This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 86 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 86 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Suppose your market research shows that the customers you described do not exist in the market. What should you do next? A) Re-evaluate your target market and adjust your business plan. B) Ignore the research and proceed as planned. C) Increase your advertising budget. D) Reduce your product prices. Show Answer Correct Answer: A) Re-evaluate your target market and adjust your business plan. 2. What is the purpose of market analysis? A) To describe the purpose of the organization. B) To forecast where the industry is moving in the next three to five years. C) To solicit individuals to consume a product. D) To allow functions to work together without subordination. Show Answer Correct Answer: B) To forecast where the industry is moving in the next three to five years. 3. Full form of NBFCs A) National Banking Financial corporations. B) Non Banking financial Centers. C) Non Banking financial corporations. D) Non Banking Finance centers. Show Answer Correct Answer: C) Non Banking financial corporations. 4. Manages and plans the cash flow, creates budgets, and forecasts whether the company will meet the set budget requirements A) CFO. B) Stakeholder. C) Founder. D) Employee. E) COOTagsROLES. Show Answer Correct Answer: A) CFO. 5. What is usually required initially when starting a franchise? A) No fees. B) Initial fee or deposit. C) Full ownership. D) Free advertising. Show Answer Correct Answer: B) Initial fee or deposit. 6. Marketing is the strongest point of SSIs. True or False? A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 7. What role do government policies play in supporting small businesses in India? A) Government policies have no impact on small businesses in India. B) Government policies provide financial incentives and regulatory support to small businesses. C) Government policies only benefit large corporations. D) Government policies hinder the growth of small businesses. Show Answer Correct Answer: B) Government policies provide financial incentives and regulatory support to small businesses. 8. Banks are less keen to lend to this type of business owner? A) Franchisee. B) Sole trader. C) Limited liability Partnership. D) Partnership. Show Answer Correct Answer: B) Sole trader. 9. How do small businesses typically impact local economies? A) By sending all profits overseas. B) By providing no local jobs. C) By supporting other local businesses and creating jobs. D) By only helping large corporations. Show Answer Correct Answer: C) By supporting other local businesses and creating jobs. 10. Which of the following are valid Business Identification? A) Business Master License. B) CRA Business Number (GST/HST Number). C) Business Real Estate Registration. D) All of the Above. Show Answer Correct Answer: D) All of the Above. 11. Which is NOT a step during cash handling at the POS A) A. Remove the cash and non-cash documents from the register. B) B. Separate the cash float and count the cash and non-cash documents. C) C. Record the cash and non-cash documents on the reconciliation statement and print a report. D) D. Make promotion for new products in the store. Show Answer Correct Answer: D) D. Make promotion for new products in the store. 12. Creativity is essential in this step of new product development. A) Testing the product. B) Development of the product. C) Generating ideas. D) Introduction of the product. Show Answer Correct Answer: C) Generating ideas. 13. For research purposes, the U.S. Small Business Administration (SBA) defines small business as companies with up to 1, 000 employees. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 14. NSIC comes under A) Ministry of FINANCE. B) MSMED. C) Ministry of rural development. D) None of the above. Show Answer Correct Answer: B) MSMED. 15. Which of the following is NOT an example of an agricultural industry group listed in the document? A) Australian Egg Corporation Ltd. B) Australian Pork Limited. C) Australian Wool Innovation Limited. D) The Consumer's Federation of Australia. Show Answer Correct Answer: D) The Consumer's Federation of Australia. 16. This is the last stage of the business life cycle; the business is sold. A) Pivot or Persist. B) Success. C) Exit. D) Maturity. Show Answer Correct Answer: C) Exit. 17. What are the benefits of small businesses to the rural economy? A) Small businesses lead to unemployment and economic decline in rural areas. B) Small businesses have no impact on the rural economy. C) Small businesses only benefit urban economies. D) Small businesses create jobs, support local economies, and contribute to community development. Show Answer Correct Answer: D) Small businesses create jobs, support local economies, and contribute to community development. 18. What is the term for decreasing costs through the production of larger quantities? A) Economies of scale. B) Diseconomies of scale. C) Economies of scope. D) Diseconomies of scope. Show Answer Correct Answer: A) Economies of scale. 19. What is a key reason for regularly updating your business plan? A) To avoid making any decisions. B) To change the company logo frequently. C) To reduce the number of employees. D) To reflect changes in the market and business environment. Show Answer Correct Answer: D) To reflect changes in the market and business environment. 20. The blueprint you should use to operate your business A) Business. B) Marketing Plan. C) Business Plan. D) None of the above. Show Answer Correct Answer: C) Business Plan. 21. What is the main idea of the sentence:'Entrepreneurship requires creativity and resilience.' A) Entrepreneurship is easy. B) Entrepreneurship requires creativity and resilience. C) Entrepreneurship is not creative. D) Entrepreneurship is only about resilience. Show Answer Correct Answer: B) Entrepreneurship requires creativity and resilience. 22. Which method of funding will have more support for the business to succeed? A) Credit. B) Capital. C) Liabilites. D) Expenses. Show Answer Correct Answer: B) Capital. 23. From a financial viewpoint which of the following would be the least important factor to take into account when considering a credit card: A) Whether the card has much lower interest rates than others. B) Whether the card has an annual fee. C) Whether you have a choice of colours available with your card. D) Whether the card has a set minimum monthly repayment or not. Show Answer Correct Answer: C) Whether you have a choice of colours available with your card. 24. Which of the following business types is usually the cheapest to start, but also has the lowest success rate? A) Franchise. B) Purchasing an existing business. C) Start-up. D) None of the above. Show Answer Correct Answer: C) Start-up. 25. How can market research help small businesses in understanding their target audience? A) By providing insights into consumer preferences, behaviors, and demographics. B) By ignoring consumer preferences and behaviors. C) By focusing only on the competition. D) By not conducting any research at all. Show Answer Correct Answer: A) By providing insights into consumer preferences, behaviors, and demographics. ← 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