This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 9 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. This framework provides no explicit requirement on the minimum items that should be disclosed on the face of the statement of income A) PFRS for Small and Medium Entities. B) PFRS for Small Entities. C) Full PFRS. D) None of the choices. Show Answer Correct Answer: B) PFRS for Small Entities. 2. When you have a feasible business concept, the next step is to develop a/an ..... (Unit 33-KLO 2-3a) A) A. business plan. B) B. financial analysis. C) C. feasibility analysis. D) D. industry. Show Answer Correct Answer: A) A. business plan. 3. Which of the 4Ps of marketing refers to how a business gets its product to customers? A) Product. B) Price. C) Place. D) Promotion. Show Answer Correct Answer: C) Place. 4. What is a balance sheet? A) A document which compares assets to liabilities plus owner's equity. B) A tangible item a business owns. C) The level of familiarity one has with a brand of item, service, or business. D) The point in which a business' revenue matches with expenses over a given time period. Show Answer Correct Answer: A) A document which compares assets to liabilities plus owner's equity. 5. Label the items as either a product or a service. AC repair A) Product. B) Service. C) All the above. D) None of the above. Show Answer Correct Answer: B) Service. 6. What is the antonym of 'expansion'? A) Contraction. B) Growth. C) Increase. D) Development. Show Answer Correct Answer: A) Contraction. 7. What is a start-up company? A) A business that has been operational for more than 10 years. B) A newly created business, often innovative and with growth potential. C) A company that operates under a franchise model. D) A non-profit organization. Show Answer Correct Answer: B) A newly created business, often innovative and with growth potential. 8. You are a fresh graduate and looking for jobs to start your professional career, which kind of company will help you better? A) Large business. B) Small business. C) All the above. D) None of the above. Show Answer Correct Answer: B) Small business. 9. Who has been reported to be on track to be the world's youngest self-made billionaire from her global cosmetics company? A) Kylie Jenner. B) Rihanna. C) Selena Gomez. D) None of the above. Show Answer Correct Answer: A) Kylie Jenner. 10. This type of company has only one worker who is also the owner? A) Sole proprietorship. B) General partnership. C) C corporation. D) LLC. Show Answer Correct Answer: A) Sole proprietorship. 11. Lack of access to markets and procurement A) Advantage. B) Disadvantage. C) All the above. D) None of the above. Show Answer Correct Answer: B) Disadvantage. 12. What does the term 'liabilities' refer to? A) Debts owed by the company. B) Equity held by shareholders. C) Assets owned by the company. D) Revenue generated from sales. Show Answer Correct Answer: A) Debts owed by the company. 13. Unit price minus cost of goods sold. (Also called profit per unit.) A) Contribution Margin. B) Sales Price. C) All the above. D) None of the above. Show Answer Correct Answer: A) Contribution Margin. 14. ..... financing is the money needed to pay for the current operating activities of a business. A) Long-Term. B) Owner. C) Short-Term. D) Start-up. Show Answer Correct Answer: C) Short-Term. 15. One important tip is to start small.What does "tip" mean? A) An advantage. B) A feature, quality. C) A piece of advice. D) Reason for doing something. Show Answer Correct Answer: C) A piece of advice. 16. A partnership has between ..... A) 1-20 people. B) 2-22 people. C) 2-20 people. D) 2-24 people. Show Answer Correct Answer: C) 2-20 people. 17. Small business owenrs A) Typically focus on products and services that meet the needs of a large group of customers. B) Rely heavily on consumer research to gather information. C) Usually get direct information from their customers about what they like and dislike. D) Have less frequent contact with their customers than large businesses. Show Answer Correct Answer: C) Usually get direct information from their customers about what they like and dislike. 18. What does COGS stand for? A) Cost of goals scored. B) Cost of goods stocked. C) Cost of goods sold. D) Cost of goods solvent. Show Answer Correct Answer: C) Cost of goods sold. 19. ..... are made up of the products or raw materials a business has on hand. A) Stocks. B) Reserves. C) Assets. D) Inventories. Show Answer Correct Answer: D) Inventories. 20. This is the first stage of the business life cycle A) Takeoff. B) Existence. C) Survival. D) Maturity. Show Answer Correct Answer: B) Existence. 21. Which type of business is likely to conduct global campaigns? A) Big Businesses. B) Small Businesses. C) All the above. D) None of the above. Show Answer Correct Answer: A) Big Businesses. 22. Explain how a unique selling proposition (USP) can set a small business apart from its competitors. A) By offering a product or service that stands out from the competition. B) By copying competitors' products. C) By reducing prices significantly. D) By limiting their product range. Show Answer Correct Answer: A) By offering a product or service that stands out from the competition. 23. What are some financial challenges small businesses often encounter? A) Ignoring customer feedback. B) Securing funding, managing expenses. C) Not having a business plan. D) Hiring too many employees. Show Answer Correct Answer: B) Securing funding, managing expenses. 24. In the United States, nearly as many small businesses close as begin each year. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 25. What does a Chief Operating Officer (COO) do? A) Manages the company's finances. B) Oversees day-to-day operations and ensures the business runs smoothly. C) Develops the company's vision and strategy. D) Serves as the founder of the company. Show Answer Correct Answer: B) Oversees day-to-day operations and ensures the business runs smoothly. ← 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 10Class 11 Business Studies Chapter 8 Small Business Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books