This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 51 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 51 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Give an example of a small online store that overcomes geographical limitations through e-commerce. A) A small online clothing store that specializes in unique, handmade garments and leverages online platforms to reach customers worldwide. B) A small local store that does not sell online. C) A small bookstore that only sells to local customers. D) A small bakery that only offers in-store purchases. Show Answer Correct Answer: A) A small online clothing store that specializes in unique, handmade garments and leverages online platforms to reach customers worldwide. 2. In which stage does one develop a concept for a product or service? A) Idea. B) Growth. C) Traction. D) Monetization. Show Answer Correct Answer: A) Idea. 3. If projected turnover is ₹ 12 crore, WC requirement as per Nayak method is: A) 3Cr. B) 5Cr. C) 2Cr. D) 6Cr. Show Answer Correct Answer: A) 3Cr. 4. Assertion:small industries promote, balance regional development of the countryReason:in case of small industries quick and timely decisions can be taken due to small size of the organisation A) Both assertion and reason are true and reason is the correct explanation of assertion. B) Both assertion and reason are true and reason is not the correct explanation of assertion. C) Assertion is true but reason is false. D) Assertion is false but reason is true. Show Answer Correct Answer: B) Both assertion and reason are true and reason is not the correct explanation of assertion. 5. How can small businesses create employment opportunities in rural areas? A) By providing training and resources to local residents, partnering with local organizations and government agencies, and investing in infrastructure and technology. B) By automating all processes and eliminating the need for human workers. C) By reducing wages and benefits for employees. D) By outsourcing jobs to other countries. Show Answer Correct Answer: A) By providing training and resources to local residents, partnering with local organizations and government agencies, and investing in infrastructure and technology. 6. Which is one of the greatest benefits of being an entrepreneur? A) Schedule control. B) Quick return on investment. C) Meeting new people. D) Paying less taxes. Show Answer Correct Answer: A) Schedule control. 7. Which of the following is usually true for small businesses? A) They reach a large number of markets. B) They have many layers of management. C) They are managed by their owners. D) They employ a large number of workers. Show Answer Correct Answer: C) They are managed by their owners. 8. A concept that can be used to make money. A) Business. B) Entrepreneur. C) Small Business. D) Business idea. Show Answer Correct Answer: D) Business idea. 9. Business expenses i.e. what the business spends in its running are referred to as ..... A) Expenses. B) Outgoings. C) Costs. D) Revenue. Show Answer Correct Answer: C) Costs. 10. Successful entrepreneurs have a passion for their business. How do you find your passion? A) Consider your own abilities, interests, and experiences. B) Discuss with other entrepreneurs. C) Watch television. D) None of the above. Show Answer Correct Answer: A) Consider your own abilities, interests, and experiences. 11. A sole trader ..... A) Only works on their own. B) Has ultimate responsibility but can work with other people. C) Works in a partnership. D) Never has any staff. Show Answer Correct Answer: B) Has ultimate responsibility but can work with other people. 12. What is the role of a business budget template in financial management? A) It guarantees a higher profit margin. B) It reduces the need for marketing. C) It increases the number of customers. D) It helps in understanding and managing small business expenses. Show Answer Correct Answer: D) It helps in understanding and managing small business expenses. 13. Which of these is an important question to ask when brainstorming business ideas? A) What do consumers in your community want or need?. B) How many people will need to be hired?. C) When will the business open each day?. D) None of the above. Show Answer Correct Answer: A) What do consumers in your community want or need?. 14. "Trade Secret" comes under which category of Right? A) Copyright. B) Patent. C) Intellectual Property Rights. D) None of the above. Show Answer Correct Answer: C) Intellectual Property Rights. 15. This is the fifth stage of the business life cycle; the business has everything it needs to thrive. A) Takeoff. B) Success. C) Survival. D) Maturity. Show Answer Correct Answer: D) Maturity. 16. What is a key characteristic of entrepreneurs? A) They avoid unknown risks. B) They focus solely on profits. C) They take on new opportunities. D) They only sell physical products. Show Answer Correct Answer: C) They take on new opportunities. 17. GST Payable is classified as A) Current Asset. B) Non Current Liability. C) Non Current Asset. D) Current Liability. Show Answer Correct Answer: D) Current Liability. 18. Hourly Pay A) Fixed payment amount for each pay period. B) Payment for the hours an employee has worked. C) A fee paid to an employee for completing a task. D) Compensation for the number of units an employee produces. Show Answer Correct Answer: B) Payment for the hours an employee has worked. 19. The Australian banking system was deregulated in 1985. This meant that the government: A) Permitted overseas competitors to enter the Australian banking system. B) Permitted banks to operate within their own regulations without government interference. C) Permitted banks to act outside government regulations in the interests of competition in the banking industry. D) Permitted banks to trade in Australia without any limitations or regulations. Show Answer Correct Answer: A) Permitted overseas competitors to enter the Australian banking system. 20. A sign near a cash register in a shop that states 'No refunds or exchanges' is: A) Fair enough. B) Acceptable. C) Illegal. D) Rare. Show Answer Correct Answer: C) Illegal. 21. Why is it important to set specific goals in a business plan? A) To make the plan longer. B) To guide the business's operations and track progress. C) To impress investors with big ambitions. D) Goals are not important in a business plan. Show Answer Correct Answer: B) To guide the business's operations and track progress. 22. A small business has limited funds but wants to maximize its advertising. Which of the following promotional methods would be most cost-effective? A) Television advertising in prime-time slots. B) Local social media ads and flyers distributed in high-traffic areas. C) Billboards on highways. D) Hiring a celebrity spokesperson. Show Answer Correct Answer: B) Local social media ads and flyers distributed in high-traffic areas. 23. Given a graph showing the height of a person over time, what type of data is being represented? A) Discrete data. B) Continuous data. C) Nominal data. D) Binary data. Show Answer Correct Answer: B) Continuous data. 24. According to the document, which of the following is considered an obvious choice for obtaining a loan for a new business? A) Family and Friends. B) Angels. C) Debts. D) All of the above. Show Answer Correct Answer: A) Family and Friends. 25. What is a mjor risk of social media marketing? A) Bad Grammar. B) Ugly Pictures. C) Wording/Message taking out of context in negative manner. D) People do not see it. Show Answer Correct Answer: C) Wording/Message taking out of context in negative manner. ← 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