This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 22 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the role of innovation in entrepreneurship? A) To serve the local community. B) To maintain a stable business. C) To challenge the status quo and create solutions. D) To produce a steady income. Show Answer Correct Answer: C) To challenge the status quo and create solutions. 2. Which of the following is part of the definition of entrepreneurship? A) Starting a business. B) Organizing a business. C) Assuming responsibility. D) All the answers are correct. Show Answer Correct Answer: D) All the answers are correct. 3. Lucille Ball and Desi Arnaz met and married in the same year. A) True. B) False. C) I have no idea. D) None of the above. Show Answer Correct Answer: A) True. 4. What is a potential cost of owning a franchise? A) No advertising fees. B) Advertising fees. C) Free reservation access. D) No sign-rental fees. Show Answer Correct Answer: B) Advertising fees. 5. Cottage industries are generally- A) Located in urban areas. B) Run by large corporations. C) Run with family labour in rural areas. D) Funded by foreign companies. Show Answer Correct Answer: C) Run with family labour in rural areas. 6. What is the primary challenge of preparing a business plan? A) It can waste precious time and money. B) It may not be accurate. C) It is required if you want to apply for credit. D) It helps you forecast future steps. Show Answer Correct Answer: A) It can waste precious time and money. 7. The most important step in starting a business is preparation. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 8. Which of the following is a common characteristic of small business financing? A) Easy access to large amounts of capital. B) Reliance on personal savings and loans. C) All the above. D) None of the above. Show Answer Correct Answer: B) Reliance on personal savings and loans. 9. Closing the Register may include A) A. Removing the cash and non-cash documents from the register. B) B. Mix the cash float with the cash and noncash documents. C) C. Do not record the cash and non-cash documents. D) D. The manager will print the report. Show Answer Correct Answer: A) A. Removing the cash and non-cash documents from the register. 10. If you start a new business, you need information about A) Competitors. B) Customers. C) Government regulations. D) All of the above. Show Answer Correct Answer: D) All of the above. 11. A short and striking or memorable phrase used in advertising. A) Logo. B) Slogan. C) Franchise. D) Social media. Show Answer Correct Answer: B) Slogan. 12. It is difficult to compete with the array of products or services a large business can offer.What does "product" mean? A) The general opinion about something or somebody. B) Something that is made. C) Money earned after paying costs. D) Reason for doing something. Show Answer Correct Answer: B) Something that is made. 13. Present chairman of NABARD A) Ramaswamy. B) K R Panicker. C) G R Chinthala. D) None of the above. Show Answer Correct Answer: C) G R Chinthala. 14. Suppose you are starting a sustainable business. How would you use the 4 Ps to create a marketing mix? (Choose the best answer.) A) By focusing only on the price of the product. B) By considering product features, pricing, distribution channels, and promotional strategies. C) By hiring more employees for marketing. D) By only creating promotional materials. Show Answer Correct Answer: B) By considering product features, pricing, distribution channels, and promotional strategies. 15. Which business structure is easy to create due to lack of government regulation? A) Corporation. B) Partnership. C) Sole proprietorship. D) Non-profit entity. Show Answer Correct Answer: C) Sole proprietorship. 16. The following are characteristics of a cottage industry except A) Small scale. B) International based. C) Mainly Manual. D) Uses local raw materials. Show Answer Correct Answer: B) International based. 17. What does a business plan include? A) Financial plan and executive summary. B) Organizational structure and financial plan. C) Executive summary and marketing plan. D) Marketing plan and organizational structure. Show Answer Correct Answer: D) Marketing plan and organizational structure. 18. Net means revenues after costs. A) Net Income. B) Salary. C) All the above. D) None of the above. Show Answer Correct Answer: A) Net Income. 19. These resources, such as land, buildings, and equipment, usually require large amounts of money and will be paid over many, many years. A) Short-term financing. B) Long-term financing. C) All the above. D) None of the above. Show Answer Correct Answer: B) Long-term financing. 20. Makes major decisions for the company, oversees operations and resources, comes up with the company's vision, strategies, and mission, and reports to the board of directors A) CFO. B) Stakeholder. C) CEO. D) Employee. E) COOTagsROLES. Show Answer Correct Answer: C) CEO. 21. Which of the following best describes a Lean Canvas? A) A slideshow presentation that summarizes the business plan. B) A detailed written document that explains how a business will be structured and grown. C) A one-page business plan alternative that highlights only key information. D) A financial statement showing projected profits and losses. Show Answer Correct Answer: C) A one-page business plan alternative that highlights only key information. 22. An invention or creation that is brand new is a(n) A) Experiment. B) Improvement. C) Innovation. D) Investment. Show Answer Correct Answer: C) Innovation. 23. Businesses can compensate employees for work they produce when being paid by ..... A) Piece work. B) Salary. C) Commission. D) Bonus. Show Answer Correct Answer: A) Piece work. 24. A type of business that sells products directly to consumers. A) Retail business. B) E-commerce business. C) Service business. D) E-marketing business. Show Answer Correct Answer: A) Retail business. 25. What is the definition of expenses? A) The money from selling goods and services. B) Cash you are spending in the business. C) Costs of running the business. D) The outgoings relating specifically to vehicles. Show Answer Correct Answer: C) Costs of running the business. ← 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