This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 58 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 58 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. SWOT Analysis:Acting on weaknesses identified in a SWOT Analysis can be challenging but often necessary to grow business. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 2. Small businesses usually require high start-up costs in comparison to larger corporations. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 3. Which of the following is NOT one of the five basic communication skills? A) Self-understanding. B) Understanding others. C) Organizing. D) Team buidling. Show Answer Correct Answer: C) Organizing. 4. Employment Contracts includes all except: A) Compensation. B) Schedule. C) Benefits. D) After Work Activities. Show Answer Correct Answer: D) After Work Activities. 5. What is the second stage of the business cycle? A) Survival Stage. B) Existence Stage. C) Success Stage. D) Decline Stage. Show Answer Correct Answer: A) Survival Stage. 6. What is the main goal of a marketing strategy? A) To reduce business costs. B) To increase product prices. C) To identify and communicate with potential customers. D) To hire more employees. Show Answer Correct Answer: C) To identify and communicate with potential customers. 7. List two eligibility requirements for Small Business Administration (SBA) grants. A) The business must operate for a profit and operate within the United States or its territories. B) The business must be a non-profit and operate internationally. C) The business must have more than 100 employees and be publicly traded. D) The business must be owned by a government agency and operate in any country. Show Answer Correct Answer: A) The business must operate for a profit and operate within the United States or its territories. 8. What is the average startup cost for a small business entrepreneur? A) $ 5, 000. B) $ 25, 000. C) $ 100, 000. D) $ 1, 000, 000. Show Answer Correct Answer: B) $ 25, 000. 9. What you are selling is called? A) Product. B) Price. C) Place. D) Promotion. Show Answer Correct Answer: A) Product. 10. Label the items as either a product or a service. Jewelry A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: A) Product. 11. A business forecasts a decline in sales. What strategy should they adopt to strengthen customer relationships during this period? A) Improving communication and offering tailored promotions. B) Reducing product quality to cut costs. C) Ignoring customer concerns to focus on financial recovery. D) Increasing prices to offset losses. Show Answer Correct Answer: A) Improving communication and offering tailored promotions. 12. An Angel Investor is a wealthy private investores focuse on finding small business venture in exchange for equity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 13. Bethany owns and operates a small business that helps other small businesses screen, hire, and train employees. This is an example of which type of small business management/entrepreneurship career? A) Internet entrepreneur. B) IT consultant. C) Human resources consultant. D) Medical (in-home) services. Show Answer Correct Answer: C) Human resources consultant. 14. Choose the correct word:aim at A) Set sights on. B) Be affected by. C) Safeguard. D) Succumb to. Show Answer Correct Answer: A) Set sights on. 15. Sam and Jacob are planning to start a new business. They are considering different types of business models. Which business model involves selling products directly to the end customer? A) Direct-to-Consumer. B) Franchise. C) Dropshipping. D) Wholesale. Show Answer Correct Answer: A) Direct-to-Consumer. 16. Which of the following is a feature of a partnership? A) Limited liability for all partners. B) Owned by one person. C) An agreement may be oral or written. D) No need for a written agreement. Show Answer Correct Answer: C) An agreement may be oral or written. 17. Taking a Crossfit class is: A) Service Based. B) Product Based. C) Both. D) None of the above. Show Answer Correct Answer: A) Service Based. 18. What motivates the entrepreneur to become a small business owner? A) The entrepreneur wants to retire and stop working altogether. B) The entrepreneur wants to become a hobo. C) The entrepreneur wants to be his or her own boss. D) The entrepreneur wants to perform boring work. Show Answer Correct Answer: C) The entrepreneur wants to be his or her own boss. 19. On the Job Learning are general features of small businesses A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 20. The organization chart for a business would appear in which section of the business plan? A) Appendix. B) Management Team. C) Executive Summary. D) Labor Force. Show Answer Correct Answer: A) Appendix. 21. For entrepreneurs, there is no correlation between dollars earned and hours worked. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 22. What is a learning-based structure? A) A structure where functions are subordinate to each other. B) A structure that allows functions to work together. C) A structure that describes the purpose of the organization. D) A structure that forecasts industry movement. Show Answer Correct Answer: B) A structure that allows functions to work together. 23. Owners can have more personal ties with customers A) Small Businesses. B) Large Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Small Businesses. 24. What does the phrase 'cutting-edge' mean in a business context? A) Innovative and advanced. B) Old-fashioned. C) Expensive. D) Difficult to use. Show Answer Correct Answer: A) Innovative and advanced. 25. Consumers must make decisions when trying to satisfy their needs and wants. The key difference between a need and a want is that: A) Needs are goods and services that are desired but not necessary. B) Wants are goods and services that are required. C) Needs are goods and services we need to stay 'on trend' in comparison with others in society. D) Wants are goods and services that are desired but not necessary. Show Answer Correct Answer: D) Wants are goods and services that are desired but not necessary. ← 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