This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 6 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of these is NOT a type of stakeholder? A) Your friend. B) Owners. C) Customers. D) Financiers. Show Answer Correct Answer: A) Your friend. 2. How can small businesses quickly adapt to changing market trends and customer preferences? A) By being flexible and responsive to changes. B) By maintaining a fixed business strategy. C) By ignoring market trends. D) By focusing only on traditional marketing methods. Show Answer Correct Answer: A) By being flexible and responsive to changes. 3. Data that describes a group of people in terms of their age, marital status, gender, etc ..... A) Survey. B) Data. C) Demographics. D) Business plan. Show Answer Correct Answer: C) Demographics. 4. Which of the following is NOT classified as income: A) Wages paid by an employer in exchange for completing set tasks. B) Money paid to get your income tax return completed. C) Dividends paid to a shareholder when a company performs well. D) Salary paid to an employee. Show Answer Correct Answer: B) Money paid to get your income tax return completed. 5. What is a key component of a marketing strategy? A) Employee training. B) Product pricing. C) Office decoration. D) Inventory management. Show Answer Correct Answer: B) Product pricing. 6. TRUE or FALSE-The Franchisee can benefit from using the brand name of the Franchise, as well as advertising and marketing A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 7. 7A loans need a credit score of ..... to qualify for an approval. A) 790. B) 720. C) 580. D) 690. Show Answer Correct Answer: D) 690. 8. Small businesses typically have a complex organizational structure with multiple layers of hierarchy A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 9. Start-up financing A) The amount of money needed to open the business. B) Money needed to pay for the current operating activities of a business. C) A design change that increases the usefulness of a product, service, or process. D) Is the process of starting, organizing, managing, and assuming the responsibility for a business. Show Answer Correct Answer: A) The amount of money needed to open the business. 10. Pursuing their passions, developing an idea into a business, creating wealth for themselves, and providing jobs for other people, allows entrepreneurs to increase their: A) Personal satisfaction. B) Number of friends. C) All the above. D) None of the above. Show Answer Correct Answer: A) Personal satisfaction. 11. How much do small industries contribute to gross industrial value and total exports respectively? A) 45% and 30%. B) 35% and 40%. C) 40% and 45%. D) 30% and 45%. Show Answer Correct Answer: C) 40% and 45%. 12. When Betsy started her business, she knew that if she needed any assistance she could contact ..... and receive help from retired and active businesspeople who volunteer their services to small-business owners. A) A small-business institute (SBI). B) The Small Business Administration (SBA) local office. C) The Service Corps of Retired Executives (SCORE). D) A small-business development center (SBDC). Show Answer Correct Answer: C) The Service Corps of Retired Executives (SCORE). 13. A business owner notices that utility bills are increasing each month. What could be a possible reason for this expense change? A) The rent increased. B) The business is producing more products. C) The insurance premium decreased. D) The business bought new equipment. Show Answer Correct Answer: B) The business is producing more products. 14. Units times price. A) Total Revenue. B) Profit. C) All the above. D) None of the above. Show Answer Correct Answer: A) Total Revenue. 15. Which expense would most likely increase if a business produces more products? A) Rent. B) Insurance. C) Raw materials. D) Property tax. Show Answer Correct Answer: C) Raw materials. 16. What does an environmentally friendly business aim to do? A) Increase profits at any cost. B) Reduce, minimal or no harm to ecosystems or the environment. C) Expand business locations. D) Hire more employees. Show Answer Correct Answer: B) Reduce, minimal or no harm to ecosystems or the environment. 17. Why is contingency planning important when developing a business plan for a start-up? A) It helps prepare for unexpected challenges and risks. B) It guarantees immediate business success. C) It eliminates the need for market research. D) It focuses only on product design. Show Answer Correct Answer: A) It helps prepare for unexpected challenges and risks. 18. Fill in the blank:The ..... is the point where a business's revenue matches its expenses over a given period. A) Break-Even Point. B) Profit Margin. C) Gross Income. D) Net Worth. Show Answer Correct Answer: A) Break-Even Point. 19. MSMEs in India are considered to be: A) Labour intensive and less capital intensive. B) Only capital intensive. C) Only export-oriented. D) Technology-based only. Show Answer Correct Answer: A) Labour intensive and less capital intensive. 20. What is the primary focus of Entrepreneurship Development Programs (EDPs)? A) Legal Compliance. B) Skill Development. C) Market Research. D) Financial Auditing. Show Answer Correct Answer: B) Skill Development. 21. ..... is defined as one in which the investment in fixed assets of plant and machinery does not exceed rupees one crore. A) Limited companies. B) None of these. C) Small scale industries. D) Large scale industries. Show Answer Correct Answer: C) Small scale industries. 22. What is a human resources function? A) Responsible for communicating with clients. B) Responsible for recruiting the right people with required skills. C) Deals with giving out papers to CEO, managers etc. D) Deals with the budgeting of the company. Show Answer Correct Answer: B) Responsible for recruiting the right people with required skills. 23. Which best describes the primary reason small businesses are considered "job creators" ? A) They hire more employees than large corporations. B) They create local employment opportunities that grow over time. C) They only hire family members. D) They focus solely on part-time positions. Show Answer Correct Answer: B) They create local employment opportunities that grow over time. 24. Why is risk management particularly important for a small business? A) It is not as important as for large businesses. B) It helps in avoiding all types of losses. C) It is vital due to common types of losses such as theft, fire, flood, legal liability, injury, and disability. D) It only helps in preventing theft. Show Answer Correct Answer: C) It is vital due to common types of losses such as theft, fire, flood, legal liability, injury, and disability. 25. What is a common mistake that small-business owners make when their businesses begin growing? A) They sell more goods and services. B) They put too much money in advertising. C) They move beyond their local area. D) They over-expand without proper planning. E) They invest too much of their own money. Show Answer Correct Answer: D) They over-expand without proper planning. ← 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 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 10Class 11 Business Studies Chapter 8 Small Business Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books