This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 34 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 34 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. According to the Design Thinking Process:State Your User's Needs and Problems A) Define. B) Empathize. C) Test. D) Ideate. Show Answer Correct Answer: A) Define. 2. A qualitative characteristic of accounting that requires financial reports to be prepared so that performance can be compared is ..... A) Understandability. B) Comparability. C) Relevance. D) Faithful representation. Show Answer Correct Answer: B) Comparability. 3. Small businesses ..... A) Are generally local. B) Always only have a small shop. C) Have multiple small shops. D) Have a small amount of staff in every shop across the country. Show Answer Correct Answer: A) Are generally local. 4. When consumers shop at local small businesses, they are essentially giving money back to their ..... A) High-paying jobs. B) Local community. C) Luxury products. D) Competition. Show Answer Correct Answer: B) Local community. 5. True or false:to prepare/get ready for (s.t. difficult/unpleasant)=brace for A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. Which of the following is a common source of funding for small businesses? A) Government grants. B) Personal savings. C) Lottery winnings. D) Inheritance. Show Answer Correct Answer: B) Personal savings. 7. Secure a start-up's business name A) Louisiana Secretary of State. B) Louisiana Workforce Commission. C) Louisiana Department of Revenue. D) Louisiana Economic Development. Show Answer Correct Answer: A) Louisiana Secretary of State. 8. Small businesses often have limited access to external sources of funding A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 9. Entrepreneurs is individuals who introduce new products, processes, or ways of organizing production, thereby disrupting existing markets and creating economic value. A) Joseph Schumpeter. B) Peter Drucker. C) Howard Stevenson. D) William Bygrave & Andrew Zacharakis. Show Answer Correct Answer: A) Joseph Schumpeter. 10. This is a planned set of questions to which individuals or groups of people respond. A) Survey. B) Invoice. C) All the above. D) None of the above. Show Answer Correct Answer: A) Survey. 11. Which of the following is an example of a promotional activity? A) Creating a new product. B) Demonstrations and tasting sessions. C) Setting up a new store location. D) Reducing production costs. Show Answer Correct Answer: B) Demonstrations and tasting sessions. 12. List the correct order of the business life cycle stages. A) Existence, Survival, Success, Take-off, Resource maturity, Pivot or persist, Exit plan. B) Survival, Existence, Success, Take-off, Resource maturity, Pivot or persist, Exit plan. C) Success, Existence, Survival, Take-off, Resource maturity, Pivot or persist, Exit plan. D) Take-off, Existence, Survival, Success, Resource maturity, Pivot or persist, Exit plan. Show Answer Correct Answer: A) Existence, Survival, Success, Take-off, Resource maturity, Pivot or persist, Exit plan. 13. In what year was the Small Industries Development Bank of India established? A) 1990. B) 1995. C) 2000. D) 1985. Show Answer Correct Answer: A) 1990. 14. Below is the Entrepreneurial process?(A) Start the venture(B) Explore the entrepreneurial context(C) Manage the venture(D) Identify opportunities and possible competitive advantagesWhich one is the correct order? A) A-B-C-D. B) B-D-C-A. C) B-D-A-C. D) A-C-D-B. Show Answer Correct Answer: C) B-D-A-C. 15. Another term or meaning of an invoice is: A) Bank account. B) Payment check. C) Equity. D) Bill or charge. Show Answer Correct Answer: D) Bill or charge. 16. It refers to the place where the customers can obtain and buy the product. Also place include the distribution channel (the product get reach the hand of customer through it). A) Promotion. B) Product. C) Price. D) Place. Show Answer Correct Answer: D) Place. 17. Enterprise can mean which of the following A) A business. B) The act of setting up a business. C) Neither. D) Both. Show Answer Correct Answer: D) Both. 18. The following is concerned with developing a pool of candidates in line with the human resources plan. A) Development. B) Training. C) Recruitment. D) All the above. Show Answer Correct Answer: C) Recruitment. 19. This is a clear statement that describes the benefit of the new business, how it solves customer's needs and what distinguishes it from the competition. A) Universal price guarantee. B) Industrial worth proposal. C) Business cost structure. D) Unique value proposition. Show Answer Correct Answer: D) Unique value proposition. 20. Explain the concept of small business in the context of India. A) Large multinational corporations with thousands of employees. B) Government-owned enterprises with high sales revenue. C) Enterprises that are independently owned and operated, with a small number of employees and relatively low sales revenue. D) Non-profit organizations with a large number of employees. Show Answer Correct Answer: C) Enterprises that are independently owned and operated, with a small number of employees and relatively low sales revenue. 21. Which theory states that providing attention and making people feel valued are the most important factors in improving worker satisfaction? A) Bureaucratic Management. B) Human Relations Theory. C) Principles of Administrative Management. D) None of the above. Show Answer Correct Answer: B) Human Relations Theory. 22. How might a business assess its financial viability using customer demand? A) By counting the number of employees. B) By analyzing the number of sales and comparing it to estimated demand. C) By reviewing the business's color scheme. D) By checking the owner's personal bank account. Show Answer Correct Answer: B) By analyzing the number of sales and comparing it to estimated demand. 23. What do innovation, invention, and improvement have to do with entrepreneurship opportunities? A) Creating new products and services. B) Developing new marketing strategies. C) Expanding into international markets. D) Improving customer service. Show Answer Correct Answer: A) Creating new products and services. 24. When 2 or more people own a business, it is considered a A) Corporation. B) Franchise. C) Partnership. D) Sole-proprietorship. Show Answer Correct Answer: C) Partnership. 25. What is the main focus of the Dynamic States Approach in entrepreneurship? A) Static business models. B) Dynamic adaptation and value creation. C) Fixed resources and strategies. D) Traditional management practices. Show Answer Correct Answer: B) Dynamic adaptation and value creation. ← 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