This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 64 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 64 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is a type of fee associated with franchises? A) No fees. B) Royalty fees. C) Free marketing. D) No initial cost. Show Answer Correct Answer: B) Royalty fees. 2. The ..... ? ..... environment is primary interest to companies because it related to the society, and the society forms the market. This source of opportunity is called as? A) New knowledge. B) Industry. C) Demographics. D) Changes in perception. Show Answer Correct Answer: C) Demographics. 3. The money or wealth needed to produce goods and services. All businesses need this. A) Capital. B) Profit. C) All the above. D) None of the above. Show Answer Correct Answer: A) Capital. 4. What happens if the product cannot be resold in a business opportunity? A) The buyer keeps the product. B) The seller buys the product back. C) The product is discarded. D) The buyer pays a penalty. Show Answer Correct Answer: B) The seller buys the product back. 5. Which act addresses the concern of MSMEs? A) MSMED ACT, 2003. B) MSMED ACT, 2004. C) MSMED ACT, 2005. D) MSMED ACT, 2006. Show Answer Correct Answer: D) MSMED ACT, 2006. 6. Internal locus of control A) A belief that external factors control one's life. B) A deep-seated sense that the individual is personally responsible for what happens in his or her life. C) The idea that luck plays a significant role in success. D) A mindset that focuses solely on the past experiences of an individual. Show Answer Correct Answer: B) A deep-seated sense that the individual is personally responsible for what happens in his or her life. 7. Jasmine invests her savings into creating a new clothing line with unique, eco-friendly fabrics. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: A) Entrepreneur. 8. The ability to use imaginative skills to find unique ways to solve problems. A) Self-confident. B) Creativity. C) Self-Confidence. D) Perseverance. Show Answer Correct Answer: B) Creativity. 9. A small business may employ up to 500 people. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. What is a key aspect of securing remote access for small businesses? A) Allowing unrestricted access. B) Implementing strong security measures. C) Disabling all security features. D) Sharing passwords with everyone. Show Answer Correct Answer: B) Implementing strong security measures. 11. CFO reports to CEO A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 12. Rebecca owns a business and has an idea for a new product but needs about $ 125, 000 to take it to market. Her personal credit and savings are maxed out. A) Credit cards. B) New business grant. C) Angel investor. D) Venture capital financing. Show Answer Correct Answer: C) Angel investor. 13. What is one of the advantages of small business ownership that can affect the personal satisfaction of the business owner? A) Independence. B) Costs. C) Market Share. D) Economy of Scale. Show Answer Correct Answer: A) Independence. 14. When people ask about a loan a bank will generally want to know what 'assets' they own-this refers to: A) Something their parents own which they might one day inherit. B) Something they one day hope to buy. C) Something owned or controlled that will provide economic benefits into the future. D) Something only of personal but no financial value such as a photo of a dog. Show Answer Correct Answer: C) Something owned or controlled that will provide economic benefits into the future. 15. Which of the following is a common characteristic of small businesses regarding market focus? A) Broad target audience. B) Global market dominance. C) Niche or specific market focus. D) None of the above. Show Answer Correct Answer: C) Niche or specific market focus. 16. This is a business owned and managed by one person. A) Partnership. B) Proprietorship. C) Corporation. D) Limited Liability Cooperative. Show Answer Correct Answer: B) Proprietorship. 17. How might a small retail business deal with competition from online giants? A) By closing their store immediately. B) By offering unique in-person experiences and community engagement. C) By only selling online. D) By ignoring the competition. Show Answer Correct Answer: B) By offering unique in-person experiences and community engagement. 18. A cottage industry is operated A) In a country. B) Outside of a country. C) In a region. D) Inside the home. Show Answer Correct Answer: D) Inside the home. 19. Business ethics that form the foundation for people of an organisation asthey make decisions and interact with stakeholders. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 20. When getting ready for work, you should be appropriately ..... and well groomed. A) Dressed. B) Punctual. C) All the above. D) None of the above. Show Answer Correct Answer: A) Dressed. 21. In the context of the U.S. economy, small firms tend to be effective innovators because of the presence of revolutionary new ideas. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 22. True or False:There is currently a non-share promo plan with 10GB for $ 55 on SBIS? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 23. What is the goal of taking on more risk in entrepreneurship? A) To produce a steady income. B) To serve the local community. C) To achieve more return. D) To maintain a stable business. Show Answer Correct Answer: C) To achieve more return. 24. Which government agency in Jamaica fosters and coordinates scientific research in the agro-industrial sector? A) Jamaica Intellectual Property Office (JIPO). B) Scientific Research Council (SRC). C) Private Sector Organisation of Jamaica. D) Jamaica Business Development Corporation (JBDC). Show Answer Correct Answer: B) Scientific Research Council (SRC). 25. What type of software do big businesses often use for managing customer information? A) CRM software. B) Paper records. C) Social media apps. D) Spreadsheets only. Show Answer Correct Answer: A) CRM software. ← 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