This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 68 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 68 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Choose the correct word to complete the sentence:'The entrepreneur was known for his ..... in business operations.' A) Ingenuity. B) Ignorance. C) Indifference. D) Inactivity. Show Answer Correct Answer: A) Ingenuity. 2. What is meant by the term 'brand loyalty'? A) People like to try different brands. B) People like to stay with the same brand. C) Businesses do not value their regular customers. D) None of the above. Show Answer Correct Answer: B) People like to stay with the same brand. 3. Which of the following risks borne by the retailers? A) Storage risk. B) Pilferage risk. C) Risk of obsolescence. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. Rencana pemasaran berfokus pada berbagai keputusanyang harus dilakukan mengenai proses produksi, seperti lokasi situs dan desain serta tata letaknya fasilitas A) Benar. B) Salah. C) All the above. D) None of the above. Show Answer Correct Answer: B) Salah. 5. What is the first step in starting a small business according to the slide? A) Devise a strategy to guide planning & development. B) Make decisions about the form of ownership. C) Start with a concept or general idea. D) Acquire an existing business. Show Answer Correct Answer: C) Start with a concept or general idea. 6. Costs incurred by a business for property or equipment are considered what kind of costs? A) Fixed Costs. B) Acquisition Costs. C) Negotiated Costs. D) Operating Costs. Show Answer Correct Answer: B) Acquisition Costs. 7. Which group is specifically targeted by the SBA's women-owned business program? A) All entrepreneurs. B) Women entrepreneurs. C) Teenage entrepreneurs. D) Retired entrepreneurs. Show Answer Correct Answer: B) Women entrepreneurs. 8. A family runs a hardware store that has been passed down for three generations. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: C) Small Business Owner. 9. What is a recommended action for businesses to manage risks effectively? A) Conduct a risk analysis. B) Increase distribution challenges. C) Reduce human resource activities. D) Focus solely on production. Show Answer Correct Answer: A) Conduct a risk analysis. 10. What is the primary role of professional associations? A) To set standards of practice for their members. B) To promote local consumer organizations. C) To represent the interests of industry groups. D) To assist employees in improving working conditions. Show Answer Correct Answer: A) To set standards of practice for their members. 11. How do successful small businesses typically compete with larger companies? A) By matching their low prices. B) By offering personalized service and relationships. C) By having more locations. D) By spending more on advertising. Show Answer Correct Answer: B) By offering personalized service and relationships. 12. When one person owns a company, that person is called a ..... A) Partnership. B) Franchise. C) Corporation. D) Sole-proprietor. Show Answer Correct Answer: D) Sole-proprietor. 13. Which statement about private companies (Pty Ltd) is incorrect? A) Private companies can have between 2 and 50 private shareholders. B) Private companies often tend to be small to medium-sized, family-owned businesses. C) The main disadvantage of a private company is thatshareholders have unlimited liability. D) A proprietary (private) company is the most common type ofcompany structure in Australia. Show Answer Correct Answer: C) The main disadvantage of a private company is thatshareholders have unlimited liability. 14. Entrepreneurs have the ability to convince those around them to believe in and support their vision of what is possible. This is known as: A) Passion. B) Vision. C) Perseverance. D) Persuasiveness. Show Answer Correct Answer: D) Persuasiveness. 15. It is necessary to provide specific tasks that need to be completed in order to register the company through Geaux Biz. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 16. Select the INCORRECT statement concerning wealth management and creation: A) You generally need to lose money before you make any. B) It is not essential to take huge risks to make money. C) Wealth can be planned and budgeted for. D) Sound financial advice can assist with wealth management and growth. Show Answer Correct Answer: A) You generally need to lose money before you make any. 17. Which is not a major advantage of franchising for a franchisor A) Increased revenue. B) Brand awareness. C) New locations without financial responsibility. D) None of these. Show Answer Correct Answer: D) None of these. 18. Which of the following requires more money upfront but involves less risk? A) Starting a new business. B) Buying a franchise. C) Launching a digital product. D) Offering a new service. Show Answer Correct Answer: B) Buying a franchise. 19. What does the SBA offer to small businesses? A) Dance classes. B) Financial assistance and advice. C) Culinary courses. D) Vacation packages. Show Answer Correct Answer: B) Financial assistance and advice. 20. Employees most affected by minimum wage laws are compensated ..... A) Salary. B) Hourly. C) Commissions. D) None of the above. Show Answer Correct Answer: B) Hourly. 21. Which of the following is a benefit of using a business plan for a business and its owners? A) It guarantees immediate profit. B) It helps to see a picture of the whole business and make connections between different parts. C) It eliminates all competition. D) It removes the need for any planning. Show Answer Correct Answer: B) It helps to see a picture of the whole business and make connections between different parts. 22. What is the role of small businesses in the Canadian economy? A) They account for 50% of all businesses in Canada. B) They account for 75% of all businesses in Canada. C) They account for 98% of all businesses in Canada. D) They account for 25% of all businesses in Canada. Show Answer Correct Answer: C) They account for 98% of all businesses in Canada. 23. The definition of MSME by the Government of India is based on: A) Number of employees. B) Power consumed. C) Investment in plant, machinery, and turnover. D) Volume of output. Show Answer Correct Answer: C) Investment in plant, machinery, and turnover. 24. Which is a Geographical Indication in India? A) Mona Lisa Painting. B) IRCTC logo. C) Darjeeling tea. D) Light bulb. Show Answer Correct Answer: C) Darjeeling tea. 25. Entrepreneurs are flexible and will refuse to give up despite obstacles, failures, and discouragement from others. This characteristic is known as: A) Self-confident. B) Creativity. C) Self-Confidence. D) Perseverance. Show Answer Correct Answer: D) Perseverance. ← 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