This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 13 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 13 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How many people would be out of jobs if every small business closed tomorrow? A) 56, 800. B) 5, 680, 000. C) 568, 000. D) 56, 800, 000. Show Answer Correct Answer: D) 56, 800, 000. 2. Which organization is a source of support for new businesses? A) World Health Organization. B) International Monetary Fund. C) United Nations. D) National Market Traders Federation. Show Answer Correct Answer: D) National Market Traders Federation. 3. Which type of business sells their time, skills, and expertise? A) Wholesaler. B) Retailer. C) Manufacturer. D) Service provider. Show Answer Correct Answer: D) Service provider. 4. Based on statistics from the U.S. Small Business Administration (SBA), small businesses account for 78% of all private sector employees. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 5. Three levels of ethical standards are the law, policies and procedures and immorality A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 6. Essential in a factor in the beginning a life of a new business A) Flexible. B) Funding. C) Finance. D) Adaptation. Show Answer Correct Answer: D) Adaptation. 7. Cash float is the A) A. cashier's personal cash. B) D. supplies of change kept in the cash box before the sales start. C) B. cash kept in the bank. D) C. cash with the manager. Show Answer Correct Answer: B) D. supplies of change kept in the cash box before the sales start. 8. A legal document that specifies the responsibilities and financial relationships of business partners. A) Licensing Agreement. B) Articles of Incorporation. C) Partnership Agreement. D) Charter. Show Answer Correct Answer: C) Partnership Agreement. 9. In addition to offering a specialized product or service, a business that has more efficient production or distribution systems, a better location, or a reputation for excellence in customer service can do well in a competitive market.What does "reputation" mean? A) Reason for doing something. B) Something that is made. C) Money earned after paying costs. D) The general opinion about something or somebody. Show Answer Correct Answer: D) The general opinion about something or somebody. 10. Which of the following best defines an entrepreneur? A) A person who starts a new business and is willing to take risks. B) A person who manages an existing business without taking risks. C) A person who works for a large company. D) A person who provides capital for a business but is not involved in daily operations. Show Answer Correct Answer: A) A person who starts a new business and is willing to take risks. 11. Anyone can be an entrepreneur and: A) You must be 21 years of age to get started. B) You must have another job. C) You can begin at any age. D) None of the above. Show Answer Correct Answer: C) You can begin at any age. 12. A small business owner wants to sell their business within five years. What should they include in their harvest plan to ensure maximum value? A) A strategy for expanding their market share. B) Detailed records of financial performance and growth potential. C) A plan for reducing workforce size. D) Strategies for increasing operational complexity. Show Answer Correct Answer: B) Detailed records of financial performance and growth potential. 13. True or False:Discretionary can be ONLY used on Bell SBIS when activating 2+ Lines? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 14. Which government body gives preference to products of small enterprises? A) National Institute of Standards and Technology. B) Department of Commerce. C) Federal Trade Commission. D) Small Business Administration (SBA). Show Answer Correct Answer: D) Small Business Administration (SBA). 15. Which section of the business plan provides details on the company's background? A) Business/Company Background. B) Marketing Plan. C) Executive Summary. D) Operational Plan. Show Answer Correct Answer: A) Business/Company Background. 16. Easy to create, but comes with unlimited liability A) LLC. B) Sole Proprietorship. C) S Corp. D) C Corp. E) PartnershipTagsROLES. Show Answer Correct Answer: B) Sole Proprietorship. 17. How many jobs did small businesses create in 2015? A) 1.2 million. B) 1.9 million. C) 3.5 million. D) 2.1 million. Show Answer Correct Answer: D) 2.1 million. 18. Which method of funding will develop with mentors and advisers who are supportive? A) Credit. B) Expenses. C) Capital. D) Liabilities. Show Answer Correct Answer: C) Capital. 19. Cosas necesarias para producir o fabricar un producto o servicio. A) Costos. B) Viajes. C) Equipo. D) Materiales. Show Answer Correct Answer: D) Materiales. 20. Below is not a way to raise capital ..... A) Issuing loan. B) Selling assets. C) Borrowing money from friends. D) Investing in stocks. Show Answer Correct Answer: D) Investing in stocks. 21. What is the percentage of small businesses with African-American, Asian-American, or Hispanic-American ownership? A) 15%. B) 17%. C) 5%. D) 10%. Show Answer Correct Answer: B) 17%. 22. What is included in a business plan ..... A) Break even, cash flow, predictions. B) Product description, business costs, business aims. C) Neither option 1&2. D) Both option 1&2. Show Answer Correct Answer: D) Both option 1&2. 23. In the business model canvas, what component focuses on how a company delivers value to its customers? A) Revenue Streams. B) Key Partnerships. C) Value Proposition. D) Customer Segments. Show Answer Correct Answer: C) Value Proposition. 24. Of all new businesses, A) About one-third are profitable, one-third do not make a profit but continue to operate, and one-third lose money. B) About three-quarters are profitable and one-quarter lose money. C) About one-quarter are profitable and three-quarter lose money. D) About one-half are profitable, one-quarter do not make a profit but continue to operate, and one-quarter lose money. Show Answer Correct Answer: A) About one-third are profitable, one-third do not make a profit but continue to operate, and one-third lose money. 25. What are the 4 Ps of the marketing mix? A) Product, Price, Place, Promotion. B) Product, Price, Promotion, People. C) Price, Place, Promotion, Publicity. D) Product, Place, Promotion, Profit. Show Answer Correct Answer: A) Product, Price, Place, Promotion. 26. True OR FalseSmall industries do not provide ample opportunities for entrepreneurship. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 27. Manufacturing enterprises are classified unto A) Micro small and medium. B) Micro tiny and small. C) Small and medium. D) None of the above. Show Answer Correct Answer: A) Micro small and medium. 28. What does SIDBI act as for banks providing credit to small-scale industries? A) Refinance provider for banks. B) Investment advisor for small-scale industries. C) Loan guarantor for banks. D) Direct lender to small businesses. Show Answer Correct Answer: A) Refinance provider for banks. 29. The possibility of success is known as: A) Opportunity. B) Risk. C) All the above. D) None of the above. Show Answer Correct Answer: A) Opportunity. 30. What are two disadvantages or negatives of owning your own business? A) High failure rate and personal financial risk. B) Creative freedom and low costs. C) High success rate and low stress. D) Easy decision-making and high profits. Show Answer Correct Answer: A) High failure rate and personal financial risk. 31. Benefits of growth to the firms that originate from the organisation itself A) External diseconomies of scale. B) Internal economies of scale. C) External economies of scale. D) Internal diseconomies of scale. Show Answer Correct Answer: B) Internal economies of scale. 32. If you complete the 9 steps for starting your small business, you are guaranteed to have a successful and profitable business. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 33. This is a type of business that is owned & operated by 1 person. A) Franchise. B) Partnership. C) Corporation. D) Sole proprietorship. Show Answer Correct Answer: D) Sole proprietorship. 34. Provide an example of a small business that differentiates itself through exceptional customer service. A) A small boutique hotel that provides personalized service to each guest. B) A large hotel chain with standard services. C) A small grocery store with limited customer interaction. D) A small tech company with no customer support. Show Answer Correct Answer: A) A small boutique hotel that provides personalized service to each guest. 35. What is the Hazard? (Unit 33-KLO 1-3) A) A. is a condition, property or situation with the potential for loss. B) B. Risk is a function of the probability of contact with (or exposure to) a hazard. C) C. Risk evaluation of identified hazards taking into account the existing controls and defences. D) D. Risk assessment of hazards identified through a review of the potential unsafe-acts. Show Answer Correct Answer: A) A. is a condition, property or situation with the potential for loss. 36. What is a business plan? A) Costs incurred by a business for property or equipment. B) Items provided to employees in addition to standard compensation. C) A document which addresses the concept, customers, and capital for a business. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: C) A document which addresses the concept, customers, and capital for a business. 37. Internal Revenue Service (IRS) A) Federal. B) State. C) Local. D) None of the above. Show Answer Correct Answer: A) Federal. 38. Provide intangible products. A) Manufacturing Business. B) Entrepreneur. C) Service Business. D) Merchandising Business. Show Answer Correct Answer: C) Service Business. 39. A venture business is one that begins without a marketing plan. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 40. What is the penalty for failing to submit a tax return on time in the UK? A) £100 fine and charged tax on the amounts due. B) £500 fine and imprisonment. C) No penalty, just a warning. D) Only interest on the unpaid tax. Show Answer Correct Answer: A) £100 fine and charged tax on the amounts due. 41. Among the following which one is not a problem of small business A) FINANCE. B) RAW MATERIALS. C) LABOUR. D) LAND. Show Answer Correct Answer: D) LAND. 42. Which of the following best describes the importance of Unique Selling Points (USPs) for a start-up? A) They help fill a gap in the market and ensure demand for a product or service. B) They increase the cost of production. C) They reduce the need for advertising. D) They guarantee immediate profit. Show Answer Correct Answer: A) They help fill a gap in the market and ensure demand for a product or service. 43. Your friend would like to own their own business one day. You have learned a lot about franchises in your business course, so you tell your friend that as a franchisee, they would benefit from ..... A) The well-controlled distribution of products. B) More capital to expand the business. C) The use of the brand image and design of the business. D) The fee paid to open the franchise. Show Answer Correct Answer: C) The use of the brand image and design of the business. 44. In which step of the sales process would a presentation be shown to a customer? A) Prospecting. B) Closing. C) Presentation. D) Approach. Show Answer Correct Answer: C) Presentation. 45. A business owner wants to reduce expenses. Which strategy is most effective for lowering variable expenses? A) Using less expensive materials. B) Increasing advertising. C) Negotiating lower rent. D) Buying new equipment. Show Answer Correct Answer: A) Using less expensive materials. 46. Which of the following is not an example of a service business? A) Law. B) Healthcare. C) Education. D) Manufacturing. Show Answer Correct Answer: D) Manufacturing. 47. Small businesses and cottage industries are the same A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 48. Real entrepreneurs aren't like gamblers because they solely depend ..... chance to succeed. A) From. B) Of. C) On. D) None of the above. Show Answer Correct Answer: C) On. 49. Which best describes a manufacturing small business? A) A business that creates products from raw materials. B) A business that only imports goods. C) A service-only company. D) A store that only sells others' products. Show Answer Correct Answer: A) A business that creates products from raw materials. 50. Fill in the blank: ..... is a business-to-consumer (B2C) transaction. A) C2C. B) B2C. C) B2B. D) C2B. Show Answer Correct Answer: B) B2C. 51. In the United States, about how many women own their own businesses? A) 14 million. B) 0.5 million. C) 22 million. D) 6 million. Show Answer Correct Answer: D) 6 million. 52. Which element shows customers the value of a company? A) Follow-up. B) Preparation. C) Budget. D) Offer or message. Show Answer Correct Answer: D) Offer or message. 53. Body language is a form of this type of communication A) Verbal. B) Horizontal. C) Vertical. D) Non-verbal. Show Answer Correct Answer: D) Non-verbal. 54. Which of the following is not the type of goods sold by speciality shops: A) Children's garment. B) Ladies shoes. C) Toys and gifts. D) Used books. Show Answer Correct Answer: D) Used books. 55. Which is not on the job training? A) Internship. B) Classroom lectures. C) Coaching. D) Job rotation. Show Answer Correct Answer: B) Classroom lectures. 56. Another term for capital is ..... A) Debt. B) Credit. C) Equity. D) All of the above. Show Answer Correct Answer: C) Equity. 57. Which of the following function is not performed by the retailers A) Risk bearing. B) Selling goods in large quantities. C) Grading of products. D) None of the above. Show Answer Correct Answer: B) Selling goods in large quantities. 58. This deals with the money you invest in the business and the return you realize on that money based on the net profit of the business. A) Return on investment (ROI). B) Cost to value (CTV). C) Sales on value (SOV). D) Profit to investment (PTI). Show Answer Correct Answer: A) Return on investment (ROI). 59. An educational company needs someone to make sales of their product and only wants to pay them for each sale. Which type of compensation would be best for this? A) Hourly. B) Commission. C) Piece Work. D) Equity. Show Answer Correct Answer: B) Commission. 60. An organization or economic system where goods and services are exchanged for one another or for money. A) Business. B) Remodeling. C) Mentor. D) Technology. Show Answer Correct Answer: A) Business. ← PreviousNext →Related QuizzesCommerce QuizzesClass 11 QuizzesClass 11 Business Studies Chapter 8 Small Business Quiz 1Class 11 Business Studies Chapter 8 Small Business Quiz 2Class 11 Business Studies Chapter 8 Small Business Quiz 3Class 11 Business Studies Chapter 8 Small Business Quiz 4Class 11 Business Studies Chapter 8 Small Business Quiz 5Class 11 Business Studies Chapter 8 Small Business Quiz 6Class 11 Business Studies Chapter 8 Small Business Quiz 7Class 11 Business Studies Chapter 8 Small Business Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books