This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 45 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 45 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Chelsea charges customers $ 150 to fix an iphone. She pays $ 40 for each replacement screens she puts on a phone. What is her profit from fixing one iphone? A) $ 110. B) $ 190. C) $ 600. D) $ 150. Show Answer Correct Answer: A) $ 110. 2. An individual or company that owns shares in a company. A) Shareholder. B) Managing Member. C) All the above. D) None of the above. Show Answer Correct Answer: A) Shareholder. 3. Who is the highest-ranked employee in a company? A) Chief Financial Officer (CFO). B) Chief Executive Officer (CEO). C) Chief Operating Officer (COO). D) Board of Directors. Show Answer Correct Answer: B) Chief Executive Officer (CEO). 4. All of your website contents are:KLO 2.3 A) A) copyrighted once you publish the website. B) B) can be further copyrighted once registration is completed. C) C) a and b are both correct. D) D) none of the above. Show Answer Correct Answer: B) B) can be further copyrighted once registration is completed. 5. Entrepreneurs must be willing to seek advice from others. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. Small Industries are second largest employers of human resource after ..... A) Service sector. B) Agriculture. C) Real estate. D) Defence. Show Answer Correct Answer: B) Agriculture. 7. This is one of the characteristic of small business that supplied by an individual or a small group of individuals? A) A. Sole ownership. B) B. Limited Investment. C) C. Unorganized Labor. D) None of the above. Show Answer Correct Answer: B) B. Limited Investment. 8. What is the role of focus groups in a business? A) To provide a clear managerial structure. B) To solicit individuals to consume a product and provide proactive feedback. C) To describe the purpose of the organization. D) To forecast industry trends. Show Answer Correct Answer: B) To solicit individuals to consume a product and provide proactive feedback. 9. Which of the following equations correctly represents the components of a balance sheet? A) Assets = Current Assets + Fixed Assets. B) Liabilities = Current Liabilities + Long-term Liabilities. C) Assets and liabilities add up to the same number. D) All of the above. Show Answer Correct Answer: A) Assets = Current Assets + Fixed Assets. 10. Advantage of a Franchise A) Customers are already aware of your business. B) It's the cheapest way to open a business. C) It's the easiest way to open a business. D) It's the most difficult business to start. Show Answer Correct Answer: A) Customers are already aware of your business. 11. What are the current in-market activation credits on SBIS primary and secondary lines? A) Primary $ 300 + secondary $ 275. B) Primary $ 350 + secondary $ 325. C) Primary $ 365 + secondary $ 300. D) None Of The Above. Show Answer Correct Answer: C) Primary $ 365 + secondary $ 300. 12. Which of the following is an example of a product business? A) Home inspection service. B) Piano tuning service. C) Selling basketballs. D) Garbage removal. Show Answer Correct Answer: C) Selling basketballs. 13. Which of the following is a significant challenge faced by entrepreneurs in India? A) Abundant funding options. B) High levels of bureaucracy. C) Lack of competition. D) Easy access to technology. Show Answer Correct Answer: B) High levels of bureaucracy. 14. Which stage in the startup process model involves the small business owner removing themselves from the business? A) Growth. B) Maturity. C) Implementation. D) Harvest. Show Answer Correct Answer: D) Harvest. 15. Which of the following is one of the ways that entrepreneurs can acquire a business? A) Entrepreneurs can found their own small business. B) Entrepreneurs can purchase someone else's small business. C) Entrepreneurs can take over (or inherit) an existing family business. D) Entrepreneurs can acquire a business venture in all of these ways. Show Answer Correct Answer: D) Entrepreneurs can acquire a business venture in all of these ways. 16. What is an example given in the text of a small business idea that changed the world? A) Microsoft and Google. B) Amazon and Twitter. C) Microsoft and Amazon. D) Google and Facebook. Show Answer Correct Answer: C) Microsoft and Amazon. 17. Advertising, Merchandising, E-marketing, and Public Relations are all involved in A) Promotion of products. B) Pricing of products. C) All the above. D) None of the above. Show Answer Correct Answer: A) Promotion of products. 18. What is the most common cause of business failure? A) Lack of innovation. B) Lack of capital. C) Lack of marketing. D) Lack of location. Show Answer Correct Answer: B) Lack of capital. 19. Fill in the blank:A ..... is the amount of money a business plans on spending during a given period. A) Budget. B) Revenue. C) Invoice. D) Asset. Show Answer Correct Answer: A) Budget. 20. What is a significant challenge faced by many small businesses A) Unlimited access to resources. B) Difficulty in obtaining financing. C) Formal organizational structure. D) None of the above. Show Answer Correct Answer: B) Difficulty in obtaining financing. 21. Which characteristic is about bringing new and unconventional ideas? A) Creativity & Innovation. B) Problem Solving. C) Ethical Practices. D) Personal Agency. Show Answer Correct Answer: A) Creativity & Innovation. 22. Which is a key trait of an entrepreneur? A) Flexibility. B) Risk Taking. C) Creative Thinking. D) All of the above. Show Answer Correct Answer: D) All of the above. 23. What is the success rate for vending machine businesses? A) 90%. B) 75%. C) 85%. D) 95%. Show Answer Correct Answer: A) 90%. 24. Allows functions to work together; they are not subordinate to each other A) Survey. B) Organizational Structure. C) Hierarchical Structure. D) Learning Based Structure. Show Answer Correct Answer: D) Learning Based Structure. 25. Entrepreneurs should solve: A) Puzzles. B) Problems. C) All the above. D) None of the above. Show Answer Correct Answer: B) Problems. ← 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