This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 44 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 44 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. You have just opened a new small business. You're really happy to learn that studies show that small-business workers ..... A) Don't really like bill collectors much. B) Are more innovative than workers in large businesses. C) Don't want a lot of benefits. D) Don't have a lot of experience. E) Pay little attention to their salary levels compared to similar workers in large businesses. Show Answer Correct Answer: B) Are more innovative than workers in large businesses. 2. B2C means: A) When a business sells product or service to another business. B) When you sell a service back to a business. C) When a business sells product or service directly to a consumer. D) None of the above. Show Answer Correct Answer: C) When a business sells product or service directly to a consumer. 3. Which of the following is a characteristic of a limited company? A) Unlimited liability for owners. B) Separate legal entity from its members. C) Owned by a single individual. D) No need for formal registration. Show Answer Correct Answer: B) Separate legal entity from its members. 4. One of the first things someone needs to do before starting a business is to write which of the following? A) A business plan. B) A loan application. C) A partnership statement. D) A franchise agreement. Show Answer Correct Answer: A) A business plan. 5. Price, Quality, Location, and Service are characteristics that identify which term? A) Business Opportunity. B) Business Milestone. C) Brand Recognition. D) Brand Marketing. Show Answer Correct Answer: A) Business Opportunity. 6. Starbucks is an example of what type of business ownership? A) Sole trader. B) Limited liability partnership. C) Franchise. D) Parthership. Show Answer Correct Answer: C) Franchise. 7. A consumer need is: A) Goods and services that are required. B) Goods and services that are wished for. C) Goods and services that are desired but not necessary. D) Goods and services that are valued. Show Answer Correct Answer: A) Goods and services that are required. 8. What should businesses develop to provide early warnings about potential risks? A) A new product line. B) Monitoring systems. C) A public relations campaign. D) A cost-cutting strategy. Show Answer Correct Answer: B) Monitoring systems. 9. Which of the following is an example of a physical factor influencing the choice of a small business location? A) Availability of local tax incentives. B) Availability of parking spaces. C) Local demand for the product or service. D) Brand recognition. Show Answer Correct Answer: B) Availability of parking spaces. 10. What is a business milestone? A) Costs incurred by a business for property or equipment. B) Items provided to employees in addition to standard compensation. C) A point in a business' life where a manager or other administrative employee designates an achieved goal or standard in time. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: C) A point in a business' life where a manager or other administrative employee designates an achieved goal or standard in time. 11. What is a key characteristic of social entrepreneurs? A) Focus on profit maximization. B) Emphasis on social impact. C) Preference for high-risk ventures. D) Development of luxury goods. Show Answer Correct Answer: B) Emphasis on social impact. 12. (adv) Certainly; to be expected. A) Inevitably. B) Competitively. C) Productively. D) Profitably. Show Answer Correct Answer: A) Inevitably. 13. Profits are taxed when earned, and then the shareholders' dividends are taxed after they are distributed. This legal structure is best for international businesses A) LLC. B) Sole Proprietorship. C) C Corp. D) S Corp. E) PartnershipTagsLEGAL STRUCTURES. Show Answer Correct Answer: C) C Corp. 14. Can a tiny industry exceed Rs. 25 lakhs in fixed capital investment? A) A tiny industry can have a fixed capital investment of up to Rs. 50 lakhs. B) No, a tiny industry cannot exceed Rs. 25 lakhs in fixed capital investment. C) Tiny industries are exempt from fixed capital investment limits. D) Yes, a tiny industry can exceed Rs. 25 lakhs in fixed capital investment. Show Answer Correct Answer: B) No, a tiny industry cannot exceed Rs. 25 lakhs in fixed capital investment. 15. Which legal structure is best for international business even with being double-taxed? A) LLC. B) Non-profit. C) C-Corp. D) S-Corp. Show Answer Correct Answer: C) C-Corp. 16. Why is it important to include a buffer for unexpected costs in a budget? A) To manage unforeseen financial demands. B) To increase profit margins. C) To reduce tax liabilities. D) To attract investors. Show Answer Correct Answer: A) To manage unforeseen financial demands. 17. As an entrepreneur, you should always use website to:KLO 1.4 A) Promote your business. B) Sell online. C) Interact with your customers. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. Which type of retailers provides door to door services to their customers A) Street traders. B) Peddlers and hawkers. C) General stores. D) Street stall holders. Show Answer Correct Answer: B) Peddlers and hawkers. 19. A small business is an independent business with fewer than ..... employees. A) 10. B) 50. C) 100. D) 500. Show Answer Correct Answer: D) 500. 20. What is the most important aspect of a business manager A) Leadership. B) Creativity. C) Originality. D) Careness. Show Answer Correct Answer: A) Leadership. 21. Which of the following is the main problem for small businesses? A) Raw material. B) Technology. C) Managerial skill. D) All of the above. Show Answer Correct Answer: D) All of the above. 22. Many small businesses have an advantage over larger businesses because they are better able to ..... A) Provide unique services to customers. B) Market their products. C) Raise large amounts of financial capital. D) Mass produce products. Show Answer Correct Answer: A) Provide unique services to customers. 23. What percentage of all U.S. businesses do small businesses represent according to the U.S. Small Business Administration (SBA)? A) 99.9%. B) 75.5%. C) 50.2%. D) 25.1%. Show Answer Correct Answer: A) 99.9%. 24. Jill is an investor in a full detail car wash, she has been very pleased in the company after helping choose a CEO a couple of months ago. Which best describes Jill's role in the car wash? A) Stockholder. B) COO. C) Human resources manager. D) StakeholderTagsROLES. Show Answer Correct Answer: A) Stockholder. 25. The most successful small business owners A) Establish good working relationships with professionals such as bankers, lawyers, and accountants. B) Have never worked for anyone else before. C) Do not need to choose employees carefully because they will be the ones giving orders. D) Understand that a written business plan is a waste of time and money. Show Answer Correct Answer: A) Establish good working relationships with professionals such as bankers, lawyers, and accountants. ← 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