This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 26 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 26 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of these is an example of entrepreneurship? A) Starting a small online store. B) Closing a factory permanently. C) Working for a large corporation. D) Avoiding all business risks. Show Answer Correct Answer: A) Starting a small online store. 2. What is the formula for Profit? A) Revenue-Sales. B) Revenue-Costs. C) Revenue-Fixed Costs. D) Revenue-Gross Profit. Show Answer Correct Answer: B) Revenue-Costs. 3. Name one institute set up by the government for the promotion of small-scale industries. A) Small Industries Development Bank of India (SIDBI). B) Small Business Administration (SBA). C) Ministry of Micro, Small and Medium Enterprises (MSME). D) National Small Industries Corporation (NSIC). Show Answer Correct Answer: A) Small Industries Development Bank of India (SIDBI). 4. Limited Partnership A) Type of partnership where one partner has limited liability; limited involvement in the business. B) Type of partnership where the partners share the liability equally. C) All the above. D) None of the above. Show Answer Correct Answer: A) Type of partnership where one partner has limited liability; limited involvement in the business. 5. What challenges do small businesses face that institutions like NSIC and SIDBI aim to address? A) High employee turnover. B) Limited access to finance, lack of market knowledge, inadequate infrastructure, and technology adoption difficulties. C) Excessive government regulation. D) Overabundance of market knowledge. Show Answer Correct Answer: B) Limited access to finance, lack of market knowledge, inadequate infrastructure, and technology adoption difficulties. 6. Frustrated that she was working many hours for someone else, Morgan decided to start her own business. She could work when she wanted to and take a day off as needed instead of having to work on a set schedule. Morgan was likely influenced by ..... when starting her own business. A) Money. B) Age. C) Family. D) Independence. Show Answer Correct Answer: D) Independence. 7. Choose the correct word:a small computer program that can be added to an existing program in order to make the existing program work as it should A) Patch. B) Earth. C) Map-it. D) Breach. Show Answer Correct Answer: A) Patch. 8. How can small businesses effectively integrate promotional activities into their global marketing strategy? A) By using the same promotional approach for every market, regardless of cultural differences. B) By tailoring promotional activities to the needs and preferences of different cultural groups. C) By focusing only on local markets. D) By minimizing promotional expenses across all markets. Show Answer Correct Answer: B) By tailoring promotional activities to the needs and preferences of different cultural groups. 9. Which of the following is not a source of debt financing? A) Bank loan. B) Small-Business Investment Company. C) SBA-guaranteed loan. D) Credit cards. E) Line of credit. Show Answer Correct Answer: B) Small-Business Investment Company. 10. Which section of the business plan discusses how owner(s) plan to enter the industry and grow the business? A) Marketing and sales. B) Organization and managment. C) Market analysis. D) Service and/or product line. Show Answer Correct Answer: A) Marketing and sales. 11. Choose appropriate location for your business. A) Location. B) Place. C) Workplace. D) Workforce. Show Answer Correct Answer: A) Location. 12. Involves cultural trends and observing customer behaviors. A) Introducing the product. B) Evaluating acceptance. C) Testing the product. D) Generating ideas. Show Answer Correct Answer: D) Generating ideas. 13. The business space has a limited capacity to entertain many customers at the same time. A) Strength. B) Weaknesses. C) Opportunities. D) Threats. Show Answer Correct Answer: B) Weaknesses. 14. What tool simplifies the budgeting process for small businesses? A) Business budget template. B) Advanced accounting software. C) Social media analytics. D) Customer relationship management system. Show Answer Correct Answer: A) Business budget template. 15. Would the following business be classified as B2B or B2C? Wholesale Flooring Distributor A) B2B. B) B2C. C) All the above. D) None of the above. Show Answer Correct Answer: A) B2B. 16. Which of the following is a common financing option for small businesses? A) Venture capital. B) Personal savings. C) Credit card cash advance. D) Small Business Administration (SBA) loans. Show Answer Correct Answer: D) Small Business Administration (SBA) loans. 17. Some new businesses are designed to expand rapidly and: A) Will require almost no startup capital. B) Might require millions of dollars in startup capital. C) All the above. D) None of the above. Show Answer Correct Answer: B) Might require millions of dollars in startup capital. 18. Select the most appropriate definition of small business A) A small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. B) A small business is one that is owned by the shareholders and raise capital through the selling of shares on the stock market. C) All the above. D) None of the above. Show Answer Correct Answer: A) A small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. 19. Elena starts a business that uses drones to deliver medical supplies to rural areas. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: A) Entrepreneur. 20. Which of the following is a feature of the Startup India scheme? A) Mandatory registration for all startups. B) Financial support for only tech startups. C) Self-certification for compliance. D) No support for women entrepreneurs. Show Answer Correct Answer: C) Self-certification for compliance. 21. Small businesses make up 99% of all UK companies A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 22. This person manages a company's finances. A) COO (Chief Operating Officer). B) CIO (Chief Information Officer). C) CFO (Chief Financial Officer). D) CEO (Chief Executive Officer). Show Answer Correct Answer: C) CFO (Chief Financial Officer). 23. The ..... is a government-funded organization that helps small business owners borrow money as well as manage their businesses more efficiently. A) Small Business Institutes. B) Small Business Ventures. C) Small Business Administration. D) Service Corps of Retired Executives. Show Answer Correct Answer: C) Small Business Administration. 24. Most young entrepreneurs are female. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 25. Fill in the blank:An ..... is a tangible item a business owns. A) Asset. B) Expense. C) Liability. D) Revenue. Show Answer Correct Answer: A) Asset. ← 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