This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 54 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 54 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is (probably) the most difficult part of starting a business? A) Finding a partner. B) Obtaining financing. C) Finding a location. D) Determining a passion. Show Answer Correct Answer: B) Obtaining financing. 2. (n) Something that is made. A) Finance. B) Motivation. C) Reputation. D) Product. Show Answer Correct Answer: D) Product. 3. Which two aspects of a product do Minimum Viable Products (MVPs) test? A) Ease-of-use and Functionality. B) Design and Marketing. C) Price and Brand Recognition. D) Durability and Warranty. Show Answer Correct Answer: A) Ease-of-use and Functionality. 4. It is also necessary to develop a sound business plan that, among other things, shows how the business will make a profit and projects the cash flow that will help the business stay afloat.What does "sound" mean? A) Healthy, without financial risk. B) Having enough money to pay what you owe. C) Specific. D) Possible. Show Answer Correct Answer: A) Healthy, without financial risk. 5. In the context of small businesses and the economy of a country, entrepreneurship rates are significantly lower in countries where it is hard to get fired. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 6. In which stage is a business considered economically healthy? A) Take-off stage. B) Existence stage. C) Success stage. D) Pivot or persist stage. Show Answer Correct Answer: C) Success stage. 7. How many assumptions are there? A) 5. B) 4. C) 6. D) 3. Show Answer Correct Answer: B) 4. 8. Jacob, Caleb, Riley, Lacey, and Bennett started a new company. Who among them, if appointed as CFO, would be responsible for the company's finances and creating budgets? A) Jacob. B) Caleb. C) Riley. D) Lacey. E) Bennett. Show Answer Correct Answer: A) Jacob. 9. Why is it important for small businesses to have a clear vision and mission? A) A clear vision and mission are not important for small businesses. B) A clear vision and mission provide direction, inspire employees, and help in decision-making. C) A clear vision and mission only create confusion. D) A clear vision and mission are only important for large corporations. Show Answer Correct Answer: B) A clear vision and mission provide direction, inspire employees, and help in decision-making. 10. Small Scale Industries are Exempted for payment of tax for 5 years A) In Rural Areas. B) In Slum Areas. C) In Developed Areas. D) In Backward areas. Show Answer Correct Answer: D) In Backward areas. 11. What is a pop-up event? A) A temporary retail space. B) A type of online advertisement. C) A permanent store. D) A fundraising event. Show Answer Correct Answer: A) A temporary retail space. 12. What is the term for specific, time-sensitive accomplishments used to measure the short-term progress of an organization? A) Goals. B) Missions. C) Plans. D) Objectives. Show Answer Correct Answer: D) Objectives. 13. How might a small business owner best handle limited resources? A) By immediately expanding nationwide. B) By starting small and growing gradually. C) By spending all available money immediately. D) By ignoring budget constraints. Show Answer Correct Answer: B) By starting small and growing gradually. 14. Which is not an example of an E-Commerce retailer? A) NFL.com. B) JcPenny in the Edison Mall. C) Ebay. D) Amazon. Show Answer Correct Answer: B) JcPenny in the Edison Mall. 15. What should you consider when purchasing used equipment for your business? A) Check for liens and require a bill of sale. B) Ignore any UCC filings or chattel mortgages. C) Rely on the seller's word about the equipment's condition. D) Purchase without any legal documentation. Show Answer Correct Answer: A) Check for liens and require a bill of sale. 16. Which of the below is not the advantage of having higher capital? A) Easier to open more branches. B) Easier to hire employee. C) Easier to establish partnership. D) Easier to increase production. Show Answer Correct Answer: B) Easier to hire employee. 17. Alexa and Caleb are planning to start a new business. They are considering different marketing strategies. Which of the following is a common marketing strategy for startups? A) Word of Mouth. B) Social Media Marketing. C) Email Marketing. D) All of the above. Show Answer Correct Answer: D) All of the above. 18. A business or manufacturing activity carried on in people's homes A) Cottage industry. B) Micro Industry. C) Small Business. D) Macro Business. Show Answer Correct Answer: A) Cottage industry. 19. Equipment Financing loans are Best for businesses who need equipment but dont have the funds to ..... equipment outright. A) Borrow. B) Rent. C) Purchase. D) Sell. Show Answer Correct Answer: C) Purchase. 20. What are the challenges faced by small businesses in rural areas? A) Lack of infrastructure, limited access to resources, difficulty in reaching target markets. B) Limited access to resources, lack of infrastructure, difficulty in reaching target markets. C) Abundance of infrastructure, low demand for products, easy access to target markets. D) High population density, excessive competition, easy access to resources. Show Answer Correct Answer: A) Lack of infrastructure, limited access to resources, difficulty in reaching target markets. 21. OSHA A) Federal. B) State. C) Local. D) None of the above. Show Answer Correct Answer: A) Federal. 22. Naturally, a successful small business starts out with proper financial support.What does "financial" mean? A) First, beginning. B) Possible. C) Having enough money to pay what you owe. D) Related to money. Show Answer Correct Answer: D) Related to money. 23. The amount of money needed to OPEN a business is ..... A) Long-term financing. B) Short-term financing. C) Start-up financing. D) None of the above. Show Answer Correct Answer: C) Start-up financing. 24. The individual who develops / creates a company and invests their own resources is called. A) Chief Executive Officer. B) Entrepreneur. C) Chief Operations Officer. D) A Founder. Show Answer Correct Answer: D) A Founder. 25. Break Even = A) Sales = Expenses. B) Profit = Expenses. C) Revenue = Fixed Expenses. D) Sales = Variable Expenses. Show Answer Correct Answer: A) Sales = Expenses. ← 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