This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 49 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 49 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. A useful payment method is direct debit. Under this arrangement: A) Payments can be deducted from your savings or credit card once a month. B) Payment is debited to your credit card immediately. C) Payment is made by attending the store in person once a month to pay in cash. D) Payment is made in cash 'on the spot'. Show Answer Correct Answer: A) Payments can be deducted from your savings or credit card once a month. 2. What is the significance of the Partnership Agreement? A) It outlines the marketing strategies. B) It details the financial projections. C) It provides a summary of the business plan. D) It specifies the roles and responsibilities of partners. Show Answer Correct Answer: D) It specifies the roles and responsibilities of partners. 3. The amount of revenue for given period of time, which consists of gross sales minus sales return. (Revenue= Gross Sales-Sales Return)Which term describes this statement/equation? A) Incentive. B) Net Profit. C) Net Sales. D) Inventory. Show Answer Correct Answer: C) Net Sales. 4. Site locators ..... the ability to promote the business and be successful. A) Increase. B) Decrease. C) Ignore. D) Limit. Show Answer Correct Answer: A) Increase. 5. File Wages and Pay Taxes-help employers and representatives submit tax reports and pay theirtaxes. A) Louisiana Secretary of State. B) Louisiana Workforce Commission. C) Louisiana Department of Revenue. D) Louisiana Economic Development. Show Answer Correct Answer: B) Louisiana Workforce Commission. 6. Which of the following refers to the negotiation where the solution exists so that both parties are trying to mutually find an acceptable solution to complex situation:(KLO 2.2) A) Win-win. B) Lose-win. C) Win-lose. D) None of the above. Show Answer Correct Answer: A) Win-win. 7. ..... % of total exports are contributed by small industries in India. A) 45. B) 65. C) 25. D) 40. Show Answer Correct Answer: A) 45. 8. What is a key factor in determining a business's market strategy? A) Color scheme of the logo. B) Choice of office location. C) Understanding of the target audience. D) Number of employees. Show Answer Correct Answer: C) Understanding of the target audience. 9. Negotiation implies that both parties accept that the agreement between them is:(SS 1.B) A) A) subject to further dispute. B) B) final and binding. C) C) necessary. D) D) conditional. Show Answer Correct Answer: C) C) necessary. 10. Construction Contractor, Management Analyst, Animal Care Workers, Education Consultants and Personal Home Care Aides are all A) Activities in Small Business & Entrepreneurship. B) Careers in Small Business & Entrepreneurship. C) All the above. D) None of the above. Show Answer Correct Answer: B) Careers in Small Business & Entrepreneurship. 11. What is the purpose of the National Bank for Agriculture and Rural Development (NABARD) in relation to small businesses? A) To focus solely on agricultural exports without supporting local enterprises. B) To regulate interest rates for urban businesses. C) To support and promote small businesses in rural areas through financial assistance and development initiatives. D) To provide loans exclusively to large corporations. Show Answer Correct Answer: C) To support and promote small businesses in rural areas through financial assistance and development initiatives. 12. Who should have access to records or devices with sensitive data? A) Everyone in the company. B) Only those who need it. C) All customers. D) The cleaning staff. Show Answer Correct Answer: B) Only those who need it. 13. About ..... % of U.S. employees work in small businesses. A) 27. B) 37. C) 47. D) 57. E) 67. Show Answer Correct Answer: C) 47. 14. What is the primary reason for conducting market research? A) To reduce overall business risks. B) To increase the company's stock value. C) To decide on the company's holiday schedule. D) To select the company's logo color. Show Answer Correct Answer: A) To reduce overall business risks. 15. A solution in which no party can be made better off without making another party worse off by same amount or more, is known as (SS 3) A) Win-win solution. B) Win-lose solution. C) Lose-lose solution. D) None of the above. Show Answer Correct Answer: D) None of the above. 16. What is the Integrative Approach in entrepreneurship built around? A) The concepts of input and outcomes in the entrepreneurial process. B) The financial aspects of entrepreneurship. C) The marketing strategies for new businesses. D) The legal requirements for starting a business. Show Answer Correct Answer: A) The concepts of input and outcomes in the entrepreneurial process. 17. Which of the following is an external factor that can lead to business failure? A) Strong economy. B) High demand for the product. C) Catastrophic events. D) Effective management skills. Show Answer Correct Answer: C) Catastrophic events. 18. When did the Exxon Valdez Oil Spill occur? A) March 24, 1988. B) March 24, 1989. C) March 24, 1990. D) March 24, 1991. Show Answer Correct Answer: B) March 24, 1989. 19. A small business employs 100 or fewer people. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 20. Why is establishing strong customer relationships important for small businesses? A) It helps build loyalty and differentiate them from larger competitors. B) It increases the number of employees. C) It reduces the cost of production. D) It allows them to expand internationally. Show Answer Correct Answer: A) It helps build loyalty and differentiate them from larger competitors. 21. According to Schumpeter's Innovation Theory, what drives entrepreneurship? A) Customer Satisfaction. B) Cost Reduction. C) Innovation. D) Market Demand. Show Answer Correct Answer: C) Innovation. 22. What type of compensation is described as non-cash? A) Hourly. B) Commission. C) Equity. D) Salary. Show Answer Correct Answer: C) Equity. 23. TV advertising is a good idea if your product sells in a ..... A) Mass market. B) Niche market. C) All the above. D) None of the above. Show Answer Correct Answer: A) Mass market. 24. In which step of the Design Thinking Process do you create a simple version of your solution? A) Define. B) Empathize. C) MVP Prototype. D) Ideate. Show Answer Correct Answer: C) MVP Prototype. 25. An example of ..... compensation is paying field laborers for the amount of fruit they pick. A) Commission. B) Salary. C) Piece work. D) None of the above. Show Answer Correct Answer: C) Piece work. ← 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