This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 2 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What percentage of all private sector employees are employed by small businesses? A) 90%. B) 80%. C) 60%. D) 40%. Show Answer Correct Answer: C) 60%. 2. What does the Venture Opportunity School of Thought emphasize in venture development? A) Identifying traits common to successful entrepreneurs. B) The search for idea sources, development of concepts, and implementation of venture opportunities. C) The role of government policies in entrepreneurship. D) The impact of economic cycles on business success. Show Answer Correct Answer: B) The search for idea sources, development of concepts, and implementation of venture opportunities. 3. Which of the following is NOT an example of a variable expense? A) Utility bills. B) Employee wages based on hours worked. C) Monthly loan repayment. D) Cost of goods sold. Show Answer Correct Answer: C) Monthly loan repayment. 4. What type of schemes does NSIC provide for machinery to small-scale industries? A) Credit Support Scheme and Marketing Development Assistance Scheme for machinery acquisition. B) Technology Transfer Scheme for large industries. C) Export Promotion Scheme for international sales. D) Loan Guarantee Scheme for equipment leasing. Show Answer Correct Answer: A) Credit Support Scheme and Marketing Development Assistance Scheme for machinery acquisition. 5. Larger firms can attract and afford more skilled and qualified leaders ..... A) Marketing. B) Managerial. C) Technical. D) Financial. Show Answer Correct Answer: B) Managerial. 6. Which of the following are the four P's of the marketing mix? A) Product, price, place, and promotion. B) People, process, physical evidence, and performance. C) Planning, production, placement, and publicity. D) Price, product, publicity, and performance. Show Answer Correct Answer: A) Product, price, place, and promotion. 7. In relation to advertising, a wise consumer needs to: A) Accept that advertisers risk too much by exaggerating claims (so they are always very honest). B) Turn off all advertisements and make their mind up on the spot when buying a product or service. C) Be wary of claims that are made in advertisements and to do some background research. D) Only buy after watching more advertisements on the same type of product. Show Answer Correct Answer: C) Be wary of claims that are made in advertisements and to do some background research. 8. What is one way to protect data on your devices? A) Use simple passwords. B) Share passwords with others. C) Require complex passwords. D) Avoid using passwords. Show Answer Correct Answer: C) Require complex passwords. 9. A collection of raw facts are referred to as ..... A) Information. B) Accounting reports. C) Data. D) Tax return. Show Answer Correct Answer: C) Data. 10. Who may have first said "If you fail to plan, you are planning to fail" A) Benjamin Franklin. B) Sir Richard Branson. C) Donald Trump. D) Bill Gates. Show Answer Correct Answer: A) Benjamin Franklin. 11. MSMED Act came into force A) 2006 October. B) 2007 Nov. C) 2006 Dec. D) 2008 Jan. Show Answer Correct Answer: A) 2006 October. 12. Entrepreneurs do not receive a regular paycheck. This means that entrepreneurs: A) Make lots of money. B) Have an uncertain income. C) All the above. D) None of the above. Show Answer Correct Answer: B) Have an uncertain income. 13. A franchisee is required to pay the franchiser an ongoing fee. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 14. What is DIC? A) District Indian Center. B) District Industries Center. C) Dual Industry Centre. D) District Industries Corporation. Show Answer Correct Answer: B) District Industries Center. 15. What is the primary advantage of customer relationships in small businesses? A) The ability to ignore customer preferences. B) The opportunity to charge higher prices. C) The ability to provide personalized service and recommendations. D) The chance to treat customers impersonally. Show Answer Correct Answer: C) The ability to provide personalized service and recommendations. 16. What is the main advantage of a franchise? A) Higher start-up costs. B) Lower risk to start. C) No stipulations on where it can be opened. D) No ongoing support and training. Show Answer Correct Answer: B) Lower risk to start. 17. Which of the following is a common goal for social entrepreneurs? A) To avoid innovation in their business model. B) To maximize shareholder value. C) To create luxury products for high-income customers. D) To address social or environmental issues through business solutions. Show Answer Correct Answer: D) To address social or environmental issues through business solutions. 18. (adj) Very important; necessary for success. A) Potential. B) Unique. C) Afloat. D) Vital. Show Answer Correct Answer: D) Vital. 19. Which is not a common differentiator for businesses? A) Taxes. B) Product. C) Service. D) Price. Show Answer Correct Answer: A) Taxes. 20. How does the SBA support veterans in transitioning to civilian life through entrepreneurship? A) By offering combat training. B) By providing business start-up kits. C) By facilitating access to capital and resources. D) By arranging job interviews. Show Answer Correct Answer: C) By facilitating access to capital and resources. 21. The majority of small business owners are A) Under 40 years old. B) Over 40 years old. C) Under 25 years old. D) Over 75 years old. Show Answer Correct Answer: B) Over 40 years old. 22. Which of the following is a benefit of using social media for marketing? A) It reaches a limited audience. B) It is the most expensive form of marketing. C) It allows for direct interaction with customers. D) It guarantees sales. Show Answer Correct Answer: C) It allows for direct interaction with customers. 23. What type of data does the Office for National Statistics provide? A) Qualitative data. B) Quantitative data. C) Fictional data. D) Experimental data. Show Answer Correct Answer: B) Quantitative data. 24. Mariah owns a local dance studio and is responsible for motivating and training staff. This is an example of which entrepreneurial function? A) Human Resource Management. B) Operations Management. C) Risk Management. D) Strategic Management. Show Answer Correct Answer: A) Human Resource Management. 25. The internet represents how much business opportunity to small businesses in the UK? A) £10 million. B) £90 million. C) £19 billion. D) None of the above. Show Answer Correct Answer: C) £19 billion. ← PreviousNext →Related QuizzesClass 11 Business Studies Chapter 8 Small Business Quiz 1Class 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 10Class 11 Business Studies Chapter 8 Small Business Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books