This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 107 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 107 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are some examples of successful entrepreneurship in the small business sector in India? A) Amazon. B) Flipkart, Paytm, Ola, Zomato. C) Uber. D) Alibaba. Show Answer Correct Answer: B) Flipkart, Paytm, Ola, Zomato. 2. 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) Capitalism. B) Economic decision making. C) Scarcity. D) Profit. Show Answer Correct Answer: C) Scarcity. 3. 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. 4. 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. 5. This person manages a company's operations (ex. manufacturing, sales, marketing, and technology). A) COO (Chief Operating Officer). B) CIO (Chief Information Officer). C) CFO (Chief Financial Officer). D) CEO (Chief Executive Officer). Show Answer Correct Answer: A) COO (Chief Operating Officer). 6. Why might hiring for convenience be a mistake for small businesses? A) It ensures the company has enough staff. B) It prioritizes skill requirements. C) It may lead to hiring people without the necessary skills. D) It is more cost-effective. Show Answer Correct Answer: C) It may lead to hiring people without the necessary skills. 7. Not afraid to do new things is what characteristic for entrepreneur? A) Risk Taker. B) Human Relations Skills. C) Problem-solving & Decision-making Skills. D) Independent. Show Answer Correct Answer: A) Risk Taker. 8. A micro enterprise is defined as an industrial or business enterprise whose investment in plant and machinery is not more than . A) (a) 35 lakhs. B) (b) 50 lakhs. C) (c ) 30 lakhs. D) (d) 25 lakhs. Show Answer Correct Answer: D) (d) 25 lakhs. 9. 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. 10. 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. 11. This is someone who is experienced, successful and willing to provide advice and guidance. A) Mentor. B) President. C) CEO. D) Industrial Engineer. Show Answer Correct Answer: A) Mentor. 12. 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. 13. Internal sources of finance are A) Provided by parents. B) Provided from within the business. C) Provided by the bank. D) Provided from outside the business. Show Answer Correct Answer: B) Provided from within the business. 14. 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. 15. 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. 16. 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. 17. Term loans are best for people with ..... credit. A) Good. B) Bad. C) No. D) Co signing. Show Answer Correct Answer: B) Bad. 18. 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. 19. 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. 20. Which of the following funding options is considered a form of equity financing? A) Bank loans. B) Crowdfunding. C) Government grants. D) Personal loans. Show Answer Correct Answer: B) Crowdfunding. 21. 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. 22. 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. 23. 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. 24. 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. 25. 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. ← 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