stable prices. C) Competition. D) Consumer confidence. Show Answer Correct Answer: B) Stable prices. ← 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