This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 71 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 71 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What percentage of US businesses rely on credit for financing? A) 1/8. B) 1/4. C) 1/3. D) 1/2. Show Answer Correct Answer: C) 1/3. 2. Small industries account for ..... % of the industrial units in the country. A) 90. B) 80. C) 95. D) 85. Show Answer Correct Answer: C) 95. 3. What is the first step in service recovery? A) Thank the customer. B) Acknowledge the customer's feelings. C) Obtain details of the problem. D) Suggest solutions. Show Answer Correct Answer: C) Obtain details of the problem. 4. What is brand recognition? A) Costs incurred by a business for property or equipment. B) Items provided to employees in addition to standard compensation. C) The level of familiarity one has with a brand of item, service, or business. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: C) The level of familiarity one has with a brand of item, service, or business. 5. In promotional planning, what does the term "target market" refer to? A) The geographical region where the business operates. B) The group of customers the business wants to attract and serve. C) The competition in the business industry. D) The suppliers and manufacturers of products. Show Answer Correct Answer: B) The group of customers the business wants to attract and serve. 6. An individual with an idea to offer an innovative product or service about which they are passionate A) Small business. B) Entrepreneur. C) FranchiseTagsgeneral. D) None of the above. Show Answer Correct Answer: B) Entrepreneur. 7. The process of starting & operating one's own business. A) Entrepreneurship. B) Entrepreneur. C) Venture. D) None of the above. Show Answer Correct Answer: A) Entrepreneurship. 8. Which marketing method uses customized newsletters to engage with customers? A) Social media. B) Email. C) Pay-per-click. D) Television. Show Answer Correct Answer: B) Email. 9. What is the primary function of a project proposal? A) To provide a detailed budget. B) To secure funding and present project objectives. C) To list team members and their roles. D) To evaluate potential risks. Show Answer Correct Answer: B) To secure funding and present project objectives. 10. Many people hesitate to set ..... their own business because they are afraid of failure. A) On. B) At. C) Up. D) None of the above. Show Answer Correct Answer: C) Up. 11. What is a small business? A) Interested in exploring new opportunities, take risks, and grow profit. B) Amazon. C) A business with multiple stores. D) Content with where they are, key objective is to generate profit. Show Answer Correct Answer: D) Content with where they are, key objective is to generate profit. 12. When conducting a market analysis, you should forecast the next ..... A) 1-3 years. B) 3-5 years. C) 5-8 years. D) 8-10 years. Show Answer Correct Answer: B) 3-5 years. 13. Responsible for completing specific assigned tasks while adhering to the company's safety and ethical guidelines and policies A) CFO. B) Stakeholder. C) Founder. D) Stockholder. E) EmployeeTagsROLES. Show Answer Correct Answer: E) EmployeeTagsROLES. 14. Part of the successful preparation for a negotiation is:(KLO 1.5) A) Skipping on customers background. B) Getting into a negotiation with a close mind. C) Rely on interpersonal skills alone. D) Understanding products' features allows to present their benefits. Show Answer Correct Answer: D) Understanding products' features allows to present their benefits. 15. Lack of commitment / Inability to Commit are some mistakes to many owners of small business A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 16. A business plan is important for a new business for all of the following reasons EXCEPT A) It makes you think about all aspects of your business. B) It can help you communicate your ideas to others. C) It guarantees you will get financing for your business. D) It can serve as a tool for managing your business. Show Answer Correct Answer: C) It guarantees you will get financing for your business. 17. What are some common challenges faced by small businesses? A) Limited resources. B) Friendly competition. C) Unlimited resources. D) No need for regulatory compliance. Show Answer Correct Answer: A) Limited resources. 18. Small retailers who are commonly found at places with huge population are called ..... A) Market traders. B) Second hand goods shop. C) Peddlers and hawkers. D) Street retailers. Show Answer Correct Answer: D) Street retailers. 19. Each of the following is a main section of a business plan except ..... A) Customer Analysis. B) Employee Responsibilities. C) Marketing Plan. D) Description of the Business. Show Answer Correct Answer: B) Employee Responsibilities. 20. SCORE (Service Corps of Retired Executives) A) An organization that provides free, comprehensive business counseling for small business owners from qualified volunteers. B) A government agency that regulates small businesses and their operations. C) A nonprofit organization that offers loans to small business owners. D) A training program for retired executives to mentor young entrepreneurs. Show Answer Correct Answer: A) An organization that provides free, comprehensive business counseling for small business owners from qualified volunteers. 21. This is a type of legal structure that provides the limited liability features of a corporation and the tax benefits of a partnership. This is a complex business structure and may require legal advice and assistance to setup. A) Limited Sole Proprietorship (LSP). B) Limited Liability Company (LLC). C) Limited Industrial Company (LIC). D) Limited Business Company (LBC). Show Answer Correct Answer: B) Limited Liability Company (LLC). 22. The investment in fixed asset of this type of business do not exceed than Rs.10 Crore. A) Small Enterprises. B) Medium Enterprises. C) Micro Business. D) Village Industries. Show Answer Correct Answer: A) Small Enterprises. 23. This is the individual or organization selling the franchise. A) Franchisor. B) Franchisee. C) All the above. D) None of the above. Show Answer Correct Answer: B) Franchisee. 24. What is cooperativeness in a conflict process? (SS 3) A) A) One party is trying to satisfy the other party's concerns. B) B) One party is trying to satisfy their own concerns. C) C) The organization is trying to satisfy their own goals. D) D) There is absence of conflicts. Show Answer Correct Answer: A) A) One party is trying to satisfy the other party's concerns. 25. What is one of the first financial choices most business owners make? A) Choosing a business name. B) Marketing your business. C) Hiring employees. D) Funding your business. Show Answer Correct Answer: D) Funding your 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