This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 18 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 18 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the below is not the advantage of large business structure? A) People are entrusted with specific work. B) Owner can specialize their employee for a specific expertise. C) The company may have a better organization management. D) Owner have high level of autonomy to run his business. Show Answer Correct Answer: D) Owner have high level of autonomy to run his business. 2. According to the United States Small Business Administration, what is considered a "Small Business" ? A) Companies with fewer than 500 employees. B) Companies with more than 1000 employees. C) Companies with fewer than 100 employees. D) Companies with more than 500 employees. Show Answer Correct Answer: A) Companies with fewer than 500 employees. 3. What are some effective marketing strategies for small businesses to reach their target market? A) Social media marketing, content marketing, email marketing, and local partnerships. B) Billboard advertising. C) Cold calling. D) TV commercials. Show Answer Correct Answer: A) Social media marketing, content marketing, email marketing, and local partnerships. 4. What are the important financial management practices for small businesses? A) Investing in high-risk stocks. B) Ignoring cash flow management. C) Not monitoring expenses. D) Budgeting, cash flow management, financial forecasting, and monitoring expenses. Show Answer Correct Answer: D) Budgeting, cash flow management, financial forecasting, and monitoring expenses. 5. A blog is a website feature that:KLO 1.7 A) A) discussion or informational website published on the website. B) B) a review of a product or service made by a customer who has purchased and used, or had experience with, the product or service. C) C) list of products displayed in an attractive and clear fashion. D) D) the vision and mission statement of a business. Show Answer Correct Answer: A) A) discussion or informational website published on the website. 6. A written description of the purpose of a company and the management's philosophy. A) Harvesting. B) Mission Statement. C) Resourcing. D) Actualization. Show Answer Correct Answer: B) Mission Statement. 7. Which of the following is NOT an advantage of enterprise and entreprenuers. A) They create wealth. B) They create jobs. C) They sponsor football teams. D) They support creativity. Show Answer Correct Answer: C) They sponsor football teams. 8. An external locus of control is a deep-seated sense that the individual is personally responsible for what happens in their life. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 9. Having someone shop for your groceries for a fee at the grocery store is: A) Service based. B) Product based. C) Both. D) None of the above. Show Answer Correct Answer: A) Service based. 10. The greatest asset of any is company is the A) Supplier. B) Building. C) Customer. D) Supplier. Show Answer Correct Answer: C) Customer. 11. Which organization is the Australian umbrella organization for consumer groups? A) The Consumer's Federation of Australia. B) Australian Egg Corporation Ltd. C) Australian Pork Limited. D) The Australian Council of Trade Unions (ACTU). Show Answer Correct Answer: A) The Consumer's Federation of Australia. 12. Which represents the most sustainable competitive advantage for a small business? A) Always having the lowest prices. B) Building strong customer relationships. C) Having the biggest store. D) Spending the most on advertising. Show Answer Correct Answer: B) Building strong customer relationships. 13. In general, if the price of a good or service goes down, what happens to the demand for that good or service? A) Demand goes up. B) Demand stays the same. C) Demand goes down. D) None of the above. Show Answer Correct Answer: A) Demand goes up. 14. Which legal consideration is important for protecting intellectual property? A) Selling the idea to the highest bidder. B) Obtaining patents, trademarks, or copyrights. C) Posting the idea on social media. D) Sharing the idea with friends and family. Show Answer Correct Answer: B) Obtaining patents, trademarks, or copyrights. 15. The term PIN, in relation to bank cards, stands for: A) Personal identification number. B) Primary identification number. C) Personal information number. D) Primary information number. Show Answer Correct Answer: A) Personal identification number. 16. What is the definition of a new venture/firm? A) A business that has been operational for more than 12 months. B) A business that has been operational for more than 24 months. C) A business that has been operational for less than 6 months. D) A business that has been operational for less than 12 months. Show Answer Correct Answer: D) A business that has been operational for less than 12 months. 17. This refers to a simplified financial reporting intended for micro, small and medium-sized entities, as defined under Magna Carta for Micro, Small and Medium Enterprises (RA No. 6977, as amended by RA 8289, and further amended by RA 9501) A) PFRS for Small and Medium Entities. B) PFRS for Small Entities. C) Full PFRS. D) None of the choices. Show Answer Correct Answer: B) PFRS for Small Entities. 18. In this type of business, you given the right to sell a company's goods/services in a particular geographic area. A) Franchise. B) Corporation. C) Partnership. D) Sole proprietorship. Show Answer Correct Answer: A) Franchise. 19. Which sentence is written in the future tense? A) The entrepreneur will start a new business. B) The entrepreneur started a new business. C) The entrepreneur starts a new business. D) The entrepreneur has started a new business. Show Answer Correct Answer: A) The entrepreneur will start a new business. 20. Which legal structure has no ownership and no US federal taxes? A) Non-profit. B) S-Corp. C) C-Corp. D) Partnership. Show Answer Correct Answer: A) Non-profit. 21. Because of entrepreneurs, we have: A) A shortage of goods and services available to consumers. B) An abundance of goods and services from which to choose. C) All the above. D) None of the above. Show Answer Correct Answer: B) An abundance of goods and services from which to choose. 22. Which of the following is a cottage industry? A) Textiles. B) Commerce. C) Transport. D) Oil. Show Answer Correct Answer: A) Textiles. 23. Elif is a musician who would like to raise money to start her business. She decides to use ..... as a source of financing. To do so, she posts a description about her business and products on a website and invites people to contribute. A) Franchising. B) Venture capital. C) Crowdfunding. D) A small business investment company (SBIC). Show Answer Correct Answer: C) Crowdfunding. 24. How can small businesses contribute to the economic development of rural areas? A) By depleting natural resources and harming the environment. B) By creating job opportunities, attracting investment, and providing goods and services to the local community. C) By causing unemployment and poverty. D) By increasing the cost of living for the local community. Show Answer Correct Answer: B) By creating job opportunities, attracting investment, and providing goods and services to the local community. 25. What is the role of the marketing department? A) To manage finances. B) To handle customer service. C) To plan and execute marketing strategies. D) To oversee production. Show Answer Correct Answer: C) To plan and execute marketing strategies. ← 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