This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 103 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 103 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Communication between managers, employees and work groups is known as A) Oral communication. B) Formal communication. C) Internal communication. D) External communication. Show Answer Correct Answer: C) Internal communication. 2. Which of the following best describes the ownership structure of most small businesses? A) Non-profit organizations. B) Privately owned or family-owned. C) All the above. D) None of the above. Show Answer Correct Answer: B) Privately owned or family-owned. 3. This is the second stage of the business life cycle; the business is growing and has a following, but is not yet profitable. A) Takeoff. B) Existence. C) Survival. D) Maturity. Show Answer Correct Answer: C) Survival. 4. In the Typology of Entrepreneurs Framework, which category includes Cognitions, Meta Cognition, and Cognitive Adaptability? A) Behavioral. B) Decision Processes. C) Macro. D) Micro. Show Answer Correct Answer: B) Decision Processes. 5. What does a mission statement describe? A) The specific, time-sensitive accomplishments of a business. B) The purpose of the organization. C) The current condition of the industry. D) The target market for a business. Show Answer Correct Answer: B) The purpose of the organization. 6. Which of the following is a characteristic of a sole proprietorship? A) Limited liability. B) Shared management. C) Unlimited liability. D) Publicly traded shares. Show Answer Correct Answer: C) Unlimited liability. 7. What is one of the key roles of the Small Industries Development Bank of India (SIDBI)? A) To provide loans exclusively to large corporations. B) To offer training programs for multinational companies. C) To provide financial assistance to small-scale industries. D) To regulate the prices of small-scale products. Show Answer Correct Answer: C) To provide financial assistance to small-scale industries. 8. The source of owner-supplied money depends on the business's ownership structure. In a(n) ..... , one person will supply the money. A) Partnership. B) Proprietorship. C) Corporation. D) Franchise. Show Answer Correct Answer: B) Proprietorship. 9. Small businesses are responsible for creating what percent of all new jobs? A) 5-10 percent. B) 20-40 percent. C) 50-70 percent. D) 60-80 percent. Show Answer Correct Answer: D) 60-80 percent. 10. Everyone who owns a business is an entrepreneur. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 11. A financial statement that reports assets, liabilities, and owner's equity on a specific date. A) Balance Sheet. B) Accounts Payable. C) All the above. D) None of the above. Show Answer Correct Answer: A) Balance Sheet. 12. Who provides financing for start-up businesses often? A) Angel investors. B) High school teachers. C) Local librarians. D) Professional athletes. Show Answer Correct Answer: A) Angel investors. 13. Which is the primary characteristic of all physical and digital sales channels? A) Branding. B) Closing sales. C) Market dominance. D) B2B. Show Answer Correct Answer: B) Closing sales. 14. What does Expense refer to in the context of business? A) Income or revenue is reflected in the Profit and Loss Statement. B) Expense refers to the costs of operating the business day-to-day. C) Asset simply refers to a company's possession. D) Liabilities include all debts that the company owes. Show Answer Correct Answer: B) Expense refers to the costs of operating the business day-to-day. 15. Small businesses do not have economies of scale, the ability to cut costs by increasing production. A) Advantage. B) Disadvantage. C) All the above. D) None of the above. Show Answer Correct Answer: B) Disadvantage. 16. How much small industries in India contribute towards gross industrial value added and total exports? A) 35 and 40 percent. B) 40 and 45 percent. C) 25 and 30 percent. D) None of these. Show Answer Correct Answer: B) 40 and 45 percent. 17. Kazuto is interested in starting a business. Which is a reason he should consider buying an existing business versus starting one from scratch? A) He will operate a business which is tried and tested. B) He will work fewer hours. C) He will need less capital up front. D) All of the above. Show Answer Correct Answer: A) He will operate a business which is tried and tested. 18. Mr. Hill runs a family-owned car repair shop with three employees. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: C) Small Business Owner. 19. What percentage of businesses fail in the first 5 years? A) 25%. B) 50%. C) 12%. D) 75%. Show Answer Correct Answer: B) 50%. 20. If you assume the risk of starting a business to earn a profit, you can be classified as a(n) ..... A) Creditor. B) General manager. C) Small business. D) Entrepreneur. Show Answer Correct Answer: D) Entrepreneur. 21. A business that has been in operation for less than three years, and has the owner as the manager, is called a A) Risky business. B) Venture business. C) Funded business. D) Service business. Show Answer Correct Answer: B) Venture business. 22. Which type of financing is needed to pay for the current operating activities of a business (1-2 months-a year)? A) Start-up financing. B) Short-term financing. C) Long-term financing. D) None of the above. Show Answer Correct Answer: B) Short-term financing. 23. A small scale serivce and business enterprise is one whose investment in fixed assets of plant and machinery excluding land and building does not exceed ..... A) Rs 25 lakhs. B) Rs 30 lakhs. C) Rs 10 lakhs. D) Rs 50 lakhs. Show Answer Correct Answer: C) Rs 10 lakhs. 24. What is the role of small businesses in rural India? A) Small businesses only benefit urban areas in India. B) Small businesses in rural India contribute to environmental degradation. C) Small businesses play a crucial role in providing employment, promoting economic growth, and reducing poverty in rural India. D) Small businesses have no impact on rural India. Show Answer Correct Answer: C) Small businesses play a crucial role in providing employment, promoting economic growth, and reducing poverty in rural India. 25. The type of retail business acts as a supplier of a wide variety of products under one roof: A) Departmental store. B) Chain-store. C) Mail-order house. D) Multiple-shop. Show Answer Correct Answer: A) Departmental store. ← 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