This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 91 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 91 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is not a feature of departmental store A) 24x 7 shopping. B) Wide range of products. C) Large in size. D) Located at a central place. Show Answer Correct Answer: A) 24x 7 shopping. 2. True or false:intended to hurt or harm=masquerade as A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 3. What does 'Market size' research in terms of business viability? A) The skills of the employees. B) The demand for products or services. C) The potential funding sources. D) The passion of the entrepreneur. Show Answer Correct Answer: B) The demand for products or services. 4. What is the primary purpose of a business plan? A) To secure a business license. B) To outline the business goals and strategies. C) To hire employees. D) To determine the business location. Show Answer Correct Answer: B) To outline the business goals and strategies. 5. How would a small business determine whether a specific location will provide enough customer demand? A) By relying on the business owner's personal opinion. B) By conducting market research and analyzing local demographics. C) By assuming that high traffic guarantees success. D) By choosing the least expensive location. Show Answer Correct Answer: B) By conducting market research and analyzing local demographics. 6. Invoice Financing Loans are cash advances 50-90% on unpaid ..... A) Credit cards. B) Loans. C) Invoices. D) Bank statements. Show Answer Correct Answer: C) Invoices. 7. Insurance for a business should be purchased: A) Before a business opens. B) After a business opens. C) Either of the above options is acceptable. D) None of the above. Show Answer Correct Answer: A) Before a business opens. 8. In a SWOT analysis, which factors are considered internal to the business? A) Opportunities and Threats. B) Strengths and Weaknesses. C) Opportunities and Strengths. D) Threats and Weaknesses. Show Answer Correct Answer: B) Strengths and Weaknesses. 9. Product/Market FitA fit exists when people need your product rather than just seeing a potential benefit of using it A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 10. Imagine a small business is planning to expand its operations and start producing larger quantities of goods. What operational management changes should the business consider? A) Continue using only simple tracking and manual monitoring. B) Invest in automated systems to handle increased production. C) Rely solely on local vendors for all supplies. D) Focus only on local marketing. Show Answer Correct Answer: B) Invest in automated systems to handle increased production. 11. Processing, manufacturing, construction, assembling A) Primary Production. B) Secondary Production. C) Tertiary Production. D) Export Production. Show Answer Correct Answer: B) Secondary Production. 12. What is the primary purpose of a mentor in entrepreneurship? A) Provide financial support. B) Offer emotional support and guidance. C) Handle legal matters. D) Manage day-to-day operations. Show Answer Correct Answer: B) Offer emotional support and guidance. 13. Breaking down a market by regional areas, climate, and basically where people live is called ..... segmentation. A) Geographic. B) Demographic. C) Psychographic. D) Life stages. Show Answer Correct Answer: A) Geographic. 14. What is the definition of a small business according to the Small Business Administration? A) Fewer than 50 employees. B) Fewer than 100 employees. C) Fewer than 1000 employees. D) Fewer than 500 employees. Show Answer Correct Answer: D) Fewer than 500 employees. 15. Which of the following is a benefit of bootstrapping a business? A) High-interest rates. B) Retaining full ownership. C) Immediate large capital. D) Increased debt. Show Answer Correct Answer: B) Retaining full ownership. 16. There is no hierarchical boundary in levels of management or decision A) Customer Focus. B) Control. C) Effectiveness. D) Funding. Show Answer Correct Answer: B) Control. 17. Short term financing A) The amount of money needed to open the business. B) Money needed to pay for the current operating activities of a business. C) Money needed for the main resources of a business (such as land, buildings, and equipment) that will last for many years. D) A formal statement of business goals, reasons they are attainable, and plans for reaching them. Show Answer Correct Answer: B) Money needed to pay for the current operating activities of a business. 18. Which trait is NOT typically associated with successful entrepreneurs? A) Visionary. B) Innovative. C) Indecisiveness. D) Risk-Taking. Show Answer Correct Answer: C) Indecisiveness. 19. How can a presenter create empathy between themselves and the audience during a business plan presentation? A) By ignoring the audience's reactions. B) By using eye contact, tone of speech, gestures, and body language. C) By reading directly from notes. D) By focusing only on the slides. Show Answer Correct Answer: B) By using eye contact, tone of speech, gestures, and body language. 20. Which of the following is NOT an element of the marketing mix? A) Profit. B) Price. C) Product. D) Promotion. Show Answer Correct Answer: A) Profit. 21. The value of the next-best alternative-the one you pass up A) Capitalism. B) Economic decision making. C) Scarcity. D) Opportunity cost. Show Answer Correct Answer: D) Opportunity cost. 22. An advantage of starting a business from scratch is that the entrepreneur has the freedom to use his or her own ideas and concepts. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 23. What are the common characteristics of successful entrepreneurs in the small business sector? A) Inflexibility, lack of creativity, and poor work ethic. B) Resilience, creativity, adaptability, and a strong work ethic. C) Procrastination, laziness, and lack of motivation. D) Impulsiveness, lack of resilience, and inability to adapt. Show Answer Correct Answer: B) Resilience, creativity, adaptability, and a strong work ethic. 24. Determining if the potential customer can afford your product is part of prospecting. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 25. The right to take possession of collateral until a debt is repaid. A) Lien. B) Small Business Grant. C) All the above. D) None of the above. Show Answer Correct Answer: A) Lien. ← 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