This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 92 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 92 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Ethical dilemma happen when entrepreneur has to made decision that will affect society and the entrepreneur's right. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 2. What does "planning for the harvest" in small business refer to? A) Scheduling agricultural activities. B) Preparing for the sale or transfer of a business. C) Creating a business strategy for peak seasons. D) Developing a marketing campaign. Show Answer Correct Answer: B) Preparing for the sale or transfer of a business. 3. Which type of business is likely to have the most success, but also has the least amount of freedom? A) Franchise. B) Purchasing an existing business. C) Start-up. D) None of the above. Show Answer Correct Answer: A) Franchise. 4. A business owner wants to cut costs without affecting product quality. Which expense should they review first? A) Fixed expenses like rent. B) Variable expenses like materials. C) Capital expenses like equipment. D) Indirect expenses like office supplies. Show Answer Correct Answer: D) Indirect expenses like office supplies. 5. Which aspect of branding is highlighted as unchanged for decades? A) Brand colors. B) Logo design. C) Brand story. D) Social media presence. Show Answer Correct Answer: C) Brand story. 6. Fill in the blank: ..... is a business-to-business (B2B) commercial transaction between businesses. A) B2B. B) B2C. C) C2C. D) C2B. Show Answer Correct Answer: A) B2B. 7. Would the following business be classified as B2B or B2C? Purchases requiring a tax exemption certificate A) B2B. B) B2C. C) All the above. D) None of the above. Show Answer Correct Answer: A) B2B. 8. Explain the role of small businesses in the economy. A) Creating jobs, fostering innovation. B) Small businesses stifle innovation by limiting competition. C) Small businesses hinder economic growth by reducing job opportunities. D) Small businesses have no impact on local communities. Show Answer Correct Answer: A) Creating jobs, fostering innovation. 9. Celeste owns a small business and needs some technical help. She contacts a university-based group that provides individual counseling and practical training to owners of small businesses. Celeste contacted ..... A) The Small Business Administration (SBA) local office. B) A small-business institute (SBI). C) The Service Corps of Retired Executives (SCORE). D) A small-business development center (SBDC). Show Answer Correct Answer: D) A small-business development center (SBDC). 10. How does the U.S. Small Business Administration define a small business? A) A business with 100 to 1, 500 employees. B) A business with over $ 50 million in revenue each year. C) A business that has been running for 1 to 2 years. D) A business that does not make a profit. Show Answer Correct Answer: A) A business with 100 to 1, 500 employees. 11. The amount paid before the insurance company reimburses you for a claim is called, A) Deductible. B) Premium. C) Invoice. D) Launch plan. Show Answer Correct Answer: A) Deductible. 12. What is the purpose of a business plan for a small startup? A) Outline the company's financial statements. B) Establish long-term corporate goals. C) Provide a roadmap for the business and attract investors. D) Document daily operational procedures. Show Answer Correct Answer: C) Provide a roadmap for the business and attract investors. 13. What should small businesses consider offering to attract Small Business Saturday shoppers? A) Time-limited discounts or bundles. B) Higher prices than usual. C) No returns or exchanges. D) Delivery only. Show Answer Correct Answer: A) Time-limited discounts or bundles. 14. What is one of the main focuses of financial planners for small business owners? A) Identifying priorities for saving costs. B) Increasing product sales. C) Hiring new employees. D) Expanding business locations. Show Answer Correct Answer: A) Identifying priorities for saving costs. 15. What category defines most businesses in the US? A) Small businesses. B) Corporations. C) All the above. D) None of the above. Show Answer Correct Answer: A) Small businesses. 16. What is the maximum High Value Unit count on Small Business BUSINESS accounts? A) 25. B) 10. C) 15. D) 5. Show Answer Correct Answer: A) 25. 17. What is the most common type of small business? A) Construction. B) Service. C) Retail. D) Manufacturing. Show Answer Correct Answer: B) Service. 18. William is very organized and likes to work in an office during set hours. This is an example of which type of personality characteristic? A) Style. B) Support System. C) Structure. D) None of the above. Show Answer Correct Answer: C) Structure. 19. What is the annual worth of the self-storage industry in the United States? A) $ 420 Billion. B) $ 29 Billion. C) $ 1 Billion. D) $ 100 Million. Show Answer Correct Answer: B) $ 29 Billion. 20. Identify the adjective in the following sentence:'The small business grew rapidly.' A) Small. B) Business. C) Grew. D) Rapidly. Show Answer Correct Answer: A) Small. 21. Owners usually do not manage small businesses. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 22. Describes the current condition of the industry and forecasts where the industry is moving in the next three to five years. A) Market Analysis. B) Target Market. C) Focus Groups. D) Survey. Show Answer Correct Answer: A) Market Analysis. 23. Steve wants to start a company. He has a rough draft of his business plan. He needs advice to help him through the start up process. The best source for Steve is A) An angel investor. B) A SCORE volunteer. C) His parents. D) A bank loan officer. Show Answer Correct Answer: B) A SCORE volunteer. 24. Alexa and Caleb started a new business and they came up with a unique logo and business name. What type of intellectual property should they register to protect their brand name and logo? A) Copyright. B) Patent. C) Trademark. D) Trade Secret. Show Answer Correct Answer: A) Copyright. 25. Which of the following does not come under the category of incentive given to SSIs? A) Finance. B) Water. C) Tax. D) Finished goods. Show Answer Correct Answer: D) Finished goods. ← 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