This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 4 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 4 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. All entrepreneurship opportunities emerge from inventions and innovations. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 2. According to the Design Thinking Process:Challenge assumptions and create ideas A) Define. B) Test. C) Empathize. D) Ideate. Show Answer Correct Answer: D) Ideate. 3. The method of raising capital by selling company's stock to investors. A) Long Term Financing. B) Short Term Financing. C) Equity Financing. D) Debt Financing. Show Answer Correct Answer: C) Equity Financing. 4. A legally defined type of business ownership in which the business is considered a "person" under the law, and limited liability is granted to the business owner(s). A) Corporation. B) Sole Proprietorship. C) Partnership. D) None of the above. Show Answer Correct Answer: A) Corporation. 5. What is the Current second line offer discount on SBIS? A) $ 25. B) $ 5. C) $ 10. D) $ 15. Show Answer Correct Answer: A) $ 25. 6. What are the major financial obstacles faced by small businesses in India? A) High taxes and fees. B) Lack of access to capital. C) Low financial literacy among business owners. D) Limited access to banking services. Show Answer Correct Answer: B) Lack of access to capital. 7. What are the downside of crowdfunding? A) Risk damage to the reputation of your business and people. B) You win instead of lose. C) There is no downside. D) None of the above. Show Answer Correct Answer: A) Risk damage to the reputation of your business and people. 8. Management of the assets and liabilities of the business is not a difficult task. A) Advantage. B) Disadvantage. C) All the above. D) None of the above. Show Answer Correct Answer: A) Advantage. 9. The majority of small business owners are aged 39 and younger. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 10. Alexa and Caleb started a new business and they came up with a unique business process. What type of intellectual property should they register to protect their business process? A) Copyright. B) Trade Secret. C) Trademark. D) Patent. Show Answer Correct Answer: D) Patent. 11. This is one of the characteristic of small business that is serve a much smaller area than corporations or larger private businesses A) A. Small Market Area. B) B. Local Area of Operations. C) C. Labor-Intensive. D) None of the above. Show Answer Correct Answer: A) A. Small Market Area. 12. True or false:to defend yourself against an attack=spear pishing A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 13. Small enterprise under manufacturing category is where the investment in plant and machinery is more than ..... but less than ..... A) 10 lakhs, 2 crores. B) 25 lakhs, 10 crores. C) 10 lakhs, 5 crores. D) 25 lakhs, 5 crores. Show Answer Correct Answer: D) 25 lakhs, 5 crores. 14. Connecting 2 or more computers together with the ability to communicate with each other is A) Troubleshooting. B) Networking. C) Analyzing. D) Managing. Show Answer Correct Answer: B) Networking. 15. What is the maximum speed Bell can offer with Multi-gig Internet Tier? A) 9GB. B) 8GB. C) 10GB. D) 3GB. Show Answer Correct Answer: B) 8GB. 16. There are a range of bank accounts which exist because: A) People's needs, incomes and hopes for the future differ so we need a range of accounts so we can choose which is most suitable. B) All people need to lock their money away and not be able to touch it or they'll spend it. C) No-one can survive life without regularly using a credit card. D) Banks are always trying to charge higher fees so the range of accounts they offer will always increase. Show Answer Correct Answer: A) People's needs, incomes and hopes for the future differ so we need a range of accounts so we can choose which is most suitable. 17. This framework provides no explicit requirement on the minimum items that should be disclosed on the face of the statement of income A) PFRS for Small and Medium Entities. B) PFRS for Small Entities. C) Full PFRS. D) None of the choices. Show Answer Correct Answer: B) PFRS for Small Entities. 18. When you have a feasible business concept, the next step is to develop a/an ..... (Unit 33-KLO 2-3a) A) A. business plan. B) C. feasibility analysis. C) B. financial analysis. D) D. industry. Show Answer Correct Answer: A) A. business plan. 19. Which of the 4Ps of marketing refers to how a business gets its product to customers? A) Place. B) Price. C) Product. D) Promotion. Show Answer Correct Answer: A) Place. 20. What is a balance sheet? A) A document which compares assets to liabilities plus owner's equity. B) A tangible item a business owns. C) The level of familiarity one has with a brand of item, service, or business. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: A) A document which compares assets to liabilities plus owner's equity. 21. Label the items as either a product or a service. AC repair A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: B) Service. 22. What is the antonym of 'expansion'? A) Increase. B) Growth. C) Contraction. D) Development. Show Answer Correct Answer: C) Contraction. 23. What is a start-up company? A) A business that has been operational for more than 10 years. B) A newly created business, often innovative and with growth potential. C) A company that operates under a franchise model. D) A non-profit organization. Show Answer Correct Answer: B) A newly created business, often innovative and with growth potential. 24. You are a fresh graduate and looking for jobs to start your professional career, which kind of company will help you better? A) Large business. B) Small business. C) All the above. D) None of the above. Show Answer Correct Answer: B) Small business. 25. Who has been reported to be on track to be the world's youngest self-made billionaire from her global cosmetics company? A) Kylie Jenner. B) Rihanna. C) Selena Gomez. D) None of the above. Show Answer Correct Answer: A) Kylie Jenner. 26. This type of company has only one worker who is also the owner? A) C corporation. B) LLC. C) Sole proprietorship. D) General partnership. Show Answer Correct Answer: C) Sole proprietorship. 27. Lack of access to markets and procurement A) Advantage. B) Disadvantage. C) All the above. D) None of the above. Show Answer Correct Answer: B) Disadvantage. 28. What does the term 'liabilities' refer to? A) Debts owed by the company. B) Assets owned by the company. C) Equity held by shareholders. D) Revenue generated from sales. Show Answer Correct Answer: A) Debts owed by the company. 29. Unit price minus cost of goods sold. (Also called profit per unit.) A) Contribution Margin. B) Sales Price. C) All the above. D) None of the above. Show Answer Correct Answer: A) Contribution Margin. 30. ..... financing is the money needed to pay for the current operating activities of a business. A) Long-Term. B) Owner. C) Start-up. D) Short-Term. Show Answer Correct Answer: D) Short-Term. 31. One important tip is to start small.What does "tip" mean? A) Reason for doing something. B) An advantage. C) A piece of advice. D) A feature, quality. Show Answer Correct Answer: C) A piece of advice. 32. A partnership has between ..... A) 2-22 people. B) 2-20 people. C) 2-24 people. D) 1-20 people. Show Answer Correct Answer: B) 2-20 people. 33. Small business owenrs A) Typically focus on products and services that meet the needs of a large group of customers. B) Rely heavily on consumer research to gather information. C) Usually get direct information from their customers about what they like and dislike. D) Have less frequent contact with their customers than large businesses. Show Answer Correct Answer: C) Usually get direct information from their customers about what they like and dislike. 34. What does COGS stand for? A) Cost of goals scored. B) Cost of goods sold. C) Cost of goods solvent. D) Cost of goods stocked. Show Answer Correct Answer: B) Cost of goods sold. 35. ..... are made up of the products or raw materials a business has on hand. A) Inventories. B) Assets. C) Stocks. D) Reserves. Show Answer Correct Answer: A) Inventories. 36. This is the first stage of the business life cycle A) Survival. B) Takeoff. C) Existence. D) Maturity. Show Answer Correct Answer: C) Existence. 37. Which type of business is likely to conduct global campaigns? A) Big Businesses. B) Small Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Big Businesses. 38. Explain how a unique selling proposition (USP) can set a small business apart from its competitors. A) By offering a product or service that stands out from the competition. B) By copying competitors' products. C) By reducing prices significantly. D) By limiting their product range. Show Answer Correct Answer: A) By offering a product or service that stands out from the competition. 39. What are some financial challenges small businesses often encounter? A) Hiring too many employees. B) Not having a business plan. C) Securing funding, managing expenses. D) Ignoring customer feedback. Show Answer Correct Answer: C) Securing funding, managing expenses. 40. In the United States, nearly as many small businesses close as begin each year. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 41. What does a Chief Operating Officer (COO) do? A) Manages the company's finances. B) Oversees day-to-day operations and ensures the business runs smoothly. C) Develops the company's vision and strategy. D) Serves as the founder of the company. Show Answer Correct Answer: B) Oversees day-to-day operations and ensures the business runs smoothly. 42. Which of the following is the most important factor when determining the location of a small retail business? A) The size of the building. B) Proximity to competitors. C) Accessibility and customer convenience. D) Aesthetic appeal of the neighborhood. Show Answer Correct Answer: C) Accessibility and customer convenience. 43. What is the primary purpose of a 'Minimum Viable Product' (MVP) in startup development? A) To fully develop the product's features before launch. B) To test market demand with the least effort. C) To attract early-stage investors. D) To establish a brand identity. Show Answer Correct Answer: B) To test market demand with the least effort. 44. A characteristic of small-scale businesses is: A) A. Extensive global presence. B) B. Serving diverse communities. C) C. Being found only in a limited area. D) None of the above. Show Answer Correct Answer: C) C. Being found only in a limited area. 45. What is the main purpose of market research for a business start-up? A) To reduce the number of competitors. B) To increase employee salaries. C) To design company logos. D) To collect information to support business planning. Show Answer Correct Answer: D) To collect information to support business planning. 46. A person most likely to buy your product or service is your A) Mom. B) Client. C) Target Customer. D) Agent. Show Answer Correct Answer: C) Target Customer. 47. What is one disadvantage of the gig economy for entrepreneurs? A) Lack of income security and benefits. B) Limited opportunities for growth and expansion. C) Inability to work on multiple projects simultaneously. D) Difficulty in finding clients and customers. Show Answer Correct Answer: A) Lack of income security and benefits. 48. Which is a disadvantage to being an entrepreneur? A) Job satisfaction. B) Good income. C) Work long hours. D) You are the boss. Show Answer Correct Answer: C) Work long hours. 49. Independent advice for entrepreneurs is available from which of the following sources? A) Government and non-governmental organisations. B) Only private companies. C) Only family members. D) Only social media influencers. Show Answer Correct Answer: A) Government and non-governmental organisations. 50. What does undercapitalization refer to in the context of small-business ownership? A) Excessive funds to operate a business. B) Lack of funds to operate a business normally. C) Poor management of business funds. D) High interest rates on business loans. Show Answer Correct Answer: B) Lack of funds to operate a business normally. 51. What is the purpose of a Business Plan? A) To outline the financial statements of a company. B) To provide a precise statement of the rationale for the business and a step-by-step explanation of how it will achieve its goals. C) To document the personal information of the business owners. D) To serve as a legal contract between the company and its employees. Show Answer Correct Answer: B) To provide a precise statement of the rationale for the business and a step-by-step explanation of how it will achieve its goals. 52. Which of the following is a common funding option for startups in India? A) Public sector loans. B) Corporate tax credits. C) Government bonds. D) Personal savings. Show Answer Correct Answer: D) Personal savings. 53. For promotion of small industries central government set up A) Ministry of micro, medium and small enterprises. B) Ministry of agro and rural industries. C) Both. D) None of the above. Show Answer Correct Answer: C) Both. 54. Get involved in local charities and events that support the community. A) Fist. B) Next. C) Then. D) Finally. Show Answer Correct Answer: C) Then. 55. In order to render a surface 99.9% germ free, you would have to properly A) Sanitize the surface. B) Disinfect the surface. C) Clean the surface. D) None of the above. Show Answer Correct Answer: B) Disinfect the surface. 56. What is the primary purpose of promotional planning for small businesses? A) To expand the business globally. B) To create strategies for increasing brand awareness and driving sales. C) To reduce production costs. D) To limit market competition. Show Answer Correct Answer: B) To create strategies for increasing brand awareness and driving sales. 57. Which promotional strategy focuses on offering short-term incentives to customers to encourage purchases? A) Advertising. B) Personal selling. C) Sales promotion. D) Public relations. Show Answer Correct Answer: C) Sales promotion. 58. Performing above and beyond the customer's expectations is a critical part of small business success. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 59. Which of the following is an advantage of operating a business as a private limited company? A) It is easier to raise finance as the business can sell shares. B) Owners have unlimited liability. C) Partners can provide specialist knowledge and skills. D) It is very quick and easy to set up. Show Answer Correct Answer: A) It is easier to raise finance as the business can sell shares. 60. Safwan started a new business in 2020, but due to covid 19 issues his sales are low. now he is thinking about close that business. Which problem Ihsan felt now A) Sickness. B) Renewal. C) Finance. D) None of the above. Show Answer Correct Answer: A) Sickness. ← 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 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 8Class 11 Business Studies Chapter 8 Small Business Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books