This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 60 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 60 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is an example of a small business making necessary changes to their business model? A) A small software development company incorporating new features. B) A large retail chain opening new stores. C) A multinational corporation launching a new product. D) A government agency implementing new policies. Show Answer Correct Answer: A) A small software development company incorporating new features. 2. Has no ownership and pays no US federal taxes A) LLC. B) Sole Proprietorship. C) C Corp. D) S Corp. E) Non-profitTagsLEGAL STRUCTURES. Show Answer Correct Answer: E) Non-profitTagsLEGAL STRUCTURES. 3. Startup A) A new venture trying to discover a profitable business for success. B) The process of starting, organizing, managing, and assuming the responsibility for a business. C) What entrepreneurs might gain when starting a business, including money, personal satisfaction, independence, or positive impact on the economy or community. D) None of the above. Show Answer Correct Answer: A) A new venture trying to discover a profitable business for success. 4. Customer should have an HST number to activate a SMB account on Rogers A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 5. Applying principles of right and wrong to situations in the workplace A) Innovation. B) Risk. C) Business Ethics. D) Opportunity. Show Answer Correct Answer: C) Business Ethics. 6. ..... is a new business that is started from scratch. A) Franchise. B) Start-up. C) Buyout. D) Buyin. Show Answer Correct Answer: B) Start-up. 7. Which type of sales event is specifically designed to strengthen relationships with existing customers and build a sense of community among them? A) User Conferences. B) Road Shows. C) Product Launches. D) Fundraisers. Show Answer Correct Answer: A) User Conferences. 8. The annual cost for insurance is called A) Invoice. B) Premium. C) Launch plan. D) Deductible. Show Answer Correct Answer: B) Premium. 9. Familiarity ..... customers is one of the common traits all the entrepreneurs should share. A) Of. B) To. C) With. D) None of the above. Show Answer Correct Answer: C) With. 10. What is a disadvantage of buying office space? A) No maintenance costs. B) No property taxes. C) Eventual ownership. D) Must bear maintenance costs. Show Answer Correct Answer: D) Must bear maintenance costs. 11. Which Act was passed to address the issues of small enterprises? A) Small and Medium Enterprises Development. B) Small Enterprises Acts by Ministry ofTrade. C) The Central Business Amendment Act 2006. D) Agricultural Produce(Grading and Marketing) Act 1937. Show Answer Correct Answer: A) Small and Medium Enterprises Development. 12. Who opened the first McDonald's restaurant? A) The McDonald brothers in San Bernardino, California in 1948. B) Ray Kroc in Des Plaines, Illinois in 1955. C) All the above. D) None of the above. Show Answer Correct Answer: A) The McDonald brothers in San Bernardino, California in 1948. 13. What is the primary reason that businesses started by entrepreneurs close? A) Higher than expected expenses. B) Lack of adequate capital. C) Low sales. D) Competitive pressure. Show Answer Correct Answer: B) Lack of adequate capital. 14. What is an advantage of buying a franchise? A) Access to an established product or service. B) Total creative freedom in running the business. C) Lower cost compared to other start-up businesses. D) Ability to make dramatic changes in the business. Show Answer Correct Answer: A) Access to an established product or service. 15. A business wants to reach a wide audience using TV, radio, and the internet. Which promotional method are they using? A) Promotional activities. B) Promotional materials. C) Advertising. D) Branding and/or logo. Show Answer Correct Answer: C) Advertising. 16. Define the term 'Introduction to Entrepreneurship'. A) A course or program that focuses on the history of entrepreneurship. B) A course or program that teaches advanced business strategies. C) A course or program that explores the legal aspects of starting a business. D) A course or program that provides an overview of the principles, concepts, and skills related to starting and managing a business. Show Answer Correct Answer: D) A course or program that provides an overview of the principles, concepts, and skills related to starting and managing a business. 17. What are the different types of government assistance available for small businesses? A) Asking friends and family for financial help. B) Ignoring government assistance and relying on personal savings. C) Applying for personal loans from banks. D) Researching government websites, contacting local small business associations, and consulting with financial advisors. Show Answer Correct Answer: D) Researching government websites, contacting local small business associations, and consulting with financial advisors. 18. A small business in the U.S. wants to enter the European market. How should they tailor their promotional efforts for the European audience? A) Focus on price reduction and discounts only. B) Customize advertisements to reflect European values, language, and buying habits. C) Use the same promotional content used for U.S. markets. D) Focus only on print ads without considering digital media. Show Answer Correct Answer: B) Customize advertisements to reflect European values, language, and buying habits. 19. Work that is done for others is what type of business organization? A) Service business. B) Business plan. C) Retail business. D) Blue print. Show Answer Correct Answer: A) Service business. 20. The period of time over which revenues are compared with expenses in order to determine profit is called ..... A) The life of the business. B) Accrual accounting. C) Accounting period. D) Reporting period. Show Answer Correct Answer: C) Accounting period. 21. All are reasons why firms remain small EXCEPT ..... A) For many firms, the most efficient size is the small firm. B) The owners of some small firms do not have the necessary management and technical skills needed for a larger business. C) To keep the business in the family. D) To attain maximum profit from the business. Show Answer Correct Answer: D) To attain maximum profit from the business. 22. Below are the examples of startup in the sharing-economy, EXCEPT: A) Airbnb. B) Uber. C) Agoda. D) Foodpanda. Show Answer Correct Answer: C) Agoda. 23. NABARD set up in A) 1983. B) 1981. C) 1984. D) 1982. Show Answer Correct Answer: D) 1982. 24. As of 2018, how many small businesses were there in the U.S.? A) 10 million. B) 20.2 million. C) 30.2 million. D) 40.2 million. Show Answer Correct Answer: C) 30.2 million. 25. List three characteristics of successful entrepreneurs. A) Passion and determination, Strong work ethic and perseverance, Ability to take calculated risks. B) Avoiding hard work and giving up easily. C) Lack of motivation and laziness. D) Fear of taking risks and playing it safe. Show Answer Correct Answer: A) Passion and determination, Strong work ethic and perseverance, Ability to take calculated risks. ← 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