This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 17 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A business plan for a new business will include all of the following except A) Financial forecasts. B) Market research data. C) Details of the business owners. D) Previous years' accounts. Show Answer Correct Answer: D) Previous years' accounts. 2. Markets in the free enterprise system are seldom regulated by ..... A) Businesses. B) The government. C) Consumers. D) Entrepreneurs. Show Answer Correct Answer: B) The government. 3. As prices increase, demand increases. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 4. Which of the following best describes the law of demand? A) As price decreases, demand decreases. B) As price increases, demand decreases. C) Demand is unaffected by price changes. D) None of the above. Show Answer Correct Answer: B) As price increases, demand decreases. 5. A company can be classified according to its ..... A) Size. B) Employees. C) Electronic devices. D) Bank accounts. E) Answers 1 and 2 are correct. Show Answer Correct Answer: E) Answers 1 and 2 are correct. 6. What is one of the benefits of free enterprise? A) Limited variety of goods/services. B) Monopoly. C) Individual freedom. D) Restricted trade. Show Answer Correct Answer: C) Individual freedom. 7. Why is planning important? A) It helps in setting objectives. B) It ensures efficient use of resources. C) It provides direction and reduces risks. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. What is the side effect of products and/or services that affect someone other than the producer or buyer? A) Profit. B) Infrastructure. C) Subsidy. D) Externality. Show Answer Correct Answer: D) Externality. 9. In the context of free enterprise, what are the two contrasting states of the economy mentioned? A) Inflation and deflation. B) Surplus and deficit. C) Boom and bust cycles. D) Import and export. Show Answer Correct Answer: C) Boom and bust cycles. 10. Workers can choose any job they want when they start their careers. What Characteristic of Free Enterprise is being described? A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: A) Economic Freedom. 11. What do you call the amount of money that is earned as a result of labor? A) Saving. B) Donations. C) Income. D) Spending. Show Answer Correct Answer: C) Income. 12. What characteristic is often found in successful entrepreneurs? A) Aversion to change. B) Lack of vision. C) Resilience. D) Inflexibility. Show Answer Correct Answer: C) Resilience. 13. Who are those managers responsible for a firm's overall performance and for developing long-range plans for the company? A) Executives. B) Middle managers. C) Top managers. D) Supervisors. E) Corporate officers. Show Answer Correct Answer: C) Top managers. 14. The economic basis for the private enterprise economic system is A) Competition. B) The profit motive. C) The marketplace. D) Supply and demand. Show Answer Correct Answer: B) The profit motive. 15. This is the study of the behavior/decision making of entire economies, not individuals. A) Microeconomics. B) Macroeconomics. C) Finite economics. D) Economic models. Show Answer Correct Answer: B) Macroeconomics. 16. Price competition involves competing with a lower price. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 17. In which sector do enterprises that provide services such as banking and insurance operate? A) Primary sector. B) Secondary sector. C) Tertiary sector. D) Quaternary sector. Show Answer Correct Answer: C) Tertiary sector. 18. The Chromebooks you are using are examples of A) Land. B) Labor. C) Entrepreneurs. D) Capital. Show Answer Correct Answer: D) Capital. 19. What does S.E.O. stand for? A) Search entry optimization. B) Second entry objective. C) Search engine optimization. D) Site entry option. Show Answer Correct Answer: C) Search engine optimization. 20. This nation's government does NOT use a free enterprise system A) Canada. B) United States. C) North Korea. D) South Korea. Show Answer Correct Answer: C) North Korea. 21. Which of the following is NOT part of the government stabilizing the economy. A) Controlling the goods made. B) Promoting steady Growth. C) Keeping prices stable. D) Keeping unemployment low. Show Answer Correct Answer: A) Controlling the goods made. 22. A general rise in the level of prices over time is known as ..... A) Catalyst. B) Glass Ceiling. C) Inflation. D) Bubble Effect. Show Answer Correct Answer: C) Inflation. 23. Mike believes the sole proprietorship is the best form of doing business on his horse farm because the farm is: A) Jointly owned by two people. B) Owned by one person. C) Owned by a family. D) Run by a board of directors. Show Answer Correct Answer: B) Owned by one person. 24. Which of the following is a common feature of SMEs? A) Large market share. B) High number of employees. C) Limited financial resources. D) Global operations. Show Answer Correct Answer: C) Limited financial resources. 25. When there is not enough of a good or service to meet peoples wants or needs it is called A) Bartering. B) Scarcity. C) Marketing. D) Demanding. Show Answer Correct Answer: B) Scarcity. ← 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