This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 36 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 36 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This is the last stage of the business life cycle; the business is sold. A) Maturity. B) Pivot or Persist. C) Exit. D) Success. Show Answer Correct Answer: C) Exit. 2. What are the benefits of small businesses to the rural economy? A) Small businesses lead to unemployment and economic decline in rural areas. B) Small businesses have no impact on the rural economy. C) Small businesses only benefit urban economies. D) Small businesses create jobs, support local economies, and contribute to community development. Show Answer Correct Answer: D) Small businesses create jobs, support local economies, and contribute to community development. 3. What is the term for decreasing costs through the production of larger quantities? A) Diseconomies of scale. B) Economies of scope. C) Economies of scale. D) Diseconomies of scope. Show Answer Correct Answer: C) Economies of scale. 4. What is a key reason for regularly updating your business plan? A) To avoid making any decisions. B) To change the company logo frequently. C) To reduce the number of employees. D) To reflect changes in the market and business environment. Show Answer Correct Answer: D) To reflect changes in the market and business environment. 5. The blueprint you should use to operate your business A) Business. B) Marketing Plan. C) Business Plan. D) None of the above. Show Answer Correct Answer: C) Business Plan. 6. What is the main idea of the sentence:'Entrepreneurship requires creativity and resilience.' A) Entrepreneurship is easy. B) Entrepreneurship requires creativity and resilience. C) Entrepreneurship is not creative. D) Entrepreneurship is only about resilience. Show Answer Correct Answer: B) Entrepreneurship requires creativity and resilience. 7. Which method of funding will have more support for the business to succeed? A) Expenses. B) Credit. C) Capital. D) Liabilites. Show Answer Correct Answer: C) Capital. 8. From a financial viewpoint which of the following would be the least important factor to take into account when considering a credit card: A) Whether the card has a set minimum monthly repayment or not. B) Whether you have a choice of colours available with your card. C) Whether the card has much lower interest rates than others. D) Whether the card has an annual fee. Show Answer Correct Answer: B) Whether you have a choice of colours available with your card. 9. Which of the following business types is usually the cheapest to start, but also has the lowest success rate? A) Franchise. B) Purchasing an existing business. C) Start-up. D) None of the above. Show Answer Correct Answer: C) Start-up. 10. How can market research help small businesses in understanding their target audience? A) By providing insights into consumer preferences, behaviors, and demographics. B) By ignoring consumer preferences and behaviors. C) By focusing only on the competition. D) By not conducting any research at all. Show Answer Correct Answer: A) By providing insights into consumer preferences, behaviors, and demographics. 11. Which factor contributes to building brand equity over time? A) Random brand messaging. B) Authenticity and consistency. C) Changing brand promise frequently. D) Ignoring customer feedback. Show Answer Correct Answer: B) Authenticity and consistency. 12. Which of the 4Ps looks at how to get a product to the customer? A) Price. B) Product. C) Promotion. D) Place. Show Answer Correct Answer: D) Place. 13. Credit card bill is an example of a ..... A) ROI. B) Burn Rate. C) Fixed Cost. D) Variable Cost. Show Answer Correct Answer: D) Variable Cost. 14. Which two types of Sales Channels sell primarily to other businesses? A) Wholesale AND B2B. B) Online AND Direct-to-Consumer. C) Retail AND Wholesale. D) B2B AND Retail. Show Answer Correct Answer: A) Wholesale AND B2B. 15. Which of the following is a significant benefit of entrepreneurship for economic growth? A) Higher taxes. B) Increased government control. C) Reduced competition. D) Job creation. Show Answer Correct Answer: D) Job creation. 16. Which is the largest social media platform? A) Whatsapp. B) Facebook. C) Youtube. D) Instagram. Show Answer Correct Answer: B) Facebook. 17. Your company makes the glass that is used for iPhones. You sell the glass to Apple. What kind of transaction is this? A) B2B. B) B2C. C) All the above. D) None of the above. Show Answer Correct Answer: A) B2B. 18. What is a creative way for small businesses to involve customers in building relationships? A) Hosting interactive events and soliciting feedback. B) Avoiding customer input to maintain independence. C) Focusing only on promotional discounts. D) Limiting communication channels to email only. Show Answer Correct Answer: A) Hosting interactive events and soliciting feedback. 19. What percentage of small businesses are led by women? A) 20%. B) 40%. C) 60%. D) None of the above. Show Answer Correct Answer: A) 20%. 20. What is a common feature of a franchise? A) High creative freedom. B) Low upfront costs. C) High success rate compared to other types of business. D) No adherence to franchisor's format. Show Answer Correct Answer: C) High success rate compared to other types of business. 21. Fill in the blank: ..... is the level of familiarity one has with a brand. A) Brand Recognition. B) Brand Loyalty. C) Brand Equity. D) Brand Extension. Show Answer Correct Answer: A) Brand Recognition. 22. Who typically manages the day-to-day operations of a small business? A) Government officials. B) Board of Directors. C) Shareholders. D) Owner or owner-manager. Show Answer Correct Answer: D) Owner or owner-manager. 23. ..... Encourage and support the entrepreneurial initiatives of rural people and women A) RWED. B) NCEUS. C) NSIC. D) None of the above. Show Answer Correct Answer: A) RWED. 24. What is the advantage of a co-operative? A) Limited liability. B) Tax benefits. C) Difficulty attracting investment based on usage. D) Longevity. Show Answer Correct Answer: B) Tax benefits. 25. Label the items as either a product or a service. Web Design A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: B) Service. 26. Which of the following methods can be used to fund the startup? A) Crowd funding. B) Angel investment. C) Bootstrapping. D) All of these. Show Answer Correct Answer: D) All of these. 27. What do distributors agree to do in network marketing? A) Design marketing campaigns. B) Manufacture products. C) Provide customer support. D) Sell products or services another company sells. Show Answer Correct Answer: D) Sell products or services another company sells. 28. In India, registration of a trademark is: A) Mandatory. B) Not necessary, but helps in exercising exclusive rights. C) Not recognized legally. D) Automatically awarded. Show Answer Correct Answer: B) Not necessary, but helps in exercising exclusive rights. 29. What is the correct order of adjectives in the sentence:'The entrepreneur launched a ..... business.' A) Successful small. B) Small successful. C) Successfully small. D) Small successfully. Show Answer Correct Answer: B) Small successful. 30. Semua perusahaan dalam suatu industri biasanya meningkatkannya pangsa pasar pada saat yang bersamaan A) Benar. B) Salah. C) All the above. D) None of the above. Show Answer Correct Answer: B) Salah. 31. What type of support does the government provide to startups under the Startup India scheme? A) Free office space. B) Tax exemptions for three years. C) Guaranteed profits. D) Mandatory employment quotas. Show Answer Correct Answer: B) Tax exemptions for three years. 32. True or False:Small business activations are typically multi-line with 2+ Lines. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: B) True. 33. Which of the following in NOT true about the Small Business Administration (SBA)? A) It is a government agency. B) It can help small businesses borrow money. C) It offers little help to women business owners. D) It publishes helpful books for small-business owners. Show Answer Correct Answer: C) It offers little help to women business owners. 34. Risk is the chance that something could go wrong A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 35. Austin loves to snowboard and snow ski. He often participates in other active outdoor sports such as hiking and mountain biking. Which of these may greatly impact his business idea? A) Goals. B) Hobbies. C) Experience. D) None of the above. Show Answer Correct Answer: B) Hobbies. 36. Level of output that is sufficient to satisfy the needs of households within the national economy A) Tertiary Production. B) Domestic Production. C) Export Production. D) Subsistence Production. Show Answer Correct Answer: B) Domestic Production. 37. An individual who:invents and distributes a good or service; assumes the risks of starting a business; and receives financial rewards. A) Small business. B) Executive. C) Entrepreneur. D) Manager. Show Answer Correct Answer: C) Entrepreneur. 38. What is a business plan's primary function? A) To decorate the office. B) To guide company operations and strategy. C) To entertain potential investors. D) To serve as a personal diary for the entrepreneur. Show Answer Correct Answer: B) To guide company operations and strategy. 39. Which of the following is a qualitative method of market research? A) Telephone interviews. B) Online surveys. C) Focus groups. D) Quantitative analysis. Show Answer Correct Answer: C) Focus groups. 40. How does NSIC assist in the export marketing of small-scale industries? A) NSIC only provides training for small-scale industries. B) NSIC focuses solely on domestic marketing strategies. C) NSIC does not offer any financial assistance to small-scale industries. D) NSIC assists in export marketing by providing market intelligence, organizing trade fairs, facilitating buyer-seller meets, and offering financial assistance. Show Answer Correct Answer: D) NSIC assists in export marketing by providing market intelligence, organizing trade fairs, facilitating buyer-seller meets, and offering financial assistance. 41. How much does each Bell home WiFi pod cost per month? A) $ 7. B) $ 4. C) $ 5. D) $ 10. Show Answer Correct Answer: C) $ 5. 42. What section of a business plan describes what the business does and what market needs it fills? A) Executive Summary. B) Company Description. C) Market Analysis. D) Organization and Management. Show Answer Correct Answer: B) Company Description. 43. Which of the following is an example of a digital product? A) E-book. B) Lawn mower. C) Car wash. D) Restaurant meal. Show Answer Correct Answer: A) E-book. 44. Choose the correct conjunction to complete the sentence:'The entrepreneur was successful ..... he worked hard.' A) Or. B) So. C) But. D) Because. Show Answer Correct Answer: D) Because. 45. In 2015, how much revenue was generated by small business in just New York State? A) About $ 1, 000, 000. B) About $ 1, 000, 000, 000, 000. C) About $ 100, 000. D) About $ 1, 000, 000, 000. Show Answer Correct Answer: B) About $ 1, 000, 000, 000, 000. 46. Adam and Bennett are planning to start a new business. They are considering different locations for their startup. Which of the following factors should they consider while choosing a location? A) Proximity to customers. B) Availability of skilled workforce. C) Cost of operations. D) All of the above. Show Answer Correct Answer: D) All of the above. 47. What is left after the business pays for everything it uses to provide goods and services. A) Cash. B) Capital. C) Resource. D) Profit. Show Answer Correct Answer: D) Profit. 48. What are two ways entrepreneurs and their small businesses provide a positive impact on the economy? A) Create jobs and provide specialized products. B) Increase taxes and reduce competition. C) Decrease demand for products and increase prices. D) Limit consumer choices and reduce quality. Show Answer Correct Answer: A) Create jobs and provide specialized products. 49. The COO is in charge of the day to day administrative functions. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 50. Every business begins with a(n) A) Profit. B) Customer. C) Idea. D) Invention. Show Answer Correct Answer: C) Idea. 51. Small Industries can be setup anywhere in the country. This line suggests their contribution towards ..... A) Entrepreneurship. B) Balanced regional development. C) Customization of products. D) Export. Show Answer Correct Answer: B) Balanced regional development. 52. Rencana bisnis dimaksudkan untuk memberikan informasi bagi calon investor atau kreditor suatu usulan bisnis A) Benar. B) Salah. C) All the above. D) None of the above. Show Answer Correct Answer: A) Benar. 53. Why does the government assist small businesses? A) Small business assist in employment, regional development and promotion of exports. B) Small scale industries support only urban India. C) They discourage large scale business. D) None of the above. Show Answer Correct Answer: A) Small business assist in employment, regional development and promotion of exports. 54. What is the best source for financing in small businesses? A) Friends and family. B) Loans. C) Personal loans and grants. D) None of the above. Show Answer Correct Answer: C) Personal loans and grants. 55. How often should businesses perform reviews of their risk management program? A) Once at the start of the business. B) Periodically. C) Only when a risk is realized. D) Never. Show Answer Correct Answer: B) Periodically. 56. What is included in the Marketing Plan section? A) Financial projections and budgets. B) Employee roles and responsibilities. C) Description of products or services. D) Operational processes and procedures. Show Answer Correct Answer: C) Description of products or services. 57. What are small businesses? A) Businesses that are owned by small people. B) Businesses that sell small items for the community. C) Businesses that are located to the consumers they are usually owned by sole trader. D) None of the above. Show Answer Correct Answer: C) Businesses that are located to the consumers they are usually owned by sole trader. 58. How can small businesses obtain financing? A) Only through personal savings. B) Exclusively through bank robberies. C) Through debt and equity financing. D) By winning the lottery. Show Answer Correct Answer: C) Through debt and equity financing. 59. Organization that is independently owned, operated, and financed is called as? A) Entrepreneurship. B) Small Business. C) All the above. D) None of the above. Show Answer Correct Answer: B) Small Business. 60. Small businesses attract talent who tend to: A) Follow trends. B) Invent new products. C) Rely on larger corporations. D) Avoid innovation. Show Answer Correct Answer: B) Invent new products. ← 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