This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 57 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 57 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Hire local employees to manage, clean, and run the store. A) First. B) Next. C) Then. D) Finally. Show Answer Correct Answer: A) First. 2. What is the disadvantage of a co-operative? A) Limited liability. B) Longevity. C) Difficulty attracting investment based on usage. D) Tax benefits. Show Answer Correct Answer: C) Difficulty attracting investment based on usage. 3. Jack and Jill are co-owners of a daycare center. They have been in business for five years. This business is an example of a: A) Corporation. B) Franchise. C) Partnership. D) Sole Proprietorship. Show Answer Correct Answer: C) Partnership. 4. Which of the following is NOT a type of business ownership? A) Sole proprietorship. B) Partnership. C) Corporation. D) Monopoly. Show Answer Correct Answer: D) Monopoly. 5. What is essential for a successful consulting business? A) A high advertising budget. B) A team of employees. C) A compelling value proposition. D) A large office space. Show Answer Correct Answer: C) A compelling value proposition. 6. Advantage of a Sole Proprietorship A) You are the boss. B) You have a partner to help you. C) You have a board of directors to help you. D) You have stockholders to help you. Show Answer Correct Answer: A) You are the boss. 7. Sam and Jacob are planning to start a new business. They are considering different business structures. Which business structure gives them the most personal liability protection? A) Sole Proprietorship. B) Partnership. C) LLC. D) Cooperative. Show Answer Correct Answer: C) LLC. 8. Micro enterprises are those whose investment in plant and machinery does not exceed rupees ..... A) 5 lakh. B) 3 lakh. C) 1 lakh. D) 2 lakh. Show Answer Correct Answer: C) 1 lakh. 9. Refer to Taco Chick. Which of the following would not be an advantage of a franchise for Nathan? A) Taco Chick gains fast and well-controlled distribution. B) Nathan gets the opportunity to start a business with limited capital. C) Taco Chick gets outlets that are maintained and operated according to its standards. D) Nathan can operate using the business experience of others. E) Contractual disputes can cause lawsuits. Show Answer Correct Answer: E) Contractual disputes can cause lawsuits. 10. What is the main challenge of preparing a business plan? A) It is required if you want to apply for credit and secure a business loan. B) It helps you forecast future steps and set targets. C) It communicates the purpose of the venture and what it wants to achieve in the future. D) It can waste precious time and money. Show Answer Correct Answer: D) It can waste precious time and money. 11. What should a small business do if it faces challenges with promotional planning in a global market? A) Abandon international expansion plans. B) Seek local partnerships or hire local experts who understand the market dynamics. C) Reduce the promotional budget completely. D) Ignore the challenges and continue using the same strategy. Show Answer Correct Answer: B) Seek local partnerships or hire local experts who understand the market dynamics. 12. All successful entrepreneurs share a number of common ..... A) Risks. B) Skills. C) Traits. D) None of the above. Show Answer Correct Answer: C) Traits. 13. Which is an example of a service industry? A) Textile manufacturing. B) IT services. C) Cement production. D) Steel rolling mill. Show Answer Correct Answer: B) IT services. 14. A hotel front desk supervisor assigns tasks to the housekeeping staff. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: B) Manager. 15. A disadvantage of a sole trader is ..... A) You have unlimited liability. B) You get to make all the decisions. C) There are arguments. D) You have to split the profit. Show Answer Correct Answer: A) You have unlimited liability. 16. When was DIC launched A) May 1, 1978. B) May 1, 1980. C) July 1, 1978. D) July 1, 1980. Show Answer Correct Answer: A) May 1, 1978. 17. Which marketing strategy involves offering a lower price than competitors to gain market share? A) Niche marketing. B) Differentiation. C) Cost leadership. D) Focus strategy. Show Answer Correct Answer: C) Cost leadership. 18. A department store supervisor trains new employees on customer service. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: B) Manager. 19. The fixed capital investment per head or artisan or worker does not exceed Rs.50, 000 or such other sum as may be specified by the central government. A) Micro industries. B) Women Enterprises. C) Small Scale Business. D) Village Industries. Show Answer Correct Answer: D) Village Industries. 20. Which of the following organizations supports small-scale industries by providing raw materials and marketing assistance? A) NSIC. B) FICCI. C) CII. D) RBI. Show Answer Correct Answer: A) NSIC. 21. Variable costs is A cost which changes the more or less the business produce A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 22. Most small businesses require little startup capital and will be: A) Funded by venture capitalists. B) Funded by the owner. C) All the above. D) None of the above. Show Answer Correct Answer: B) Funded by the owner. 23. What are the functions of CRM? A) Sales monitoring. B) Build prospects and customer database. C) Log Follow-up & Support Communications Properly. D) Deal updating. E) All of the above. Show Answer Correct Answer: E) All of the above. 24. ..... is money used to start up a new small business or help a business expand. A) Venture Business. B) Venture Capital. C) Venture Investment. D) Venture Money. Show Answer Correct Answer: B) Venture Capital. 25. What does outsourcing mean in the context of small businesses? A) Finding another business to complete specific tasks. B) Hiring more employees internally. C) Expanding the business to new locations. D) Reducing the number of services offered. Show Answer Correct Answer: A) Finding another business to complete specific tasks. ← 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