This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 61 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 61 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the main function of trade unions? A) To help employees work in relative isolation. B) To assist employees in improving working conditions and employment security. C) To set standards of practice for professional bodies. D) To represent the interests of industry groups. Show Answer Correct Answer: B) To assist employees in improving working conditions and employment security. 2. What is the significance of financial projections in a business plan? A) They are only needed if the business requires funding. B) They predict future sales and expenses. C) They are not important for small businesses. D) They detail past financial transactions. Show Answer Correct Answer: B) They predict future sales and expenses. 3. This a process that requires hard work, perseverance, and the willingness to assume some degree of risk. A) Managing. B) Entrepreneurship. C) All the above. D) None of the above. Show Answer Correct Answer: B) Entrepreneurship. 4. A sophisticated cash register connected to a computer. A) Point-of-Sale Terminal. B) Main Computer Terminal. C) All the above. D) None of the above. Show Answer Correct Answer: A) Point-of-Sale Terminal. 5. Performance and credit rating is implemented by A) District Industries centres. B) National Small Industries Corporation. C) National bank for Agriculture and Rural Development. D) Small industries Development Bank of India. Show Answer Correct Answer: B) National Small Industries Corporation. 6. Bank norm for Current Ratio is: A) 1:1. B) 1.33:1. C) 1.50:1. D) 2:1. Show Answer Correct Answer: B) 1.33:1. 7. Which of the following comes under the Modern Small Industries A) Coir. B) Handicrafts. C) Khadi. D) Power looms. Show Answer Correct Answer: D) Power looms. 8. In the VPC, this section is where you put the list of what your startup offers in terms of products or services or on what you can offer to complete client jobs. A) Pains. B) Gain Creators. C) Inventory Creators. D) Supplies & Materials. E) Products and Services. Show Answer Correct Answer: E) Products and Services. 9. Two or more businesses pooling their resources to achieve a goal: A) Joint Ventures. B) Mergers. C) Acquisitions. D) Franchising. Show Answer Correct Answer: A) Joint Ventures. 10. In a limited liability partnership, each partners of the business is not personally liable for the business debts if they cannot be paid. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 11. What is an example of a threat in a SWOT Analysis? A) Lots of competitors or new businesses entering the market. B) Skills and experience that the business has. C) Areas where the business is weak or needs development. D) Identified customer base and markets for products and services. Show Answer Correct Answer: A) Lots of competitors or new businesses entering the market. 12. General statements of what needs to be achieved and accomplished to achieve the mission A) Business Plan. B) Mission. C) Goals. D) Objectives. Show Answer Correct Answer: C) Goals. 13. Which of the following is a government initiative to support startups? A) Make in India. B) Digital India. C) Startup India. D) Skill India. Show Answer Correct Answer: C) Startup India. 14. Which element outlines marketing costs? A) Budget. B) Strategies and tactics. C) Offer or message. D) Define the target market. Show Answer Correct Answer: A) Budget. 15. A venture business has no employees other than the owner. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. Which program is dedicated to helping veterans start their own businesses? A) Minority Small-Business Program. B) Service Corps. C) Veterans Entrepreneurship Program. D) Senior Corps of Executives (ACE). Show Answer Correct Answer: C) Veterans Entrepreneurship Program. 17. Debt that includes a legal obligation by the borrower to repay the debt personally if the business is unable to make its scheduled debt payment. A) Secured Debt. B) Unsecured Debt. C) All the above. D) None of the above. Show Answer Correct Answer: A) Secured Debt. 18. Looking at new ways of doing things, and using the mind to conceptualize unique ideas is what characteristic of an entrepreneur? A) Goal-Oriented. B) Creative. C) Independent. D) Responsible. Show Answer Correct Answer: B) Creative. 19. What are the different types of business ownership? A) Sole proprietorship, partnership, corporation, and limited liability company (LLC). B) Limited partnership, general partnership, public corporation. C) Government-owned, joint venture, trust. D) Franchise, cooperative, non-profit organization. Show Answer Correct Answer: A) Sole proprietorship, partnership, corporation, and limited liability company (LLC). 20. A small business is planning to expand. What should the owner do to estimate future expenses accurately? A) Guess based on current expenses. B) Create a detailed budget including fixed, variable, and capital expenses. C) Only consider variable expenses. D) Ignore indirect expenses. Show Answer Correct Answer: B) Create a detailed budget including fixed, variable, and capital expenses. 21. When starting a business, why is it important to identify your own skills gap? A) To avoid learning new things. B) To focus only on tasks you already know. C) To know which areas require further development or support. D) To ensure you do not need any help. Show Answer Correct Answer: C) To know which areas require further development or support. 22. A business wants to target a product at younger women with a high budget. Which market segmentation variables are they using? A) Age, gender, budget. B) Location, taste, duration. C) Behaviour, luxury, income. D) Demographics, taste, age. Show Answer Correct Answer: A) Age, gender, budget. 23. Which act is applied on Small Scale Industries? A) SSI 2005. B) Small Scale Industries Act, 2006. C) MSMED Act, 2005. D) MSMED Act, 2006. Show Answer Correct Answer: D) MSMED Act, 2006. 24. This is the ability to complete what you start in spite of difficulties and obstacles. A) Passion. B) Vision. C) Perseverance. D) Persuasiveness. Show Answer Correct Answer: C) Perseverance. 25. Sally stated her business five years ago. The business brings organic produce to food banks and has grown 15% each year. What type of entrepreneur best describes Sally? A) Social. B) Lifestyle. C) Growth. D) Gazelle. Show Answer Correct Answer: A) Social. ← 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