This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 53 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 53 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. TRUE or FALSEA business plan does not have to be written since the business owner is well aware of the information in the plan. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 2. For some people going ..... business is a financial necessity. A) To. B) For. C) Into. D) None of the above. Show Answer Correct Answer: C) Into. 3. True or False:With owners of equity in a business, contractors own equity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 4. How can an individual help small businesses? A) Shop Small Business Satuday. B) Advocate with small businesses in the community and with elected officials. C) Patronize small businesses whenever possible. D) All of these would help. Show Answer Correct Answer: D) All of these would help. 5. Which of the following is an example of a variable cost? A) Office rent. B) Insurance premiums. C) Raw materials. D) Employee salaries. Show Answer Correct Answer: C) Raw materials. 6. In the opening section of the business plan, a business owner or entrepreneur will list all of the start up costs, short and long-term financial needs and sources of financing. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 7. What are the three options for starting a small business? A) From scratch, starting a partnership, buying a franchise. B) From scratch, starting a corporation, buying a franchise. C) From scratch, buying a new business, buying a franchise. D) From scratch, buying an existing business, buying a franchise. Show Answer Correct Answer: D) From scratch, buying an existing business, buying a franchise. 8. In the U.S., women own close to this percentage of small business. A) 25 percent. B) 35 percent. C) 50 percent. D) 90 percent. Show Answer Correct Answer: B) 35 percent. 9. What does the franchisor provide for those purchasing the franchise? A) Advice. B) Training. C) Advertising. D) All of these are provided. Show Answer Correct Answer: D) All of these are provided. 10. What is the significance of fixed capital investment in classifying small businesses? A) Fixed capital investment is solely about employee count. B) It only affects large corporations, not small businesses. C) Fixed capital investment helps classify small businesses by indicating their scale of operations and financial commitment. D) Fixed capital investment is irrelevant to small business classification. Show Answer Correct Answer: C) Fixed capital investment helps classify small businesses by indicating their scale of operations and financial commitment. 11. Why might a small business choose to use spreadsheets for accounting instead of hiring a large finance team? A) To comply with international regulations. B) Because of limited resources and simpler financial needs. C) To manage global campaigns. D) To automate production. Show Answer Correct Answer: B) Because of limited resources and simpler financial needs. 12. What is a SWOT analysis used for in business planning? A) To evaluate the financial statements. B) To assess strengths, weaknesses, opportunities, and threats. C) To determine employee salaries. D) To create a marketing budget. Show Answer Correct Answer: B) To assess strengths, weaknesses, opportunities, and threats. 13. A person or company with sufficient liquidity who guarantees to repay loan if a company cannot. A) Guarantor. B) Bank Loan. C) All the above. D) None of the above. Show Answer Correct Answer: A) Guarantor. 14. Most of the money needed to start a business comes from A) The owner and his/her family and friends. B) Selling stock. C) Bank loans. D) Credit from other businesses. Show Answer Correct Answer: A) The owner and his/her family and friends. 15. What is the MOST important think businesses need to do to keep their customers loyal? A) Say bad things about rival products. B) Give special offers. C) Spend a lot of money on marketing. D) Keep prices low. Show Answer Correct Answer: C) Spend a lot of money on marketing. 16. Out of the following, which incentive is not given by government to industries in rural, backward and hilly areas? A) Power at concessional rates. B) Tax holiday. C) Free raw materials. D) Loans at concessional interest rates. Show Answer Correct Answer: C) Free raw materials. 17. A ..... employee receives a set amount of pay each month without overtime compensation from extra hours worked. A) Salary. B) Hourly. C) Commissions. D) None of the above. Show Answer Correct Answer: A) Salary. 18. What is the excise exemption limit raised to for small industries? A) Rs. 1.5 crore. B) Rs. 75 lakh. C) Rs. 2 crore. D) Rs. 50 lakh. Show Answer Correct Answer: A) Rs. 1.5 crore. 19. An improvement is a(n) ..... A) Idea. B) Starting over on your product. C) Designed change that increases the usefulness of a product, service, or product. D) None of The Above. Show Answer Correct Answer: C) Designed change that increases the usefulness of a product, service, or product. 20. There is very little help available to small-business owners. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 21. What is the definition of business-to-business (B2B) sales? A) A business selling products or services directly to consumers. B) A business selling products or services to another business, generally for resale purposes. C) A consumer selling products to a business. D) A business buying products from consumers. Show Answer Correct Answer: B) A business selling products or services to another business, generally for resale purposes. 22. Loan covers up to $ ..... million. A) 5. B) 5.5. C) 10. D) 25. Show Answer Correct Answer: B) 5.5. 23. Which of the following would NOT count as expenses when preparing a budget for a gardening business: A) Money paid to a sign-writer to update the business vehicle logo. B) Money paid to a fuel supplier for the business lawnmower. C) Money paid to the business mechanic for repairing a vehicle used in the business. D) Money paid to the owner for landscaping advice. Show Answer Correct Answer: D) Money paid to the owner for landscaping advice. 24. Business customers porting-in their number from another provider can get $ ..... credit for 24 Months on BYOD. A) $ 10. B) $ 7. C) $ 5. D) $ 12.50. Show Answer Correct Answer: C) $ 5. 25. Which of the following would be an example of revenue for a business? A) Paying rent. B) Selling a product. C) Paying for utilities. D) Buying supplies to make your product. Show Answer Correct Answer: B) Selling a product. ← 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