This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 36 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 36 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following statements about business plans is not true? A) Owners of successful businesses usually develop and follow a business plan. B) Business owners can hire someone to develop their business plan. C) Business plans should not be revised nor updated. D) Developing a business plan forces owners to thing about activities, time requirements, and costs. Show Answer Correct Answer: C) Business plans should not be revised nor updated. 2. A business grants the licence to use its brand and reproduce its product. A) Joint Ventures. B) Mergers. C) Acquisitions. D) Franchising. Show Answer Correct Answer: D) Franchising. 3. A hair salon needs a COO to help organize and run the business; that person will become part owner. Which type of compensation would be best for this? A) Hourly. B) Equity. C) Commission. D) Salary. Show Answer Correct Answer: B) Equity. 4. Chelsea repairs iphone screens for cash. She works out of her apartment and advertises on social media. Her target customers are other college students. What is she selling? A) Iphones. B) A repair service. C) Iphone screens. D) Advertisements. Show Answer Correct Answer: B) A repair service. 5. Investment in equipment more than 10 lakh but less than 2 crore is a part of ..... A) Medium Enterprises (Service Enterprise). B) Small Enterprises (Manufacturing Enterprise). C) Medium Enterprises (Manufacturing Enterprise). D) Small Enterprises (Service Enterprise). Show Answer Correct Answer: D) Small Enterprises (Service Enterprise). 6. This is a geographic area in which a new product or service is tested in order to gather information about customer reaction to the tested product or service. A) Industrial Test. B) Test Market. C) All the above. D) None of the above. Show Answer Correct Answer: B) Test Market. 7. Small business contribution to GDP A) 35%. B) 40%. C) 45%. D) None of the above. Show Answer Correct Answer: B) 40%. 8. Which section of the business plan introduces the proposed business venture? A) Financial Plan. B) Conclusion/Recommendation. C) Introduction. D) Operational Plan. Show Answer Correct Answer: C) Introduction. 9. In which case manufacturing enterprise investment in plant and machinery is more than 125 crore A) Micro Enterprise. B) Small Enterprise. C) Medium Enterprise. D) None of these. Show Answer Correct Answer: C) Medium Enterprise. 10. Bennett and Jacob are planning to expand their business internationally. They are considering different legal structures for their business. Even though one of the structures might lead to double taxation, they believe it's the best for their situation. Which legal structure are they considering? A) LLC. B) S-Corp. C) C-Corp. D) Non-profit. Show Answer Correct Answer: C) C-Corp. 11. Most of the money needed to start a new business comes from A) The sale of stock. B) Personal business loans. C) The entrepreneur and his/her family and friends. D) None of the above. Show Answer Correct Answer: B) Personal business loans. 12. Which of the following is a major problem for small business? A) Raw material. B) Capacity utilization. C) Global competition. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. What is a key factor in choosing a business location? A) Closeness to a beach. B) Distance from competitors. C) Availability of skilled labor. D) Proximity to the owner's home. Show Answer Correct Answer: C) Availability of skilled labor. 14. What are the limitations of owning a small business enterprise? A) To make a difference. B) Possess a future orientation. C) High level of energy. D) Risk of losing invested capital. Show Answer Correct Answer: D) Risk of losing invested capital. 15. Fill in the blank:A ..... is a document that addresses the concept, customers, and capital for a business. A) Business Plan. B) Invoice. C) Resume. D) Memo. Show Answer Correct Answer: A) Business Plan. 16. What do you get in return for franchising? A) A well-known name and a business plan. B) A share in a corporation. C) All the above. D) None of the above. Show Answer Correct Answer: A) A well-known name and a business plan. 17. The target customer for a new bookbag would be ..... A) Teachers. B) Librarians. C) Students. D) Elderly people. Show Answer Correct Answer: C) Students. 18. SWOT Analysis:Threats identified in a SWOT Analysis are the most difficult element to mitigate. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. A large number of small businesses in the United States are service businesses A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 20. Which of the following provided 67 percent of workers with their first jobs and first on-the-job training? A) Large corporations. B) Universities. C) Government agencies. D) High schools. E) Small businesses. Show Answer Correct Answer: E) Small businesses. 21. ..... % of industries are small industries in India. A) 70. B) 75. C) 25. D) 95. Show Answer Correct Answer: D) 95. 22. Why is monitoring business performance against the budget critical? A) To reduce product prices. B) To make informed decisions on expenses and resource allocation. C) To increase the number of employees. D) To expand the business location. Show Answer Correct Answer: B) To make informed decisions on expenses and resource allocation. 23. The first step of the Marketing Research Process is A) Gathering primary data. B) Defining the problem. C) All the above. D) None of the above. Show Answer Correct Answer: B) Defining the problem. 24. Not less than 51% of its shares are owned by a wo.men A) Micro Enterprises. B) Women Enterprises. C) Service Enterprises. D) Small scale business. Show Answer Correct Answer: B) Women Enterprises. 25. Which of the following is a disadvantage of a Bank Overdraft? A) High interest rates. B) Quick access. C) Allows emergency purchases. D) No need to pay back. Show Answer Correct Answer: A) High interest rates. ← 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