This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 19 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 19 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which section of a business plan outlines the target market and customer segments? A) Market research. B) Operations and resources. C) Financial plan. D) Executive summary. Show Answer Correct Answer: A) Market research. 2. Which of the following best describes 'bootstrapping' in a startup context? A) Securing a loan from a bank. B) Funding the business using personal finances and revenue. C) Receiving a large investment from a venture capitalist. D) Launching a crowdfunding campaign. Show Answer Correct Answer: B) Funding the business using personal finances and revenue. 3. Rudy owns a small metal fabrication business that employs 23 workers. As the owner of a small business, one of the major advantages that Rudy enjoys while competing with larger firms is reduced burden of complying with government regulations. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 4. Small business innovation requires A) Becoming overly specialized. B) Customer connection. C) Passion. D) Customer connection and passion. Show Answer Correct Answer: D) Customer connection and passion. 5. Which is a franchisor? A) Starts a business. B) Takes over a business. C) Buys into an existing brand. D) Allows others to use their brand name. Show Answer Correct Answer: D) Allows others to use their brand name. 6. What is a common challenge faced by small businesses when starting up? A) High profit margins. B) Access to skilled labor. C) Strong brand recognition. D) Established customer base. Show Answer Correct Answer: B) Access to skilled labor. 7. Choose the correct word:travelling towards a particular point A) Reverse. B) Outbound. C) Inbound. D) Clickjacking. Show Answer Correct Answer: C) Inbound. 8. The highest-ranking employee in the company; reports to the board of directors. A) CEO. B) CFO. C) COO. D) CIOTagsROLES. Show Answer Correct Answer: A) CEO. 9. ....is a set of written rules which explains how people should behave at work place. (Unit 33-KLO 1-3) A) A. Tax. B) B. Code of practice. C) C. Evaluation. D) D. Strategic planning. Show Answer Correct Answer: B) B. Code of practice. 10. By far the greatest percentage of businesses in the U.S. is small businesses. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 11. SSIs do not have good quality raw materials as their ..... is low. A) Sale. B) Storage. C) Bargaining power. D) Risk. Show Answer Correct Answer: C) Bargaining power. 12. If a person has total responsibility of a business, works long hours, has financial risks, intense competition, and unstable income they are examples of: A) Reasons entrepreneurships fail. B) Advantages of entrepreneurship. C) Characteristics of an entrepreneur. D) Disadvantages of an entrepreneur. E) Skills of an entrepreneur. Show Answer Correct Answer: D) Disadvantages of an entrepreneur. 13. An idea that has commercial value A) Risk. B) Innovation. C) Opportunity. D) Resourcing. Show Answer Correct Answer: C) Opportunity. 14. Capital is: A) Money Invested. B) Property Invested. C) Equipment. D) All of the above. Show Answer Correct Answer: D) All of the above. 15. Writing codes for computer software is A) Programming. B) Designing. C) Trouble shooting. D) Managing. Show Answer Correct Answer: A) Programming. 16. How do you differentiate small businesses from large corporations? A) Small businesses have fewer employees, lower revenue. B) Small businesses have the same number of employees as large corporations. C) Small businesses operate on a larger scale compared to large corporations. D) Small businesses have more employees and higher revenue than large corporations. Show Answer Correct Answer: A) Small businesses have fewer employees, lower revenue. 17. An individual, group, or organization that owns one or more shares in a company, and in whose name the share certificate is issued. A) Partner. B) Shareholders. C) Owner. D) Client. Show Answer Correct Answer: B) Shareholders. 18. What is the main goal of Small Business Saturday? A) Promote online-only retailers. B) Encourage consumers to shop local. C) Launch national chain stores. D) Promote Black Friday. Show Answer Correct Answer: B) Encourage consumers to shop local. 19. Which of the following is NOT a characteristic of a small business owner? A) Focuses on generating profits. B) Deals with known risks. C) Tends to grow fast. D) Invests time and money. Show Answer Correct Answer: C) Tends to grow fast. 20. Small businesses are typically characterized by: A) Low start-up costs. B) Large number of employee. C) Complex and lengthy planning processes. D) None of the above. Show Answer Correct Answer: A) Low start-up costs. 21. Shared financial backing A) LLC. B) Sole Proprietorship. C) C Corp. D) S Corp. E) PartnershipTagsLEGAL STRUCTURES. Show Answer Correct Answer: E) PartnershipTagsLEGAL STRUCTURES. 22. Which of the following is not a common reason for the failure of small businesses? A) A lack of sufficient start-up money. B) Shortage of skilled workers. C) Lack of management experience. D) Failure to manage credit offered to customers. Show Answer Correct Answer: B) Shortage of skilled workers. 23. The a legal document allowing the corporation to operate as if it were a person. A) Charter. B) Partnership Agreement. C) Licensing Agreement. D) None of the above. Show Answer Correct Answer: A) Charter. 24. There are a number of levels of protection of consumers in Australia today. Select the following INCORRECT example of consumer protection: A) Banks being allowed by the government to offer higher interest rates which in turn discourage purchases. B) Cooling off periods on purchases. C) Warranties. D) Product standards. Show Answer Correct Answer: A) Banks being allowed by the government to offer higher interest rates which in turn discourage purchases. 25. Which of the following is a retail business? A) Barber. B) Auto Body Shop. C) Lawn mowing business. D) Car dealer. Show Answer Correct Answer: D) Car dealer. ← 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