This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 11 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which legal structure involves shared financial backing? A) LLC. B) Partnership. C) C-Corp. D) S-Corp. Show Answer Correct Answer: B) Partnership. 2. ..... is a business started by someone who notices a need for a product or service. A) Entrepreneurship. B) Small business. C) All the above. D) None of the above. Show Answer Correct Answer: A) Entrepreneurship. 3. What provides an overview of the marketing plan? A) Executive summary. B) Customer acquisition costs. C) Marketing mix. D) Retention rate. Show Answer Correct Answer: A) Executive summary. 4. Which of the 4Ps looks at how much a customer should pay for a product? A) Product. B) Promotion. C) Place. D) Price. Show Answer Correct Answer: D) Price. 5. Define a tiny industry in terms of fixed capital investment. A) An industry with high fixed capital investment and large-scale operations. B) An industry characterized by fluctuating capital investments and temporary setups. C) A sector that requires no fixed capital investment at all. D) An industry with minimal fixed capital investment, often involving small-scale operations. Show Answer Correct Answer: D) An industry with minimal fixed capital investment, often involving small-scale operations. 6. If a bakery spends more on flour when it sells more bread, what kind of expense is flour? A) Fixed expense. B) Variable expense. C) Capital expense. D) Indirect expense. Show Answer Correct Answer: B) Variable expense. 7. An entrepreneur who began selling fried chicken from his roadside restaurant in Corbin, Kentucky, during the Great Depression. A) MARC JACOBS. B) COLONEL SANDERS. C) Raymond Albert Kroc. D) NONE OF THE ABOVE. Show Answer Correct Answer: B) COLONEL SANDERS. 8. Choose the correct form of the verb:'The company ..... its profits last year.' A) Increased. B) Increase. C) Increasing. D) Increases. Show Answer Correct Answer: A) Increased. 9. What defines a firm's ability to maintain its market position over time? A) A sustainable competitive advantage. B) A temporary marketing tactic. C) A cost-cutting initiative. D) A sales promotion strategy. Show Answer Correct Answer: A) A sustainable competitive advantage. 10. What is the significance of small-scale industries in India's economy? A) Small-scale industries are not relevant to rural employment. B) Small-scale industries are significant for employment generation, regional development, and economic growth in India. C) Small-scale industries primarily focus on large-scale production. D) They contribute to the decline of traditional crafts and skills. Show Answer Correct Answer: B) Small-scale industries are significant for employment generation, regional development, and economic growth in India. 11. Which is an example of an ethical issue that a product or service manager might face? A) Use of color on the label. B) Use of environmentally friendly packaging. C) Use of packaging as a means of promotion. D) Use of nutrition information on a food label. Show Answer Correct Answer: B) Use of environmentally friendly packaging. 12. A main line on the NW Essential 200GB can be priced as low as: A) 65. B) 55. C) 50. D) 90. Show Answer Correct Answer: A) 65. 13. These businesses are not likely to have sales outlets in multiple places or countries, for example. What characteristic of small business is this? A) A. Limited Area of Fewer Locations. B) B. Local Area of Operations. C) C. Lower Revenue. D) None of the above. Show Answer Correct Answer: A) A. Limited Area of Fewer Locations. 14. What is the fixed capital investment limit for tiny industries? A) Rs. 1 crore. B) Rs. 50 lakhs. C) Rs. 2 crores. D) Rs. 75 lakhs. Show Answer Correct Answer: A) Rs. 1 crore. 15. The vision and mission statement in the business plan state the guiding principles of a business A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. Below are the advantages of start-ups, EXCEPT: A) Begin with a clean slate. B) Use the most up-to-date technologies. C) Can be kept small deliberately to limit the magnitude of possible losses. D) No initial name recognition. Show Answer Correct Answer: D) No initial name recognition. 17. Fill in the blank:The ..... (CEO) holds a leadership role within a business. The CEO oversees a business's operations and resources and makes the major decisions for the company. A) Chief Executive Officer. B) Chief Operations Expert. C) Corporate Executive Organizer. D) Central Executive Official. Show Answer Correct Answer: A) Chief Executive Officer. 18. The financial plan presents ..... for the future of the business. (Unit 33-KLO 2-3d) A) Forecasts. B) Finances. C) Trends. D) Studies. Show Answer Correct Answer: A) Forecasts. 19. Which are the types of individuals who have surplus cash and have keen interest to invest in upcoming startups. A) Crowdfunders. B) Venture capitalists. C) Angel investors. D) None of the above. Show Answer Correct Answer: C) Angel investors. 20. What is the Small Business Administration? A) They offer advice and support to small business owners. B) They issue money to small business owners to start their business. C) There is no such agency. D) Ms. Gore made that agency up. Show Answer Correct Answer: A) They offer advice and support to small business owners. 21. Which of the following is recommended when meeting potential investors? A) Wearing shorts and sandals. B) Wearing more formal clothing. C) Wearing casual t-shirts. D) Wearing sportswear. Show Answer Correct Answer: B) Wearing more formal clothing. 22. What is a transaction called when a customer purchases an item from a business? A) Business-to-business transaction (B2B). B) Business-to-consumer transaction (B2C). C) Consumer-to-consumer transaction (C2C). D) Consumer-to-business transaction (C2B). Show Answer Correct Answer: B) Business-to-consumer transaction (B2C). 23. This is someone who takes the initiative to start and operate a new business. A) Chief Executive Officer. B) Entrepreneur. C) All the above. D) None of the above. Show Answer Correct Answer: B) Entrepreneur. 24. ..... a person who recognizes a business opportunity and organizes, manages and assumes the risk of starting a business. A) Entrepreneur. B) Partner. C) Corporate officer. D) Financial specialist. Show Answer Correct Answer: A) Entrepreneur. 25. Which of the following is a feature of cottage industries? A) High capital investment. B) Operates in large cities only. C) Uses family labor and simple tools. D) Dependent solely on imports. Show Answer Correct Answer: C) Uses family labor and simple tools. ← 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