This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 70 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 70 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is one way communities support Small Business Saturday? A) Organizing Shop Small events. B) Closing public streets. C) Shutting down large stores. D) Cancelling seasonal festivities. Show Answer Correct Answer: A) Organizing Shop Small events. 2. A tiny unit is defined as an industrial or businessenterprise whose investment in plantand machinery is not more than A) 35 lakhs. B) 50 lakhs. C) 30 lakhs. D) 25 lakhs. Show Answer Correct Answer: D) 25 lakhs. 3. Why is it important to present data in a suitable format after it has been collated? A) To make it easier to analyse (understand). B) To increase the amount of data. C) To reduce the number of tables. D) To hide the data from others. Show Answer Correct Answer: A) To make it easier to analyse (understand). 4. If a person has the ability to set their own schedule, work from home, do something they love, satisfaction in taking risks, and gets to show their expertise and skill they are examples of: A) Reasons entrepreneurships fail. B) Advantages of entrepreneurship. C) Characteristics of an entrepreneur. D) Disadvantages of an entrepreneur. E) Skills of an entrepreneur. Show Answer Correct Answer: B) Advantages of entrepreneurship. 5. You need a legal structure for your small business. You want some of the benefits enjoyed by a large corp, but do not want to be taxed twice. You have 4 partners who will be shareholders. You also want to be protected from business liabilities. Which is best for you? A) LLC. B) S Corp. C) C Corp. D) Sole ProprietorshipTagsLEGAL STRUCTURES. Show Answer Correct Answer: B) S Corp. 6. To be successful, the entrepreneur must: A) Ignore the needs and wants of customers. B) Focus on serving the needs and wants of customers. C) All the above. D) None of the above. Show Answer Correct Answer: B) Focus on serving the needs and wants of customers. 7. What type of loans are invested in a business venture that offers favourable returns? A) Technical support services. B) Energy conservation loans. C) Start-up capital financing. D) Venture capital. Show Answer Correct Answer: D) Venture capital. 8. Debt ratio is calculated by A) Comparing current assets and current liabilities. B) Seeing how much a business owes. C) The owners investment in the business. D) Comparing total liabilities with total assets. Show Answer Correct Answer: D) Comparing total liabilities with total assets. 9. Which non-government agency in Jamaica promotes entrepreneurship, provides technical advice, and fosters corporate citizenship? A) The Small Business Association of Jamaica. B) Private Sector Organisation of Jamaica. C) Jamaica Intellectual Property Office (JIPO). D) Scientific Research Council (SRC). Show Answer Correct Answer: A) The Small Business Association of Jamaica. 10. Profit for a period of time is determined by deducting expenses incurred from the revenue earned in that same period A) The entity assumption. B) The going concern assumption. C) The period assumption. D) The accrual basis assumption. Show Answer Correct Answer: D) The accrual basis assumption. 11. Sandals hotel and West Indies Cricket Board coming together to promote the Caribbean A) Joint Venture. B) Merger. C) Acquisition. D) Franchising. Show Answer Correct Answer: A) Joint Venture. 12. Why is customer satisfaction important for the success of small businesses? A) Positive word-of-mouth does not affect the success of small businesses. B) Small businesses do not need repeat business to succeed. C) Customer satisfaction leads to repeat business and positive word-of-mouth, which are crucial for small businesses to thrive. D) Customer satisfaction has no impact on small businesses. Show Answer Correct Answer: C) Customer satisfaction leads to repeat business and positive word-of-mouth, which are crucial for small businesses to thrive. 13. This refers to the quantity of a product that producers are willing and able to produce at a given price. A) Industrialization. B) Competition. C) Supply. D) Demand. Show Answer Correct Answer: C) Supply. 14. Rushan devised an apparatus to measure the quality of air at home which can be fitted in any Air conditioner and the air conditioner can become an air purifier as well. His product is still in the pre-commercialization stage. Rushan wants to exclude others from making, using, selling and importing this apparatus. The intellectual property right which Rushan will have to obtain is: A) Trademark. B) Copyright. C) Patent. D) None of the above. Show Answer Correct Answer: C) Patent. 15. What is the purpose of a mission statement for a small business? A) Outline the company's financial goals. B) Communicate the company's core purpose and values. C) Develop marketing strategies. D) Track employee attendance. Show Answer Correct Answer: B) Communicate the company's core purpose and values. 16. Entrepreneurs are people that notice opportunities and take the initiative to mobilize resources to make new goods and services. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 17. You have an idea for a new service. Market research suggests that service is needed to solve a problem and will be enthusiastically embraced by customers.What is one of the first steps you must do before offering a new service? A) Launch a marketing campaign. B) Pre-Sale the service for funding. C) Create a social media following. D) Identify knowledge required. Show Answer Correct Answer: D) Identify knowledge required. 18. Which type of market test engages the snowball effect? A) Focus groups. B) Surveys. C) Networking. D) Interviewing. Show Answer Correct Answer: C) Networking. 19. Partnership A) Business owned by 2 or 3 people. B) Small business owned by one person. C) Owned by shareholders. D) Hybrid of corporation and partnership. Show Answer Correct Answer: A) Business owned by 2 or 3 people. 20. What is the definition of Profit? A) The income derived from profitable ventures. B) Cash left over at the end of trade. C) The money you make. D) The surplus of revenue over costs. Show Answer Correct Answer: D) The surplus of revenue over costs. 21. A ..... agreement is a legal agreement that binds one or more parties to non-disclosure of confidential or proprietary information. A confidentiality agreement is often used in situations wherein sensitive corporate information or proprietary knowledge is not to be made available to the general public or to competitors. A) Waiver. B) Secret. C) Closure. D) Confidentiality. Show Answer Correct Answer: D) Confidentiality. 22. What is the main purpose of the Business Development Library mentioned in the text? A) To offer financial assistance to business owners. B) To publish publications on various business topics. C) To provide medical advice. D) To organize employee training workshops. Show Answer Correct Answer: B) To publish publications on various business topics. 23. Compare the marketing approaches of big and small businesses based on the text. A) Both use only local advertising. B) Big businesses use global campaigns, while small businesses rely on low-cost, local methods. C) Small businesses have larger marketing budgets. D) Both use only social media. Show Answer Correct Answer: B) Big businesses use global campaigns, while small businesses rely on low-cost, local methods. 24. MSMED act came into existence on ..... A) October 2007. B) October 2006. C) October 1997. D) October 2005. Show Answer Correct Answer: B) October 2006. 25. How many lines can be activated on business credit check? A) 30. B) 25. C) 20. D) 15. Show Answer Correct Answer: B) 25. ← 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