This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 42 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 42 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What are fixed costs in a business budget? A) Unexpected expenses. B) One-time startup costs. C) Costs that vary with production levels. D) Expenses that remain constant regardless of business activity. Show Answer Correct Answer: D) Expenses that remain constant regardless of business activity. 2. What is a primary goal of a small business owner? A) Taking on new opportunities. B) Generating profits. C) Expanding rapidly. D) Avoiding all risks. Show Answer Correct Answer: B) Generating profits. 3. Indicate whether the statement is true or false.5. About 50 percent of small businesses in the United States currently engage in deliberate exporting. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 4. Chelsea repairs iphone screens for cash.She advertises on social media by saying she can fix your phone for cheaper than the Apple Store. Her target customers are other college students so she gives them a discount. These are examples of Chelsea's ..... A) Marketing strategy. B) Business plan. C) Economics of one unit. D) Partnerships. Show Answer Correct Answer: A) Marketing strategy. 5. This section of your business plan, will explain how the business will be managed on a day-to-day basis. A) Marketing. B) Financial plan. C) Goals and objective. D) Nature of the business. Show Answer Correct Answer: D) Nature of the business. 6. How do small businesses contribute to employment generation in rural areas? A) By only hiring skilled workers from urban areas. B) By outsourcing all employment opportunities. C) By creating job opportunities for local residents. D) By reducing the number of available jobs. Show Answer Correct Answer: C) By creating job opportunities for local residents. 7. Retired local business people who volunteer their service to counsel and mentor business business owners are known as A) Small Business Administration (SBA). B) Service Corps of Retired Executives (SCORE). C) U. S. Department of Economic Development. D) U. S. Department of Agriculture. Show Answer Correct Answer: B) Service Corps of Retired Executives (SCORE). 8. An intangible service is delivered digitally. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. What is a common characteristic of services? A) They are physical items. B) They require some type of training to perform. C) They are sold only in physical stores. D) They have no associated costs. Show Answer Correct Answer: B) They require some type of training to perform. 10. According to the International Standards Organization, how is quality defined? A) Quality is defined as the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. B) Quality is defined as the lowest cost of production. C) Quality is defined as the speed of delivery. D) Quality is defined as the popularity of a product. Show Answer Correct Answer: A) Quality is defined as the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs. 11. How much PAYG Withholding tax should be deducted if the employee was Not Claiming the Tax Free Threshold and their weekly Gross Pay was $ 1, 000? A) None. B) $ 183. C) $ 304. D) $ 500. Show Answer Correct Answer: C) $ 304. 12. The study of consumer groups & competitors is called A) Market Survey. B) Product-Research. C) All the above. D) None of the above. Show Answer Correct Answer: B) Product-Research. 13. What is a typical organizational structure in small businesses? A) Complex hierarchical structure. B) Simple, flat organizational structure. C) All the above. D) None of the above. Show Answer Correct Answer: B) Simple, flat organizational structure. 14. What is a significant barrier to entrepreneurship in India? A) High levels of education among the population. B) Limited access to technology. C) Supportive government policies. D) Strong market demand. Show Answer Correct Answer: B) Limited access to technology. 15. Which of the following business forms is preferred by small-scale businesses for maximizing managerial control? A) A. Cooperative. B) B. Corporation. C) C. Sole proprietorship. D) None of the above. Show Answer Correct Answer: C) C. Sole proprietorship. 16. Small Business Administration (SBA) A) Someone who takes a risk in starting a business to earn a profit. B) Money needed to pay for the current operating activities of a business. C) A government agency that helps small business owners develop business plans and obtain financing and other support for their companies. D) Invention or creation that is brand new. Show Answer Correct Answer: C) A government agency that helps small business owners develop business plans and obtain financing and other support for their companies. 17. A small enterprise is, investment in plant and machinery is more than A) 20 lacs. B) 25 lacs. C) 15 lacs. D) None of the above. Show Answer Correct Answer: B) 25 lacs. 18. A ..... business should locate in an area with access to raw materials and transportation systems A) Retail. B) Manufacturing. C) Service. D) Wholesale. Show Answer Correct Answer: B) Manufacturing. 19. LED is responsible for strengthening the state's business environment, creating a more vibrant Louisianaeconomy. LED creates jobs and economic opportunity for Louisiana citizens and businesses. A) Louisiana Secretary of State. B) Louisiana Workforce Commission. C) Louisiana Department of Revenue. D) Louisiana Economic Development. Show Answer Correct Answer: D) Louisiana Economic Development. 20. 7-The poor quality of selection will mean extra cost on ..... and supervision. (SS1.a) A) Training. B) Recruitment. C) Work quality. D) None of the above. Show Answer Correct Answer: A) Training. 21. Small businesses employ ..... of private sector employees in the United States. A) Less than 10 percent. B) About a quarter. C) More than half. D) About 75 percent. Show Answer Correct Answer: C) More than half. 22. An employee is paid by wage or salary. A) Wage. B) Wage. C) Both. D) None of the above. Show Answer Correct Answer: C) Both. 23. What is the purpose of a budget? A) To track employee performance. B) To allocate expenses and revenue. C) To manage customer relationships. D) To analyze market trends. Show Answer Correct Answer: B) To allocate expenses and revenue. 24. A business has an annual revenue of $ 95 126. If the annual expenses are $ 56 178, did the company experience a profit, a loss, or broke even for that year? A) Not enough information given. B) Loss. C) Broke even. D) Profit. Show Answer Correct Answer: D) Profit. 25. Which statement does not describe a typical small business? A) It operates in one or very few locations. B) Owner is usually the manager. C) Is dominant in its field. D) Serves a small market. Show Answer Correct Answer: C) Is dominant in its field. ← 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