This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 52 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 52 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. When starting a new business, you should be prepared for which of the following? A) Six-hour workdays four to five days each week. B) Eight-hour workdays five to six days each week. C) Ten-hour workdays five to six days each week. D) Twelve-hour workdays six to seven days each week. Show Answer Correct Answer: D) Twelve-hour workdays six to seven days each week. 2. NSIC provides indigenous and imported ..... on easy hire purchase terms ..... A) Raw materials. B) Finished goods. C) Machinery. D) Land. Show Answer Correct Answer: C) Machinery. 3. Which of the following is NOT a characteristic of digital goods? A) No need for physical storage. B) Requires additional employees. C) Instant delivery. D) Difficult to demonstrate value. Show Answer Correct Answer: B) Requires additional employees. 4. How can small businesses attract customers looking for something different? A) By lowering their prices. B) By emphasizing their unique qualities and USPs. C) By copying competitors' strategies. D) By increasing production speed. Show Answer Correct Answer: B) By emphasizing their unique qualities and USPs. 5. Which of these is not a consideration when evaluating a business opportunity? A) Years of experience. B) Competition. C) Personality and skills. D) None of the above. Show Answer Correct Answer: A) Years of experience. 6. Which of the following are negotiation impact on the business:(KLO 2.5) A) A) mutual benefits. B) B) leaving each party satisfied. C) C) potential future relations. D) D) all of the above. Show Answer Correct Answer: D) D) all of the above. 7. A Limited Liability Company (LLC) is a great option for a single owner because it limits their liability-personal assets are safe. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 8. Market research and analyzing the purchasing power of the local population should play a crucial role in choosing a small business location. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 9. What is a potential disadvantage of buying a franchise? A) Lack of independence in managing the business. B) Higher success rate compared to other start-up businesses. C) Lower initial fee and yearly revenue percentage. D) No access to purchasing power and discounts. Show Answer Correct Answer: A) Lack of independence in managing the business. 10. Why are small business unable to market their products? A) Lack of necessary infrastructure. B) Low bargaining power. C) Lack of skill. D) None of the above. Show Answer Correct Answer: A) Lack of necessary infrastructure. 11. A business structure helps you organize your business A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 12. If plans have not been made for supporting the costs of the business until it brings a profit, inevitably it will fail.What does "inevitably" mean? A) Specific. B) Certainly, to be expected. C) First, beginning. D) Possible. Show Answer Correct Answer: B) Certainly, to be expected. 13. Statement 1:Boot Strapping refers to the practice of funding a project or ventureby raising money from a large number of people for a common goal.Statement 2:Boot Strapping is a good option of funding only if the initialrequirement is small and handy. A) Both the statements are true. B) Both the statements are false. C) Statement 1 is true and Statement 2 is false. D) Statement 2 is true and Statement 1 is false. Show Answer Correct Answer: D) Statement 2 is true and Statement 1 is false. 14. Advantages of small businesses to the community A) They sometimes offer credit facilities. B) They offer goods and services for free. C) They give the community money. D) None of the above. Show Answer Correct Answer: A) They sometimes offer credit facilities. 15. Which statement best describes small business management? A) Owners only focus on one task. B) Managers never interact with customers. C) Owners must handle multiple responsibilities simultaneously. D) All decisions are made by corporate headquarters. Show Answer Correct Answer: C) Owners must handle multiple responsibilities simultaneously. 16. A venture capitalist is ..... A) Someone will to risk money on another person's business. B) A type of marketing strategy. C) Someone currently going bankrupt. D) A person who starts a business of their own. Show Answer Correct Answer: A) Someone will to risk money on another person's business. 17. If a business doesn't have a habit of breaking the law, it doesn't need a permanent lawyer in staff. Most businesses need legal services several times a year. A contract with a law company is a good way to get qualified legal aid. You have to pay only for solving your legal issue. What is this an example of? A) Opportunity. B) Separation of Duties. C) Networking. D) Outsourcing. Show Answer Correct Answer: D) Outsourcing. 18. Ms. Patel leads staff meetings and ensures the company follows workplace policies. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: B) Manager. 19. What is the synonym of 'entrepreneur'? A) Innovator. B) Follower. C) Employee. D) Manager. Show Answer Correct Answer: A) Innovator. 20. Pilot test is a preliminary run of a business, sales effort, program, or Web site with the goal of assessing how well the overall approach works and what problems it might have. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 21. How do small businesses in India contribute to environmental sustainability? A) By causing environmental degradation. B) By promoting sustainable practices and community development. C) By monopolizing local resources. D) By creating social unrest. Show Answer Correct Answer: B) By promoting sustainable practices and community development. 22. A(n) ..... is someone who takes a risk in starting a business to earn profit. A) Adventurer. B) Manager. C) Entrepreneur. D) Entredoer. Show Answer Correct Answer: C) Entrepreneur. 23. What does a target market describe? A) The purpose of the organization. B) Who a business is providing services for. C) The current condition of the industry. D) The organizational structure of the business. Show Answer Correct Answer: B) Who a business is providing services for. 24. This U.S. Government Agency helps small business owners obtain financing and other support for their companies. A) Venture Capitalists. B) Federal Reserve Banks. C) Small Business Administration. D) Chamber of Commerce. Show Answer Correct Answer: C) Small Business Administration. 25. The franchisee must follow ALL rules stated in the franchise agreement. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. ← 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