This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 31 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 31 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Are you able to ..... conflicts between business and personal goals? A) Recognize. B) Deal. C) Balance. D) None of the above. Show Answer Correct Answer: C) Balance. 2. Un negocio no puede funcionar sin A) Materiales. B) Gastos. C) Costos. D) Empleados. Show Answer Correct Answer: D) Empleados. 3. Buildings and storage is a type of A) Fixed cost. B) Running cost. C) Asset. D) None of the above. Show Answer Correct Answer: A) Fixed cost. 4. When is Small Business Saturday held each year? A) The last Saturday of the year. B) The first Saturday in December. C) The Saturday before Thanksgiving. D) The Saturday after Thanksgiving. Show Answer Correct Answer: D) The Saturday after Thanksgiving. 5. Allows the owner to pay taxes on their profits or losses through their own taxes using a personal tax rate. This legal structure is ideal for a single owner seeking low risk A) Sole Proprietorship. B) S Corp. C) LLC. D) PartnershipTagsLEGAL STRUCTURES. E) C Corp. Show Answer Correct Answer: C) LLC. 6. This is an independent agency of the federal government with the mission of aiding, counseling, and assisting entrepreneurs and small businesses. A) EPA. B) SBA. C) All the above. D) None of the above. Show Answer Correct Answer: B) SBA. 7. A ..... refers to the net profit the company wants to make from the sale and is usually represented using a percentage. A) Profit margin. B) Income statement. C) Equity. D) Cost price. Show Answer Correct Answer: A) Profit margin. 8. In a business plan, it is NOT important to describe the industry in which you will operate A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 9. Maintain the forms necessary to operate a business in good standing (example:annual report) A) Louisiana Workforce Commission. B) Louisiana Department of Revenue. C) Louisiana Economic Development. D) Louisiana Secretary of State. Show Answer Correct Answer: D) Louisiana Secretary of State. 10. What is the success rate for agriculture businesses? A) 95%. B) 88%. C) 75%. D) 80%. Show Answer Correct Answer: B) 88%. 11. Before this entrepreneur was the multibillionaire we all know today, he worked at McDonald's for a summer and studied their automation system. His global online marketplace uses similar models of efficiency and speed. Who is he? A) Jeff Bezos. B) Bill Gates. C) Richard Branson. D) None of the above. Show Answer Correct Answer: A) Jeff Bezos. 12. Owned by shareholders. The business (not the shareholders) is liable for all debts. A) Corporation. B) Sole Proprietor. C) All the above. D) None of the above. Show Answer Correct Answer: A) Corporation. 13. Ministry of agro and rural industries working through A) KVIC. B) Handicraft Board. C) Coir board. D) All of the above. Show Answer Correct Answer: D) All of the above. 14. What source document will a customer receive from a business if they purchase a good or service. A) Receipt. B) Tax Invoice. C) Credit Note. D) Cheque. Show Answer Correct Answer: A) Receipt. 15. An IT office needs a financial specialist to prepare tax statements and other documents a few times a year. Which type of compensation would be best for this? A) Hourly. B) Commission. C) Equity. D) Piece Work. Show Answer Correct Answer: D) Piece Work. 16. In the context of business, what does the term 'startup' refer to? A) A type of computer program. B) A newly established business. C) A phase in a project. D) A marketing strategy. Show Answer Correct Answer: B) A newly established business. 17. One recommended strategy to save money is to buy generic brands-these are: A) Products sold only at exclusive stores. B) Products sold with plain packaging and with a higher price than the name-branded products. C) Products such as food which sold which are out of date and are therefore far cheaper to buy. D) Products sold with plain packaging, little marketing and usually at much lower prices than the name-branded products. Show Answer Correct Answer: D) Products sold with plain packaging, little marketing and usually at much lower prices than the name-branded products. 18. It is difficult for SSIs to get finance as they lack ..... A) Bargaining skills. B) Good business plan. C) Expertise. D) Creditworthiness. Show Answer Correct Answer: D) Creditworthiness. 19. Which of the following sentences is an example of passive voice? A) The business will start soon. B) The entrepreneurs are starting the business. C) The business was started by two entrepreneurs. D) Two entrepreneurs started the business. Show Answer Correct Answer: C) The business was started by two entrepreneurs. 20. Which type of sales event is designed to showcase a company's products and services to a targeted audience, often featuring demonstrations and networking opportunities? A) Fundraisers. B) Trade Shows. C) User Conferences. D) Product Launches. Show Answer Correct Answer: B) Trade Shows. 21. What is typically true about starting costs for small businesses? A) They are always higher than large businesses. B) They require millions in startup capital. C) They can be relatively low and scalable. D) They are free. Show Answer Correct Answer: C) They can be relatively low and scalable. 22. How many small businesses are there in America? A) 25 million. B) 20 million. C) 30 million. D) 28 million. Show Answer Correct Answer: D) 28 million. 23. Which of the following would NOT BE discussed in the operations plan section of a business plan? A) Organization of the company. B) Sales forecasts. C) Analysis of resources needed. D) Human resource plans. Show Answer Correct Answer: B) Sales forecasts. 24. What is a target audience? A) Anyone who sees your products online. B) People who purchase products and services. C) A specific group of consumers focused on through marketing. D) None of the above. Show Answer Correct Answer: C) A specific group of consumers focused on through marketing. 25. You buy a bottle of Mountain Dew at 7-11. What kind of transaction is this? A) B2B. B) B2C. C) All the above. D) None of the above. Show Answer Correct Answer: B) B2C. 26. What is an angel investor? A) A crowdfunding platform. B) A government official who provides grants. C) A wealthy individual who invests in startups. D) A bank that offers loans. Show Answer Correct Answer: C) A wealthy individual who invests in startups. 27. Where did many computer-industry leaders start working on their business ideas? A) In large corporations. B) In community centers. C) In garages. D) In shopping malls. Show Answer Correct Answer: C) In garages. 28. Small businesses account for ..... of the U.S. gross domestic product each year. A) More than half. B) About 10 percent. C) Almost a quarter. D) About 75 percent. Show Answer Correct Answer: A) More than half. 29. Most small business operators do what they enjoy or love doing as the business may be out of a hobby or part-time job A) Advantage. B) Disadvantage. C) All the above. D) None of the above. Show Answer Correct Answer: A) Advantage. 30. Identify the adverb in the following sentence:'The entrepreneur quickly adapted to market changes.' A) Entrepreneur. B) Quickly. C) Adapted. D) Market. Show Answer Correct Answer: B) Quickly. 31. True or False:If the client does not have their HST number, you can sign them up with a temporary HST Number and submit a form on OneSource A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 32. What is a potential consequence of leaving a flash drive unattended? A) It will be upgraded. B) It will be cleaned. C) It will be ignored. D) It may be stolen. Show Answer Correct Answer: D) It may be stolen. 33. Which of the following is NOT listed as a common mistake made by startup businesses? A) Failing to spend enough time researching the business idea. B) Overestimating the ease of market entry. C) Lacking a contingency plan for a shortfall in expectations. D) Having a clear long-term aim and business purpose. Show Answer Correct Answer: D) Having a clear long-term aim and business purpose. 34. What is the primary motivation of social entrepreneurs? A) To maximize profits. B) To solve a community problem. C) To compete with large corporations. D) To expand globally. Show Answer Correct Answer: B) To solve a community problem. 35. What is the success rate for residential and commercial rentals? A) 95%. B) 85%. C) 80%. D) 90%. Show Answer Correct Answer: B) 85%. 36. A marketing ..... refers to a business's overall plan for reaching prospective consumers. A) Place. B) Price. C) Promotion. D) Strategy. Show Answer Correct Answer: D) Strategy. 37. Pick the best answer. Start-up costs can include ..... A) Price of advertising. B) Rent for a business location. C) Cost of making your product. D) All of these answers. Show Answer Correct Answer: D) All of these answers. 38. This is a way that products or services are developed, priced, distributed, and promoted to customers. A) Marketing. B) Management. C) Reserach. D) None of the above. Show Answer Correct Answer: A) Marketing. 39. What is the median of the data set 2, 3, 4, 5, 6? A) 3. B) 2. C) 5. D) 4. Show Answer Correct Answer: D) 4. 40. This entrepreneur was born in 1902 in Oak Park, Illinois. He was the son of immigrants. He is best known for his leadership in franchising a particular fast-food restaurant. A) Dave Thomas. B) Ray Kroc. C) All the above. D) None of the above. Show Answer Correct Answer: B) Ray Kroc. 41. Which characteristic of an entrepreneur involves believing that anything can be accomplished with enough hard work? A) Social Responsibilities. B) Collaboration. C) Growth Mindset. D) Critical Thinking. Show Answer Correct Answer: C) Growth Mindset. 42. What is the most likely reason a small business owner would work long hours? A) They have nothing else to do. B) They enjoy being tired. C) Their employees don't show up. D) They must manage multiple aspects of the business themselves. Show Answer Correct Answer: D) They must manage multiple aspects of the business themselves. 43. Which type of consultant focuses on marketing strategies? A) Legal consultant. B) Accounting consultant. C) Marketing consultant. D) Technology consultant. Show Answer Correct Answer: C) Marketing consultant. 44. What percentage of US small business are operated by a single person? A) 40. B) 70. C) 60. D) 50. Show Answer Correct Answer: B) 70. 45. The primary cause of small business failures is A) Poor location. B) Management mistakes. C) Improper inventory control. D) The excess of capital. Show Answer Correct Answer: B) Management mistakes. 46. Creation of employment, innovation and impact on society and community development are the importance of entrepreneurship A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 47. Which of the following best describes indirect expenses? A) Expenses for purchasing equipment. B) Expenses that change with sales volume. C) Expenses not directly linked to a specific product. D) Expenses directly tied to production. Show Answer Correct Answer: C) Expenses not directly linked to a specific product. 48. What is the purpose of a SWOT Matrix? A) To assess employee satisfaction. B) To evaluate financial performance. C) To analyze strengths, weaknesses, opportunities, and threats. D) To create marketing strategies. Show Answer Correct Answer: C) To analyze strengths, weaknesses, opportunities, and threats. 49. Which option best describes a Cottage Industry? A) Defined by capital investment. B) Also known as rural or traditional industry. C) Not defined by capital investment. D) None of the above. Show Answer Correct Answer: B) Also known as rural or traditional industry. 50. What is a requirement for S Corporation shareholders? A) Must be a U.S. citizen or resident. B) Must be a government entity. C) Must be a corporation. D) Must be a non-profit organization. Show Answer Correct Answer: A) Must be a U.S. citizen or resident. 51. What percentage of U.S. households rent a storage unit? A) 25%. B) 5%. C) 40%. D) 11%. Show Answer Correct Answer: D) 11%. 52. What is one reason Small Business Saturday continues to grow each year? A) Increased national recognition and community participation. B) Mandatory participation. C) Federal funding. D) Reduced consumer spending. Show Answer Correct Answer: A) Increased national recognition and community participation. 53. Writing a business plan A) Is a quick and easy process. B) Is quick but difficult. C) Requires patience, research, thought, and time. D) None of the above. Show Answer Correct Answer: C) Requires patience, research, thought, and time. 54. What is the main focus of the Small Industries Service? A) Focusing on large-scale manufacturing. B) Regulating international trade policies. C) Promoting and supporting small-scale industries. D) Providing financial aid to corporations. Show Answer Correct Answer: C) Promoting and supporting small-scale industries. 55. One of these is not a conflict resolution strategies:(KLO 3.1) A) Avoid being provoked into an emotional response. B) Intimidate the customer. C) Ignore customer's requests. D) None of the above. Show Answer Correct Answer: A) Avoid being provoked into an emotional response. 56. The investment in fixed asset of this type of business do not exceed than Rs.10 Lakh. A) Small Service Business. B) Export Oriented Unit. C) Micro Business. D) Village Industries. Show Answer Correct Answer: A) Small Service Business. 57. (v) To estimate; calculate a future amount. A) Compete. B) Produce. C) Initiate. D) Project. Show Answer Correct Answer: D) Project. 58. What role does cultural awareness play in a small business's promotional planning for global opportunities? A) It helps in creating one-size-fits-all promotional strategies. B) It allows businesses to develop marketing messages that resonate with local audiences. C) It has no effect on promotional planning. D) It focuses only on advertising expenses. Show Answer Correct Answer: B) It allows businesses to develop marketing messages that resonate with local audiences. 59. Which of the following is considered a small business? A) A multinational corporation. B) A locally owned and operated business. C) A government agency. D) A global charity organization. Show Answer Correct Answer: B) A locally owned and operated business. 60. What is a learning-based structure in a business? A) A structure where functions are subordinate to each other. B) A structure that allows functions to work together without subordination. C) A description of the current industry condition. D) A written map for beginning and growing a business. Show Answer Correct Answer: B) A structure that allows functions to work together without subordination. ← 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