This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 17 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How much is the monthly cost for Basic and Premium subscription services with 3 streaming bundles? (Crave, Netflix & Disney+) A) $ 16.75/$ 36. B) $ 15.75/$ 28.49. C) $ 11.99/$ 22. D) $ 22/$ 49. Show Answer Correct Answer: D) $ 22/$ 49. 2. Which organization represents 46 unions in Australia? A) Australian Egg Corporation Ltd. B) The Consumer's Federation of Australia. C) Australian Wool Innovation Limited. D) The Australian Council of Trade Unions (ACTU). Show Answer Correct Answer: D) The Australian Council of Trade Unions (ACTU). 3. Why do customers choose Small Business over consumer? A) More savings on multiple lines. B) Future loyalty offers (WSC). C) Tax Write offs. D) ALL THE ABOVE. Show Answer Correct Answer: D) ALL THE ABOVE. 4. Large corporations that grow from small businesses often remain: A) Offline. B) International. C) In the same community. D) As competitors to small businesses. Show Answer Correct Answer: B) International. 5. What is the importance of entrepreneurship in the economy? A) Entrepreneurship leads to unemployment and economic decline. B) Entrepreneurship has no impact on the economy. C) Entrepreneurship only benefits a few individuals and not the overall economy. D) Entrepreneurship drives innovation, creates jobs, and fosters economic growth. Show Answer Correct Answer: D) Entrepreneurship drives innovation, creates jobs, and fosters economic growth. 6. People who own, operate and take risk of a business venture A) Entrepreneurship. B) Aptitude. C) Entrepreneur. D) Employee. Show Answer Correct Answer: C) Entrepreneur. 7. A designed change that increases the usefulness of a product, service, or process is called a(n) A) Experiment. B) Improvement. C) Innovation. D) Investment. Show Answer Correct Answer: B) Improvement. 8. What is a key difference between a sole proprietorship and a limited liability company (LLC)? A) A sole proprietorship offers limited liability protection, while an LLC does not. B) An LLC allows the owner to separate personal and business liability, while a sole proprietorship does not. C) Sole proprietorships have multiple owners, while LLCs can only have one owner. D) LLCs do not have to pay taxes, while sole proprietorships do. Show Answer Correct Answer: B) An LLC allows the owner to separate personal and business liability, while a sole proprietorship does not. 9. Listening to feedback from customers is important in any business A) Customer Focus. B) Customer Idea. C) Control. D) Customer Knowledge. Show Answer Correct Answer: A) Customer Focus. 10. Crowdfunding means putting a request for money on Facebook. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 11. What does CFO Stand for? A) Chief Financial Officer. B) Chief Forming Officer. C) Chief Financial Officer. D) Chief Federation Officer. Show Answer Correct Answer: A) Chief Financial Officer. 12. COO stands for Chief Opening Officer A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 13. Which of the following is a potential negative impact of the technological environment on businesses? A) Consumers' life-styles. B) Products obsolete overnight. C) Price reduction. D) Competitors' products. Show Answer Correct Answer: B) Products obsolete overnight. 14. How can small businesses effectively manage their cash flow? A) By delaying invoicing and offering no discounts for early payments. B) By not maintaining a cash reserve and spending all profits immediately. C) By ignoring expenses and focusing only on sales. D) By closely monitoring expenses, invoicing promptly, offering discounts for early payments, and maintaining a cash reserve for emergencies. Show Answer Correct Answer: D) By closely monitoring expenses, invoicing promptly, offering discounts for early payments, and maintaining a cash reserve for emergencies. 15. The amount of money borrowed. A) Principal. B) Simple Intrest. C) All the above. D) None of the above. Show Answer Correct Answer: A) Principal. 16. Describes who a business is providing services for. A) Target Market. B) Focus Groups. C) Market Analysis. D) Survey. Show Answer Correct Answer: A) Target Market. 17. What's the capital of Ghana? A) Accra. B) Kumasi. C) Tamale. D) Non of the above. Show Answer Correct Answer: A) Accra. 18. Major sections in most business plans include: A) Executive Summary and Company Description. B) SWOT Analysis and Marketing Plan. C) Operations Plan and Management Plan. D) Financial Plan. E) All of the sections listed are in most business plans. Show Answer Correct Answer: E) All of the sections listed are in most business plans. 19. Short-term financing is obtained for a period of less than A) Six months. B) Two years. C) 3 months. D) One year. Show Answer Correct Answer: D) One year. 20. What does a pitch deck typically present to investors? A) A detailed business plan. B) A brief overview of the business plan. C) A lean canvas. D) A one-page document. Show Answer Correct Answer: B) A brief overview of the business plan. 21. Questionnaire asking various questions about people's interest in a product A) Hierarchical Structure. B) Organizational Structure. C) Learning Based Structure. D) Survey. Show Answer Correct Answer: D) Survey. 22. Use of ..... creates issues in terms of low productivity and uneconomical production. A) Labour. B) Marketing. C) Outdated technology. D) Finance. Show Answer Correct Answer: C) Outdated technology. 23. An entrepreneur has proposed his business plan to a bank with the intention to receive a loan to start his business. This type of funding is known as ..... A) Liabilities. B) Credit. C) Capital. D) Expenses. Show Answer Correct Answer: B) Credit. 24. Why is the ability to present a business plan considered as important as planning and research when raising funds? A) Because it replaces the need for research. B) Because it helps in writing the business plan. C) Because it guarantees immediate funding. D) Because it ensures the business plan is properly communicated to potential investors. Show Answer Correct Answer: D) Because it ensures the business plan is properly communicated to potential investors. 25. The point at which total cost and total revenue are equal, meaning there is no loss or gain for your small business describes which term? A) Business Milestone. B) Break-Even Point. C) Segmentation Methods. D) Compound Interest. Show Answer Correct Answer: B) Break-Even Point. 26. How does the SBA support women and minorities in business? A) By facilitating employee recruitment for women and minorities. B) By organizing global market expansion seminars. C) By offering micro-loans and publishing Spanish-language materials. D) By providing free online courses only. Show Answer Correct Answer: C) By offering micro-loans and publishing Spanish-language materials. 27. What is a characteristic of resiliency? A) Adapting to change, loss, and disappointment. B) Avoiding challenges. C) Ignoring setbacks. D) Relying on stability. Show Answer Correct Answer: A) Adapting to change, loss, and disappointment. 28. What percentage of new businesses fail within the first 5 years according to the slide? A) 80%. B) 50%. C) 90%. D) 70%. Show Answer Correct Answer: C) 90%. 29. Money provided by large investors to finance new products and new businesses A) Start-up financing. B) Long-term financing. C) Short-term financing. D) Venture capital. Show Answer Correct Answer: D) Venture capital. 30. What is the fastest method to expand a business? A) Starting a non-profit organization. B) Purchasing an existing business. C) Franchising. D) Creating a start-up from scratch. Show Answer Correct Answer: C) Franchising. 31. What is one of the actions businesses should take as they grow and experience changes in operations? A) Ignore changes in human resources. B) Incorporate risk management into the core values of the company. C) Limit production to avoid risks. D) Decrease the frequency of marketing efforts. Show Answer Correct Answer: B) Incorporate risk management into the core values of the company. 32. True or False:We sign up clients for B2B discounts through OneView. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 33. What does "net income" mean? A) How many lobsters a fisherman can catch in a day. B) Total profit or loss after adding expenses and revenue. C) Total profit or loss after subtracting expenses from revenue. D) Total revenue from the internet. Show Answer Correct Answer: C) Total profit or loss after subtracting expenses from revenue. 34. Money needed to pay for the current operating activities of a business is referred to as ..... financing. A) Venture. B) Absolute. C) Short-term. D) Long-term. Show Answer Correct Answer: C) Short-term. 35. What are the key traits of successful entrepreneurs? A) Passion, perseverance, self-confidence, creativity, adaptability, and a strong work ethic. B) Intelligence, laziness, and lack of motivation. C) Fear of failure, lack of creativity, and poor communication skills. D) Lack of passion, lack of perseverance, and lack of self-confidence. Show Answer Correct Answer: A) Passion, perseverance, self-confidence, creativity, adaptability, and a strong work ethic. 36. What should be done before allowing any device to connect to your network? A) Ensure it meets your network's security requirements. B) Check its battery level. C) Update its software. D) Install new applications. Show Answer Correct Answer: A) Ensure it meets your network's security requirements. 37. Which is NOT a function of a small business A) Provides services large firms are not willing to produce. B) Cater to niche markets. C) Often reply on the use of local materials. D) Creates employment. Show Answer Correct Answer: C) Often reply on the use of local materials. 38. What challenges do small scale industries face that government policies aim to address? A) Strong international partnerships. B) Limited access to finance, inadequate infrastructure, lack of skilled labor, regulatory hurdles, and market competition. C) Excessive government subsidies. D) High employee turnover. Show Answer Correct Answer: B) Limited access to finance, inadequate infrastructure, lack of skilled labor, regulatory hurdles, and market competition. 39. Hwan owns his own accounting firm and has just hired his first two employees. He seeks information from ..... who are senior and graduate students in business administration who provide management counseling to small businesses. A) A small-business institute (SBIs). B) The Small Business Administration (SBA) local office. C) A small-business development center (SBDC). D) The Service Corps of Retired Executives (SCORE). Show Answer Correct Answer: A) A small-business institute (SBIs). 40. What can local businesses charge based on their location? A) Federal taxes. B) Sales tax. C) Property tax. D) Local profit. Show Answer Correct Answer: C) Property tax. 41. Which type of business typically prepares financial reports for stakeholders? A) Big Businesses. B) Small Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Big Businesses. 42. Help start new businesses by determining the federal, state and local forms they must file A) Louisiana Secretary of State. B) Louisiana Economic Development. C) Louisiana Workforce Commission. D) Louisiana Department of Revenue. Show Answer Correct Answer: A) Louisiana Secretary of State. 43. James is a graphic designer who works for a marketing agency. Instead of receiving a fixed salary, he gets paid based on the number of designs he completes each month. This motivates him to work faster and complete more designs to increase his earnings. What type of compensation structure is James most likely under? A) Equity. B) Commission. C) Piece Work. D) Salary. Show Answer Correct Answer: C) Piece Work. 44. What are fixed costs in a business budget? A) One-time startup costs. B) Costs that vary with production levels. C) Expenses that remain constant regardless of business activity. D) Unexpected expenses. Show Answer Correct Answer: C) Expenses that remain constant regardless of business activity. 45. What is a primary goal of a small business owner? A) Taking on new opportunities. B) Generating profits. C) Expanding rapidly. D) Avoiding all risks. Show Answer Correct Answer: B) Generating profits. 46. Indicate whether the statement is true or false.5. About 50 percent of small businesses in the United States currently engage in deliberate exporting. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 47. Chelsea repairs iphone screens for cash.She advertises on social media by saying she can fix your phone for cheaper than the Apple Store. Her target customers are other college students so she gives them a discount. These are examples of Chelsea's ..... A) Business plan. B) Partnerships. C) Economics of one unit. D) Marketing strategy. Show Answer Correct Answer: D) Marketing strategy. 48. This section of your business plan, will explain how the business will be managed on a day-to-day basis. A) Marketing. B) Financial plan. C) Goals and objective. D) Nature of the business. Show Answer Correct Answer: D) Nature of the business. 49. How do small businesses contribute to employment generation in rural areas? A) By only hiring skilled workers from urban areas. B) By outsourcing all employment opportunities. C) By creating job opportunities for local residents. D) By reducing the number of available jobs. Show Answer Correct Answer: C) By creating job opportunities for local residents. 50. Retired local business people who volunteer their service to counsel and mentor business business owners are known as A) Small Business Administration (SBA). B) Service Corps of Retired Executives (SCORE). C) U. S. Department of Economic Development. D) U. S. Department of Agriculture. Show Answer Correct Answer: B) Service Corps of Retired Executives (SCORE). 51. An intangible service is delivered digitally. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 52. What is a common characteristic of services? A) They require some type of training to perform. B) They are physical items. C) They have no associated costs. D) They are sold only in physical stores. Show Answer Correct Answer: A) They require some type of training to perform. 53. According to the International Standards Organization, how is quality defined? A) Quality is defined as the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. B) Quality is defined as the lowest cost of production. C) Quality is defined as the speed of delivery. D) Quality is defined as the popularity of a product. Show Answer Correct Answer: A) Quality is defined as the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. 54. How much PAYG Withholding tax should be deducted if the employee was Not Claiming the Tax Free Threshold and their weekly Gross Pay was $ 1, 000? A) None. B) $ 183. C) $ 304. D) $ 500. Show Answer Correct Answer: C) $ 304. 55. The study of consumer groups & competitors is called A) Market Survey. B) Product-Research. C) All the above. D) None of the above. Show Answer Correct Answer: B) Product-Research. 56. What is a typical organizational structure in small businesses? A) Complex hierarchical structure. B) Simple, flat organizational structure. C) All the above. D) None of the above. Show Answer Correct Answer: B) Simple, flat organizational structure. 57. What is a significant barrier to entrepreneurship in India? A) High levels of education among the population. B) Limited access to technology. C) Supportive government policies. D) Strong market demand. Show Answer Correct Answer: B) Limited access to technology. 58. Which of the following business forms is preferred by small-scale businesses for maximizing managerial control? A) A. Cooperative. B) B. Corporation. C) C. Sole proprietorship. D) None of the above. Show Answer Correct Answer: C) C. Sole proprietorship. 59. Small Business Administration (SBA) A) Someone who takes a risk in starting a business to earn a profit. B) Money needed to pay for the current operating activities of a business. C) A government agency that helps small business owners develop business plans and obtain financing and other support for their companies. D) Invention or creation that is brand new. Show Answer Correct Answer: C) A government agency that helps small business owners develop business plans and obtain financing and other support for their companies. 60. A small enterprise is, investment in plant and machinery is more than A) 20 lacs. B) 25 lacs. C) 15 lacs. D) None of the above. Show Answer Correct Answer: B) 25 lacs. ← 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