This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 48 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 48 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This is a small number of people who are brought together to discuss elements of a specific issue or problem. A) Focus Group. B) Observation. C) Survey. D) Test Market. Show Answer Correct Answer: A) Focus Group. 2. A for-profit corporation with a lower tax rate that prevents the company from being double taxed A) LLC. B) Sole Proprietorship. C) Non-profit. D) S Corp. E) PartnershipTagsLEGAL STRUCTURES. Show Answer Correct Answer: D) S Corp. 3. Ram is running a power loom unit, he wants to export his product to UAE. But due to failure in ISO9000 Certification he couldn't export, can you identify which type of problem Ram faced here A) Limited access to market due to competition. B) Quality related problems. C) Technology related problems. D) None of the above. Show Answer Correct Answer: A) Limited access to market due to competition. 4. Scenario:An entrepreneur reaches the turnover threshold of ₹ 60 crore with investment of ₹ 20 crore. Under the 2025 MSME standards, this enterprise most likely falls into which category based on the given turnovers? A) Micro enterprise. B) Small enterprise. C) Medium enterprise. D) Not an MSME. Show Answer Correct Answer: B) Small enterprise. 5. Fixed costs plus variable costs. A) Total Costs. B) Profit. C) All the above. D) None of the above. Show Answer Correct Answer: A) Total Costs. 6. What are some common reasons for small business failure? A) Excessive capital, excellent management, thorough business planning, and lack of competition. B) Lack of capital, poor management, inadequate business planning, and fierce competition. C) Abundance of capital, lack of management, excessive business planning, and no competition. D) Lack of capital, excellent management, thorough business planning, and lack of competition. Show Answer Correct Answer: B) Lack of capital, poor management, inadequate business planning, and fierce competition. 7. What is the financial consideration during the start-up or acquisition stage of a venture? A) Cash management. B) Seed capital. C) Profit question. D) Corporate buyout. Show Answer Correct Answer: B) Seed capital. 8. Social media marketing for small business is high risk/high reward: A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. The Startup India campaign was announced on A) 15$^{th}$ August 2017. B) 15$^{th}$ August 2015. C) 15$^{th}$ August 2016. D) 15$^{th}$ August 2014. Show Answer Correct Answer: B) 15$^{th}$ August 2015. 10. Which of the following statements is an ADVANTAGE of the partnership form of ownership? A) Partners are able to combine their knowledge, skills, and abilities. B) Disagreements on important decisions can occur among partners. C) All partners are responsible for any actions and decisions made by another partner. D) Partners share the profits of the business. Show Answer Correct Answer: A) Partners are able to combine their knowledge, skills, and abilities. 11. Is choosing a business name important? A) Yes. B) No. C) All the above. D) None of the above. Show Answer Correct Answer: A) Yes. 12. What is the focus of Design Thinking? A) Customers and their needs. B) Financial growth. C) Operational separation. D) Exit strategies. Show Answer Correct Answer: A) Customers and their needs. 13. Sarah is driving on the highway and a large cow runs out in front of the car, and Sarah hits it. The cow seems unhurt and runs away. Sarah is left with a big, ugly dent in her car. What type of auto insurance coverage will Sarah be glad he bought? ( Unit 33-KLO 1-1) A) A. Collision coverage. B) B) B. Comprehensive coverage. C) C) C. Personal Injury Protection. D) D) D. Windscreen coverage. Show Answer Correct Answer: A) A. Collision coverage. 14. How many different groups should students pair up in to complete a PowerPoint on articles of business impacted by Risk Management Policies? A) 5. B) 6. C) 7. D) 8. Show Answer Correct Answer: C) 7. 15. A main line on Canada/US/MEX Ultimate 200 can be priced as low as: A) $ 80. B) $ 75. C) $ 60. D) $ 55. Show Answer Correct Answer: B) $ 75. 16. ....is the final step in organizational design (KLO 2.4) A) Staffing. B) Reporting structure. C) Organizational structure. D) Sales and marketing. Show Answer Correct Answer: B) Reporting structure. 17. Which of the following would be an example of an expense for a business? A) Paying staff wages. B) Selling a product. C) Renting an apartment to your tenant. D) Collecting interest on an investment. Show Answer Correct Answer: A) Paying staff wages. 18. An obligation you have to pay someone else money. Also called a debt or a loan. A) Liabilities. B) Assets. C) All the above. D) None of the above. Show Answer Correct Answer: A) Liabilities. 19. What is the average monthly revenue for this business (for the 4 months that the business is open)? A) $ 190. B) $ 172. C) $ 760. D) $ 63.33. Show Answer Correct Answer: A) $ 190. 20. Small Scale Industry in service sector with the capital investment in the equipment of Rs 1 crore is:enterprise Enterprise A) Micro. B) Small. C) Medium Enterprise. D) Large Enterprise. Show Answer Correct Answer: A) Micro. 21. Small-scale businesses employ smaller teams of employees than companies that operate on larger scales. What characteristic is this? A) A. Small Market Area. B) B. Smaller Teams of Employees. C) C. Limited Investment. D) None of the above. Show Answer Correct Answer: B) B. Smaller Teams of Employees. 22. What are the three ways to start your own business? A) Creating from scratch, purchasing an existing business, buying a franchise. B) Working for a large company, investing in stocks and bonds, providing services to others. C) Starting a non-profit organization, becoming a freelancer, investing in real estate. D) Becoming a government employee, joining a cooperative, starting a social enterprise. Show Answer Correct Answer: A) Creating from scratch, purchasing an existing business, buying a franchise. 23. What does it take to start a small business A) A lot of money. B) A lot of time. C) A passion for something. D) A lawyer. Show Answer Correct Answer: C) A passion for something. 24. Why is understanding global opportunities important for small businesses? A) It helps businesses expand beyond local markets and reach international customers. B) It only increases competition in the local market. C) It guarantees immediate profits from international markets. D) It simplifies the business's internal operations. Show Answer Correct Answer: A) It helps businesses expand beyond local markets and reach international customers. 25. Which is not a non-fund based facility? A) Letter of Credit. B) Bank Guarantee. C) SBLC. D) Cash Credit. Show Answer Correct Answer: D) Cash Credit. ← 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