This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 7 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Money invested in purchasing of raw materials payment of wages and salaries, rental, electricity etc comes under A) Working capital. B) Fixed capital. C) Long term capital. D) Capital income. Show Answer Correct Answer: A) Working capital. 2. What are the primary considerations for starting a small business in a rural area? A) Proximity to urban areas. B) Availability of public transportation. C) Market demand, access to resources, community support, and infrastructure are primary considerations for starting a small business in a rural area. D) Lack of entertainment options. Show Answer Correct Answer: C) Market demand, access to resources, community support, and infrastructure are primary considerations for starting a small business in a rural area. 3. Which country is mount kilimanjaro located? A) Tanzania. B) Nepal. C) Sout Africa. D) India. Show Answer Correct Answer: A) Tanzania. 4. Which of the following will generally NOT be a realistic option for people wanting credit? A) Asking a store for credit. B) Credit card. C) Store card. D) Personal loan. Show Answer Correct Answer: A) Asking a store for credit. 5. The average number of employees in a small business is:(KLO 1.2) A) A. 1-100. B) B. 1-50. C) C. No specific number. D) D. Over 100. Show Answer Correct Answer: B) B. 1-50. 6. Which of the following is a key factor for small businesses to consider when entering a global market? A) The political and economic stability of the target country. B) The color of the business's logo. C) The number of competitors in the domestic market. D) The availability of free marketing platforms. Show Answer Correct Answer: A) The political and economic stability of the target country. 7. Economic Indicators A) Rate of growth. B) Signs. C) How many people work for apple. D) The income range and employment rate. Show Answer Correct Answer: D) The income range and employment rate. 8. As per the notification dated February 17, 2017, issued by the Ministry of Commerce and Industry, a start up means an entity whose annual turnover does not exceed ..... A) Rs 25 crore in any preceding year. B) Rs 24 crore in any preceding year. C) Rs 20 crore in any preceding year. D) Rs 23 crore in any preceding year. Show Answer Correct Answer: A) Rs 25 crore in any preceding year. 9. Which of the following is NOT an incentive for setting up small-scale industries in backward areas? A) Power at concessional rates. B) Link roads in industrial estates. C) No subsidy on capital investment. D) Subsidised land rates. Show Answer Correct Answer: C) No subsidy on capital investment. 10. An effective business plan is usually 25 to 50 pages long. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 11. Fill in the blank: ..... is using one's mind to solve a problem in the best way by considering various potential solutions to the problem. A) Critical Thinking. B) Memorization. C) Guesswork. D) Procrastination. Show Answer Correct Answer: A) Critical Thinking. 12. Carl has created a new app that helps people manage their daily tasks more efficiently. He observes that many users struggle with the app's interface, so he collects feedback and begins improving the user experience by addressing these issues directly. Which stage of the design thinking process is Carl primarily focused on in this scenario? A) Prototype. B) Empathize. C) Ideate. D) Test. Show Answer Correct Answer: B) Empathize. 13. An individual who provides financial backing for small start-up businesses or entrepreneurs. This individual will often accept a lower return on investment or partial ownership of business. What is this individual called? A) Angel Investor. B) Banker. C) Debt Collector. D) Accountant. Show Answer Correct Answer: A) Angel Investor. 14. This organization is dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship. This group offers free, confidential business advisors in person or via email. Thousands of their volunteers are willing to share their expertise across 62 industries. A) SCORE. B) TOUCHDOWN. C) All the above. D) None of the above. Show Answer Correct Answer: A) SCORE. 15. True or False:With owners of equity in a business, founders own equity. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. What is the meaning of "Vision" in a business context? A) A feeling of suitability for a particular career. B) The introduction of something new. C) An aspirational view of the future. D) The risk that financial stakeholders will lose money. Show Answer Correct Answer: C) An aspirational view of the future. 17. A loan that provides the borrower a maximum amount of money. The borrower can draw on that money as needed, up to the maximum amount. A) Line of Credit. B) Simple Intrest Loan. C) All the above. D) None of the above. Show Answer Correct Answer: A) Line of Credit. 18. What is the average amount needed to start a part-time home-based small business? A) $ 10, 000 or more. B) $ 5, 000 or less. C) $ 7, 500. D) $ 20, 000. Show Answer Correct Answer: B) $ 5, 000 or less. 19. Management profiles do NOT include which of the following? A) A list of community relations. B) A description of managers functions in an organization. C) A list of industry relations. D) A description of family. Show Answer Correct Answer: D) A description of family. 20. What is important about managing a business A) You are the leader. B) People will you judge how you do. C) People will be looking up to you for leadership. D) Its a job. Show Answer Correct Answer: C) People will be looking up to you for leadership. 21. What is the U.S. economy's growth rate in 2020? A) -3.5%. B) 2.5%. C) 3%. D) 0%. Show Answer Correct Answer: A) -3.5%. 22. This involves distributing products in the marketplace. A) Proce. B) Place. C) Product. D) Promotion. Show Answer Correct Answer: B) Place. 23. Which of the following are two recurring costs that most businesses have? A) Rent and utilities. B) Logo design and web design. C) Downpayment and market research. D) Company signs and business plan. Show Answer Correct Answer: A) Rent and utilities. 24. Which type of pay is usually found in sales roles? A) Commission. B) Salary. C) Hourly. D) Equity. Show Answer Correct Answer: A) Commission. 25. Engaging friends and family in an activity designed to spontaneously create ideas: A) Brainstorming. B) Licensing. C) Franchising. D) Patenting. Show Answer Correct Answer: A) Brainstorming. ← 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 8Class 11 Business Studies Chapter 8 Small Business Quiz 9Class 11 Business Studies Chapter 8 Small Business Quiz 10Class 11 Business Studies Chapter 8 Small Business Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books