This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 55 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 55 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is a potential risk of entrepreneurship? A) Guaranteed financial stability. B) Loss of personal time. C) Immediate success. D) Unlimited resources. Show Answer Correct Answer: B) Loss of personal time. 2. Which of the following is NOT true about a small business A) The owner usually is the manager. B) It employs fewer than 500 people. C) It is dominant in its field of operation. D) It is local and serves a nearby community. Show Answer Correct Answer: C) It is dominant in its field of operation. 3. What does 'Managing cash flow' involve? A) Researching market demand. B) Building relationships with professionals. C) Potential funding and uses of that funding. D) Analyzing the skills of employees. Show Answer Correct Answer: C) Potential funding and uses of that funding. 4. What percentage of production must a small-scale industry supply to be classified as an ancillary industrial undertaking? A) 25%. B) 100%. C) 75%. D) 50%. Show Answer Correct Answer: D) 50%. 5. What is the primary role of a consultant? A) To hire employees for a company. B) To sell products directly to consumers. C) To provide expert advice in a specific field. D) To manage a company's operations. Show Answer Correct Answer: C) To provide expert advice in a specific field. 6. Business ethics is the fundamental moral values andbehaviourial standards A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 7. In which step of the Design Thinking Process do you Write a problem statement to clearly state your users' problems and unmet needs? A) Define. B) Empathize. C) Test & evolve. D) Ideate. Show Answer Correct Answer: A) Define. 8. Copyright protection is not available for A) Literary work. B) Music work. C) Artistic work. D) Assembling. Show Answer Correct Answer: D) Assembling. 9. What is a profit and loss statement? A) A report showing the company's cash flow. B) A report showing the company's assets. C) A report showing the company's revenue and expenses. D) A report showing the company's liabilities. Show Answer Correct Answer: C) A report showing the company's revenue and expenses. 10. Accessibility in a website includes all the following except:KLO 1.6 A) The Web be accessible to everyone. B) People with disabilities can participate more actively. C) People can access the business files. D) Present more visual information than written. Show Answer Correct Answer: C) People can access the business files. 11. The success of promotional efforts for a small business depends entirely on the amount of money spent on advertisements. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 12. Dax decides to purchase and operate a Jersey Mike's Subs restaurant. Dax is the ..... A) Franchise. B) Franchisee. C) Licensor. D) Franchisor. E) Trainer. Show Answer Correct Answer: B) Franchisee. 13. Which type of sales event is geared towards creating a positive brand image and connecting with customers on a deeper level by supporting a social cause? A) Fundraisers. B) Road Shows. C) User Conferences. D) Pop-Up Events. Show Answer Correct Answer: A) Fundraisers. 14. What is encouraged for business owners to do before Small Business Saturday? A) Close for the week. B) Update websites and online listings. C) Remove product descriptions. D) Avoid posting on social media. Show Answer Correct Answer: B) Update websites and online listings. 15. Successful small-business owners like to plan and organize. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. Jonathan became an entrepreneur after he lost his job due to Covid-19. He is considered as a/an A) Necessity-based entrepreneur. B) Opportunity-based entrepreneur. C) All the above. D) None of the above. Show Answer Correct Answer: A) Necessity-based entrepreneur. 17. Which of the following is NOT a type of support listed for franchises? A) Ongoing support. B) Marketing support. C) No support. D) Training available. Show Answer Correct Answer: C) No support. 18. What are the possible solutions to the challenges faced by small businesses in rural India? A) Ignore the challenges and focus on urban businesses. B) Blame the government for all the challenges. C) Assume that all challenges are the same for all businesses. D) Identify challenges and discuss solutions. Show Answer Correct Answer: D) Identify challenges and discuss solutions. 19. Entrepreneurship is risky. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 20. Research and planning are vital steps in setting up a small business.What does "vital" mean? A) First, beginning. B) Specific. C) Very important, necessary for success. D) Made or done especially for a certain person. Show Answer Correct Answer: C) Very important, necessary for success. 21. Most entrepreneurial ventures start out as a small business, not all small businesses are entrepreneurial in the strict sense of the term. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 22. What is communication? A) The process of transferring thoughts and ideas from one person to another. B) The system that people follow when entering the country. C) All the above. D) None of the above. Show Answer Correct Answer: A) The process of transferring thoughts and ideas from one person to another. 23. Which of the following is a key goal of building strong customer relationships in small businesses? A) Increasing product costs. B) Enhancing customer loyalty. C) Reducing employee engagement. D) Avoiding customer complaints. Show Answer Correct Answer: B) Enhancing customer loyalty. 24. What percent of small businesses are home-based businesses A) 20%. B) 30%. C) 50%. D) 75%. Show Answer Correct Answer: C) 50%. 25. What does it mean when a company reports a "loss" ? A) The factory is producing less. B) The company's expenses are more than its revenues. C) The company's revenues are more than its expenses. D) The company's CEO quit. Show Answer Correct Answer: B) The company's expenses are more than its revenues. ← 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