This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 33 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 33 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the first and primary question you should ask yourself before starting a small business? A) Am I business savvy. B) Where will I get the money. C) Where should my business be located. D) Do I have what it takes. Show Answer Correct Answer: D) Do I have what it takes. 2. Small businesses tend to have a low number of employees compared to larger enterprises A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 3. A qualitative characteristic of accounting that enables accounting information to be checked against business documents is ..... A) Understandability. B) Comparability. C) Timeliness. D) Verifiability. Show Answer Correct Answer: D) Verifiability. 4. What is a common reason for small business failure? A) Overabundance of resources. B) Excessive government grants. C) Poor management and planning. D) Too many customers. Show Answer Correct Answer: C) Poor management and planning. 5. This is the legal right granted to an individual (or group) to operate a business as if it were part of a larger chain of stores. A) Franchise. B) Patent. C) All the above. D) None of the above. Show Answer Correct Answer: A) Franchise. 6. IPR protects: A) Only tangible property. B) Only real estate. C) Intangible property like inventions, literary works, and logos. D) Only family-owned business secrets. Show Answer Correct Answer: C) Intangible property like inventions, literary works, and logos. 7. Small businesses tend to be innovators of products and of production processes. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 8. What type of tax is Value Added Tax (VAT)? A) Consumer tax. B) Income tax. C) Property tax. D) Inheritance tax. Show Answer Correct Answer: A) Consumer tax. 9. Small business firms are unable to attract skilled workers because ..... A) Low remuneration offer. B) Use of outdated technology. C) Small size of plant and machinery. D) All of the above. Show Answer Correct Answer: A) Low remuneration offer. 10. Once a business plan is written, it should never be revised and should never be updated. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 11. Votes on the management of the company and whether to remove the CEO should the occasion arise A) CFO. B) Stakeholder. C) Founder. D) Stockholder. E) COOTagsROLES. Show Answer Correct Answer: D) Stockholder. 12. To maintain strong customer relationships, a business decides to implement a rewards program. Which feature would make this program successful? A) Offering meaningful rewards based on purchase history. B) Limiting participation to a small group of customers. C) Requiring customers to pay fees to join the program. D) Using the program only during the holiday season. Show Answer Correct Answer: A) Offering meaningful rewards based on purchase history. 13. What is the ROI Return on Investment formula? A) (Net profit/ Cost of investment). B) ( Net profit/ Cost of investment) X100. C) All the above. D) None of the above. Show Answer Correct Answer: B) ( Net profit/ Cost of investment) X100. 14. POS helps in: A) A. Accounting. B) B. Reports. C) C. Cash handling. D) D. All of the above. Show Answer Correct Answer: D) D. All of the above. 15. Select the following incorrect statement concerning preparing your own personal budget for the next 12 months: A) A budget can help you to achieve your financial goals. B) Budgets also provide a greater level of control over your finances. C) Budgets require every item you will buy in the next 12 months to be specifically listed. D) Budgets help keep control of expenses. Show Answer Correct Answer: C) Budgets require every item you will buy in the next 12 months to be specifically listed. 16. Business advisers point to the importance of finding a niche.What does "niche" ? A) A piece of advice. B) Something that is made. C) A position or place that is very suitable. D) Reason for doing something. Show Answer Correct Answer: C) A position or place that is very suitable. 17. ..... was set up by world association for small and medium enterprises and sponsored by NABARD A) Rural and women entrepreneurship development. B) The National Commission for enterprises in the unorganised sector. C) Small industries Development Bank of India. D) The rural small business development centre. Show Answer Correct Answer: D) The rural small business development centre. 18. Whats the point of registering your business? A) To make it a distinct legal entity. B) To gain profit. C) To gain supporters. D) None of the above. Show Answer Correct Answer: A) To make it a distinct legal entity. 19. Approximately half of all small businesses are home-based businesses. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 20. Describe Venture Capital A) Money that is taken from you and used for government use. B) Loan from your personal bank. C) Main office of a business. D) Money provided by large investors to finance new products. Show Answer Correct Answer: D) Money provided by large investors to finance new products. 21. How does government assistance support small businesses in India? A) Financial assistance programs, subsidies, and schemes. B) No support at all. C) Tax increases for small businesses. D) Free marketing services. Show Answer Correct Answer: A) Financial assistance programs, subsidies, and schemes. 22. Financial events are recorded and reported for a specific period of time, allowing valid comparisons of performance to be made A) The going concern assumption. B) The period assumption. C) The accrual basis assumption. D) The accounting entity assumption. Show Answer Correct Answer: B) The period assumption. 23. Which of the following is NOT a benefit of planning for the harvest in a small business? A) Maximizing financial returns. B) Ensuring business continuity. C) Preparing for sudden market changes. D) Eliminating the need for financial records. Show Answer Correct Answer: D) Eliminating the need for financial records. 24. You should always wear your name tag when working. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 25. What is one of the primary roles of MSMEs in the context of employment? A) They employ only skilled labor. B) They provide a large number of jobs in rural areas. C) They are not involved in job creation. D) They focus on high-paying jobs only. Show Answer Correct Answer: B) They provide a large number of jobs in rural areas. ← 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