This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 27 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 27 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How might a small retail business deal with competition from online giants? A) By closing their store immediately. B) By offering unique in-person experiences and community engagement. C) By only selling online. D) By ignoring the competition. Show Answer Correct Answer: B) By offering unique in-person experiences and community engagement. 2. A cottage industry is operated A) In a country. B) Inside the home. C) Outside of a country. D) In a region. Show Answer Correct Answer: B) Inside the home. 3. Business ethics that form the foundation for people of an organisation asthey make decisions and interact with stakeholders. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 4. When getting ready for work, you should be appropriately ..... and well groomed. A) Dressed. B) Punctual. C) All the above. D) None of the above. Show Answer Correct Answer: A) Dressed. 5. In the context of the U.S. economy, small firms tend to be effective innovators because of the presence of revolutionary new ideas. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. True or False:There is currently a non-share promo plan with 10GB for $ 55 on SBIS? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 7. What is the goal of taking on more risk in entrepreneurship? A) To maintain a stable business. B) To achieve more return. C) To serve the local community. D) To produce a steady income. Show Answer Correct Answer: B) To achieve more return. 8. Which government agency in Jamaica fosters and coordinates scientific research in the agro-industrial sector? A) Jamaica Business Development Corporation (JBDC). B) Jamaica Intellectual Property Office (JIPO). C) Scientific Research Council (SRC). D) Private Sector Organisation of Jamaica. Show Answer Correct Answer: C) Scientific Research Council (SRC). 9. What type of software do big businesses often use for managing customer information? A) CRM software. B) Paper records. C) Spreadsheets only. D) Social media apps. Show Answer Correct Answer: A) CRM software. 10. The type of business ownership in which all business decisions are the sole responsibility of the owner. A) Corporation. B) Partnership. C) Franchise. D) Sole proprietorship. Show Answer Correct Answer: D) Sole proprietorship. 11. Weyland wants to buy a deli that is for sale, but the owner has put too high a value on the business's goodwill. Goodwill is A) The value of the leftover products the deli gives to the foodbank. B) The value of the donations given to charity. C) The value of the business's reputation under the current owner. D) All of the above. Show Answer Correct Answer: C) The value of the business's reputation under the current owner. 12. Money needed to expand for additional inventory, equipment, marketing cost, employees, etc. is known as which of the following? A) Marketing. B) Competitive risk. C) Market analysis. D) Expansion capital. Show Answer Correct Answer: D) Expansion capital. 13. What is the plural form of 'business'? A) Businesses. B) Business's. C) Businesses'. D) Business. Show Answer Correct Answer: A) Businesses. 14. The current rate of GST in New Zealand is A) 17.5%. B) 20%. C) 12%. D) 15%. Show Answer Correct Answer: D) 15%. 15. A(n) ..... wins because he builds a strong foundation for his company. A) Entrepreneur. B) Franchisee. C) Franchiser. D) None of the above. Show Answer Correct Answer: C) Franchiser. 16. Why is it important to keep the router's software up to date? A) To improve internet speed. B) To enhance security. C) To allow more devices to connect. D) To reduce electricity usage. Show Answer Correct Answer: B) To enhance security. 17. What must individual partners in a partnership do for tax purposes, in addition to the partnership registration? A) Register for corporation tax. B) Register separately for self-assessment. C) Register for VAT. D) Register with Companies House. Show Answer Correct Answer: B) Register separately for self-assessment. 18. The final aim of negotiation is to:(SS 1.B) A) A) reach an agreement. B) B) end a dispute. C) C) implement an agreement between two parties. D) D) win at all cost. Show Answer Correct Answer: C) C) implement an agreement between two parties. 19. Ethics is about doing the ..... thing. A) Profit. B) Right. C) Good. D) None of the above. Show Answer Correct Answer: B) Right. 20. Lonnie Johnson invented the Super Soaker and licensed the product to the Hasbro toy company. He earned over $ 200 million from his invention because he was able to obtain a: A) Patent. B) Coupon. C) All the above. D) None of the above. Show Answer Correct Answer: A) Patent. 21. Which of the following is NOT a form of ownership for small businesses? A) Sole proprietorship. B) Public corporation. C) Limited partnership. D) Partnership. Show Answer Correct Answer: B) Public corporation. 22. Expansion of small enterprises into medium scale units required: A) Less technology upgradation. B) More capital, marketing, and technology upgradation. C) Reducing workforce only. D) Only export incentives. Show Answer Correct Answer: B) More capital, marketing, and technology upgradation. 23. What are the two main bases for categorizing small businesses in India? A) Type of business structure, Market share. B) Number of employees, Business location. C) Customer demographics, Product range. D) Investment in plant and machinery, Annual turnover. Show Answer Correct Answer: D) Investment in plant and machinery, Annual turnover. 24. Favored technique for resolving conflict is:(KLO 3.1) A) B) Conciliation. B) A) Negotiating. C) C) Removal of participants. D) D) Not entertaining them. Show Answer Correct Answer: B) A) Negotiating. 25. To be successful, the entrepreneur must create goods and services needed and wanted by customers. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 26. How can small businesses benefit from networking? A) Networking has no benefits for small businesses. B) Networking can lead to partnerships, collaborations, and referrals, and can provide learning opportunities. C) Networking is only beneficial for large corporations. D) Networking is a waste of time and resources. Show Answer Correct Answer: B) Networking can lead to partnerships, collaborations, and referrals, and can provide learning opportunities. 27. Which agency in Jamaica is responsible for matters relating to intellectual property rights such as Copyright, Trade Marks, and Patents? A) Jamaica Business Development Corporation (JBDC). B) Scientific Research Council (SRC). C) Jamaica Intellectual Property Office (JIPO). D) The Small Business Association of Jamaica. Show Answer Correct Answer: C) Jamaica Intellectual Property Office (JIPO). 28. Handicrafts is an example of which industry A) Cottage. B) Primary. C) Subsistence. D) Domestic. Show Answer Correct Answer: A) Cottage. 29. Biaya tenaga kerja tinggi di industri yang membutuhkan keterampilan khusus A) Benar. B) Salah. C) All the above. D) None of the above. Show Answer Correct Answer: A) Benar. 30. SWOT Analysis:Strengths identified in a SWOT Analysis are new actions a business should implement. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 31. Basic principles and values that govern the business practices of those engaged in promoting products or services to consumers A) Shareholders. B) Regulatory bodies. C) Marketing ethics. D) Marketing plan. Show Answer Correct Answer: C) Marketing ethics. 32. This government agency provides services and helpful information to small business owners A) Small Business Association. B) Small Company Association. C) Internal Revenue Service. D) Federal Emergency Pandemic Relief. Show Answer Correct Answer: A) Small Business Association. 33. Monitoring & controlling computer systems for a business is A) Managing. B) Programming. C) Troubleshooting. D) Designing. Show Answer Correct Answer: A) Managing. 34. Which of the following activities are undertaken by the wholesalers A) Grading of the product. B) Storage. C) Promotion of ggoods. D) All of the above. Show Answer Correct Answer: D) All of the above. 35. Which of the following payment methods is NOT evidence in the belief that money is becoming less visible? A) Pay by phone. B) Tap and go. C) Cash sales only. D) Online shopping. Show Answer Correct Answer: C) Cash sales only. 36. Sebuah perusahaan yang menghadapi tingkat persaingan yang tinggidapat menjual produk berkualitas rendah dengan harga tinggi dan sehingga menghasilkan tingkat keuntungan yang tinggi A) Benar. B) Salah. C) All the above. D) None of the above. Show Answer Correct Answer: B) Salah. 37. Ihsan is still using typewriter in his recruitment office, Zaka also started same business but he is computerized his shop, customers are more interested to approach Zaka office, what is the problem of Ihsan's business A) Use of outdated technology. B) Lack of skill. C) Lack of finance. D) None of the above. Show Answer Correct Answer: A) Use of outdated technology. 38. As an incentive, power is supplied to SSIs at a concessional rate of ..... A) 50%. B) 10%. C) 20%. D) 30%. Show Answer Correct Answer: A) 50%. 39. The most likely reason for a sole trader to change into a private limited company is because it wants: A) To avoid business continuity. B) To benefit from unlimited liability. C) To raise additional finance. D) To share its financial accounts with the public. Show Answer Correct Answer: C) To raise additional finance. 40. This is one of characteristic of small business that is identified with its owners; who themselves act as managers A) A. Limited Investment. B) B. Owner-Management. C) C. Sole onwership. D) None of the above. Show Answer Correct Answer: B) B. Owner-Management. 41. Small business makes up what percent of businesses in the U.S.? A) 66.7%. B) 50%. C) 100%. D) 99.7%. Show Answer Correct Answer: D) 99.7%. 42. The term EFTPOS stands for: A) Effective free trade at point of sale. B) Electronic funds transfer at point of sale. C) Electronic funds transfer in protection of sales. D) Electronic funds trade at point of sale. Show Answer Correct Answer: B) Electronic funds transfer at point of sale. 43. Five people have come together to start a business which has unlimited liability. Which type of business ownership have the entrepreneurs decided for their start-up? A) Public limited company. B) Partnership. C) Sole trader. D) Private limited company. Show Answer Correct Answer: B) Partnership. 44. What is one of the key benefits of MSMEs in India? A) They help in reducing regional disparities. B) They do not contribute to GDP. C) They focus solely on urban markets. D) They are less innovative than large corporations. Show Answer Correct Answer: A) They help in reducing regional disparities. 45. What is non-cash compensation called? A) Equity. B) Salary. C) Commission. D) Hourly. Show Answer Correct Answer: A) Equity. 46. Almost all people starting small businesses have graduated from ..... A) High school. B) College. C) Graduate school. D) None of the above. Show Answer Correct Answer: A) High school. 47. When a company does not have enough money and other assets to pay creditors, the situation is called A) Bankruptcy. B) Poor management. C) Owner's delimma. D) Negative financing. Show Answer Correct Answer: A) Bankruptcy. 48. Cash Budget Method is mainly used for: A) IT services. B) Seasonal industries like sugar, tea. C) Real Estate. D) Retail trade. Show Answer Correct Answer: B) Seasonal industries like sugar, tea. 49. Why might friends and family be considered an invaluable support network for business people? A) They offer professional examinations. B) They provide legal advice. C) They give out business loans. D) They may have business or financial experience. Show Answer Correct Answer: D) They may have business or financial experience. 50. How does NSIC contribute to the modernization of small-scale industries? A) NSIC contributes to the modernization of small-scale industries by providing financial support, technology access, skill development, and promoting entrepreneurship. B) NSIC only provides marketing support for small-scale industries. C) NSIC does not offer any financial assistance to small businesses. D) NSIC focuses solely on large-scale industrial development. Show Answer Correct Answer: A) NSIC contributes to the modernization of small-scale industries by providing financial support, technology access, skill development, and promoting entrepreneurship. 51. How many pages is a typical business plan? A) 10-100 pages. B) 200-300 pages. C) 5-10 pages. D) 1-5 pages. Show Answer Correct Answer: A) 10-100 pages. 52. What is a business opportunity? A) Costs incurred by a business for property or equipment. B) Items provided to employees in addition to standard compensation. C) A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: C) A situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible. 53. What does the Industry Background section of a business plan provide? A) Information to understand the shape, size, trends, and key features of the industry. B) A description of the sources of finance and projections for profit and loss. C) A clear and comprehensive description of the business. D) A summary of all the other sections of the business plan. Show Answer Correct Answer: A) Information to understand the shape, size, trends, and key features of the industry. 54. Data that describes a group of people in terms of their age, marital status, family size, ethnic background, gender, education, and income A) Harvesting. B) Actualization. C) Resourcing. D) Demographics. Show Answer Correct Answer: D) Demographics. 55. What is a key feature of the SBA's online learning platform? A) Interactive gaming. B) Celebrity lectures. C) Business management courses. D) Fitness and wellness programs. Show Answer Correct Answer: C) Business management courses. 56. What is a key component of creating a business budget? A) Expanding office space. B) Hiring more employees. C) Increasing marketing spend. D) Understanding cash flow. Show Answer Correct Answer: D) Understanding cash flow. 57. What is the primary legal disadvantage of sole proprietorships? A) Inability to raise capital. B) Limited liability. C) Tax complexity. D) Unlimited liability. Show Answer Correct Answer: D) Unlimited liability. 58. Product/Market Fit:Startups should develop a growth hypothesis before testing their value hypothesis. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 59. Data refers to raw facts and information is data put into a meaningful format. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: B) True. 60. Entrepreneurship is the process of starting, organizing, managing, and assuming the responsibility for a business. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. ← 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