This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 84 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 84 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. According to the segment, which of the following is NOT a question asked in the strategy and development process? A) Who will the business serve. B) What is the business's vision and mission. C) Where will we buy equipment. D) How is the brand going to be developed. Show Answer Correct Answer: C) Where will we buy equipment. 2. To show or explain in detail A) Describe. B) Demonstrate. C) Tell. D) Find. Show Answer Correct Answer: A) Describe. 3. What percentage of businesses survive 5 years? A) 30. B) 40. C) 50. D) 60. Show Answer Correct Answer: C) 50. 4. What does the disadvantage "Inability to Cope with Growth" imply for small-business owners? A) They are unable to expand their business when necessary. B) They have too much capital to manage effectively. C) They lack the necessary technology for business operations. D) They have a high success rate in the market. Show Answer Correct Answer: A) They are unable to expand their business when necessary. 5. Who is responsible for the debts in a sole proprietorship? A) The government. B) The owner. C) The partners. D) No one. Show Answer Correct Answer: B) The owner. 6. How can small businesses utilize social media for marketing purposes? A) Ignore social media and focus on traditional marketing. B) Post sporadically and inconsistently on social media. C) Only use social media to share personal updates. D) Create engaging content, interact with the audience, run targeted ads, and leverage influencer partnerships. Show Answer Correct Answer: D) Create engaging content, interact with the audience, run targeted ads, and leverage influencer partnerships. 7. A disadvantage of a partnership is ..... A) You have to share your profit. B) You have to pay all of the costs on your own. C) You have to make all of the decisions on your own. D) You have nobody to share responsibility with. Show Answer Correct Answer: A) You have to share your profit. 8. When should you consider franchising if you want to expand your business? A) Lack money. B) Lack time. C) Lack personnel. D) All of above. Show Answer Correct Answer: D) All of above. 9. Working alone in one's basement during the initial phases of the business.What does "initial" mean? A) First, beginning. B) Certainly, to be expected. C) Specific. D) Healthy, without financial risk. Show Answer Correct Answer: A) First, beginning. 10. May experience difficulty to obtain capital/financing A) Small Businesses. B) Large Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Small Businesses. 11. According to Lesson 3 of our Instructional Material, the dictionary defines ..... as an expert in a particular field who works as an advisor either to a company or to another individual. A) BUSINESS CONSULTANT. B) MARKETING CONSULTANT. C) CONSULTATION ADVISOR. D) FIELD CONSULTANT. E) CONSULTANT. Show Answer Correct Answer: E) CONSULTANT. 12. In the context of launching a new venture, the prime age for entrepreneurship is late 40s to early 50s. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 13. What is the primary characteristic of an entrepreneur? A) Risk aversion. B) Innovation and risk-taking. C) Strict adherence to traditional practices. D) Avoidance of challenges. Show Answer Correct Answer: B) Innovation and risk-taking. 14. Marcus oversees a team of 20 employees in a large retail store. A) Entrepreneur. B) Manager. C) Small Business Owner. D) None of the above. Show Answer Correct Answer: B) Manager. 15. What turnover limit defines a medium enterprise under the 2025 MSME classification? A) ₹ 50 crore to ₹ 500 crore. B) ₹ 10 crore to ₹ 50 crore. C) Up to ₹ 10 crore. D) ₹ 125 crore to ₹ 250 crore. Show Answer Correct Answer: A) ₹ 50 crore to ₹ 500 crore. 16. Choosing the right business partners is a critical success factor for new businesses. A) Work Place. B) Workforce. C) Location. D) Work. Show Answer Correct Answer: B) Workforce. 17. A network covering a local area is called A) WAN. B) LAN. C) All the above. D) None of the above. Show Answer Correct Answer: B) LAN. 18. GST is an example of a A) Direct tax. B) Indirect tax. C) All the above. D) None of the above. Show Answer Correct Answer: B) Indirect tax. 19. According to the Design Thinking Process:Research your user's needs A) Define. B) Empathize. C) Test. D) Prototype. Show Answer Correct Answer: B) Empathize. 20. What is the main risk faced by entrepreneurs? A) Social. B) Economic. C) Technological. D) Environmental. Show Answer Correct Answer: D) Environmental. 21. It is also necessary to develop a sound business plan that, among other things, shows how the business will make a profit and projects the cash flow that will help the business stay afloat.What does "profit" mean? A) Money earned after paying costs. B) Something that is made. C) The general opinion about something or somebody. D) A position or place that is very suitable. Show Answer Correct Answer: A) Money earned after paying costs. 22. Which legal business entity provides business owners personal liability protection A) Sole proprietorship. B) LLC. C) All the above. D) None of the above. Show Answer Correct Answer: B) LLC. 23. What are the various government schemes available for small businesses in India? A) National Parks Conservation Program. B) Universal Basic Income Scheme. C) Free Healthcare for Small Businesses Initiative. D) Some of the schemes include the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Prime Minister's Employment Generation Programme (PMEGP), and the Stand-Up India Scheme. Show Answer Correct Answer: D) Some of the schemes include the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), Prime Minister's Employment Generation Programme (PMEGP), and the Stand-Up India Scheme. 24. A patent grants the inventor exclusive rights for a period of: A) 2 years. B) 5 years. C) 10 years. D) 20 years. Show Answer Correct Answer: D) 20 years. 25. How do small businesses strengthen local economies during tough times? A) By accumulating more revenue. B) By reducing the number of employees. C) By closing down. D) By staying afloat and understanding community needs. Show Answer Correct Answer: D) By staying afloat and understanding community needs. ← 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