This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 89 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 89 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Small businesses attract talent who tend to: A) Follow trends. B) Invent new products. C) Avoid innovation. D) Rely on larger corporations. Show Answer Correct Answer: B) Invent new products. 2. Which of the following is an advantage of franchises? A) Recognized name and product. B) Management training and assistance. C) Reduced risk for franchisees. D) Financial assistance. E) All of these. Show Answer Correct Answer: E) All of these. 3. This is any individual or organization that will be impacted by the success or failure of the entrepreneur. A) Bankers. B) Stakeholders. C) Family Members. D) Employees. Show Answer Correct Answer: B) Stakeholders. 4. If a business wants to bolster sales when its product enters the decline stage, what should it consider doing? A) Ignore the decline. B) Use an extension strategy. C) Increase the price significantly. D) Stop advertising. Show Answer Correct Answer: B) Use an extension strategy. 5. What is the main purpose of including a Marketing Strategy section in a business plan? A) To outline the main elements of the proposed business, including future projections of income and profits. B) To provide a summary of all the other sections of the business plan. C) To describe each member of the management team and their expertise. D) To focus on the target market and how the product or service will satisfy their wants and needs. Show Answer Correct Answer: D) To focus on the target market and how the product or service will satisfy their wants and needs. 6. Choose the correct word:software that encrypts programs and data until a ransom is paid to remove it A) Ransomware. B) Malware. C) Spoofing. D) Spishing. Show Answer Correct Answer: A) Ransomware. 7. A product is delivered directly to your email A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 8. A ..... is an independently owned business that usually has the owner as its manager. A) Entrepreneurship. B) Small business. C) All the above. D) None of the above. Show Answer Correct Answer: B) Small business. 9. A business can be described as a(n) A) Disorganized effort to produce goods and services. B) Organized effort to produce goods and services. C) Reasonable way to make a profit. D) Unreasonable means for increasing. Show Answer Correct Answer: B) Organized effort to produce goods and services. 10. Target Market is how you will fund your new company. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 11. The U.S. Small Business Administration (SBA) gives free money to start-up businesses. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 12. Brandon is in a band. His band has recently produced a new song. Which intellectual property law best protects the band's song from being stolen or reproduced by others? A) Trademark. B) Copyright. C) Trade secret. D) Patent. Show Answer Correct Answer: B) Copyright. 13. Financing A) The trading of items or services between businesses. B) Raising money to launch a business; often in exchange for equity and/or paying back with interest. C) Raising money to launch a business; often in exchange for equity and/or paying back with interest. D) None of the above. Show Answer Correct Answer: B) Raising money to launch a business; often in exchange for equity and/or paying back with interest. 14. Which best describes an agricultural small business? A) A company that only sells technology. B) A family-owned farm producing vegetables for local markets. C) A large corporate factory. D) A chain restaurant. Show Answer Correct Answer: B) A family-owned farm producing vegetables for local markets. 15. ..... is money provided by large investors to finance new products and new businesses that have a good chance to be very profitable. A) Marginal Capital. B) Working Capital. C) Lending Capital. D) Venture Capital. Show Answer Correct Answer: D) Venture Capital. 16. Which step in the Quality Control Testing Process involves refining and improving quality methods and measures as needed? A) Step 4. B) Step 1. C) Step 2. D) Step 3. Show Answer Correct Answer: A) Step 4. 17. Tend to experience economies of scale A) Small Businesses. B) Large Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: B) Large Businesses. 18. ..... entrepreneurs own 42 percent of all businesses. A) Black. B) Women. C) Immigrants. D) Teen. Show Answer Correct Answer: B) Women. 19. What is the purpose of a business pitch? A) To entertain potential customers. B) To persuade investors to fund the business. C) To hire new employees. D) To design a company logo. Show Answer Correct Answer: B) To persuade investors to fund the business. 20. What should small business owners do to estimate revenue for 2024? A) Reduce employee benefits. B) Focus solely on new customer acquisition. C) Increase product prices. D) Analyze past sales trends and market conditions. Show Answer Correct Answer: D) Analyze past sales trends and market conditions. 21. Which external resource provides legal guidance on business formation? A) Accountants. B) Lawyers/solicitors. C) Business advisors. D) Industry Associations. Show Answer Correct Answer: B) Lawyers/solicitors. 22. A ..... occurs when a small business is discontinued with a loss to at least one creditor. A) Closing. B) Bankruptcy. C) Venture closing. D) Retirement. Show Answer Correct Answer: A) Closing. 23. This is a detailed blueprint of how a company intends to make a product or service, find customers who want to pay for it, and continue to make profits. A) 401k plan. B) Budget. C) Business plan. D) Bait & switch. Show Answer Correct Answer: C) Business plan. 24. Many small businesses fail simply because they are not located in the right spot. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 25. Which of the following organisations is most likely to sell shares for sale to invited investors? A) Sole trader. B) Partnership. C) Private limited company. D) A business with unlimited liability. Show Answer Correct Answer: C) Private limited company. ← 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