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Class 11 Business Studies Chapter 8 Small Business Quiz 29 (60 MCQs)

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1. Indicate whether the statement is true or false.3. Small businesses account for all nongovernment employment.
2. 5-Background screening is (KLO 3.1)
3. What type of investors do scalable startup entrepreneurs usually rely on?
4. What is the fixed capital investment limit for ancillary industrial undertakings?
5. A website that is vibrant, communicative businesses that actively seek ways to understand what their customers is called:KLO 3.3
6. Most business plans are written and updated every
7. This refers to the quantity of a product consumers are willing and able to purchase at a given price
8. Why can small businesses respond quickly to changing economic climates?
9. A small business can offer customers personalized service and specialized products or knowledge that can be more difficult to find in a large chain store, for example.What does "personalized" mean?
10. A ..... is a tangible good, something you can touch.
11. Small businesses are responsible for most .....
12. An ability to ..... priorities is absolutely critical for any entrepreneur.
13. Instead, the small business that has defined what is unique about the product or service it provides has a greater chance of success.What does "unique" mean?
14. What is one way communities support Small Business Saturday?
15. A tiny unit is defined as an industrial or businessenterprise whose investment in plantand machinery is not more than
16. Why is it important to present data in a suitable format after it has been collated?
17. If a person has the ability to set their own schedule, work from home, do something they love, satisfaction in taking risks, and gets to show their expertise and skill they are examples of:
18. You need a legal structure for your small business. You want some of the benefits enjoyed by a large corp, but do not want to be taxed twice. You have 4 partners who will be shareholders. You also want to be protected from business liabilities. Which is best for you?
19. To be successful, the entrepreneur must:
20. What type of loans are invested in a business venture that offers favourable returns?
21. Debt ratio is calculated by
22. Which non-government agency in Jamaica promotes entrepreneurship, provides technical advice, and fosters corporate citizenship?
23. Profit for a period of time is determined by deducting expenses incurred from the revenue earned in that same period
24. Sandals hotel and West Indies Cricket Board coming together to promote the Caribbean
25. Why is customer satisfaction important for the success of small businesses?
26. This refers to the quantity of a product that producers are willing and able to produce at a given price.
27. Rushan devised an apparatus to measure the quality of air at home which can be fitted in any Air conditioner and the air conditioner can become an air purifier as well. His product is still in the pre-commercialization stage. Rushan wants to exclude others from making, using, selling and importing this apparatus. The intellectual property right which Rushan will have to obtain is:
28. What is the purpose of a mission statement for a small business?
29. Entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services.
30. You have an idea for a new service. Market research suggests that service is needed to solve a problem and will be enthusiastically embraced by customers.What is one of the first steps you must do before offering a new service?
31. Which type of market test engages the snowball effect?
32. What is the definition of Profit?
33. A ..... agreement is a legal agreement that binds one or more parties to non-disclosure of confidential or proprietary information. A confidentiality agreement is often used in situations wherein sensitive corporate information or proprietary knowledge is not to be made available to the general public or to competitors.
34. What is the main purpose of the Business Development Library mentioned in the text?
35. Compare the marketing approaches of big and small businesses based on the text.
36. MSMED act came into existence on .....
37. How many lines can be activated on business credit check?
38. What percentage of US businesses rely on credit for financing?
39. Small industries account for ..... % of the industrial units in the country.
40. What is the first step in service recovery?
41. What is brand recognition?
42. In promotional planning, what does the term "target market" refer to?
43. An individual with an idea to offer an innovative product or service about which they are passionate
44. The process of starting & operating one's own business.
45. Which marketing method uses customized newsletters to engage with customers?
46. What is the primary function of a project proposal?
47. Many people hesitate to set ..... their own business because they are afraid of failure.
48. What is a small business?
49. Responsible for completing specific assigned tasks while adhering to the company's safety and ethical guidelines and policies
50. Part of the successful preparation for a negotiation is:(KLO 1.5)
51. Lack of commitment / Inability to Commit are some mistakes to many owners of small business
52. A business plan is important for a new business for all of the following reasons EXCEPT
53. What are some common challenges faced by small businesses?
54. Small retailers who are commonly found at places with huge population are called .....
55. Each of the following is a main section of a business plan except .....
56. SCORE (Service Corps of Retired Executives)
57. This is a type of legal structure that provides the limited liability features of a corporation and the tax benefits of a partnership. This is a complex business structure and may require legal advice and assistance to setup.
58. The investment in fixed asset of this type of business do not exceed than Rs.10 Crore.
59. This is the individual or organization selling the franchise.
60. What is cooperativeness in a conflict process? (SS 3)
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