This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 8 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is free enterprise? A) An economic system in which people are free to start their own businesses and own their own property. B) An economic system in which the government controls all businesses and property. C) An economic system in which people are not allowed to start their own businesses. D) An economic system in which businesses are owned by the community. Show Answer Correct Answer: A) An economic system in which people are free to start their own businesses and own their own property. 2. A free enterprise system means ..... A) The government DOES NOT tell the people what they can make or sell. B) The government DOES tell the people what they can make or sell. C) All the above. D) None of the above. Show Answer Correct Answer: A) The government DOES NOT tell the people what they can make or sell. 3. Which question does NOT belong in an economic system? A) What is produced?. B) How is it produced?. C) Who gets what is produced?. D) When is it produced?. Show Answer Correct Answer: D) When is it produced?. 4. Harold's fruit store put apples on sale for 99 cents a pound. When Doug, who owned a fruit store across the street, heard about the sale, he lowered his apple price from $ 1.29 a pound to 89 cents a pound. This is an example of ..... A) Competition. B) The profit motive. C) Voluntary exchange. D) Economic freedom. Show Answer Correct Answer: A) Competition. 5. This the lowest legal wage that can be paid to most workers. A) Inflation. B) Minimum wage. C) Social security. D) Fixed income. Show Answer Correct Answer: B) Minimum wage. 6. In order to keep a horse's feet in good condition, a farrier must trim the horse's feet and replace its shoes at least every: A) 6-8 weeks. B) 8-9 months. C) 1-2 years. D) 3-4 years. Show Answer Correct Answer: A) 6-8 weeks. 7. The United States is ..... ? A) Mixed. B) Market. C) Command. D) Tradiational. Show Answer Correct Answer: A) Mixed. 8. The center of a typical circular flow model showing a modified free enterprise system is occupied by A) Businesses. B) Products. C) Government. D) Resources. Show Answer Correct Answer: C) Government. 9. A shared good/service that government builds because it would be impractical for an individual A) Private good. B) Public good. C) Military good. D) Market failure. Show Answer Correct Answer: B) Public good. 10. Consumers "vote" by choosing A) A product over competing products. B) A resource over other resources. C) To become entrepreneurs. D) To keep away from fad products. Show Answer Correct Answer: A) A product over competing products. 11. Nonprice competition does not involve special services and reputation. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 12. What is meant by business enterprise? A) The creation of a new business. B) The entrpreneuer. C) When an a business enters a new market. D) The closing down of an old business. Show Answer Correct Answer: A) The creation of a new business. 13. One of the freedoms provided to individuals by the private enterprise system is the freedom to choose A) Which taxes they will pay. B) How much they will be paid. C) Where they will work. D) Which laws they will obey. Show Answer Correct Answer: C) Where they will work. 14. What is voluntary exchange? A) Buyers and sellers freely and willingly engaging in market transactions. B) Buyers and sellers engaging in forced transactions. C) Buyers and sellers not engaging in free markets. D) None of the choices are correct. Show Answer Correct Answer: A) Buyers and sellers freely and willingly engaging in market transactions. 15. The basic role of the United States government is to A) Protect U.S. citizens. B) Maintain control of prices. C) Increase production. D) Limit business startups. Show Answer Correct Answer: A) Protect U.S. citizens. 16. What is the concept that people have the right and privilege to control their possessions as they wish? A) Legal Equality. B) Open Opportunity. C) Private Property. D) Profit Incentive. Show Answer Correct Answer: C) Private Property. 17. Why do wholesalers generally refuse to sell to individual consumers? A) Wholesalers only sell goods in large quantities. B) Wholesalers are picky who they sell to. C) Wholesalers do not sell goods or services to anyone but their employees. D) Wholesalers do not have enough product to meet demand. Show Answer Correct Answer: A) Wholesalers only sell goods in large quantities. 18. People have the right to choose their jobs & business gets to make their own decisions A) Competition. B) Private Property. C) Economic Freedom. D) Self-Interest. Show Answer Correct Answer: C) Economic Freedom. 19. A two-year academic degree awarded by community colleges, junior colleges, technical colleges, and four-year colleges and universities after the completion of a course of study that typically includes at least 60 credit hours: A) Bachelor's Degree. B) Masters Degree. C) Specialist Degree. D) Associate's Degree. Show Answer Correct Answer: D) Associate's Degree. 20. Is Consumer preferences and spending habits are the main drivers of business decisions, not government policies and intervention. Your decision to open a coffee shop, start an online business, or choose to become a doctor are all examples of a free enterprise system at work. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 21. What does the character in the image suggest about the price of socks? A) They should be free. B) They should cost less than $ 1. C) They should cost more than $ 1. D) They should remain at $ 1. Show Answer Correct Answer: C) They should cost more than $ 1. 22. What is a key characteristic of a private enterprise? A) Government control. B) Community ownership. C) Individual or corporate ownership. D) Non-profit operation. Show Answer Correct Answer: C) Individual or corporate ownership. 23. Social Security and Medicare are both examples of which of the following concepts? A) Government initiatives intended to close the wealth gap between the richest and poorest people. B) Government programs that increase a person's economic security. C) Government sponsored initiatives to provide private security for older citizens. D) Government programs that are designed to monitor how citizens spend their money on healthcare related services. Show Answer Correct Answer: B) Government programs that increase a person's economic security. 24. The money left after production costs are subtracted from revenue is called A) Free rider. B) Profit. C) Subsidy. D) Scarcity. Show Answer Correct Answer: B) Profit. 25. What is the net effect of producers merging with other producers to become more efficient by eliminating overlapping operations in a free enterprise system? A) It increases consumer choice. B) It has no effect on consumer choice. C) It decreases consumer choice. D) It eliminates the need for consumer choice. Show Answer Correct Answer: C) It decreases consumer choice. ← 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 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