This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 77 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 77 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What is the term for the obligation of individuals and businesses to do what is right? A) Legal responsibility. B) Ethical responsibility. C) Economic responsibility. D) Philanthropic responsibility. Show Answer Correct Answer: B) Ethical responsibility. 2. Which legal structure provides limited liability to its owners in a small business? A) Sole proprietorship. B) Partnership. C) Limited Liability Company (LLC). D) Corporation. Show Answer Correct Answer: C) Limited Liability Company (LLC). 3. Bell cloud PVR can save how much storage at a time? A) 100 hours and 60 days. B) 150 hours and 30 days. C) 320 hours and 60 days. D) 300 hours and 90 days. Show Answer Correct Answer: C) 320 hours and 60 days. 4. In a partnership, how many parties are involved in managing the business? A) One. B) Two or more. C) None. D) Only two. Show Answer Correct Answer: B) Two or more. 5. Which of the following is not recognised as an advantage of using credit cards? A) It allows a buyer the ability to buy now and pay at a later date. B) If buying is not monitored closely people risk building up a high level of debt quickly and then struggling to repay it. C) When repaid on time it is possible to avoid large interest charges. D) Using some credit facilities such as tap and go are easier and quicker for consumers. Show Answer Correct Answer: B) If buying is not monitored closely people risk building up a high level of debt quickly and then struggling to repay it. 6. Assertion:small business is important source of Employment generationReason:entrepreneurs of small business command huge capital A) Both assertion and reason are true and reason is the correct explanation of assertion. B) Both assertion and reason are true and reason is not the correct explanation of assertion. C) Assertion is true but reason is false. D) Assertion is false but reason is true. Show Answer Correct Answer: C) Assertion is true but reason is false. 7. Special programs offered to small-business owners by colleges and universities are known as A) SCOREs. B) SBIs. C) SBAs. D) SBQs. Show Answer Correct Answer: B) SBIs. 8. Who is responsible for managing a company's finances? A) Chief Operating Officer (COO). B) Chief Financial Officer (CFO). C) Founder. D) Stockholders. Show Answer Correct Answer: B) Chief Financial Officer (CFO). 9. Based on Magna Carta for Micro, Small and Medium Enterprises (RA No. 6977, as amended by RA 8289, andfurther amended by RA 9501, small business may be defined according to, except A) Size of assets. B) Equity capital. C) Number of employees. D) None of the choices. Show Answer Correct Answer: D) None of the choices. 10. Location is important to small retail business because A) Most retailers need good customer traffic to survive. B) Many potential customers will stay away if the business is not easy to find. C) Customers general do not want to travel long distances to find what they need. D) All of the choices listed. Show Answer Correct Answer: D) All of the choices listed. 11. He is the entrepreneur behind SpaceX and Tesla Motors. His goal is to change the world and improve humanity. A) Neil Armstrong. B) Elon Musk. C) All the above. D) None of the above. Show Answer Correct Answer: B) Elon Musk. 12. ..... is defined as one in which the investment in plant and machinerydoes not exceed Rs. 1 crore. A) (a) MICRO ENTERPRISES. B) (b) SMALL ENTERPRISES. C) (c ) MEDIUM ENTERPRISES. D) (d) none of these. Show Answer Correct Answer: A) (a) MICRO ENTERPRISES. 13. How does logistics in small businesses typically differ from logistics in big businesses? A) Uses advanced tracking systems. B) Focuses on local shipping and fewer products. C) Manages international suppliers. D) Handles global campaigns. Show Answer Correct Answer: B) Focuses on local shipping and fewer products. 14. A trademark is a recognizable sign, design or expression which distinguished products or services of a particular trade from the similar products or services of other traders A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 15. What is a key responsibility of a consultant regarding client interests? A) Charge high fees. B) Focus on personal gain. C) Serve clients' interests with integrity. D) Limit communication. Show Answer Correct Answer: C) Serve clients' interests with integrity. 16. Which of the following statements is a DISADVANTAGE of the corporation form of ownership? A) Offers the owners limited liability. B) The business can exist indefinitely, beyond the life of the owners. C) Ownership is easy to transfer by the selling of stock. D) Corporations are usually taxed at a higher rate than other forms of ownership. Show Answer Correct Answer: D) Corporations are usually taxed at a higher rate than other forms of ownership. 17. A business that is owned by a private individual and has a relatively low number of employees and sales A) Cottage industry. B) Micro Industry. C) Small Business. D) Macro Business. Show Answer Correct Answer: C) Small Business. 18. Select the following INCORRECT statement concerning Australia's currency: A) Australian money consists of both coins and banknotes. B) Because the prices of different goods and services for sale differ, notes are supplemented by a range of coins in Australia. C) Australia is moving toward a notes only currency within the next 12-18 months. D) In Australia our currency is used and accepted across the entire nation. Show Answer Correct Answer: C) Australia is moving toward a notes only currency within the next 12-18 months. 19. What aspect of franchising can help a business with its marketing efforts? A) Fees and profit sharing. B) National advertising. C) Possible market saturation. D) Less freedom in decisions. Show Answer Correct Answer: B) National advertising. 20. Jaren's brother has trouble spelling. He often swaps letters from where they belong. This is a common disorder called dyslexia. Jaren has created a game that helps his brother spell. He wants to turn his game into an app. What business opportunity does Jaren foresee? Select all that apply. A) Anyone with dyslexia would want his app. B) People like games. C) His brother would like his app. D) People with dyslexia have trouble reading. Show Answer Correct Answer: A) Anyone with dyslexia would want his app. 21. What are the three options for diversifying a small business? A) Adding new products, entering new markets, merging with another business. B) Adding new products, starting a corporation, buying a franchise. C) From scratch, buying a new business, buying a franchise. D) From scratch, buying an existing business, buying a franchise. Show Answer Correct Answer: A) Adding new products, entering new markets, merging with another business. 22. What type of training and education involves management strategies, financial management, and marketing management for entrepreneurs? A) Education and training. B) Technical assistance. C) Incubation. D) Financial assistance. Show Answer Correct Answer: A) Education and training. 23. What is a key difference between a small business owner and an entrepreneur? A) Small business owners focus on unknown risks. B) Entrepreneurs focus on generating profits. C) Entrepreneurs tend to grow fast and take on new opportunities. D) Small business owners require more money upfront. Show Answer Correct Answer: C) Entrepreneurs tend to grow fast and take on new opportunities. 24. Which of the 4Ps is about persuading people to buy a product? A) Promotion. B) Price. C) Place. D) Product. Show Answer Correct Answer: A) Promotion. 25. What is the definition of a variable cost? A) Costs that vary with output. B) Costs that do not vary with output. C) Costs that are always changing. D) Costs that cannot change. Show Answer Correct Answer: A) Costs that vary with output. ← 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