This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 47 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 47 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Method used when aspiring entrepreneurs quickly and clearly explain their differentiating vision to encourage potential investors to learn more about their business. A) Business meeting. B) Business plan. C) Financial statement. D) Elevator pitch. Show Answer Correct Answer: D) Elevator pitch. 2. How does the culture of Silicon Valley contribute to its success as an innovation hub? A) Limited networking opportunities. B) Strict regulations. C) Focus on traditional industries. D) Supportive ecosystem for startups. Show Answer Correct Answer: D) Supportive ecosystem for startups. 3. Small businesses may lack of sufficient capital, staff and equipment A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 4. Fill in the blank:The ..... (COO) holds a leadership role within a business. The COO is responsible for overseeing the day-to-day administrative and operational functions of a business. A) Chief Operating Officer. B) Chief Financial Officer. C) Chief Marketing Officer. D) Chief Technology Officer. Show Answer Correct Answer: A) Chief Operating Officer. 5. In this type of partnership some partners may have only partial liability as well as restricted input with management decisions. These restrictions will reflect the percentage of the initial investment made by each partner. A) General Partnership. B) Limited Partnership. C) All the above. D) None of the above. Show Answer Correct Answer: B) Limited Partnership. 6. Sama takes orders going door to door and does tailoring work for women's daily work wear.Sama is a A) Wage Employee. B) Entrepreneur. C) All the above. D) None of the above. Show Answer Correct Answer: B) Entrepreneur. 7. Between 1990 and 2005, roughly what percentage of new jobs were created by businesses with fewer than 500 employees? A) 20 percent. B) 40 percent. C) 60 percent. D) 80 percent. Show Answer Correct Answer: C) 60 percent. 8. True or false:malicious software=tap into A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 9. What is business sustainability? A) Costs incurred by a business for property or equipment. B) Items provided to employees in addition to standard compensation. C) What can be done to increase a business' profitability over the long term and keep the company fresh and competitive. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: C) What can be done to increase a business' profitability over the long term and keep the company fresh and competitive. 10. How many types of itinerant retailers are there? A) One. B) Four. C) Three. D) Two. Show Answer Correct Answer: B) Four. 11. What is the purpose of the Competitor Analysis section in a business plan? A) To understand who the potential competitors are and reduce the risk of failure. B) To provide a guide for potential investors as to the attractiveness of the business. C) To describe the day-to-day operation of the firm and the facilities required. D) To outline the main elements of the proposed business, including future projections of income and profits. Show Answer Correct Answer: A) To understand who the potential competitors are and reduce the risk of failure. 12. Which of the following is not a way to obtain capital? A) Venture Capitalists. B) Selling stock in corporations. C) Equity Financing. D) Line of credit. Show Answer Correct Answer: C) Equity Financing. 13. A system of computers, peripherals, terminals and databases connected by communication lines are called a A) Cable line. B) Internet. C) Bunch of computers. D) Network. Show Answer Correct Answer: D) Network. 14. The purpose of a business plan includes which of the following? A) It explains your idea for a product or service. B) It sets specific objectives and describes how they will be achieved. C) It describes the backgrounds and experiences people who will run the business. D) All answers are correct. Show Answer Correct Answer: D) All answers are correct. 15. They provide goods and services that are not provided by larger firms. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. Belief in oneself and one's own abilities with an expectation to be successful. A) Grit. B) Creativity. C) Self-Confidence. D) Perseverance. Show Answer Correct Answer: C) Self-Confidence. 17. If an ancillary unit is owned by another business unit, what happens to its status? A) The ancillary unit remains independent and does not change its status. B) The ancillary unit is dissolved and its assets liquidated. C) The ancillary unit becomes a competitor to the owning business unit. D) The ancillary unit's status changes to that of a subsidiary or division of the owning business unit. Show Answer Correct Answer: D) The ancillary unit's status changes to that of a subsidiary or division of the owning business unit. 18. In a sole proprietorship, who gets to keep the profits from the business? A) The government. B) The employees. C) The customers. D) The owner. Show Answer Correct Answer: D) The owner. 19. What is the first step in ensuring cybersecurity for small businesses? A) Hiring more employees. B) Strong physical security. C) Increasing online presence. D) Reducing work hours. Show Answer Correct Answer: B) Strong physical security. 20. There are 30.2 million small businesses in the U.S. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 21. They act as competitors to larger firms which will help improve their efficiency and lower the prices offered to the consumers. A) Advantage. B) Disadvantage. C) All the above. D) None of the above. Show Answer Correct Answer: A) Advantage. 22. How do small businesses contribute to innovation? A) Small businesses contribute to innovation by limiting collaboration and staying isolated. B) Small businesses contribute to innovation by fostering creativity, agility, and a willingness to take risks. C) Small businesses contribute to innovation by avoiding risks and sticking to traditional methods. D) Small businesses contribute to innovation by following trends, not creating them. Show Answer Correct Answer: B) Small businesses contribute to innovation by fostering creativity, agility, and a willingness to take risks. 23. What role do ancillary industrial undertakings play in the industrial ecosystem? A) They only provide financial support to large corporations. B) They primarily focus on research and development. C) Ancillary industrial undertakings support primary industries by providing essential services and products, enhancing overall efficiency. D) They replace primary industries in the ecosystem. Show Answer Correct Answer: C) Ancillary industrial undertakings support primary industries by providing essential services and products, enhancing overall efficiency. 24. Which of the following is NOT a recommended strategy to manage your personal finances effectively? A) Look for opportunities to increase your income. B) Bet weekly on sporting teams which are based in Victoria. C) Understand financial information and take control of financial decisions. D) Maintain good financial records. Show Answer Correct Answer: B) Bet weekly on sporting teams which are based in Victoria. 25. What is the last stage in the business life cycle? A) Maturity. B) Exit Plan. C) Take off. D) Existence. Show Answer Correct Answer: B) Exit Plan. ← 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