This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 76 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 76 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This entrepreneur was born in 1902 in Oak Park, Illinois. He was the son of immigrants. He is best known for his leadership in franchising a particular fast-food restaurant. A) Dave Thomas. B) Ray Kroc. C) All the above. D) None of the above. Show Answer Correct Answer: B) Ray Kroc. 2. Which characteristic of an entrepreneur involves believing that anything can be accomplished with enough hard work? A) Critical Thinking. B) Growth Mindset. C) Collaboration. D) Social Responsibilities. Show Answer Correct Answer: B) Growth Mindset. 3. What is the most likely reason a small business owner would work long hours? A) They enjoy being tired. B) They must manage multiple aspects of the business themselves. C) Their employees don't show up. D) They have nothing else to do. Show Answer Correct Answer: B) They must manage multiple aspects of the business themselves. 4. Which type of consultant focuses on marketing strategies? A) Marketing consultant. B) Technology consultant. C) Legal consultant. D) Accounting consultant. Show Answer Correct Answer: A) Marketing consultant. 5. What percentage of US small business are operated by a single person? A) 40. B) 50. C) 60. D) 70. Show Answer Correct Answer: D) 70. 6. The primary cause of small business failures is A) The excess of capital. B) Management mistakes. C) Poor location. D) Improper inventory control. Show Answer Correct Answer: B) Management mistakes. 7. Creation of employment, innovation and impact on society and community development are the importance of entrepreneurship A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: A) TRUE. 8. Which of the following best describes indirect expenses? A) Expenses directly tied to production. B) Expenses not directly linked to a specific product. C) Expenses that change with sales volume. D) Expenses for purchasing equipment. Show Answer Correct Answer: B) Expenses not directly linked to a specific product. 9. What is the purpose of a SWOT Matrix? A) To assess employee satisfaction. B) To evaluate financial performance. C) To analyze strengths, weaknesses, opportunities, and threats. D) To create marketing strategies. Show Answer Correct Answer: C) To analyze strengths, weaknesses, opportunities, and threats. 10. Which option best describes a Cottage Industry? A) Defined by capital investment. B) Also known as rural or traditional industry. C) Not defined by capital investment. D) None of the above. Show Answer Correct Answer: B) Also known as rural or traditional industry. 11. What is a requirement for S Corporation shareholders? A) Must be a U.S. citizen or resident. B) Must be a corporation. C) Must be a non-profit organization. D) Must be a government entity. Show Answer Correct Answer: A) Must be a U.S. citizen or resident. 12. What percentage of U.S. households rent a storage unit? A) 40%. B) 11%. C) 5%. D) 25%. Show Answer Correct Answer: B) 11%. 13. What is one reason Small Business Saturday continues to grow each year? A) Increased national recognition and community participation. B) Mandatory participation. C) Federal funding. D) Reduced consumer spending. Show Answer Correct Answer: A) Increased national recognition and community participation. 14. ..... is defined as one in which the investment in fixed assets of plant and machinery dies not exceed rs. 2 crore. A) (a) small scale industry. B) (b) limited company. C) (c ) large scale industry. D) (d) none of these. Show Answer Correct Answer: A) (a) small scale industry. 15. Writing a business plan A) Is a quick and easy process. B) Is quick but difficult. C) Requires patience, research, thought, and time. D) None of the above. Show Answer Correct Answer: C) Requires patience, research, thought, and time. 16. What is the main focus of the Small Industries Service? A) Focusing on large-scale manufacturing. B) Regulating international trade policies. C) Promoting and supporting small-scale industries. D) Providing financial aid to corporations. Show Answer Correct Answer: C) Promoting and supporting small-scale industries. 17. One of these is not a conflict resolution strategies:(KLO 3.1) A) Avoid being provoked into an emotional response. B) Intimidate the customer. C) Ignore customer's requests. D) None of the above. Show Answer Correct Answer: A) Avoid being provoked into an emotional response. 18. The investment in fixed asset of this type of business do not exceed than Rs.10 Lakh. A) Small Service Business. B) Export Oriented Unit. C) Micro Business. D) Village Industries. Show Answer Correct Answer: A) Small Service Business. 19. (v) To estimate; calculate a future amount. A) Compete. B) Project. C) Initiate. D) Produce. Show Answer Correct Answer: B) Project. 20. What role does cultural awareness play in a small business's promotional planning for global opportunities? A) It helps in creating one-size-fits-all promotional strategies. B) It allows businesses to develop marketing messages that resonate with local audiences. C) It has no effect on promotional planning. D) It focuses only on advertising expenses. Show Answer Correct Answer: B) It allows businesses to develop marketing messages that resonate with local audiences. 21. Which of the following is considered a small business? A) A multinational corporation. B) A locally owned and operated business. C) A government agency. D) A global charity organization. Show Answer Correct Answer: B) A locally owned and operated business. 22. What is a learning-based structure in a business? A) A structure where functions are subordinate to each other. B) A structure that allows functions to work together without subordination. C) A description of the current industry condition. D) A written map for beginning and growing a business. Show Answer Correct Answer: B) A structure that allows functions to work together without subordination. 23. Why is Small Business Saturday valuable for local economies? A) It decreases holiday spending overall. B) Money spent locally tends to stay in the community. C) It increases property taxes. D) It reduces employment. Show Answer Correct Answer: B) Money spent locally tends to stay in the community. 24. How do startups contribute to the Indian economy? A) By reducing competition in the market. B) By driving innovation and creating jobs. C) By focusing only on local markets. D) By increasing reliance on imports. Show Answer Correct Answer: B) By driving innovation and creating jobs. 25. How do small businesses in India impact the rural economy? A) By increasing poverty and decreasing income. B) By creating employment opportunities and contributing to income generation. C) By causing unemployment and reducing income. D) By causing inflation and reducing income. Show Answer Correct Answer: B) By creating employment opportunities and contributing to income generation. ← 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