This quiz works best with JavaScript enabled. Home > Class 11 > Class 11 Business Studies Chapter 8 Small Business – Quiz 94 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 8 Small Business Quiz 94 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Who is responsible for the maintenance of the software in a "build your own" system? A) The manufacturer. B) The user. C) The retailer. D) The service provider. Show Answer Correct Answer: B) The user. 2. Loan term- A) 10 years. B) 25 years. C) 30 years. D) 100 years. Show Answer Correct Answer: B) 25 years. 3. Maintaining a good relationship with customers is a disadvantage for a small business owner A) TRUE. B) FALSE. C) All the above. D) None of the above. Show Answer Correct Answer: B) FALSE. 4. What is the purpose of regularly reviewing and adjusting the budget? A) To ensure alignment with financial goals. B) To reduce employee workload. C) To increase marketing efforts. D) To expand product lines. Show Answer Correct Answer: A) To ensure alignment with financial goals. 5. How do small businesses primarily benefit local communities? A) By sending profits to corporate headquarters. B) By keeping money circulating within the local economy. C) By charging higher prices than chain stores. D) By importing products from other countries. Show Answer Correct Answer: B) By keeping money circulating within the local economy. 6. What is the money used to start a business called A) Capital. B) Loan. C) Asset. D) None of the above. Show Answer Correct Answer: A) Capital. 7. This organization prepares emerging leaders and entrepreneurs in marketing, finance, hospitality and management in high school and colleges across the globe. A) DECA. B) Leo Club. C) Key Club. D) FFA. Show Answer Correct Answer: A) DECA. 8. Which group is NOT mentioned in the text as receiving special assistance from the SBA? A) Women. B) Veterans. C) Minorities. D) Immigrants. Show Answer Correct Answer: D) Immigrants. 9. What year was Small Business Saturday created? A) 2005. B) 2010. C) 2015. D) 2017. Show Answer Correct Answer: B) 2010. 10. A Franchise does not offer products, marketing and support to their Franchisees'. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: B) False. 11. Which situation would result in a business having a profit? A) If the owner buys matching uniforms. B) If the revenue is less than the expenses. C) If the revenue is greater than the expenses. D) If the owner buys coffee for the employees every morning. Show Answer Correct Answer: C) If the revenue is greater than the expenses. 12. Which of the following is a common promotional tool used by small businesses? A) Direct mail. B) Public relations. C) Social media advertising. D) All of the above. Show Answer Correct Answer: D) All of the above. 13. What is the significance of a Unique Selling Proposition (USP) in entrepreneurship? A) Calculate return on investment. B) Identify key competitors. C) Differentiate a product or service from competitors. D) Monitor customer satisfaction. Show Answer Correct Answer: B) Identify key competitors. 14. What is the main advantage of a limited company? A) Easy to form. B) Limited liability for shareholders. C) No need for a business plan. D) Unlimited liability. Show Answer Correct Answer: B) Limited liability for shareholders. 15. The most important step in starting a business is: A) Finding a partner. B) An idea. C) Preparation. D) Financing. Show Answer Correct Answer: C) Preparation. 16. This is an important reason or incentive that entrepreneurs have for starting their own businesses. A) The competition. B) The profit motive. C) The ability to pay taxes. D) Government regulations. Show Answer Correct Answer: B) The profit motive. 17. What are the legal requirements for starting a small business? A) Obtaining a business loan, hiring employees, and creating a marketing plan. B) Filing for bankruptcy, avoiding taxes, and ignoring local regulations. C) Choosing a business location, creating a website, and developing a product. D) Registering the business name, obtaining necessary licenses and permits, registering for taxes, and complying with local zoning and health regulations. Show Answer Correct Answer: D) Registering the business name, obtaining necessary licenses and permits, registering for taxes, and complying with local zoning and health regulations. 18. Customers can get a $ 5 Monthly Service Fee Unison discount on all additional lines with an in-market Rogers Infinite plan on a business account. A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 19. What is a primary difference between an entrepreneur and an intrapreneur? A) Entrepreneurs never take risks. B) Entrepreneurs work independently, while intrapreneurs innovate within existing companies. C) Intrapreneurs only focus on non-profit ventures. D) Intrapreneurs start their own businesses from scratch. Show Answer Correct Answer: B) Entrepreneurs work independently, while intrapreneurs innovate within existing companies. 20. What does a lock symbol or HTTPS indicate on a website? A) The website is not working. B) The website is under maintenance. C) The website is secure. D) The website is a blog. Show Answer Correct Answer: C) The website is secure. 21. What is scarcity? A) Unlimited wants and needs. B) A shortage of resources. C) A lack of goods and services. D) Limited expenses. Show Answer Correct Answer: B) A shortage of resources. 22. What is an asset? 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: B) A tangible item a business owns. 23. Which of the following best defines "data sample size" in the context of market research? A) The number of charts used in a study. B) The number of subjects included in a sample size. C) The number of questions asked in a survey. D) The number of researchers involved in a project. Show Answer Correct Answer: B) The number of subjects included in a sample size. 24. What is a common feature of physical products? A) They are intangible. B) They have no shipping costs. C) They can be held and touched. D) They are instantly available. Show Answer Correct Answer: C) They can be held and touched. 25. An analysis of the various aspects of a proposed entrepreneurial venture designed to determine its worthiness is called as? A) Small Business Case. B) Entrepreneurship Study. C) Feasibility Study. D) Business Plan Study. Show Answer Correct Answer: C) Feasibility Study. ← 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