This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 40 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 40 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Providing security and safety for products, personnel, and customers. A) Industrial Management. B) Risk Management. C) All the above. D) None of the above. Show Answer Correct Answer: B) Risk Management. 2. Anything of value OWNED by a person or business. A) Asset. B) Liability. C) All the above. D) None of the above. Show Answer Correct Answer: A) Asset. 3. This is the fourth stage of the business life cycle; the business might expand or improve its systems and processes. A) Takeoff. B) Success. C) Survival. D) Maturity. Show Answer Correct Answer: A) Takeoff. 4. Which characteristic of an entrepreneur involves adapting to change, loss, and disappointment? A) Risk tolerance. B) Grit. C) Collaboration. D) Growth mindset. Show Answer Correct Answer: B) Grit. 5. A small business discovers that its customer retention rate is declining. What is the best way to rebuild relationships with existing customers? A) Launching a loyalty program and personalized marketing campaigns. B) Raising product prices to generate higher revenue. C) Cutting costs on customer service. D) Focusing solely on acquiring new customers. Show Answer Correct Answer: A) Launching a loyalty program and personalized marketing campaigns. 6. MSMED implemented its policies and schemes through A) SIDO & NSIC. B) NABARD. C) SIDCO. D) None of the above. Show Answer Correct Answer: A) SIDO & NSIC. 7. How much is the monthly cost for Basic and Premium subscription services with 3 streaming bundles? (Crave, Netflix & Disney+) A) $ 22/$ 49. B) $ 16.75/$ 36. C) $ 15.75/$ 28.49. D) $ 11.99/$ 22. Show Answer Correct Answer: A) $ 22/$ 49. 8. Which organization represents 46 unions in Australia? A) The Australian Council of Trade Unions (ACTU). B) The Consumer's Federation of Australia. C) Australian Egg Corporation Ltd. D) Australian Wool Innovation Limited. Show Answer Correct Answer: A) The Australian Council of Trade Unions (ACTU). 9. Why do customers choose Small Business over consumer? A) More savings on multiple lines. B) Future loyalty offers (WSC). C) Tax Write offs. D) ALL THE ABOVE. Show Answer Correct Answer: D) ALL THE ABOVE. 10. Large corporations that grow from small businesses often remain: A) Offline. B) International. C) In the same community. D) As competitors to small businesses. Show Answer Correct Answer: B) International. 11. What is the importance of entrepreneurship in the economy? A) Entrepreneurship leads to unemployment and economic decline. B) Entrepreneurship has no impact on the economy. C) Entrepreneurship only benefits a few individuals and not the overall economy. D) Entrepreneurship drives innovation, creates jobs, and fosters economic growth. Show Answer Correct Answer: D) Entrepreneurship drives innovation, creates jobs, and fosters economic growth. 12. People who own, operate and take risk of a business venture A) Aptitude. B) Employee. C) Entrepreneur. D) Entrepreneurship. Show Answer Correct Answer: C) Entrepreneur. 13. A designed change that increases the usefulness of a product, service, or process is called a(n) A) Experiment. B) Improvement. C) Innovation. D) Investment. Show Answer Correct Answer: B) Improvement. 14. What is a key difference between a sole proprietorship and a limited liability company (LLC)? A) A sole proprietorship offers limited liability protection, while an LLC does not. B) An LLC allows the owner to separate personal and business liability, while a sole proprietorship does not. C) Sole proprietorships have multiple owners, while LLCs can only have one owner. D) LLCs do not have to pay taxes, while sole proprietorships do. Show Answer Correct Answer: B) An LLC allows the owner to separate personal and business liability, while a sole proprietorship does not. 15. Listening to feedback from customers is important in any business A) Customer Focus. B) Customer Idea. C) Customer Knowledge. D) Control. Show Answer Correct Answer: A) Customer Focus. 16. Crowdfunding means putting a request for money on Facebook. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 17. What does CFO Stand for? A) Chief Forming Officer. B) Chief Financial Officer. C) Chief Federation Officer. D) Chief Financial Officer. Show Answer Correct Answer: B) Chief Financial Officer. 18. COO stands for Chief Opening Officer A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 19. Which of the following is a potential negative impact of the technological environment on businesses? A) Price reduction. B) Products obsolete overnight. C) Consumers' life-styles. D) Competitors' products. Show Answer Correct Answer: B) Products obsolete overnight. 20. How can small businesses effectively manage their cash flow? A) By delaying invoicing and offering no discounts for early payments. B) By not maintaining a cash reserve and spending all profits immediately. C) By ignoring expenses and focusing only on sales. D) By closely monitoring expenses, invoicing promptly, offering discounts for early payments, and maintaining a cash reserve for emergencies. Show Answer Correct Answer: D) By closely monitoring expenses, invoicing promptly, offering discounts for early payments, and maintaining a cash reserve for emergencies. 21. The amount of money borrowed. A) Principal. B) Simple Intrest. C) All the above. D) None of the above. Show Answer Correct Answer: A) Principal. 22. Describes who a business is providing services for. A) Market Analysis. B) Target Market. C) Focus Groups. D) Survey. Show Answer Correct Answer: B) Target Market. 23. What's the capital of Ghana? A) Accra. B) Kumasi. C) Tamale. D) Non of the above. Show Answer Correct Answer: A) Accra. 24. Major sections in most business plans include: A) Executive Summary and Company Description. B) SWOT Analysis and Marketing Plan. C) Operations Plan and Management Plan. D) Financial Plan. E) All of the sections listed are in most business plans. Show Answer Correct Answer: E) All of the sections listed are in most business plans. 25. Short-term financing is obtained for a period of less than A) 3 months. B) Six months. C) One year. D) Two years. Show Answer Correct Answer: C) One year. ← 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