This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 17 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 10-What is the point of hiring external advisors:(KLO 1.5) A) Decrease employees. B) Improve the performance of their businesses. C) Increase taxes. D) All of the above. Show Answer Correct Answer: B) Improve the performance of their businesses. 2. Small businesses provide employment to people who want to work near their homes and to spend time with their families. A) Advantage. B) Disadvantage. C) All the above. D) None of the above. Show Answer Correct Answer: A) Advantage. 3. What should be considered when selecting a business budget template? A) Size of the business and complexity of financial transactions. B) Number of employees. C) Location of the business. D) Type of products sold. Show Answer Correct Answer: A) Size of the business and complexity of financial transactions. 4. What is a major influence when launching a business A) Location. B) People. C) Chairs. D) Type of candy in the office. Show Answer Correct Answer: A) Location. 5. Which of the following is not one of the reasons small businesses fail? A) Poor customer credit practices. B) The owner does not have adequate experience. C) A poor business location. D) Not enough employees to do the work. Show Answer Correct Answer: D) Not enough employees to do the work. 6. Which of the following is a characteristic of an entrepreneurial mindset? A) Fear of failure. B) Resistance to change. C) Proactive problem-solving. D) Dependence on others. Show Answer Correct Answer: C) Proactive problem-solving. 7. Research to learn about the business's customers is included in which part of the business plan? A) Market analysis. B) Operational plan. C) Executive summary. D) Marketing plan. Show Answer Correct Answer: A) Market analysis. 8. What is a hierarchical structure? A) A structure where functions work together equally. B) A structure where business functions are subordinate to each other. C) A structure that describes the target market. D) A structure that forecasts industry movement. Show Answer Correct Answer: B) A structure where business functions are subordinate to each other. 9. A small business should consider the local competition when deciding on a location to ensure they are not oversaturated in the area. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. A second line on BYOD CANADA-WIDE can be priced as low as: A) $ 65. B) $ 50. C) $ 45. D) $ 55. Show Answer Correct Answer: D) $ 55. 11. How can small businesses provide personalized attention and exceptional customer service? A) By offering discounts to all customers. B) By providing personalized service to each guest. C) By increasing their advertising budget. D) By hiring more employees. Show Answer Correct Answer: B) By providing personalized service to each guest. 12. Decision-making:is less formal and more personalized A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 13. When presenting a business plan, what is an effective way to handle difficult questions from investors? A) Answer honestly and provide supporting data. B) Give vague responses. C) Ignore the question. D) Change the topic immediately. Show Answer Correct Answer: A) Answer honestly and provide supporting data. 14. What is the success rate for small businesses surviving five years or more? A) 10%. B) 25%. C) 50%. D) 75%. Show Answer Correct Answer: C) 50%. 15. Unemployment Insurance-maintain the program that provides temporary financial assistance toworkers who are unemployed through no fault of their own. A) Louisiana Secretary of State. B) Louisiana Workforce Commission. C) Louisiana Department of Revenue. D) Louisiana Economic Development. Show Answer Correct Answer: B) Louisiana Workforce Commission. 16. What does the term 'Operational Cost' include? A) Only direct material costs. B) Only marketing expenses. C) All costs associated with production. D) Only salaries of the management team. Show Answer Correct Answer: C) All costs associated with production. 17. A focus group was formed to provide opinions for a target market. What type of research is this? A) Secondary. B) Tertiary. C) Primary. D) Indirect. Show Answer Correct Answer: C) Primary. 18. What should you calculate to request funding and attract investors? A) Business structure. B) Business location. C) Startup costs. D) Business name. Show Answer Correct Answer: C) Startup costs. 19. You need to create a legal structure for your small business. You want it to grow in the future. Your startup partners are citizens of Mexico and Japan. You do not want to be personally liable. A) S Corp. B) C Corp. C) LLC. D) Sole ProprietorshipTagsLEGAL STRUCTURES. Show Answer Correct Answer: B) C Corp. 20. A small business owner is analyzing whether to expand to a second location. Which of these factors would be most crucial to evaluate before making the decision? A) Customer satisfaction at the original location. B) The aesthetic appeal of the new location's building. C) Competition and demand in the new location's area. D) The number of employees at the original location. Show Answer Correct Answer: C) Competition and demand in the new location's area. 21. What are the benefits of the liberalised credit policy for small businesses? A) Limited access to government grants. B) Stricter loan approval processes. C) Increased interest rates for loans. D) Easier access to financing, improved cash flow management, and enhanced growth opportunities. Show Answer Correct Answer: D) Easier access to financing, improved cash flow management, and enhanced growth opportunities. 22. A privately, independently owned, managed, and operated for profit A) Business. B) Business Idea. C) Business Plan. D) Small Business. Show Answer Correct Answer: C) Business Plan. 23. The MSMED Act, 2006 includes which sector besides small scale enterprises? A) Medium scale and service-related enterprises. B) Only agriculture. C) Only large industries. D) Educational Institutions. Show Answer Correct Answer: A) Medium scale and service-related enterprises. 24. Which of the following is NOT a step to becoming a consultant? A) Identify your people. B) Identify your expertise. C) Identify your place. D) Identify your Target Market. E) Identify your goals. Show Answer Correct Answer: A) Identify your people. 25. A business undertaking involving risk. A) Venture. B) Adventure. C) Opportunity. D) None of the above. Show Answer Correct Answer: A) Venture. ← 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