This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 21 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 21 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is a disadvantage of a company structure? A) Limited liability for the owners. B) Flexibility in decision-making. C) Ease of raising capital through share issuance. D) Complexity in compliance with regulatory requirements. Show Answer Correct Answer: D) Complexity in compliance with regulatory requirements. 2. What is the primary goal of an intrapreneur? A) To build a separate company. B) To innovate within an existing company. C) To acquire other companies. D) To increase personal wealth. Show Answer Correct Answer: B) To innovate within an existing company. 3. Risk of being an entrepreneur A) Final say in business decisions. B) Doing what you love. C) Independence. D) Business failure. Show Answer Correct Answer: D) Business failure. 4. The agreement for one business to trade under another business' name is called a: A) Sole trader. B) Partnership. C) Private limited company. D) Franchise. Show Answer Correct Answer: D) Franchise. 5. Entrepreneurs A) People who risk their time, money, and other resources to start and manage a business. B) Individuals who only invest money in businesses without taking risks. C) Employees who work for large corporations and avoid risks. D) People who create business plans but do not start businesses. Show Answer Correct Answer: A) People who risk their time, money, and other resources to start and manage a business. 6. What is the significance of the Executive Summary in a business plan? A) To outline the main elements of the proposed business, including future projections of income and profits. B) To provide a summary of all the other sections of the business plan. C) To describe each member of the management team and their expertise. D) To understand who the potential competitors are and reduce the risk of failure. Show Answer Correct Answer: B) To provide a summary of all the other sections of the business plan. 7. How does the government help small scale industries compete with large scale industries? A) By providing free land to large scale industries. B) The government helps small scale industries compete with large scale industries by providing financial assistance, subsidies, technology access, easier credit, tax incentives, and supportive policies. C) By imposing stricter regulations on small businesses. D) By eliminating all taxes for large scale industries. Show Answer Correct Answer: B) The government helps small scale industries compete with large scale industries by providing financial assistance, subsidies, technology access, easier credit, tax incentives, and supportive policies. 8. (n) Reason for doing something. A) Reputation. B) Profit. C) Motivation. D) Tip. Show Answer Correct Answer: C) Motivation. 9. What are some effective ways for small businesses to retain their customers? A) By ignoring customer feedback and focusing only on sales. B) By not offering any customer service. C) By providing excellent customer service, listening to customer feedback, and offering loyalty programs. D) By not communicating with customers after the sale. Show Answer Correct Answer: C) By providing excellent customer service, listening to customer feedback, and offering loyalty programs. 10. 1-A role in a business is:(KLO 1.1) A) The positions team members assume or are assigned. B) What employees are expected to complete according to their roles. C) What is morally or legally obligated to do. D) D. the branch of knowledge that deals with moral principles. Show Answer Correct Answer: A) The positions team members assume or are assigned. 11. Non-cash compensation, including an investment vehicle, ownership in the company restricted to stocks or shares. A) Salary. B) Piece Work. C) Equity. D) Commission. Show Answer Correct Answer: C) Equity. 12. Can offer more personalized services A) Small Businesses. B) Large Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Small Businesses. 13. The U.S. Small Business Administration (SBA) gives interest-free loans to start-up businesses and fully guarantees loans from local commercial lenders. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 14. Choose the correct pronoun to complete the sentence:'The entrepreneur and ..... team worked hard on the project.' A) His. B) He. C) Him. D) They. Show Answer Correct Answer: A) His. 15. This is a business that is chartered by the state; they are owned by stockholders but run by the CEO. A) Sole proprietorship. B) Franchise. C) Partnership. D) Corporation. Show Answer Correct Answer: D) Corporation. 16. Which one of the following people will be most advantaged/better off financially at the end of one year? A) Aaron who earns $ 100 per week but lives with his parents who pay for all his expenses. B) Billy who earns $ 100 per week and who pays his parents $ 20 board per week but has no other expenses. C) Candice who earns $ 200 per week but has expenses of $ 110 per week. D) Darius who earns $ 300 per week but has expenses of $ 220 per week. Show Answer Correct Answer: B) Billy who earns $ 100 per week and who pays his parents $ 20 board per week but has no other expenses. 17. Which of the following shows the process of creating something new? KLO 1.1 A) A) Business model. B) B) Modeling. C) C) Innovation. D) D) Creative flexibility. Show Answer Correct Answer: C) C) Innovation. 18. How does the government's purchasing policy benefit small enterprises? A) It increases competition among large corporations. B) It eliminates all bidding requirements for small businesses. C) It mandates that small enterprises pay higher taxes. D) The government's purchasing policy benefits small enterprises by reserving contracts for them, providing stable revenue, and simplifying the bidding process. Show Answer Correct Answer: D) The government's purchasing policy benefits small enterprises by reserving contracts for them, providing stable revenue, and simplifying the bidding process. 19. People start small businesses for a variety of reasons, but whatever the particular motivation, certain characteristics make a small business more likely to succeed.What does "motivation" mean? A) An advantage. B) Reason for doing something. C) A position or place that is very suitable. D) A feature, quality. Show Answer Correct Answer: B) Reason for doing something. 20. Variable costs differ depending on ..... A) Production. B) Location. C) Time of day. D) Employee age. Show Answer Correct Answer: A) Production. 21. What does the Integrative Approach provide regarding the nature of entrepreneurship? A) A financial analysis. B) A comprehensive picture. C) A marketing plan. D) A legal framework. Show Answer Correct Answer: B) A comprehensive picture. 22. To make a strategic plan you have to do? (Unit 33-KLO 2-3b) A) Study a career focused on that area. B) Send it to do. C) Conduct studies to know the information of the company. D) It's not important. Show Answer Correct Answer: C) Conduct studies to know the information of the company. 23. Creator of the electric light bulb? A) Albert Einstein. B) Thomas Edison. C) Henry Ford. D) Steven Hawking. Show Answer Correct Answer: B) Thomas Edison. 24. What does the acronym S.M.A.R.T stand for in business objectives? A) Specific, Manageable, Achievable, Realistic, Timely. B) Strategic, Meaningful, Actionable, Relevant, Tangible. C) Simple, Manageable, Attainable, Realistic, Timely. D) Specific, Measurable, Achievable, Relevant, Time-bound. Show Answer Correct Answer: D) Specific, Measurable, Achievable, Relevant, Time-bound. 25. What is the industry average cash-on-cash return for laundromats? A) 20-35%. B) 10-20%. C) 40-50%. D) 5-10%. Show Answer Correct Answer: A) 20-35%. ← 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