This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 7 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is an example of a free rider? A) A grandmother giving money to her graduating grandchild. B) Someone watching a fireworks display. C) Somebody splitting a hotel bill down the middle with another person. D) A child purchasing a powerup on Subway Surfers. Show Answer Correct Answer: B) Someone watching a fireworks display. 2. What did European Countries BUY from the Colonies? A) Raw Materials. B) Finished Products. C) All the above. D) None of the above. Show Answer Correct Answer: A) Raw Materials. 3. The portion of a manager's job concerned with guiding and motivating employees to meet the firm's objectives is called A) Planning. B) Organizing. C) Supervising. D) Controlling. E) Leading. Show Answer Correct Answer: E) Leading. 4. A rise in the general level of prices of all goods & services is called what? A) Stagnation. B) Inflation. C) Deflation. D) Recession. Show Answer Correct Answer: B) Inflation. 5. This is the role of the consumer as ruler of the market determining the types of goods and services produced. A) Consumer sovereignty. B) Producer sovereignty. C) Entrepreneur. D) Free enterpriser. Show Answer Correct Answer: A) Consumer sovereignty. 6. Who answers the basic economic questions in a private enterprise economic system? A) Government agencies. B) Influential citizens. C) Businesses and individuals. D) Entrepreneurs and producers. Show Answer Correct Answer: C) Businesses and individuals. 7. Zoom technologies operates in the following space ..... A) Network and Security Solutions. B) Video Conferencing. C) Cyber Security. D) None of the above. Show Answer Correct Answer: A) Network and Security Solutions. 8. According to the text, who may have a hard time making enough money when there is a surplus? A) Consumers. B) Families. C) Producers. D) Retailers. Show Answer Correct Answer: C) Producers. 9. All of the following are characteristics of a free enterprise system EXCEPT: A) Freedom to pursue an education. B) Freedom to seek employment. C) Freedom to scam others. D) Freedom to purchase property. Show Answer Correct Answer: C) Freedom to scam others. 10. The government's job in a free market economy is to A) Tell people and business what to do. B) Control who buys what. C) Control who sells what. D) Make sure all businesses are run fairly. Show Answer Correct Answer: D) Make sure all businesses are run fairly. 11. An entrepreneur has produced a shaving oil for customers with sensitive skin to eliminate any pain when shaving. This is an example of a business idea that: A) Was developed and delivered to the market quickly. B) Solved a customer problem. C) Offered a cheaper way of doing something. D) Is aimed at a fast growing market. Show Answer Correct Answer: B) Solved a customer problem. 12. What is the situation when the demand for something is higher than the supply? A) Demand. B) Scarcity. C) Supply. D) None of the above. Show Answer Correct Answer: B) Scarcity. 13. Making lemonade and selling it at a lemonade stand for 25 cents makes you a A) Producer. B) Giver. C) Consumer. D) Employee. Show Answer Correct Answer: A) Producer. 14. In addition to grooming and feeding, the sales agency provides: A) Advanced training for established show horses. B) Basic training for yearlings and weanlings. C) Breeding services for geldings and mares. D) Stud service for colts and foals. Show Answer Correct Answer: B) Basic training for yearlings and weanlings. 15. Buying bubble gum and a soda from the gas station makes you a A) Producer. B) Service. C) Consumer. D) Employee. Show Answer Correct Answer: C) Consumer. 16. Federal program retirement benefit that covers most working people A) Food Stamps. B) Military. C) Social Security. D) Medicare. Show Answer Correct Answer: C) Social Security. 17. Income that does not increase over time. A) Fixed income. B) Adjustable income. C) Medicaid. D) Minimum wage. Show Answer Correct Answer: A) Fixed income. 18. Public goods are funded by A) Charitable donations collected by the government. B) Profits made by private businesses. C) Profits made by public companies. D) Taxes collected by the government. Show Answer Correct Answer: D) Taxes collected by the government. 19. This is the study of the behavior/decision making of individuals & businesses. A) Microeconomics. B) Macroeconomics. C) Recession. D) Expansion. Show Answer Correct Answer: A) Microeconomics. 20. What does competition refer to in economics? A) Cooperation among producers. B) Struggle among producers for consumer dollars. C) Agreement between businesses. D) Elimination of all other businesses. Show Answer Correct Answer: B) Struggle among producers for consumer dollars. 21. An example of a good is ..... A) Swim lessons. B) A lawn service. C) A haircut. D) A video game. Show Answer Correct Answer: D) A video game. 22. ..... is how much of a good there is for people to buy. A) Demand. B) Supply. C) Scarcity. D) Surplus. Show Answer Correct Answer: B) Supply. 23. Businesses that extract natural resources for use in the creation of goods are called: A) Extractors. B) Tertiary. C) Manufacturers. D) Wholesalers. Show Answer Correct Answer: A) Extractors. 24. Which of the following statements best describes the term, unique selling point? When a business: A) Establishes a clear target market for its products. B) Develops an aspect of a product that makes it different to its rivals. C) Carries out market research effectively. D) Produces a range of goods and services. Show Answer Correct Answer: B) Develops an aspect of a product that makes it different to its rivals. 25. What does the term "business risk" mean? A) Any potential for failure. B) Any potential for gain. C) Any potential to not move at all. D) None of the above. Show Answer Correct Answer: A) Any potential for failure. ← 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 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