This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 9 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the role of producers? A) Make the product. B) Buy the product. C) To carry out a government economic program. D) To increase the profit of other established retail stores. Show Answer Correct Answer: A) Make the product. 2. What is the ability of everyone to take part in the market by free choice? A) Legal Equality. B) Free Contract. C) Profit Motive. D) Open Opportunity. Show Answer Correct Answer: D) Open Opportunity. 3. Which has the most impact on the purchase amount one has to pay for a horse? A) Amount of bedding required. B) Cost of rye and pasture. C) Size of the paddock the horse was raised in. D) Training the horse has received. Show Answer Correct Answer: D) Training the horse has received. 4. Why do producers enter a Free Enterprise Economy? A) To make products. B) To seek profit. C) To provide income to lower class consumers. D) To create services for people. Show Answer Correct Answer: B) To seek profit. 5. What ensures the efficient allocation of resources in a free enterprise system? A) Centralized government planning. B) Unrestricted international trade. C) The invisible hand of the market. D) Uniform pricing across industries. Show Answer Correct Answer: C) The invisible hand of the market. 6. A modified free enterprise system A) Is dominated by elements of the command economic system. B) Is dominated by elements of the traditional economic system. C) Has no government involvement in the economy. D) Has some government involvement in the economy. Show Answer Correct Answer: D) Has some government involvement in the economy. 7. When the supply for a product is high, but the demand for the product is low, the price will A) Be higher. B) Be the same. C) Be lower. D) Change randomly. Show Answer Correct Answer: C) Be lower. 8. Blanca goes to Best Buy to purchase the latest Play Station game, but notices its cheaper at WalMart. She decides to go with the lower price at WalMart. This is an Example of which Characteristic? A) Economic Freedom. B) Voluntary Exchange. C) Private Property. D) Profit Motive. Show Answer Correct Answer: D) Profit Motive. 9. Which of the following is an example of adaptability in response to rising fuel prices? A) Decreasing the production of vehicles. B) Increasing the import of oil. C) Developing more fuel-efficient cars and solar energy. D) Building larger houses and buildings. Show Answer Correct Answer: C) Developing more fuel-efficient cars and solar energy. 10. Sometimes goals are in conflict and there are opportunity costs associated with achieving goals. These are caused by ..... A) Trade-offs. B) Inflation. C) Cost cutting. D) All of the answers are correct. Show Answer Correct Answer: A) Trade-offs. 11. Who bought Red Hat in 2018 in one of the largest M&A Deals in SAAS Enterprise Software space? A) MICROSOFT. B) SAP. C) IBM. D) HP. Show Answer Correct Answer: C) IBM. 12. How are entrepreneurs important within the economy? A) They buy lots of products. B) They provide many jobs. C) They give out free benefits. D) They make a ton of money to offset the poorer consumers. Show Answer Correct Answer: B) They provide many jobs. 13. Top managers at Cortland are involved in the planning process, and they have just finished setting goals for the company. What should they do next? A) Develop plans to achieve the goals. B) Determine whether a gap exists between the company's current situation and its desired situation. C) Assess the effectiveness of the plan before proceeding further. D) Implement the plans that are necessary to reach the goals that have been set. E) None of these. Show Answer Correct Answer: B) Determine whether a gap exists between the company's current situation and its desired situation. 14. What is the effect of tariffs on imported goods? A) They decrease the price of imported goods. B) They increase the price of imported goods. C) They have no effect on the price of imported goods. D) None of the above. Show Answer Correct Answer: B) They increase the price of imported goods. 15. This is the social & political commitment & freedom to start their own businesses & compete A) Free enterprise system. B) Free response system. C) Free travel system. D) Freedom of choice. Show Answer Correct Answer: A) Free enterprise system. 16. What is the free rider problem? A) People using trains and cabs without paying. B) Buying one bus ticket and getting one for free. C) Someone not paying for a good or service but getting to use it. D) None of the above. Show Answer Correct Answer: C) Someone not paying for a good or service but getting to use it. 17. What is the American Dream? A) Controlling as much land as possible. B) Each generation doing better than the last. C) Being a military powerhouse. D) Having a high minimum wage. Show Answer Correct Answer: B) Each generation doing better than the last. 18. This is the rise in the general level of prices. A) Fixed income. B) Inflation. C) Minimum wage increase. D) All the answers are correct. Show Answer Correct Answer: B) Inflation. 19. What is the role of the government in a free enterprise system? A) To control the means of production. B) To regulate and protect competition. C) To determine what goods and services are produced. D) To set prices for goods and services. Show Answer Correct Answer: B) To regulate and protect competition. 20. This is an individual who purchases a good or service for their own consumption: A) Consumer. B) Profit. C) Entrepreneur. D) Economist. Show Answer Correct Answer: A) Consumer. 21. How does the principle of 'voluntary exchange' operate in a free enterprise system? A) Consumers and producers freely engage in market transactions without coercion. B) The government determines the terms of exchange between buyers and sellers. C) Producers are required to sell goods at prices set by consumer demand. D) Exchange of goods is managed through a central planning system. Show Answer Correct Answer: A) Consumers and producers freely engage in market transactions without coercion. 22. What happens if only one company in the whole world produced every cell phone in the world? A) They could charge whatever they want. B) Better quality items. C) Lower prices. D) Better apps. Show Answer Correct Answer: A) They could charge whatever they want. 23. How many stanzas are there in this poem? A) 2. B) 4. C) 6. D) 8. Show Answer Correct Answer: C) 6. 24. What is the maximum number of employees an SME can have according to the European Union definition? A) 50. B) 100. C) 250. D) 500. Show Answer Correct Answer: C) 250. 25. Which of these is not an example of a Public Transfer Payment? A) Medicare. B) Food Stamps. C) Social Security. D) Government Loans. Show Answer Correct Answer: D) Government Loans. ← 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 10Class 12 Entrepreneurship Chapter 7 Managing A Growing Enterprise Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books