This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 16 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 16 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following does not describe a typical small business? A) It is dominant in its field. B) The owner is usually the manager. C) It serves a small market. D) It operates in one or a few locations. Show Answer Correct Answer: A) It is dominant in its field. 2. In marketing, what does the term "target market" refer to? A) The entire market. B) A specific group of potential customers. C) The most profitable market. D) The local market. Show Answer Correct Answer: B) A specific group of potential customers. 3. Which of the following is not part of the buyer decision proocess? A) Information Search. B) Evaluation of Alternatives. C) Post Purchase Behavior. D) All of the other answers are part of the buyer decision process. Show Answer Correct Answer: D) All of the other answers are part of the buyer decision process. 4. The physical parts of the computer are called A) Monitor. B) Hardware. C) Software. D) None of the answers are correct. Show Answer Correct Answer: B) Hardware. 5. The owner of an organic pet food store would like to analyze the sales data to determine if the business is growing, declining or remaining flat. The owner has the following data:Sales Revenue Last Year = $ 350, 000Sales revenue Current Year = $ 402, 500What is the growth? A) 10%. B) 15%. C) 17%. D) 13%. Show Answer Correct Answer: B) 15%. 6. An investor may take into account a range of factors when deciding whether or not to invest in a company. Factoring in whether the company is acting in the best interests of society and the environment are known as: A) Investment strategies. B) Economic considerations. C) Valuable considerations. D) Ethical considerations. Show Answer Correct Answer: D) Ethical considerations. 7. Why is being an entrepreneur risky? A) Because there are no more creative enterprises to create a business out of. B) Because entrepreneurs always fail. C) Because you often risk your own personal wealth. D) Because people don't trust entrepreneurs. Show Answer Correct Answer: C) Because you often risk your own personal wealth. 8. When generating ideas for entrepreneurship, you should consider which of the following: A) Your hobbies. B) Your skills. C) Your work experience. D) All of these should be considered. Show Answer Correct Answer: D) All of these should be considered. 9. This person is in charge of the overall management of the business. A) COO (Chief Operating Officer). B) CIO (Chief Information Officer). C) CFO (Chief Financial Officer). D) CEO (Chief Executive Officer). Show Answer Correct Answer: D) CEO (Chief Executive Officer). 10. According to Warren Buffett, what is the most important investment you can make? A) In yourself. B) In stocks. C) In technology. D) In real estate. Show Answer Correct Answer: A) In yourself. 11. Marieke owns a juice stand. A new amusement park is being built nearby. She wants to increase the capacity of her juice stand. What business opportunity does Marieke foresee? A) An increase in the cost of fruit. B) An increase in customers. C) A decrease in the cost of fruit. D) A decrease in customers. Show Answer Correct Answer: B) An increase in customers. 12. What are costs incurred by a business for property or equipment? A) Acquisition. B) Benefits. C) Cash Flow. D) Collateral. Show Answer Correct Answer: A) Acquisition. 13. Which of the following methods of advertising products is likely to be the most expensive? A) TV advertising in primetime. B) Small newspaper advertisements. C) Radio advertisements. D) Static billboards [the image does not change]. Show Answer Correct Answer: A) TV advertising in primetime. 14. Adam is considering starting a business where he agrees to buy and sell the products developed by the seller or owner of the business model. What type of business opportunity is Adam considering? A) Franchise. B) Viability. C) Network Marketing. D) Licensing. Show Answer Correct Answer: A) Franchise. 15. Which of the following payment methods is not a recent example of technology changing the way we pay? A) In-app purchasing. B) Smart cards. C) E-TAGs. D) Cheques. Show Answer Correct Answer: D) Cheques. 16. Label the items as either a product or a service:"Beauty Salon or Barber Shop" A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: B) Service. 17. What is the significance of the Market Analysis section in a business plan? A) To understand who the potential competitors are and reduce the risk of failure. B) To provide a guide for potential investors as to the attractiveness of the business. C) To describe the day-to-day operation of the firm and the facilities required. D) To focus on the target market and how the product or service will satisfy their wants and needs. Show Answer Correct Answer: D) To focus on the target market and how the product or service will satisfy their wants and needs. 18. What is a common strategy for small businesses to increase their market presence? A) Expanding product lines. B) Ignoring customer feedback. C) Reducing marketing efforts. D) Closing early on weekends. Show Answer Correct Answer: A) Expanding product lines. 19. The owner may decide to sell their ownership in the company during the ..... stage. A) Exit plan. B) Growth. C) Startup. D) Expansion. Show Answer Correct Answer: A) Exit plan. 20. Encourage local employees to walk or bike to work. A) First. B) Next. C) Then. D) Finally. Show Answer Correct Answer: D) Finally. 21. Where theinvestment in plant and machinery doesnot exceed twenty-five lakh rupees in manufacturing sector is categorised as ..... A) Micro enterprises. B) Medium enterprises. C) Small enterprises. D) None of the above. Show Answer Correct Answer: A) Micro enterprises. 22. Business Plan A) A written description of a business idea and how it will be carried out. B) The amount of money needed to open a business. C) The government agency that helps small business owners develop and obtain financing. D) Money provided by large investors to finance new products and new businesses. Show Answer Correct Answer: A) A written description of a business idea and how it will be carried out. 23. What role does customer feedback play in a small business? A) It is only important for large businesses. B) It helps in improving products and services. C) It should be ignored. D) It is only used for marketing. Show Answer Correct Answer: B) It helps in improving products and services. 24. Which of the following is a trait of successful entrepreneurs? A) Complacency. B) Inflexibility. C) Resilience. D) Indecisiveness. Show Answer Correct Answer: C) Resilience. 25. Label the items as either a product or a service. Toilet Paper A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: A) Product. ← 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