This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 6 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. ..... protect consumers against harm from products on the market. A) Franchises. B) Profit motives. C) Private property rights. D) Government regulations. Show Answer Correct Answer: D) Government regulations. 2. Economic equity means that it is illegal to discriminate on the basis of age, sex, race, religion, or ..... A) Income. B) Status. C) Disability. D) Political views. Show Answer Correct Answer: C) Disability. 3. The amount of money a business earns when selling a good A) Profit. B) Consumer. C) Entrepeneur. D) Competition. Show Answer Correct Answer: A) Profit. 4. Driving force that encourages people to improve their material well-being A) Minimum wage. B) Voluntary exchange. C) Profit motive. D) Mixed economy. Show Answer Correct Answer: C) Profit motive. 5. One of the differences between private enterprise and other types of economic systems is that in other systems, workers A) May be unable to improve their standard of living. B) Are able to make a wide variety of economic choices. C) Are allowed to change jobs whenever they want to do so. D) Can go to work for themselves if they are dissatisfied. Show Answer Correct Answer: A) May be unable to improve their standard of living. 6. How does competition affect prices in a free market? A) It generally leads to higher prices. B) It generally leads to lower prices. C) It has no effect on prices. D) None of the above. Show Answer Correct Answer: B) It generally leads to lower prices. 7. The private enterprise economic system is often described as a(n) A) Pure system. B) Controlled system. C) Entrepreneur system. D) Price-directed system. Show Answer Correct Answer: D) Price-directed system. 8. How is the size of an enterprise measured? A) The amount of revenue it makes. B) The amount of profit it makes. C) Number of employees. D) None of the above. Show Answer Correct Answer: C) Number of employees. 9. What was the economic system used by Great Britain in which colonies were established in the Americas? A) Free enterprise. B) Mercantilism. C) Mixed economy. D) Command economy. Show Answer Correct Answer: B) Mercantilism. 10. What is a person who benefits from economic transactions they are not a part of? A) Economist. B) Entrepreneur. C) Externality. D) Free Rider. Show Answer Correct Answer: D) Free Rider. 11. Why are entrepreneurs important in a private enterprise system? A) They get rid of competition. B) They use resources inefficiently. C) They encourage the development of new products. D) They are responsible for deceptive advertising. Show Answer Correct Answer: C) They encourage the development of new products. 12. Economic equity deals with the question of A) Fairness and equality. B) Sustainability. C) Regulation. D) Freedom. Show Answer Correct Answer: A) Fairness and equality. 13. What does a Patent protect? A) Intelligent products. B) Intellectual products. C) Intellectual property. D) Intellectual knowledge. Show Answer Correct Answer: C) Intellectual property. 14. What is an enterprise? A) An office. B) A building. C) A factory. D) A company. Show Answer Correct Answer: D) A company. 15. The concept that people may decide what and when they want to buy and sell goods & services A) Voluntary exchange. B) Legal equality. C) Private property. D) Open opportunity. Show Answer Correct Answer: A) Voluntary exchange. 16. Starting your own company can be considered a type of business risk. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 17. The pilgrims did a lot of exploratory work in the ..... stage A) First stage. B) Second stage. C) Third stage. D) Fourth stage. Show Answer Correct Answer: B) Second stage. 18. What does voluntary exchange involve? A) Forced trade between countries. B) Buyers and sellers freely engaging in transactions. C) Government-mandated sales. D) Exchange of goods without consent. Show Answer Correct Answer: B) Buyers and sellers freely engaging in transactions. 19. Paulina refuses to buy products from Nestle because she doesn't agree with their business practices. This is an example of which Characteristic? A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: B) Voluntary Exchange. 20. After round TWO, who benefited the most from the Navigation Acts? A) France. B) Colonies. C) Spain. D) Great Britain. Show Answer Correct Answer: D) Great Britain. 21. What is the difference between capitalism and free enterprise? A) Capitalism focuses on the exchange of wealth, while free enterprise focuses on the production of goods. B) Capitalism restricts market mechanisms, while free enterprise allows for individual decisions. C) Capitalism emphasizes government intervention, while free enterprise emphasizes market freedom. D) Capitalism and free enterprise are the same concept. Show Answer Correct Answer: A) Capitalism focuses on the exchange of wealth, while free enterprise focuses on the production of goods. 22. How much is the spending on overall Enterprise Software? A) $ 1-$ 10 BN. B) $ 10-$ 100 BN. C) $ 100-$ 500 BN. D) $ 500-$ 1000 BN. Show Answer Correct Answer: D) $ 500-$ 1000 BN. 23. These are people who start new businesses to seek profits. A) Consumers. B) Entrepreneurs. C) Modified free enterprisers. D) Free enterprisers. Show Answer Correct Answer: B) Entrepreneurs. 24. Free enterprise system is also called A) Free Market Economy. B) Free Life Economy. C) Free Money Economy. D) Free Business Economy. Show Answer Correct Answer: A) Free Market Economy. 25. Which of the following is largely responsible for the growth of a free enterprise system? A) Government. B) GDP. C) Profit Motive. D) Market Efficiency. Show Answer Correct Answer: C) Profit Motive. ← 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 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