This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 67 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 67 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Data refers to raw facts and information is data put into a meaningful format. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: B) True. 2. Entrepreneurship is the process of starting, organizing, managing, and assuming the responsibility for a business. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 3. What is a key characteristic of a partnership? A) It is owned by shareholders. B) It requires a formal registration. C) It involves shared profits and losses. D) It is limited to three owners. Show Answer Correct Answer: C) It involves shared profits and losses. 4. A business plan helps a business achieve short-term and long-term ..... A) License. B) Goals. C) Investment. D) Risk tolerance. Show Answer Correct Answer: B) Goals. 5. Is the ways that company can communicate to customer with, by using promotion tools (TV-poster) A) Market Plan. B) Market Basic. C) Promotion. D) Client. Show Answer Correct Answer: C) Promotion. 6. In terms of business compensation, what is equity? A) A fee paid for completing a task. B) Compensation based on the number of units produced. C) Non-cash compensation that often involves ownership in the company, such as stocks. D) A fixed payment amount for each pay period. Show Answer Correct Answer: C) Non-cash compensation that often involves ownership in the company, such as stocks. 7. A business experienced a loss of $ 32 450. If the revenue was $ 56 890, then what are the expenses for the year? A) $ 89 340. B) $ 24 440. C) $ 64 900. D) $ 113 780. Show Answer Correct Answer: A) $ 89 340. 8. How is the monthly cost for Bell Fibe TV App Standard & Premium? A) $ 15/$ 22. B) $ 10/$ 25. C) $ 15/$ 25. D) $ 9/$ 20. Show Answer Correct Answer: C) $ 15/$ 25. 9. Information is not ..... A) A balance sheet. B) A receipt. C) An income statement. D) A cash flow statement. Show Answer Correct Answer: B) A receipt. 10. Large businesses are responsible for most new employment opportunities. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 11. Which sentence uses the correct form of 'its' or 'it's'? A) It's important for a business to know its market. B) Its important for a business to know it's market. C) It's important for a business to know it's market. D) Its important for a business to know its market. Show Answer Correct Answer: A) It's important for a business to know its market. 12. A Pitch Deck is a brief presentation, often created using PowerPoint, Keynote or Prezi, used to provide your audience with a quick overview of your business plan. It is usually 10-20 slides, highly visual, and used to get investors attention. True or False? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 13. What is a common trend in the transformation from small business to large corporation? A) Innovating products. B) Avoiding the community. C) Failing to grow. D) Decreasing local employment. Show Answer Correct Answer: A) Innovating products. 14. A requirement that all relevant items be reported for a business entity, excluding any transactions of the owner and any other entity is A) The accrual basis assumption. B) The entity assumption. C) The going concern assumption. D) The period assumption. Show Answer Correct Answer: B) The entity assumption. 15. Which of the following is NOT one of the 4Ps of marketing? A) Price. B) Peace. C) Place. D) Product. Show Answer Correct Answer: B) Peace. 16. Which of these is a limitation of Departmental Store. A) Convenience in buying. B) Huge investment. C) Attractive services. D) Promotion of sales. Show Answer Correct Answer: B) Huge investment. 17. The creation, development, and commercialization of innovative technologies, products, or services refers to A) Corporate Entrepreneurship. B) Online Entrepreneurship. C) Technology Entrepreneurship. D) Small Business Entrepreneurship. Show Answer Correct Answer: C) Technology Entrepreneurship. 18. The shift leader at a restaurant checks if employees are on task. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: B) Manager. 19. The organization of retired business executives who provide specialized assistance for small business owners is called A) Small Business Institutes. B) Small Business Ventures. C) Small Business Administration. D) Service Corps of Retired Executives. Show Answer Correct Answer: D) Service Corps of Retired Executives. 20. In the context of self-reliance, people with an external locus of control rely more on their own efforts and less on the actions of others. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 21. What is the main benefit of preparing a business plan? A) It communicates the purpose of the venture and what it wants to achieve in the future. B) It is required if you want to apply for credit and secure a business loan. C) It helps you allocate resources and create a workable budget. D) It allows you to forecast future steps and set targets. Show Answer Correct Answer: D) It allows you to forecast future steps and set targets. 22. Small businesses tend to have lower profit margins compared to larger corporations. A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 23. What is the antonym of 'small' in the context of business? A) Large. B) Tiny. C) Minor. D) Little. Show Answer Correct Answer: A) Large. 24. How can small businesses use customer data to build stronger relationships? A) By analyzing purchasing patterns to offer personalized solutions. B) By selling the data to third-party companies. C) By focusing only on high-value customers and ignoring others. D) By restricting the use of data to internal reports. Show Answer Correct Answer: A) By analyzing purchasing patterns to offer personalized solutions. 25. Which of the following is NOT a characteristic of a partnership? A) Owned and operated bybetween 2 and 20 people. B) Business is not a separate legal entity from owners. C) Subject to unlimited liability. D) Partners have limited liability for the debts of the business. Show Answer Correct Answer: D) Partners have limited liability for the debts of the business. ← 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