This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 44 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 44 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This is (aka) also known as "e-tailing" A) E-marketing. B) Public relations. C) Promoting. D) None of the above. Show Answer Correct Answer: A) E-marketing. 2. A lean canvas should only be ..... long. A) One page. B) Two pages. C) Five pages. D) Ten pages. Show Answer Correct Answer: A) One page. 3. What is the backbone of a good personal brand? A) Business Cards. B) Social Media Presence. C) Personal Website. D) Networking Events. Show Answer Correct Answer: C) Personal Website. 4. Which promotional tool is often used by small businesses to build long-term relationships with customers? A) Sales promotion. B) Personal selling. C) Public relations. D) Advertising. Show Answer Correct Answer: C) Public relations. 5. Managing payroll involves: A) Monitoring credit. B) Ensuring bills are paid. C) Paying employees for their time worked. D) All of the above. Show Answer Correct Answer: C) Paying employees for their time worked. 6. Which corporation is very strict to qualify for, can only have 100 shareholders, 1 class of stock, and strict with who can be a shareholder? A) C-Corporation. B) Non-Profit. C) Sole Proprietor. D) S-Corporation. Show Answer Correct Answer: D) S-Corporation. 7. What type of credit policy does the government provide for small scale industries? A) Tax exemptions only for large corporations. B) High-interest loans without guarantees for small scale industries. C) Subsidized loans and credit guarantees for small scale industries. D) No financial support for any industries. Show Answer Correct Answer: C) Subsidized loans and credit guarantees for small scale industries. 8. Which of the following describes a business model that allows customers to pay for actual usage? A) Freemium. B) Subscription. C) Leasing. D) Pay-as-you-go. Show Answer Correct Answer: D) Pay-as-you-go. 9. Why should you limit login attempts? A) To make it easier for intruders. B) To protect against intruders. C) To allow unlimited access. D) To avoid using passwords. Show Answer Correct Answer: B) To protect against intruders. 10. A business structure whereby the owners are not personally liable for the company's debts or liabilities. It combines characteristics of a corporation with those of a sole proprietorship/partnership. A) Limited Liability Company (LLC). B) Partnership. C) All the above. D) None of the above. Show Answer Correct Answer: A) Limited Liability Company (LLC). 11. Small business constitute a-percent of total industry A) 90. B) 85. C) 95. D) None of the above. Show Answer Correct Answer: C) 95. 12. Adapting to Changing Climates:Small businesses are often very ..... and understand the needs of the community. A) Low cost. B) Low maintenence. C) Customer-oriented. D) Technology friendly. Show Answer Correct Answer: C) Customer-oriented. 13. This entrepreneur was exactly 40 when she opened her flagship bridal store in New York City. She is: A) Donatella Versace. B) Peggy Olson. C) Vera Wang. D) None of the above. Show Answer Correct Answer: C) Vera Wang. 14. Which industry is considered attractive to small businesses due to technological advancements? A) Retailing and wholesaling. B) Services. C) Manufacturing. D) High Technology. Show Answer Correct Answer: D) High Technology. 15. What is an essential skill for successful entrepreneurs? A) Effective communication. B) Disinterest in learning. C) Procrastination. D) Inflexibility. Show Answer Correct Answer: A) Effective communication. 16. What are some examples of successful entrepreneurship in the small business sector in India? A) Flipkart, Paytm, Ola, Zomato. B) Alibaba. C) Amazon. D) Uber. Show Answer Correct Answer: A) Flipkart, Paytm, Ola, Zomato. 17. Occurs when people's needs and wants are unlimited and the resources to produce the goods and services to meet those needs are limited A) Scarcity. B) Profit. C) Economic decision making. D) Capitalism. Show Answer Correct Answer: A) Scarcity. 18. Entrepreneurs want their business to grow rapidly. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. When is a business making a loss? A) When revenues are higher than costs. B) When revenues equal costs. C) When revenues are less than costs. D) None of the above. Show Answer Correct Answer: C) When revenues are less than costs. 20. This person manages a company's operations (ex. manufacturing, sales, marketing, and technology). A) CIO (Chief Information Officer). B) CEO (Chief Executive Officer). C) COO (Chief Operating Officer). D) CFO (Chief Financial Officer). Show Answer Correct Answer: C) COO (Chief Operating Officer). 21. Why might hiring for convenience be a mistake for small businesses? A) It is more cost-effective. B) It may lead to hiring people without the necessary skills. C) It prioritizes skill requirements. D) It ensures the company has enough staff. Show Answer Correct Answer: B) It may lead to hiring people without the necessary skills. 22. Not afraid to do new things is what characteristic for entrepreneur? A) Human Relations Skills. B) Risk Taker. C) Problem-solving & Decision-making Skills. D) Independent. Show Answer Correct Answer: B) Risk Taker. 23. A micro enterprise is defined as an industrial or business enterprise whose investment in plant and machinery is not more than . A) (b) 50 lakhs. B) (a) 35 lakhs. C) (c ) 30 lakhs. D) (d) 25 lakhs. Show Answer Correct Answer: D) (d) 25 lakhs. 24. Indicate whether the statement is true or false.2. The average length of an SBA loan is about 25 years. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 25. Which of the following is an example of a modern theory of entrepreneurship? A) McClelland's Theory of Achievement. B) Classical Economic Theory. C) Kirzner's Theory of Entrepreneurial Discovery. D) Schumpeter's Innovation Theory. Show Answer Correct Answer: C) Kirzner's Theory of Entrepreneurial Discovery. 26. This is someone who is experienced, successful and willing to provide advice and guidance. A) CEO. B) President. C) Mentor. D) Industrial Engineer. Show Answer Correct Answer: C) Mentor. 27. Small firms provide employment for many, especially in rural areas. What other role does a small firm plays in the Caribbean community? A) They provide services that are not provided by larger firms. B) Small firms manage the demand of the country. C) All the above. D) None of the above. Show Answer Correct Answer: A) They provide services that are not provided by larger firms. 28. Internal sources of finance are A) Provided from outside the business. B) Provided by the bank. C) Provided from within the business. D) Provided by parents. Show Answer Correct Answer: C) Provided from within the business. 29. Which of the following find is odd with respect of Village and Small Scale Industry? A) Handloom. B) Khadi industries. C) Sericulture. D) Farming equipments. Show Answer Correct Answer: D) Farming equipments. 30. What is the purpose of market research in the early stages of a small business? A) Develop employee training programs. B) Identify potential customers and analyze market trends. C) Implement cost-cutting measures. D) Streamline manufacturing processes. Show Answer Correct Answer: B) Identify potential customers and analyze market trends. 31. Select the statement that best connects IPR types to what they protect in India. A) Copyright protects inventions; patents protect logos. B) Trademarks protect inventions; patents protect songs. C) Patents protect inventions; trademarks protect brand signs; copyright protects creative works. D) Geographical Indications protect trade secrets. Show Answer Correct Answer: C) Patents protect inventions; trademarks protect brand signs; copyright protects creative works. 32. Term loans are best for people with ..... credit. A) Good. B) No. C) Co signing. D) Bad. Show Answer Correct Answer: D) Bad. 33. What is a C Corporation? A) Costs incurred by a business for property or equipment. B) Items provided to employees in addition to standard compensation. C) A type of business which is good for international business. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: C) A type of business which is good for international business. 34. What are some promotional services offered by NSIC? A) Product manufacturing support. B) Promotional services offered by NSIC include marketing assistance, trade fair participation, and buyer-seller meets. C) Financial consulting services. D) Legal advisory services. Show Answer Correct Answer: B) Promotional services offered by NSIC include marketing assistance, trade fair participation, and buyer-seller meets. 35. Which of the following funding options is considered a form of equity financing? A) Personal loans. B) Bank loans. C) Government grants. D) Crowdfunding. Show Answer Correct Answer: D) Crowdfunding. 36. Another risk is gaining self confidence. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 37. Where two or more companies join to form a new company A) Internal growth. B) External growth. C) All the above. D) None of the above. Show Answer Correct Answer: B) External growth. 38. Indicate whether the statement is true or false. 1. Because of small-business competition, large companies must become more efficient and responsive to consumers' needs. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 39. Adam and Bennett are planning to start a new business. They are considering different funding options. Which of the following is a common source of funding for startups? A) Bank Loans. B) Personal Savings. C) Venture Capital. D) All of the above. Show Answer Correct Answer: D) All of the above. 40. A qualitative characteristic of accounting that requires information to be presented in a timely manner so that it may influence decisions is ..... A) Relevance. B) Timeliness. C) Faithful representation. D) Understandability. Show Answer Correct Answer: B) Timeliness. 41. True or False:With owners of equity in a business, a partner owns equity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 42. What are the four P's of marketing A) Promotion, product, practice, price. B) Product, produce, production, price. C) Person, place, produce, practice. D) Promotion, place, price, product. Show Answer Correct Answer: D) Promotion, place, price, product. 43. What are the major obstacles for small businesses to adopt new technologies in India? A) Readiness to embrace change. B) Abundance of digital infrastructure. C) Lack of access to capital, limited digital infrastructure, and resistance to change. D) High demand for new technologies. Show Answer Correct Answer: C) Lack of access to capital, limited digital infrastructure, and resistance to change. 44. Which of the following should be considered when estimating costs and expenses for a business? A) Supplier price lists and the amount of supplies required for expected sales. B) Only last year's expenses. C) The owner's personal preferences. D) The number of employees only. Show Answer Correct Answer: A) Supplier price lists and the amount of supplies required for expected sales. 45. What percentage of American businesses are considered small businesses? A) 50%. B) 99.7%. C) 89.6%. D) 75%. Show Answer Correct Answer: B) 99.7%. 46. External locus of control A) A belief that one's own actions determine outcomes in life. B) A deep-seated sense that forces other than the individual are responsible for what happens in his or her life. C) The idea that luck and chance play no role in life events. D) A perspective that emphasizes personal responsibility and accountability. Show Answer Correct Answer: B) A deep-seated sense that forces other than the individual are responsible for what happens in his or her life. 47. What is one benefit of having a location near public transportation? A) Lower rent costs. B) Increased visibility and ease of access for customers. C) A larger workforce. D) Fewer competitors. Show Answer Correct Answer: B) Increased visibility and ease of access for customers. 48. What financial statement is used to track a company's revenues and expenses? A) Statement of retained earnings. B) Balance sheet. C) Cash flow statement. D) Income statement. Show Answer Correct Answer: D) Income statement. 49. Which of the following best describes a scalable startup entrepreneur? A) Someone who avoids taking any financial risks. B) Someone who only works within a large corporation. C) Someone who starts a business to remain small and local. D) Someone who aims to grow a business rapidly and expand globally. Show Answer Correct Answer: D) Someone who aims to grow a business rapidly and expand globally. 50. Expansion of SIDO A) Small Industries Development Organization. B) Small Industries Directive Organization. C) All the above. D) None of the above. Show Answer Correct Answer: A) Small Industries Development Organization. 51. A tech developer launches a new company that focuses on artificial intelligence tools. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: A) Entrepreneur. 52. Two or more companies coming together to form a new company A) Joint Ventures. B) Franchising. C) Mergers. D) Acquisitions. Show Answer Correct Answer: C) Mergers. 53. Legal standards are barriers thatmanagement must overcome toaccomplish what it wants is explanation for moral management A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 54. Which of the following is true about small businesses? A) Most begin as a sole proprietorship. B) Many eventually become corporations. C) Many begin through a franchise agreement. D) All the answers are correct. Show Answer Correct Answer: D) All the answers are correct. 55. People start small businesses for a variety of reasons, but whatever the particular motivation, certain characteristics make a small business more likely to succeed.What does "particular" mean? A) Specific. B) Very important, necessary for success. C) Possible. D) Made or done especially for a certain person. Show Answer Correct Answer: A) Specific. 56. Micro enterprise under manufacturing category is where the investment in plant and machinery does not exceed ..... A) 15 lakhs. B) 25 lakhs. C) 20 lakhs. D) 30 lakhs. Show Answer Correct Answer: B) 25 lakhs. 57. Ingredients are classified as which type of cost? A) Insurance. B) Run Rate. C) Fixed Cost. D) Variable Cost. Show Answer Correct Answer: D) Variable Cost. 58. Maurice believes his candle business will do well in Canada and Australia because of his research. What might be the best way to sell his products? A) Open stores in Canada and Australia immediately. B) Hire salespeople to sell door to door. C) Create a website and sell online. D) None of the above. Show Answer Correct Answer: C) Create a website and sell online. 59. To register for GST a business needs to earn $ in annual Sales A) $ 50, 000. B) $ 45, 000. C) $ 60, 000. D) $ 18, 000. Show Answer Correct Answer: C) $ 60, 000. 60. What is the primary goal of market research? A) To increase production costs. B) To understand customer needs and preferences. C) To hire more employees. D) To reduce product quality. Show Answer Correct Answer: B) To understand customer needs and preferences. ← 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