This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 1 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 1 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What does the Operational Plan describe? A) The financial structure of the business. B) The physical location and equipment needed. C) The marketing strategies to attract customers. D) The personal details of the owners. Show Answer Correct Answer: B) The physical location and equipment needed. 2. Before a business owner completes the business plan, he or she should ask business experts to review the plan. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 3. Small businesses have an advantage over big businesses when customers A) Are willing to buy standard products. B) Prefer low cost and efficient delivery. C) Want more individual attention. D) None of the above. Show Answer Correct Answer: C) Want more individual attention. 4. When must Small Business Administration (SBA) real estate loans and equipment and inventory loans be repaid? A) Real estate loans:25 years; Equipment and inventory loans:10 years. B) Real estate loans:5 years; Equipment and inventory loans:2 years. C) Real estate loans:15 years; Equipment and inventory loans:8 years. D) Real estate loans:30 years; Equipment and inventory loans:20 years. Show Answer Correct Answer: A) Real estate loans:25 years; Equipment and inventory loans:10 years. 5. The individual that developed or created the company or organization A) CFO. B) Stakeholder. C) Founder. D) Employee. E) COOTagsROLES. Show Answer Correct Answer: C) Founder. 6. Caused by the unpredictability of nature. Examples:floods, tornadoes, earthquakes A) Economic Risk. B) Natural Risk. C) All the above. D) None of the above. Show Answer Correct Answer: B) Natural Risk. 7. Which of the following is NOT a characteristic of small businesses? A) Stable business operations. B) Producing a steady income. C) Focus on innovation. D) Serving the local community. Show Answer Correct Answer: C) Focus on innovation. 8. Which of the following structures adopt the chain-of-command methodology? A) Bureaucratic. B) Flat. C) Matrix. D) Network. Show Answer Correct Answer: A) Bureaucratic. 9. (adj) Healthy; without financial risk. A) Vital. B) Risky. C) Sound. D) Inevitable. Show Answer Correct Answer: C) Sound. 10. In limited liability companies, the most money a shareholder can lose is the amount they paid for their shares. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 11. Taxes-are ways that government can collect money from businesses to pay for hospitals, skills and roads. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 12. Which represents the biggest financial challenge for most small businesses? A) Having too many customers. B) Managing cash flow and access to capital. C) Paying excessive dividends to shareholders. D) International expansion costs. Show Answer Correct Answer: B) Managing cash flow and access to capital. 13. What is the result of having satisfied employees in a small business? A) They decrease production costs. B) They put forth the effort to help the company grow. C) They reduce the need for marketing. D) They increase customer complaints. Show Answer Correct Answer: B) They put forth the effort to help the company grow. 14. What type of businesses qualify as 'small businesses' for Small Business Saturday participation? A) Only businesses with fewer than 20 employees. B) Only businesses younger than five years. C) Most independently owned local businesses. D) Only non-profit organizations. Show Answer Correct Answer: C) Most independently owned local businesses. 15. One key risk in trade finance is: A) Price fluctuations of traded goods. B) Low electricity supply. C) Poor road conditions. D) Excess cash reserves. Show Answer Correct Answer: A) Price fluctuations of traded goods. 16. What is the role of an accountant according to the summary of terms? A) Selling products. B) Recording, preparing, and analyzing financial information. C) Starting new businesses. D) Creating marketing strategies. Show Answer Correct Answer: B) Recording, preparing, and analyzing financial information. 17. The person who assumes the risks involved in starting and owning a small business: A) Wholesaler. B) Entrepreneur. C) All the above. D) None of the above. Show Answer Correct Answer: B) Entrepreneur. 18. Chelsea had to buy a few replacement screens and a magnifying glass to speed up her service time. When she bought this stuff she was making ..... A) An insider trade. B) A business proposal. C) A mistake. D) Investment in her business. Show Answer Correct Answer: D) Investment in her business. 19. With the development of tap and go technology, credit and debit cards are a very popular, quick payment option. Tap and go refers to: A) Paying for products or services online rather than in person. B) Paying for products or services within seven days of a purchase. C) Paying on the spot without goods to be delivered by Australia Post. D) Paying electronically with a card or your phone, often without the need for a signature or PIN number. Show Answer Correct Answer: D) Paying electronically with a card or your phone, often without the need for a signature or PIN number. 20. In Nayak Committee method, the bank funds what percentage of projected turnover? A) 15%. B) 25%. C) 10%. D) 20%. Show Answer Correct Answer: D) 20%. 21. Calculated Risk A) A business structure that allows the owners of a business to become legally separate from the business itself. B) Chances entrepreneurs decide to take after carefully considering the likely costs and benefits. C) An organization that provides products or services, usually to make money. D) None of the above. Show Answer Correct Answer: B) Chances entrepreneurs decide to take after carefully considering the likely costs and benefits. 22. What is the purpose of a market analysis? A) To describe the purpose of the organization. B) To forecast where the industry is moving. C) To solicit feedback from focus groups. D) To outline the organizational structure. Show Answer Correct Answer: B) To forecast where the industry is moving. 23. People wishing to start or ..... business sometimes face such specific obstacles as lack of self-confidence, fear of risk, lack of specific business-related knowledge. A) Expand. B) Recognize. C) Account for. D) None of the above. Show Answer Correct Answer: A) Expand. 24. Oversees the day-to-day administrative functions of a business; second in command. A) CEO. B) CFO. C) COO. D) CIOTagsROLES. Show Answer Correct Answer: C) COO. 25. A business spends $ 65 723 in a year. What exact revenue would allow the business to meet the "break-even point" ? A) $ 70 000. B) $ 65 723. C) $ 60 000. D) More than $ 100 000. Show Answer Correct Answer: B) $ 65 723. Next →Related QuizzesClass 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 8Class 11 Business Studies Chapter 8 Small Business Quiz 9Class 11 Business Studies Chapter 8 Small Business Quiz 10Class 11 Business Studies Chapter 8 Small Business Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books