This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 24 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 24 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Rules and regulations that provide a framework of acceptable accounting procedures is called A) Standards of accounting. B) Accounting standards. C) Accounting reports. D) Accounting information. Show Answer Correct Answer: B) Accounting standards. 2. This is the sixth stage of the business life cycle; the owners must decide whether to sell the business or invest more into it before its value goes down. A) Pivot or Persist. B) Success. C) Survival. D) Maturity. Show Answer Correct Answer: A) Pivot or Persist. 3. What is the definition of a small business? A) A business with fewer than 100 employees. B) A business with fewer than 1000 employees. C) A business with fewer than 50 employees. D) A business with fewer than 500 employees. Show Answer Correct Answer: A) A business with fewer than 100 employees. 4. Label the items as either a product or a service:"Web designs" A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: B) Service. 5. If a small business owner wanted to enter a competitive market, which strategy could best help them stand out? A) Offering a similar product at a lower price. B) Ensuring high visibility through unique branding and promotional strategies. C) Choosing a location far from competitors. D) Only offering the product in limited quantities. Show Answer Correct Answer: B) Ensuring high visibility through unique branding and promotional strategies. 6. When you buy into a franchise, do you receive ongoing support and help from the franchise owner/larger company & brand? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: A) Yes. 7. What does CEO stand for? A) Chief Essential Officer. B) Chief Executive officer. C) Chief Enemy Officer. D) Chief Extra Officer. Show Answer Correct Answer: B) Chief Executive officer. 8. A business pays $1, 200 per month for rent and $ A) $ 1, 200. B) $ 1, 700. C) $ 1, 500. D) $ 1, 800. Show Answer Correct Answer: B) $ 1, 700. 9. What is a method for providing your own personal capital for financial resources? A) Debt financing. B) Venture Capitalists. C) Equity Financing. D) Line of credit. Show Answer Correct Answer: C) Equity Financing. 10. What is the most common type of small business, making up about 14.6 percent of all small businesses? A) Retail trade. B) Construction. C) Educational services. D) Manufacturing. Show Answer Correct Answer: A) Retail trade. 11. Which of the following is not a Social Media platform? A) Facebook. B) Twitter. C) Youtube. D) Television. Show Answer Correct Answer: D) Television. 12. This person develops the policies and structures that protect the company's data. A) COO (Chief Operating Officer). B) CIO (Chief Information Officer). C) CFO (Chief Financial Officer). D) Manager. Show Answer Correct Answer: B) CIO (Chief Information Officer). 13. SSIs in India supply an enormous variety of products. True or False? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 14. Parameters used to measure the size of business is ..... A) Number of persons employed in business. B) Volume of output or value of output. C) Investment in Plant and Machinery. D) Power consumption. Show Answer Correct Answer: C) Investment in Plant and Machinery. 15. The Success Stage of the Business Life Cycle includes which of the following? A) Making $. B) Company is growing. C) Founder lets employees run the company. D) All of the above. Show Answer Correct Answer: D) All of the above. 16. Which of the following statements concerning bank personal loans is NOT accurate? A) Bank personal loans generally have a higher interest rate than credit cards. B) Bank personal loans generally have a lower interest rate than credit cards. C) Bank personal loans are usually only made once the bank has evidence of your income and savings history. D) Bank personal loans must be paid off within a set time. Show Answer Correct Answer: A) Bank personal loans generally have a higher interest rate than credit cards. 17. How can small businesses market their products effectively? A) By ignoring social media. B) By using low-cost or free marketing outlets. C) By increasing product prices. D) By reducing customer service. Show Answer Correct Answer: B) By using low-cost or free marketing outlets. 18. The number reason(s) most small businesses fail is (are) A) Not enough money to start. B) Poor location. C) Not keeping accurate records. D) Failure to have a business plan. E) All are valid reasons. Show Answer Correct Answer: E) All are valid reasons. 19. Approach customers with care and offer to support them. A) First. B) Next. C) Then. D) Finally. Show Answer Correct Answer: B) Next. 20. Advertising plays a key role in consumer choices-the main purpose of effective advertising is to: A) Persuade consumers to think carefully before buying any product. B) Persuade consumers that advertising is fun to watch and enjoy during ad breaks. C) Persuade consumers to buy what a producer has to offer. D) Persuade consumers to hum that annoying jingle they heard on the last advertisement. Show Answer Correct Answer: C) Persuade consumers to buy what a producer has to offer. 21. Below are the costs of entrepreneurship, EXCEPT: A) Loneliness. B) Financial Insecurity. C) Strain on Personal Relationships. D) None of above. Show Answer Correct Answer: D) None of above. 22. The latent skills and talents of people can be channelled into business ideas which can be converted into reality with little capital investment and almost nil formalities to start a small business. This refers to the contribution of SSIs towards ..... A) Customization of products. B) Opportunity for entrepreneurship. C) Balanced regional development. D) Export. Show Answer Correct Answer: B) Opportunity for entrepreneurship. 23. A non-profit does not pay any taxes, is not owned by stockholders or individuals and is usually a charity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 24. Why is business planning important for a small business? A) Business planning helps in setting clear goals and objectives, identifying potential risks and challenges, making informed decisions, securing funding, and measuring progress. B) Business planning is not important for small businesses. C) Business planning is a waste of time and resources for small businesses. D) Business planning only benefits large corporations. Show Answer Correct Answer: A) Business planning helps in setting clear goals and objectives, identifying potential risks and challenges, making informed decisions, securing funding, and measuring progress. 25. Clear managerial structure for each function of the business A) Survey. B) Organizational Structure. C) Hierarchical Structure. D) Learning Based Structure. Show Answer Correct Answer: B) Organizational Structure. ← 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