This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 59 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 59 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is one way the Small Business Administration supports entrepreneurs? A) Reducing business taxes. B) Providing workshops and seminars. C) Limiting business growth. D) Increasing competition. Show Answer Correct Answer: B) Providing workshops and seminars. 2. What does the COO oversee in a business? A) Marketing strategies. B) Day-to-day operations and administrative functions. C) Financial investments. D) Product development. Show Answer Correct Answer: B) Day-to-day operations and administrative functions. 3. Assertion (A):Patent creates a temporary monopoly. Reason (R):After a patent expires, the invention is in public domain. Choose the correct option. A) Both Assertion (A) and Reason (R) are true, and R explains A. B) Both are true, but R does not explain A. C) A is true, R is false. D) A is false, R is true. Show Answer Correct Answer: A) Both Assertion (A) and Reason (R) are true, and R explains A. 4. Westfarmers, Telstra, BHP and Westfield which are listed in the Australian stock market, large in size and market a large range of products are examples of A) Private Companies (Pty Ltd). B) Public Companies (Ltd). C) Partnerships. D) Sole Proprietorship. Show Answer Correct Answer: B) Public Companies (Ltd). 5. What is a key decision in starting your own business? A) Choosing a favorite color. B) Deciding what form of business ownership will be used. C) Selecting a business name based on a pet's name. D) Flipping a coin to decide on the business location. Show Answer Correct Answer: B) Deciding what form of business ownership will be used. 6. What is a practical way for a small business to maintain customer relationships after the initial sale? A) Providing excellent after-sales support and follow-ups. B) Avoiding further communication to save resources. C) Sending frequent promotional emails without consent. D) Offering discounts only during peak seasons. Show Answer Correct Answer: A) Providing excellent after-sales support and follow-ups. 7. Which of the following would NOT count as revenue when preparing a budget for a gardening business: A) Income from customers for mowing lawns regularly. B) Money paid to a fuel supplier for the business lawnmower. C) Income for occasional rubbish removals from customer yards. D) Money paid to the owner for landscaping advice. Show Answer Correct Answer: B) Money paid to a fuel supplier for the business lawnmower. 8. What are the key financial challenges faced by small businesses in India? A) Low taxes and fees. B) Abundant access to capital. C) High financial literacy among business owners. D) Access to capital, high interest rates, lack of financial literacy, and limited access to banking services. Show Answer Correct Answer: D) Access to capital, high interest rates, lack of financial literacy, and limited access to banking services. 9. Administrative costs for small health plans are much higher than for large firms making it tougher for small firms to offer coverage to their employees. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. What is one of the risks a company might face when conducting business online? A) Decreased market competition. B) Infringement on copyrights, patents, or trademarks. C) Improved employee efficiency. D) Reduced marketing costs. Show Answer Correct Answer: B) Infringement on copyrights, patents, or trademarks. 11. Which of the following is a characteristic of a successful elevator pitch? A) Lengthy and detailed. B) Focused on personal achievements. C) Concise and compelling. D) Avoidance of eye contact. Show Answer Correct Answer: C) Concise and compelling. 12. What can a large corporation headquartered in a community help provide? A) Tax reductions. B) Enhanced local services. C) Decreased property values. D) Reduced market growth. Show Answer Correct Answer: B) Enhanced local services. 13. Dominic feels that an incredible string of bad luck has affected his personal life. He also feels that his boss is subjecting him to unfair treatment at work for no fault of his. Dominic's perceptions suggest that he has an internal locus of control. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 14. Fill in the blank:An ..... is an investor who provides funding to a business for a stake in the business in return. A) Angel Investor. B) Venture Capitalist. C) Bank Manager. D) Stock Broker. Show Answer Correct Answer: A) Angel Investor. 15. Leasing does not mean A) The the business avoids large cash outlay. B) The business owns the asset. C) The assets can be updated every couple of years. D) None of the above. Show Answer Correct Answer: B) The business owns the asset. 16. What is the main focus of public relations? A) To sell products directly. B) To promote a positive image and goodwill. C) To manage financial statements. D) To handle customer complaints. Show Answer Correct Answer: B) To promote a positive image and goodwill. 17. What is the definition of Revenue? A) Income from the sales of goods and services. B) Income from the cost of goods and services. C) The money made on products. D) Cash coming into the business. Show Answer Correct Answer: A) Income from the sales of goods and services. 18. The key to using credit is that: A) You need to keep spending to save money in the long term. B) You must be able to pay it back on time. C) You will always need to use credit if you wish to get ahead in life. D) You will save money by always buying on credit. Show Answer Correct Answer: B) You must be able to pay it back on time. 19. How has brand building evolved according to the video? A) Remaining one-way communication. B) Engaging with customers authentically. C) Decreased customer interaction. D) Eliminating social media presence. Show Answer Correct Answer: B) Engaging with customers authentically. 20. Working Capital is defined as A) Total Assets-Total Liabilities. B) Non Current Liabilities-Non Current Assets. C) Total liabilities-Current Assets. D) Current Liabilities-Current Assets. Show Answer Correct Answer: B) Non Current Liabilities-Non Current Assets. 21. According to the SBA, a small business is an independent business with fewer than ..... employees. A) 10. B) 50. C) 100. D) 500. Show Answer Correct Answer: D) 500. 22. ..... capital is money provided by large investors to finance new products and new business that have a good chance to succeed. A) Adventure. B) Venture. C) Investment. D) None of the above. Show Answer Correct Answer: B) Venture. 23. Which of the following is NOT true about small-business owners? A) They like to take charge of things. B) They can get others to do things. C) They have short work weeks. D) They have good health. Show Answer Correct Answer: C) They have short work weeks. 24. Indicate whether the statement is true or false. In a franchise, the franchisee gets the opportunity to start a business with limited capital and to make use of the business experience of others. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 25. With what office do owner(s) register the business's name? A) Office of Comptroller. B) Secretary of State. C) Small Business Administration. D) Courthouse. Show Answer Correct Answer: B) Secretary of State. ← 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