This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 8 Small Business – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 9 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How do you calculate profit? A) Subtracting total costs from total revenue. B) Subtracting total revenue from total costs. C) Multiplying the quantity sold by price. D) None of the above. Show Answer Correct Answer: A) Subtracting total costs from total revenue. 2. An idea that has commercial value is ..... A) Non-profit. B) Opportunity. C) Undertaking. D) Service business. Show Answer Correct Answer: B) Opportunity. 3. 8-Rearrange the following steps of recruitment. (KLO 2.5) I. Searching II. Evaluation and control III. Planning IV. Screening V. Strategy development A) II, I, IV, V, III. B) III, II, I, V, IV. C) III, V, I, IV, II. D) IV, V, III, I, II. Show Answer Correct Answer: C) III, V, I, IV, II. 4. What helps you find customers for your business? A) Market research. B) Business credit. C) Business insurance. D) Startup costs. Show Answer Correct Answer: A) Market research. 5. Investors who make investments in a startup or small business and do not expect an immediate or large return on investment; typically "family and friends" . A) Angel Investors. B) Loan. C) All the above. D) None of the above. Show Answer Correct Answer: A) Angel Investors. 6. A person who recognizes a business opportunity and organizes, manages, and assumes the risks of a business enterprise, with the intent of increasing the market value of the business: A) Entrepreneurship. B) Entrepreneur. C) Entrepreneurial. D) Small Business. Show Answer Correct Answer: B) Entrepreneur. 7. Which category of small businesses added over half of the new jobs in 2015? A) Those with 100-500 employees. B) Those with 20 employees or less. C) Those with 100-200 employees. D) Those with 500 employees or more. Show Answer Correct Answer: B) Those with 20 employees or less. 8. Why are small businesses important? A) About 10% of people work for small businesses. B) There are about 100, 000 small businesses in the US. C) A. Nearly half of all jobs in America are working for small businesses. D) There are 10, 000 new jobs created by small businesses every year. Show Answer Correct Answer: C) A. Nearly half of all jobs in America are working for small businesses. 9. How big is the trucking industry in the United States? A) $ 300 billion. B) $ 500 billion. C) $ 1 trillion. D) $ 700 billion. Show Answer Correct Answer: D) $ 700 billion. 10. It is a tool designed to align a product or service with the needs and desires of customers by understanding both the customer perspective and the value offered. A) Value Proposition Map. B) Value Proposition Canvas. C) Value Preposition Canvas. D) Value Proposition. E) Value Map. Show Answer Correct Answer: B) Value Proposition Canvas. 11. Which one of these brands belongs to Unilever? A) Persil. B) Ariel. C) Olay. D) Pampers. Show Answer Correct Answer: A) Persil. 12. Which of the following is NOT a consequence of being deep in debt? A) Owing the money can cause stress and anxiety. B) It can lead to high interest charges. C) You have more than enough money to spend on things you want. D) It can lead to a bad credit rating. Show Answer Correct Answer: C) You have more than enough money to spend on things you want. 13. If you were preparing a business plan, which section would you use to describe your pricing strategy and financial forecasts? A) Financial plan. B) SWOT analysis. C) Market research. D) Operations and resources. Show Answer Correct Answer: A) Financial plan. 14. What is a disadvantage of a company structure? A) Ease of raising capital through share issuance. B) Complexity in compliance with regulatory requirements. C) Flexibility in decision-making. D) Limited liability for the owners. Show Answer Correct Answer: B) Complexity in compliance with regulatory requirements. 15. What is the primary goal of an intrapreneur? A) To acquire other companies. B) To innovate within an existing company. C) To increase personal wealth. D) To build a separate company. Show Answer Correct Answer: B) To innovate within an existing company. 16. Risk of being an entrepreneur A) Business failure. B) Doing what you love. C) Independence. D) Final say in business decisions. Show Answer Correct Answer: A) Business failure. 17. The agreement for one business to trade under another business' name is called a: A) Partnership. B) Private limited company. C) Sole trader. D) Franchise. Show Answer Correct Answer: D) Franchise. 18. What is the significance of the Executive Summary in a business plan? A) To outline the main elements of the proposed business, including future projections of income and profits. B) To provide a summary of all the other sections of the business plan. C) To describe each member of the management team and their expertise. D) To understand who the potential competitors are and reduce the risk of failure. Show Answer Correct Answer: B) To provide a summary of all the other sections of the business plan. 19. How does the government help small scale industries compete with large scale industries? A) By providing free land to large scale industries. B) The government helps small scale industries compete with large scale industries by providing financial assistance, subsidies, technology access, easier credit, tax incentives, and supportive policies. C) By imposing stricter regulations on small businesses. D) By eliminating all taxes for large scale industries. Show Answer Correct Answer: B) The government helps small scale industries compete with large scale industries by providing financial assistance, subsidies, technology access, easier credit, tax incentives, and supportive policies. 20. (n) Reason for doing something. A) Profit. B) Motivation. C) Reputation. D) Tip. Show Answer Correct Answer: B) Motivation. 21. What are some effective ways for small businesses to retain their customers? A) By ignoring customer feedback and focusing only on sales. B) By not offering any customer service. C) By providing excellent customer service, listening to customer feedback, and offering loyalty programs. D) By not communicating with customers after the sale. Show Answer Correct Answer: C) By providing excellent customer service, listening to customer feedback, and offering loyalty programs. 22. 1-A role in a business is:(KLO 1.1) A) The positions team members assume or are assigned. B) What employees are expected to complete according to their roles. C) What is morally or legally obligated to do. D) D. the branch of knowledge that deals with moral principles. Show Answer Correct Answer: A) The positions team members assume or are assigned. 23. Non-cash compensation, including an investment vehicle, ownership in the company restricted to stocks or shares. A) Salary. B) Piece Work. C) Commission. D) Equity. Show Answer Correct Answer: D) Equity. 24. Can offer more personalized services A) Small Businesses. B) Large Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Small Businesses. 25. The U.S. Small Business Administration (SBA) gives interest-free loans to start-up businesses and fully guarantees loans from local commercial lenders. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 26. Choose the correct pronoun to complete the sentence:'The entrepreneur and ..... team worked hard on the project.' A) He. B) They. C) Him. D) His. Show Answer Correct Answer: D) His. 27. This is a business that is chartered by the state; they are owned by stockholders but run by the CEO. A) Franchise. B) Corporation. C) Sole proprietorship. D) Partnership. Show Answer Correct Answer: B) Corporation. 28. Which one of the following people will be most advantaged/better off financially at the end of one year? A) Aaron who earns $ 100 per week but lives with his parents who pay for all his expenses. B) Billy who earns $ 100 per week and who pays his parents $ 20 board per week but has no other expenses. C) Candice who earns $ 200 per week but has expenses of $ 110 per week. D) Darius who earns $ 300 per week but has expenses of $ 220 per week. Show Answer Correct Answer: B) Billy who earns $ 100 per week and who pays his parents $ 20 board per week but has no other expenses. 29. Which of the following shows the process of creating something new? KLO 1.1 A) C) Innovation. B) A) Business model. C) B) Modeling. D) D) Creative flexibility. Show Answer Correct Answer: A) C) Innovation. 30. How does the government's purchasing policy benefit small enterprises? A) It increases competition among large corporations. B) It eliminates all bidding requirements for small businesses. C) It mandates that small enterprises pay higher taxes. D) The government's purchasing policy benefits small enterprises by reserving contracts for them, providing stable revenue, and simplifying the bidding process. Show Answer Correct Answer: D) The government's purchasing policy benefits small enterprises by reserving contracts for them, providing stable revenue, and simplifying the bidding process. 31. 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 "motivation" mean? A) A feature, quality. B) An advantage. C) Reason for doing something. D) A position or place that is very suitable. Show Answer Correct Answer: C) Reason for doing something. 32. Variable costs differ depending on ..... A) Location. B) Time of day. C) Production. D) Employee age. Show Answer Correct Answer: C) Production. 33. What does the Integrative Approach provide regarding the nature of entrepreneurship? A) A financial analysis. B) A legal framework. C) A marketing plan. D) A comprehensive picture. Show Answer Correct Answer: D) A comprehensive picture. 34. To make a strategic plan you have to do? (Unit 33-KLO 2-3b) A) Conduct studies to know the information of the company. B) Study a career focused on that area. C) Send it to do. D) It's not important. Show Answer Correct Answer: A) Conduct studies to know the information of the company. 35. Creator of the electric light bulb? A) Henry Ford. B) Albert Einstein. C) Steven Hawking. D) Thomas Edison. Show Answer Correct Answer: D) Thomas Edison. 36. What does the acronym S.M.A.R.T stand for in business objectives? A) Specific, Manageable, Achievable, Realistic, Timely. B) Strategic, Meaningful, Actionable, Relevant, Tangible. C) Simple, Manageable, Attainable, Realistic, Timely. D) Specific, Measurable, Achievable, Relevant, Time-bound. Show Answer Correct Answer: D) Specific, Measurable, Achievable, Relevant, Time-bound. 37. What is the industry average cash-on-cash return for laundromats? A) 10-20%. B) 40-50%. C) 20-35%. D) 5-10%. Show Answer Correct Answer: C) 20-35%. 38. What is the role of innovation in entrepreneurship? A) To serve the local community. B) To maintain a stable business. C) To challenge the status quo and create solutions. D) To produce a steady income. Show Answer Correct Answer: C) To challenge the status quo and create solutions. 39. Which of the following is part of the definition of entrepreneurship? A) Starting a business. B) Organizing a business. C) Assuming responsibility. D) All the answers are correct. Show Answer Correct Answer: D) All the answers are correct. 40. Lucille Ball and Desi Arnaz met and married in the same year. A) True. B) False. C) I have no idea. D) None of the above. Show Answer Correct Answer: A) True. 41. What is a potential cost of owning a franchise? A) Free reservation access. B) Advertising fees. C) No sign-rental fees. D) No advertising fees. Show Answer Correct Answer: B) Advertising fees. 42. Cottage industries are generally- A) Run with family labour in rural areas. B) Run by large corporations. C) Located in urban areas. D) Funded by foreign companies. Show Answer Correct Answer: A) Run with family labour in rural areas. 43. What is the primary challenge of preparing a business plan? A) It can waste precious time and money. B) It may not be accurate. C) It is required if you want to apply for credit. D) It helps you forecast future steps. Show Answer Correct Answer: A) It can waste precious time and money. 44. The most important step in starting a business is preparation. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 45. Which of the following is a common characteristic of small business financing? A) Easy access to large amounts of capital. B) Reliance on personal savings and loans. C) All the above. D) None of the above. Show Answer Correct Answer: B) Reliance on personal savings and loans. 46. Closing the Register may include A) A. Removing the cash and non-cash documents from the register. B) B. Mix the cash float with the cash and noncash documents. C) C. Do not record the cash and non-cash documents. D) D. The manager will print the report. Show Answer Correct Answer: A) A. Removing the cash and non-cash documents from the register. 47. If you start a new business, you need information about A) Competitors. B) Customers. C) Government regulations. D) All of the above. Show Answer Correct Answer: D) All of the above. 48. A short and striking or memorable phrase used in advertising. A) Logo. B) Franchise. C) Slogan. D) Social media. Show Answer Correct Answer: C) Slogan. 49. It is difficult to compete with the array of products or services a large business can offer.What does "product" mean? A) The general opinion about something or somebody. B) Reason for doing something. C) Something that is made. D) Money earned after paying costs. Show Answer Correct Answer: C) Something that is made. 50. Present chairman of NABARD A) Ramaswamy. B) K R Panicker. C) G R Chinthala. D) None of the above. Show Answer Correct Answer: C) G R Chinthala. 51. Suppose you are starting a sustainable business. How would you use the 4 Ps to create a marketing mix? (Choose the best answer.) A) By focusing only on the price of the product. B) By considering product features, pricing, distribution channels, and promotional strategies. C) By hiring more employees for marketing. D) By only creating promotional materials. Show Answer Correct Answer: B) By considering product features, pricing, distribution channels, and promotional strategies. 52. Which business structure is easy to create due to lack of government regulation? A) Corporation. B) Non-profit entity. C) Sole proprietorship. D) Partnership. Show Answer Correct Answer: C) Sole proprietorship. 53. The following are characteristics of a cottage industry except A) Small scale. B) International based. C) Mainly Manual. D) Uses local raw materials. Show Answer Correct Answer: B) International based. 54. What does a business plan include? A) Financial plan and executive summary. B) Organizational structure and financial plan. C) Executive summary and marketing plan. D) Marketing plan and organizational structure. Show Answer Correct Answer: D) Marketing plan and organizational structure. 55. Net means revenues after costs. A) Net Income. B) Salary. C) All the above. D) None of the above. Show Answer Correct Answer: A) Net Income. 56. These resources, such as land, buildings, and equipment, usually require large amounts of money and will be paid over many, many years. A) Short-term financing. B) Long-term financing. C) All the above. D) None of the above. Show Answer Correct Answer: B) Long-term financing. 57. Makes major decisions for the company, oversees operations and resources, comes up with the company's vision, strategies, and mission, and reports to the board of directors A) COOTagsROLES. B) Stakeholder. C) CFO. D) CEO. E) Employee. Show Answer Correct Answer: D) CEO. 58. Which of the following best describes a Lean Canvas? A) A slideshow presentation that summarizes the business plan. B) A detailed written document that explains how a business will be structured and grown. C) A one-page business plan alternative that highlights only key information. D) A financial statement showing projected profits and losses. Show Answer Correct Answer: C) A one-page business plan alternative that highlights only key information. 59. An invention or creation that is brand new is a(n) A) Innovation. B) Experiment. C) Improvement. D) Investment. Show Answer Correct Answer: A) Innovation. 60. Businesses can compensate employees for work they produce when being paid by ..... A) Piece work. B) Commission. C) Salary. D) Bonus. Show Answer Correct Answer: A) Piece work. ← 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