This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 102 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 102 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is a merit of small business? A) Less flexibility. B) Quick decision making. C) Large capital requirement. D) Slow response to market changes. Show Answer Correct Answer: B) Quick decision making. 2. Why is a business plan important for a small business? A) It helps in securing a loan or investment. B) It is only needed for large businesses. C) It decides the business name. D) It is not important. Show Answer Correct Answer: D) It is not important. 3. Costs that do not vary based on the units sold by an enterprise. A) Fixed Costs. B) Retail Sales Price. C) All the above. D) None of the above. Show Answer Correct Answer: A) Fixed Costs. 4. Would the following business be classified as B2B or B2C? Motorcycle repair shop A) B2B. B) B2C. C) All the above. D) None of the above. Show Answer Correct Answer: B) B2C. 5. One of the following ways used to value employees:(SS 2.c) A) A. Giving continuous feedback. B) B. Show respect. C) C. Praising the employees. D) D. All of the above. Show Answer Correct Answer: D) D. All of the above. 6. An entrepreneur is ..... A) A business person who is innovative. B) A business person who is driven. C) Both option 1&2. D) Neither option 1&2. Show Answer Correct Answer: C) Both option 1&2. 7. The type of insurance that provides protection against financial loss from medical bills is called A) Health insurance. B) Coinsurance. C) Life insurance. D) Premium. Show Answer Correct Answer: A) Health insurance. 8. It costs $ 7, 250 per year for your company's insurance policy. This amount reflects the insurance policy's ..... A) Deductible. B) Capital. C) Equity. D) Premium. Show Answer Correct Answer: D) Premium. 9. Programs on the computer with written commands that tell a computer what tasks to perform are called A) Hardware. B) Software. C) Floppy disk. D) All the answers are correct. Show Answer Correct Answer: B) Software. 10. Statement 1:Micro Enterprise is an enterprise in which investment in plant and machinery or equipment does not exceed 5 crore and annual turnover does not exceed 10 crores.Statement 2:In India, MSMED Act, 2006 was established for developing and enhancing the competitiveness of large industries. A) Both the statements are true. B) Both the statements are false. C) Statement 1 is true and Statement 2 is false. D) Statement 2 is true and Statement 1 is false. Show Answer Correct Answer: D) Statement 2 is true and Statement 1 is false. 11. National small industries corporation was set up in the year A) 1956. B) 1955. C) 1953. D) 1954. Show Answer Correct Answer: B) 1955. 12. Independence A) Freedom from the influence, control, or determination of another or others. B) An organization that provides products or services, usually to make money. C) Someone who creates and owns a business. D) None of the above. Show Answer Correct Answer: A) Freedom from the influence, control, or determination of another or others. 13. An individual wants a quick, easy and inexpensive way to start-up a small business. In this situation, which of the following types of organisation should the individual select for his start-up? A) Sole trader. B) Partnership. C) Private limited company. D) Franchise. Show Answer Correct Answer: A) Sole trader. 14. What are some of the challenges small businesses face (barriers to entry) in starting? A) Startup Funding. B) Government Regulations. C) Fear of Failure. D) All of These. Show Answer Correct Answer: D) All of These. 15. Associated with political and economic trends. Examples:unemployment, inflation, competition, new government regulations. A) Economic Risk. B) Natural Risk. C) All the above. D) None of the above. Show Answer Correct Answer: A) Economic Risk. 16. 6-Which of these is the purpose of recruitment? (KLO SS 3) A) Make sure that there is match between cost and benefit. B) Help increase the success rate of the selection process by reducing the number of visibly underqualified or over qualified job applicants. C) Help the firm create more culturally diverse work-force. D) None of the above. Show Answer Correct Answer: B) Help increase the success rate of the selection process by reducing the number of visibly underqualified or over qualified job applicants. 17. Secretary of State A) Federal. B) State. C) Local. D) None of the above. Show Answer Correct Answer: B) State. 18. According to the Design Thinking Process:Try your solutions A) Define. B) Test. C) Ideate. D) Prototype. Show Answer Correct Answer: B) Test. 19. A small business has fewer than 250 employees A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 20. Which of the following documents is issued by a registered dealer to the purchaser, showing the amount of tax payable. A) Credit note. B) Tax invoice. C) Receipt. D) None of the above. Show Answer Correct Answer: B) Tax invoice. 21. What are the sources of financing that entrepreneurs use for their new businesses? A) A loan. B) Credit. C) Start-up funding. D) Venture capital. Show Answer Correct Answer: D) Venture capital. 22. What is the success rate of firms that graduate from business incubators after five years? A) 95%. B) 75%. C) 87%. D) 50%. Show Answer Correct Answer: C) 87%. 23. Disadvantages of growth to the firms that originate from the organisation itself usually carry up the cost of production A) Internal economies of scale. B) External economies of scale. C) Internal diseconomies of scale. D) External diseconomies of scale. Show Answer Correct Answer: C) Internal diseconomies of scale. 24. Medium scaleenterprises and service relatedenterprises also come under thepurview of which Act? A) MSMED Act, 2006. B) SMED Act, 2006. C) MSMED Act, 2005. D) MSME Act, 2005. Show Answer Correct Answer: A) MSMED Act, 2006. 25. What assumption does this statement say "Break even is 54 units" ? A) If we sell 55 we aren't making a profit. B) If we sell 54 we begin to make a profit. C) If we sell 55 we begin to make a profit. D) If we sell 54 we are not yet at break even point. Show Answer Correct Answer: C) If we sell 55 we begin to make a profit. ← PreviousNext →Related 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 8Class 11 Business Studies Chapter 8 Small Business Quiz 9Class 11 Business Studies Chapter 8 Small Business Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books