This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 30 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 30 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A determination of how many units are needed to sell in order to pay for all fixed costs. A) Break-even Analysis. B) Wholesale. C) All the above. D) None of the above. Show Answer Correct Answer: A) Break-even Analysis. 2. If you want to lower your premium, then you must: A) Increase the insurance coverage. B) Increase the amount of the deductible. C) Decrease the amount of the deductible. D) None of the above. Show Answer Correct Answer: B) Increase the amount of the deductible. 3. Fill in the blank:A ..... is a situation an entrepreneur analyzes and evaluates to see if starting a sustainable, profitable business is feasible. A) Business Opportunity. B) Business Plan. C) Market Survey. D) Financial Statement. Show Answer Correct Answer: A) Business Opportunity. 4. What does a curated selection in a small online store cater to? A) Specific customer preferences and needs. B) The general market trends. C) The largest possible audience. D) The international market. Show Answer Correct Answer: A) Specific customer preferences and needs. 5. The skills and talent of people can not be channeled into business idea with less capital investment and almost nil formalities to start a small business. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 6. What is the primary goal of a 'SWOT Analysis' in business planning? A) To identify the strongest employee in the company. B) To calculate the business's financial projections for the next fiscal year. C) To assess the business's Strengths, Weaknesses, Opportunities, and Threats. D) To determine the price point for new products. Show Answer Correct Answer: C) To assess the business's Strengths, Weaknesses, Opportunities, and Threats. 7. What does a .gov website belong to? A) A non-profit organization. B) An educational institution. C) An official government organization in the United States. D) A private company. Show Answer Correct Answer: C) An official government organization in the United States. 8. What is the CAC Customer Acquisition formula? A) (marketing Expenses + Sale Expenses) / Number of New Customers for the period. B) There is no formula. C) All the above. D) None of the above. Show Answer Correct Answer: A) (marketing Expenses + Sale Expenses) / Number of New Customers for the period. 9. How many people would be out of jobs if every small business closed tomorrow? A) 56, 800. B) 568, 000. C) 5, 680, 000. D) 56, 800, 000. Show Answer Correct Answer: D) 56, 800, 000. 10. Which organization is a source of support for new businesses? A) National Market Traders Federation. B) World Health Organization. C) International Monetary Fund. D) United Nations. Show Answer Correct Answer: A) National Market Traders Federation. 11. Which type of business sells their time, skills, and expertise? A) Service provider. B) Manufacturer. C) Wholesaler. D) Retailer. Show Answer Correct Answer: A) Service provider. 12. Based on statistics from the U.S. Small Business Administration (SBA), small businesses account for 78% of all private sector employees. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 13. Three levels of ethical standards are the law, policies and procedures and immorality A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 14. Essential in a factor in the beginning a life of a new business A) Finance. B) Flexible. C) Funding. D) Adaptation. Show Answer Correct Answer: D) Adaptation. 15. Cash float is the A) A. cashier's personal cash. B) B. cash kept in the bank. C) C. cash with the manager. D) D. supplies of change kept in the cash box before the sales start. Show Answer Correct Answer: D) D. supplies of change kept in the cash box before the sales start. 16. A legal document that specifies the responsibilities and financial relationships of business partners. A) Charter. B) Partnership Agreement. C) Articles of Incorporation. D) Licensing Agreement. Show Answer Correct Answer: B) Partnership Agreement. 17. In addition to offering a specialized product or service, a business that has more efficient production or distribution systems, a better location, or a reputation for excellence in customer service can do well in a competitive market.What does "reputation" mean? A) Something that is made. B) Money earned after paying costs. C) The general opinion about something or somebody. D) Reason for doing something. Show Answer Correct Answer: C) The general opinion about something or somebody. 18. Which of the following best defines an entrepreneur? A) A person who starts a new business and is willing to take risks. B) A person who manages an existing business without taking risks. C) A person who works for a large company. D) A person who provides capital for a business but is not involved in daily operations. Show Answer Correct Answer: A) A person who starts a new business and is willing to take risks. 19. Anyone can be an entrepreneur and: A) You must be 21 years of age to get started. B) You must have another job. C) You can begin at any age. D) None of the above. Show Answer Correct Answer: C) You can begin at any age. 20. A small business owner wants to sell their business within five years. What should they include in their harvest plan to ensure maximum value? A) A strategy for expanding their market share. B) Detailed records of financial performance and growth potential. C) A plan for reducing workforce size. D) Strategies for increasing operational complexity. Show Answer Correct Answer: B) Detailed records of financial performance and growth potential. 21. True or False:Discretionary can be ONLY used on Bell SBIS when activating 2+ Lines? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 22. Which government body gives preference to products of small enterprises? A) National Institute of Standards and Technology. B) Department of Commerce. C) Federal Trade Commission. D) Small Business Administration (SBA). Show Answer Correct Answer: D) Small Business Administration (SBA). 23. Which section of the business plan provides details on the company's background? A) Business/Company Background. B) Marketing Plan. C) Executive Summary. D) Operational Plan. Show Answer Correct Answer: A) Business/Company Background. 24. Easy to create, but comes with unlimited liability A) LLC. B) Sole Proprietorship. C) C Corp. D) S Corp. E) PartnershipTagsROLES. Show Answer Correct Answer: B) Sole Proprietorship. 25. How many jobs did small businesses create in 2015? A) 3.5 million. B) 2.1 million. C) 1.9 million. D) 1.2 million. Show Answer Correct Answer: B) 2.1 million. ← 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