This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 83 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 83 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The study of the characteristics of the human population or specific segments of the population is called demographics. A) False. B) True. C) All the above. D) None of the above. Show Answer Correct Answer: B) True. 2. Income from sales. A) Revenue. B) Profit. C) All the above. D) None of the above. Show Answer Correct Answer: A) Revenue. 3. Based on statistics from the U.S. Small Business Administration, small businesses comprise 49.9% of all businesses in the United States. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 4. Which of the following is not a characteristic of a small business? A) Less than 500 employees. B) Annual revenue no more than $ 7 million. C) Independently owned & operated. D) Considered dominant player in its industry. Show Answer Correct Answer: D) Considered dominant player in its industry. 5. What is the primary focus of human resource consulting? A) Marketing strategies. B) Employee engagement and retention. C) Financial management. D) Product development. Show Answer Correct Answer: B) Employee engagement and retention. 6. Which of the following is a key element of the Marketing Budget? A) Operational costs. B) Employee salaries. C) Capital expenditure for marketing assets. D) Office supplies. Show Answer Correct Answer: C) Capital expenditure for marketing assets. 7. Equipment, inventory or other goods that are pledged to the bank in the case the company can't make a loan payment. A) Collateral. B) Secured Loan. C) All the above. D) None of the above. Show Answer Correct Answer: A) Collateral. 8. How do small businesses adapt to changing market trends? A) By ignoring market trends and sticking to outdated practices. B) By only focusing on one product or service without considering diversification. C) By conducting market research, & staying updated on industry news,. D) By refusing to adapt and remaining rigid in their strategies. Show Answer Correct Answer: C) By conducting market research, & staying updated on industry news,. 9. Information Technology A) Enables information to be used to produce products. B) Work with hardware & software. C) Is used to produce services. D) All of the answers are correct. Show Answer Correct Answer: D) All of the answers are correct. 10. What is the most challenge faced by small businesses in the beginning? A) Hiring employees. B) Managing cash flow. C) Finding customers. D) None of the above. Show Answer Correct Answer: C) Finding customers. 11. A company that provides a good or service to another company. A) Supplier. B) Partnership. C) All the above. D) None of the above. Show Answer Correct Answer: A) Supplier. 12. Tangible products require warehousing (a place to store them) A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 13. The chain of command in an organisation is A) The link that exists between different departments. B) The method of communication used in the organisation. C) The line of authority flowing down the organisation. D) None of the above. Show Answer Correct Answer: C) The line of authority flowing down the organisation. 14. In case of ..... investors are individuals with surplus cash who have keen interest to invest in upcoming startups A) Bootstrapping. B) Crowd funding. C) Angel investment. D) Venture capital. Show Answer Correct Answer: C) Angel investment. 15. Which of the following is a reason for starting a business to address social causes? A) Profit generation. B) Employment creation. C) Addressing social causes. D) None of the above. Show Answer Correct Answer: C) Addressing social causes. 16. What should you do before buying a franchise? A) Carefully investigate your options and read Disclosure Statements. B) Trust the franchisor's claims without any research. C) Rely solely on the Better Business Bureau's recommendation. D) Ignore the competition and expansion plans of the franchisor. Show Answer Correct Answer: A) Carefully investigate your options and read Disclosure Statements. 17. What is an important consideration for small business location A) Low-cost labor market. B) Accessibility to target customers. C) Availability of government subsidies. D) None of the above. Show Answer Correct Answer: B) Accessibility to target customers. 18. What is a unique selling proposition (USP)? A) A long-term plan for the development of a product. B) A feature that makes a product or service different from others. C) The lowest price in the market. D) A marketing strategy that involves selling in unique locations. Show Answer Correct Answer: B) A feature that makes a product or service different from others. 19. Which of the following is a characteristic of a franchise agreement? A) Buyers can sell any products they choose. B) No stipulations on franchise location. C) Buyers agree to sell products developed by the franchise owner. D) No need for initial investment. Show Answer Correct Answer: C) Buyers agree to sell products developed by the franchise owner. 20. Entrepreneurship involves identifying, evaluating, and exploiting opportunities by marshaling resources, managing risk, and creating value for stakeholders. A) Joseph Schumpeter. B) Peter Drucker. C) Howard Stevenson. D) William Bygrave & Andrew Zacharakis. Show Answer Correct Answer: C) Howard Stevenson. 21. Which of the following is a problem faced by small businesses? A) Easy access to finance. B) Managerial efficiency. C) Lack of skilled labour. D) High economies of scale. Show Answer Correct Answer: C) Lack of skilled labour. 22. Trade finance for exporters can be given through: A) Packing Credit. B) Personal Loan. C) Marriage Loan. D) Home Loan. Show Answer Correct Answer: A) Packing Credit. 23. The Timmons Model of Entrepreneurship Process considers opportunities, teams and resources as the three critical factors available to an entrepreneur. A) FALSE. B) TRUE. C) All the above. D) None of the above. Show Answer Correct Answer: B) TRUE. 24. One major disadvantage that a small firm may experience is A) Limited liability. B) No liability. C) Unlimited liability. D) None of the above. Show Answer Correct Answer: C) Unlimited liability. 25. Mrs. Lopez owns a local bakery that has served her town for 15 years. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: C) Small Business Owner. ← 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