This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 108 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 108 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. True or False:With owners of equity in a business, a partner owns equity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 2. What are the four P's of marketing A) Product, produce, production, price. B) Person, place, produce, practice. C) Promotion, product, practice, price. D) Promotion, place, price, product. Show Answer Correct Answer: D) Promotion, place, price, product. 3. What are the major obstacles for small businesses to adopt new technologies in India? A) Readiness to embrace change. B) Abundance of digital infrastructure. C) Lack of access to capital, limited digital infrastructure, and resistance to change. D) High demand for new technologies. Show Answer Correct Answer: C) Lack of access to capital, limited digital infrastructure, and resistance to change. 4. Which of the following should be considered when estimating costs and expenses for a business? A) Supplier price lists and the amount of supplies required for expected sales. B) Only last year's expenses. C) The owner's personal preferences. D) The number of employees only. Show Answer Correct Answer: A) Supplier price lists and the amount of supplies required for expected sales. 5. Which of these is NOT a characteristic of a small business? A) Serves a limited geographic area. B) Is dominant in its industry. C) Employs fewer than 500 people. D) None of the above. Show Answer Correct Answer: B) Is dominant in its industry. 6. What percentage of American businesses are considered small businesses? A) 99.7%. B) 50%. C) 75%. D) 89.6%. Show Answer Correct Answer: A) 99.7%. 7. External locus of control A) A belief that one's own actions determine outcomes in life. B) A deep-seated sense that forces other than the individual are responsible for what happens in his or her life. C) The idea that luck and chance play no role in life events. D) A perspective that emphasizes personal responsibility and accountability. Show Answer Correct Answer: B) A deep-seated sense that forces other than the individual are responsible for what happens in his or her life. 8. What is one benefit of having a location near public transportation? A) Lower rent costs. B) Increased visibility and ease of access for customers. C) A larger workforce. D) Fewer competitors. Show Answer Correct Answer: B) Increased visibility and ease of access for customers. 9. What financial statement is used to track a company's revenues and expenses? A) Cash flow statement. B) Balance sheet. C) Income statement. D) Statement of retained earnings. Show Answer Correct Answer: C) Income statement. 10. Which of the following best describes a scalable startup entrepreneur? A) Someone who avoids taking any financial risks. B) Someone who only works within a large corporation. C) Someone who starts a business to remain small and local. D) Someone who aims to grow a business rapidly and expand globally. Show Answer Correct Answer: D) Someone who aims to grow a business rapidly and expand globally. 11. Expansion of SIDO A) Small Industries Development Organization. B) Small Industries Directive Organization. C) All the above. D) None of the above. Show Answer Correct Answer: A) Small Industries Development Organization. 12. A tech developer launches a new company that focuses on artificial intelligence tools. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: A) Entrepreneur. 13. Two or more companies coming together to form a new company A) Joint Ventures. B) Mergers. C) Acquisitions. D) Franchising. Show Answer Correct Answer: B) Mergers. 14. Legal standards are barriers thatmanagement must overcome toaccomplish what it wants is explanation for moral management A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 15. Which of the following is true about small businesses? A) Most begin as a sole proprietorship. B) Many eventually become corporations. C) Many begin through a franchise agreement. D) All the answers are correct. Show Answer Correct Answer: D) All the answers are correct. 16. 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 "particular" mean? A) Specific. B) Very important, necessary for success. C) Possible. D) Made or done especially for a certain person. Show Answer Correct Answer: A) Specific. 17. Micro enterprise under manufacturing category is where the investment in plant and machinery does not exceed ..... A) 15 lakhs. B) 20 lakhs. C) 25 lakhs. D) 30 lakhs. Show Answer Correct Answer: C) 25 lakhs. 18. Ingredients are classified as which type of cost? A) Variable Cost. B) Fixed Cost. C) Run Rate. D) Insurance. Show Answer Correct Answer: A) Variable Cost. 19. Maurice believes his candle business will do well in Canada and Australia because of his research. What might be the best way to sell his products? A) Open stores in Canada and Australia immediately. B) Hire salespeople to sell door to door. C) Create a website and sell online. D) None of the above. Show Answer Correct Answer: C) Create a website and sell online. 20. To register for GST a business needs to earn $ in annual Sales A) $ 18, 000. B) $ 45, 000. C) $ 60, 000. D) $ 50, 000. Show Answer Correct Answer: C) $ 60, 000. 21. What is the primary goal of market research? A) To increase production costs. B) To understand customer needs and preferences. C) To hire more employees. D) To reduce product quality. Show Answer Correct Answer: B) To understand customer needs and preferences. 22. How can small business owners effectively integrate customer feedback into their operations? A) By ignoring complaints and focusing on profits. B) By regularly collecting and analyzing customer feedback. C) By using feedback only for marketing purposes. D) By delegating feedback handling to third parties. Show Answer Correct Answer: B) By regularly collecting and analyzing customer feedback. 23. What role do Micro, Small, and Medium Enterprises (MSMEs) play in the Indian economy? A) They contribute to a significant portion of exports. B) They are primarily focused on large-scale manufacturing. C) They have no impact on employment. D) They are only involved in the agricultural sector. Show Answer Correct Answer: A) They contribute to a significant portion of exports. 24. A business plan should have a marketing plan and a financial plan. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 25. True or False:Innovation is an invention or creation that is brand new A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. ← 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