This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 23 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 23 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A business where the owner licenses their operations, products or services, branding, and knowledge for a royalty fee A) Small business. B) Entrepreneur. C) FranchiseTagsgeneral. D) None of the above. Show Answer Correct Answer: C) FranchiseTagsgeneral. 2. Buying and selling of goods in small quantities. A) Wholesalers. B) Consumers. C) Retailers. D) Manufacturers. Show Answer Correct Answer: C) Retailers. 3. What is the maximum fixed capital investment for small-scale industries? A) Rs. 50 lakhs. B) Rs. 2 crores. C) Rs. 10 lakhs. D) Rs. 1 crore. Show Answer Correct Answer: D) Rs. 1 crore. 4. What is the formula for Net Profit? A) Revenue-Total Costs. B) Revenue-Cost of Sales. C) Cost of Sales-Total Costs. D) Fixed costs + Variable Costs. Show Answer Correct Answer: A) Revenue-Total Costs. 5. If the firm cannot sell its products, it will ..... bankrupt. A) Assume. B) Go. C) Run. D) None of the above. Show Answer Correct Answer: B) Go. 6. Site locators (a) the ability to promote the business and be successful. A) A. Increase. B) Decrease. C) All the above. D) None of the above. Show Answer Correct Answer: A) A. Increase. 7. The largest percentage of small businesses are in retailing & service businesses. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 8. Which of the following statements is not true about small businesses? A) Small businesses provide technical innovation. B) Small businesses create cyclical unemployment. C) Small businesses provide employment. D) Small businesses provide competition. E) Small businesses fill the needs of society and other businesses. Show Answer Correct Answer: B) Small businesses create cyclical unemployment. 9. Which viability factor researches the demand for products or services? A) Market size. B) Marketing plan. C) Executive summary. D) Copyright. Show Answer Correct Answer: A) Market size. 10. How can small business owners use budget insights? A) To expand office space. B) To plan for future investments or cost-saving measures. C) To hire more staff. D) To increase product prices. Show Answer Correct Answer: B) To plan for future investments or cost-saving measures. 11. It is also necessary to develop a sound business plan that, among other things, shows how the business will make a profit and projects the cash flow that will help the business stay afloat.What does "afloat" mean? A) Having enough money to pay what you owe. B) Related to money. C) Made or done especially for a certain person. D) Healthy, without financial risk. Show Answer Correct Answer: A) Having enough money to pay what you owe. 12. Which organization in Jamaica seeks to influence national policy issues and promote private enterprise and the free market economic system? A) Jamaica Intellectual Property Office (JIPO). B) The Small Business Association of Jamaica. C) Private Sector Organisation of Jamaica. D) Scientific Research Council (SRC). Show Answer Correct Answer: C) Private Sector Organisation of Jamaica. 13. Letter of Credit is mainly used for: A) Trade finance. B) Mortgage loans. C) Term loans. D) Leasing. Show Answer Correct Answer: A) Trade finance. 14. Which of the following is organised by individuals? A) Cottage industry. B) Railway industry. C) Chemical industry. D) None of the above. Show Answer Correct Answer: A) Cottage industry. 15. How do small-scale industries contribute to the economy? A) Small-scale industries primarily focus on international markets only. B) Small-scale industries create jobs, promote entrepreneurship, enhance exports, and stimulate regional development. C) Small-scale industries have no impact on local economies. D) Small-scale industries reduce competition for large corporations. Show Answer Correct Answer: B) Small-scale industries create jobs, promote entrepreneurship, enhance exports, and stimulate regional development. 16. Soliciting individuals to consume a product and provide proactive feedback A) Market Analysis. B) Target Market. C) Focus Groups. D) Survey. Show Answer Correct Answer: C) Focus Groups. 17. NSIC was set up in ..... A) 1945. B) 1965. C) 1975. D) 1955. Show Answer Correct Answer: D) 1955. 18. Franchise A) Sole proprietor or partnership signs agreement with corporation to use its business plan and sell its merchandise in a geographic area. B) Small business owned by one person. C) Business owned by 2 or 3 people. D) Owned by shareholders. Show Answer Correct Answer: A) Sole proprietor or partnership signs agreement with corporation to use its business plan and sell its merchandise in a geographic area. 19. Develops policies and structures to protect company data. A) CEO. B) CFO. C) COO. D) CIOTagsROLES. Show Answer Correct Answer: D) CIOTagsROLES. 20. This is the quality of mind that enables a person to face difficulty or danger without fear. A) Creativity. B) Courage. C) All the above. D) None of the above. Show Answer Correct Answer: B) Courage. 21. (adj) Specific. A) Motivated. B) Particular. C) Personalized. D) Initial. Show Answer Correct Answer: B) Particular. 22. Below are the potential benefits of entrepreneurship, EXCEPT: A) Control over Time. B) Financial Reward. C) Freedom. D) Contribution to Society. Show Answer Correct Answer: C) Freedom. 23. Which business model involves selling a product below cost to increase sales of a high-margin component? A) Affiliate. B) Brokerage. C) Franchise. D) Razor blade. Show Answer Correct Answer: D) Razor blade. 24. What is a sales event? A) All of the above. B) An event to promote brand awareness. C) An event to clear out inventory. D) An event to launch a new product. Show Answer Correct Answer: A) All of the above. 25. Which type of business has the lowest rate of success? A) Franchise. B) Start up. C) Existing Business. D) None of the above. Show Answer Correct Answer: B) Start up. ← 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