This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 5 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does the price of a good or service depend on first according to the text? A) The number of stores selling it. B) How much of the good there is for people to buy. C) The quality of the good. D) The brand of the good. Show Answer Correct Answer: B) How much of the good there is for people to buy. 2. What is considered a negative effect of government regulation? A) It protects consumers but harms the environment. B) It is expensive for businesses to follow all of the rules. C) It allows businesses to sell unsafe products. D) It does not protect the well-being of the public. Show Answer Correct Answer: B) It is expensive for businesses to follow all of the rules. 3. Trading goods and services for other goods and services is called A) Trading. B) Sharing. C) Giving. D) Bartering. Show Answer Correct Answer: D) Bartering. 4. What have some states done to protect workers from adverse economic events such as layoffs and illnesses? A) They set up support groups. B) They set up unemployment compensation programs. C) They provided every worker with insurance. D) They gave workers more time off. Show Answer Correct Answer: B) They set up unemployment compensation programs. 5. Economic system with a combination of command, traditional, and market economies A) Capitalism. B) Mixed. C) Free Enterprise. D) Socialism. Show Answer Correct Answer: B) Mixed. 6. Shoes Inc. has their main factory for distribution in the U.S.A, they also only sell their products in the U.S.A. What type of business does Shoe Inc. do? A) Global. B) Private. C) Industry. D) Domestic. Show Answer Correct Answer: D) Domestic. 7. Open opportunity helps to ensure that everyone is free to A) Be efficient. B) Invest in stocks. C) Start businesses. D) Maximize production. Show Answer Correct Answer: C) Start businesses. 8. According to the Free Enterprise system, how can you make money using your car? A) You can use it in an illegal street race. B) You can sell it for parts. C) You can drive Uber. D) You can forget to get the oil changed. Show Answer Correct Answer: C) You can drive Uber. 9. What is the definition of consumer? A) A person who buys or uses goods and services. B) A person who starts a new business, hoping to make a profit. C) A person who works for a business. D) A person who invests money in businesses. Show Answer Correct Answer: A) A person who buys or uses goods and services. 10. What is the total value of all final goods and services produced in the economy? A) Microeconomics. B) Macroeconomics. C) Gross Domestic Product (GDP). D) Business Cycle. Show Answer Correct Answer: C) Gross Domestic Product (GDP). 11. What is the name of the FEDERAL health insurance program for senior citizens? A) Social Security. B) Medicare. C) Medicaid. D) SNAP. Show Answer Correct Answer: B) Medicare. 12. What role does competition play in a free enterprise system? A) It discourages innovation. B) It increases government control over businesses. C) It drives down prices and improves quality. D) It leads to monopolies. Show Answer Correct Answer: C) It drives down prices and improves quality. 13. What is meant by the term entrepreneur? A) A person who runs a business. B) A person who creates a product. C) A person who sets up a business. D) A person who is in control of the business. Show Answer Correct Answer: C) A person who sets up a business. 14. An industry consists of a group of establishments primarily engaged in producing or handling the same product or group of products. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 15. The concept of giving everyone the same legal rights, equal protections & due process of law. A) Profit incentive. B) Legal equality. C) Open opportunity. D) Open market. Show Answer Correct Answer: B) Legal equality. 16. Business ownership by ordinary people, not the government is which of the following? A) Competition. B) Private Enterprise. C) Public Enterprise. D) Free Trade. Show Answer Correct Answer: B) Private Enterprise. 17. An economic system in which businesses compete against one another free of government control A) Socialism. B) Free Enterprise. C) Product. D) None of the above. Show Answer Correct Answer: B) Free Enterprise. 18. What is the name of the force that encourages people and organizations to improve their material well-being from economic activities? A) Market Failure. B) Profit Motive. C) Positive Externality. D) Free Rider. Show Answer Correct Answer: B) Profit Motive. 19. This feature of Free Enterprise creates rivalries between business to attract/gain business and pushes businesses to create new and better products. A) Self-Interest. B) Profit Motive. C) Voluntary Exchange. D) Competition. Show Answer Correct Answer: D) Competition. 20. The gov't in a free enterprise system tracks overall prices and observes fluctuations in order to: A) Control unemployment. B) Provide stability in the economy. C) Create federal funding programs. D) Improve technology for the economy. Show Answer Correct Answer: B) Provide stability in the economy. 21. What is the name of the STATE health insurance program for persons who can't afford healthcare? A) Social Security. B) Medicare. C) Medicaid. D) SNAP. Show Answer Correct Answer: C) Medicaid. 22. What would happen to supply when there is an improvement in technology? A) Supply would decrease. B) Supply would increase. C) Technology has no impact. D) None of the above. Show Answer Correct Answer: B) Supply would increase. 23. What is the name of the FEDERAL program of disability and retirement benefits that covers most working people? A) Social Security. B) Medicare. C) Medicaid. D) SNAP. Show Answer Correct Answer: A) Social Security. 24. Which company holds the 2nd largest market share in the enterprise software market? A) IBM. B) SAP. C) ORACLE. D) SALESFORCE. Show Answer Correct Answer: B) SAP. 25. A major factor affecting the demand for equine enterprises is the: A) Availability of teaching resources. B) Breed association literature being used. C) Other farming enterprises available. D) Use of horses in today's society. Show Answer Correct Answer: D) Use of horses in today's society. ← 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 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 10Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books